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Check back by Friday Sep 25th 2020 and that's also when Alice appeal would have some final outcome from the 3rd court by then. GL to your friend, he/she waited now 12 years so count interests and dividends.
I read somewhere Wells wanted to buy WaMu for $20 billion during the 2008 crash so folks at the FDIC were really mad. I was trying to search this topic and found this post, it is from 2008 and was addressed to hotmeat:
fettermuff Friday, 12/12/08 09:08:05 PM
Re: hotmeat post# 46309 0
Post #
46314
of 632019
Hotmeat, you don't know what you are talking about!
There WAS bidding!
Wells Fargo 17.9B
CITI 10.3B
BancoEsp 13.7B
Martians 9.3B
Elvis 3.4B
and
JPM 1.9B
and the WINNER IS!!! JPM... Cuz it was a bid based on guessing how many fingers the FDIC was holding behind their back... JPM just guessed (without help from the FDIC, so don't even go there!) how many fingers, 1.9b, FDIC had back there!
furthermore... if it came down to a tie... JPM was prepared to win best out of 3 in rock paper scissors. And they would be compensated with a .8b discount for their trouble.
HAHA this is just a joke, hope you have a sense of humor...! just joshing ya!
No worries. The outcome of the appeal won't affect us significantly on the recovery but its a good thing to light up that fire so the Trust can behave on the merit than who can be added after the fact.
I know others think the 1% could be a fee for the UWs to count and collect those remote assets.
Alice said:
My brief is due on 8/5/20, the Trust's response is due 30 days later (i.e., 9/4/20), and my reply is due 21 days later (i.e., on 9/25/20).
Is that the case with JPM? If they buy COOP, NOL won't disappear since JPM already had some of WMI subs. I thought the ownership changes won't be an issue after that many years but I don't recall the exact year.
Az, What's your take on the $1.3 billion NOL that COOP could only use? What has happened to the remaining $5 billion? Is it fair to say the assets about to come could utilize that $5b magic number. So if that's the case and with the current corporate tax, you are looking again at about $23-24 billion. To me NOL should only be used by WMI and not COOP so perhaps they aren't allowed to touch the NOL.
COOP is set to hit $22 price target but cannot get there at this time.....
in a quarter where M to M is positive
in a quarter where reserves are reversed to the good (not needed)
and earnings are over 400MM - why would they not use the NOL to stop paying taxes if this happened for 4 Quarters and over 1B in profit
Those are good and reasonable questions. Unless the NOL is reserved for WMI cash assets to come in, for escrows. I'm always asking myself why COOP gets the NOL and not WMI but again something isn't adding up...
COOP won't move significantly higher till escrow gets paid and COOP fully utilized its NOL. The $6 billion worth of NOL makes COOP a buyout target IMO....
thanks CWG
lodas, how did you get $3 again? I'm going to buy more but for long term holding. NOL is the key for me and COOP will be under pressure to use it, they already lost 8 years....
Its too early to give up on FnR outcome, including of course the $6 billion of NOL which puts COOP at a gain of $28+ billion given the current corporate rate. Forget the Trust, liens or any pennies to come in, JPM has the numbers and escrow will get paid when COOP gets the assets.
Hi Monica,
Do you have an estimate on the lien amount:
"Our Escrow value ie WMILT $= $210 b from Loans+307 b PA+ All the P interests and Class 22 divy accumulated = $600 Billions PLUS, which Mr. KOSTUROS and Deutsche Bank , Should and DO have Attached LIENS on JPM and FDIC.....BTW: WMILT Reports financial Reports once a Year which is still legal....NOW End of March LT's Report and DB's Reports are ALL DUE and Considered Done....Best"
"With The WMIIC / WMI BK Cases Now “Terminated”
AZ, IMO COOP is preparing for a reunion with JPM after 12-year divorce. Bonderman, Tepper, KKR, JPM, FDIC and MW all will be invited at the party. The makeup, the name change, cleanup of preferred stocks and only keeping commons, all are part of the big party IMHO. Yesterday I called Chase investment to ask about their created preferred stocks:
jpm preferred stock series FF created on 7/25/2019 - $2.2 billions
jpm preferred stock series HH created on 1/23/2020 - $3.0 billions
They told me they aren't available for trading at this time....hummu.
Have a nice nite.
AZ, Mr. Cooper is a target for massive merger and look no further than JPM. IMO an 8K from JPM to pay escrows, take $6B in NOLs, $750B in loans and everything else JD didn't pay in 2008. How about that?
Bob, who's to submit the 8Ks. Is that Mr. Cooper or some other entity?
its just a color, next week reporting could surprise WS but I am waiting for remote assets to disclose.
976 shares my friend
I bought more COOP today, there will be big news to come about our remote assets now that Judge Walrath terminated the 2 BKs.
Pacer Updated : Thanks to kfe
Delaware Bankruptcy Court
Chapter 11
Judge: Mary F Walrath
Case #: 1:08-bk-12229
Case Filed: Sep 26, 2008
Plan Confirmed: Feb 23, 2012
Terminated: Jan 23, 2020
Very interesting move AZ but why now? KKR has been waiting like us for what so-called bad investment. Now it might be the time to convert legacy P and K into common. Looks like Q could be the big winner and KKR gets to participate with us on the upcoming recovery....
Valid questions but one thing for sure, the UWs along with their lawyers were fighting hard to remain in class 19, and refused to even move to class 22 per Alice filing. You are talking about WS insiders making a wild move. I guess time will tell..
Dude, E-trade maybe junk. Its on the 30th per Nasdaq:
https://www.nasdaq.com/market-activity/stocks/coop/earnings
Earning isn't on the 23rd, its scheduled for the 30th actually.
Quote…
As previously disclosed, however, former positions represented by such Escrow Markers or Escrow CUSIPs are not entitled to receive any distributions under the terms of the Plan and they do not, in and of themselves, represent an entitlement to any possible future distributions from the Trust, Reorganized WMI or the Federal Deposit Insurance Corporation (either in its corporate capacity or as the receiver for Washington Mutual Bank), as the case may be.
Unquote.
The “FDIC” was noted here as a possible source, for a future distribution… (source 1.)
wwhatthe, I was reading the above paragraph differently as LT stated the phrase " they do not" but I might agree on the possible sources. The only problem its coming as a negative assertion however as listed I somehow agree distributions could be come from the following:
1) the Trust
2) Reorganized WMI
3) FDIC-R
4) FDIC-C
With the Wind-Down of the Trust operations and if Cooper already has the omitted assets, that makes #2 viable distribution source per the doc. I guess it takes more eyes to see what we don't see, so thanks again.
LP & BB, Its my understanding release turn rates were as follows; P: 95%, K: 90% and Q: 70%. I just cannot trust the NHs even 12 years after. I hope I am wrong but perhaps their intention to get rid of escrow and leave no references to WaMu saga behind.
LP, The only troubling issue I am not sure of, why both Rosen and Smith wanted to cancel and kill the escrow markers? Perhaps those markers won't be used to re-direct the recovery payout...
ItsMyOption, I see COOP reporting on the 30th:
https://www.nasdaq.com/market-activity/stocks/coop/earnings
Maybe E-trade set their flag a week early, I am not sure...
jb92106, I thought earnings will be Jan 30 and not 23. maybe they flag it a week early. Thanks.
That's the K legacy.
2) Green flag indicating an event on 1/23/20
I don't have an Etrade escrow but that's an interesting one, does the flag show up for only the Q? I am not sure whether you or anyone else got K and P as well.
thank you AZ.
Happy Monday AZ. This information was posted on anther board by deekshant, Basically it confirms WMB got fully paid in June 2019 and today the London Exchange was asked to remove and cancel their escrow entry:
WASHINGTON MUTUAL BANK
5.50% Registered Subordinated Notes due 10/06/2019; fully paid; (Registered in denominations of GBP50,000 each)
https://www.sharesmagazine.co.uk/news/market/6460123/CANCELLATION-WASHINGTON-MUTUAL-BANK
Has JPM paid class 17 last year and we didn't know?
Additional shares showed up in TD just now, they are added to my COOP holding:
01/13/2020 13:50:05 Mandatory - Exchange (COOP)
0.00 0.00 0.00
Good Sunday to you AZ. Your analysis (opinion) is very interesting so I have couple of questions for you if I may.
I see these could be consider as unpaid interests so cash is a typical payout, 1) could you see a converted COOP shares payout with the accumulated amount through those years?
2) how about paying the principal? $24 B is still on the radar screen.
Should class 22 have gotten few COOP shares by Jan 10? I thought there were 128,000 reserved shares BR confirmed that now clear to go to member of class 22. I know this isn't a lot but I wanted to confirm the process. Some folks said it will be about 1.3 COOP shares for every 1,000 COOP shares, converted from the released Q.
Thanks JusticeWillWin, I agree the chart looks bullish but fundamentally COOP should be trading @ $100 given its size and the large NOL it has.
COOP is now the 3rd largest mortgage servicer in the country behind Wells Fargo and JP Morgan Chase:
https://www.valuewalk.com/2019/05/t11-coop-cash-flow-machine/
meaningful recovery has many paths, IMO
I was posting on another board but this shouldn't be about me or you. Get ready for the biggest and the largest deal....
24 B was the number from the beginning when WaMu filed for BK, 32b in assets - 8b liability. But AZ added other fact and some proofs as many of the numbers got skewed with lawyers. You had to listen to all the court hearings and reads all the filings to get the actual truth.
I like the way AZ thinks, $24 billion will be distributed when COOP breaks the news. You had to be following facts from the beginning to be able to tell. With that said, there will be 50% of certain assets going to certain class.
AZ, which will happen first? 1) COOP heads to $100+ or 2) My Escrow 939ESC968 Q gets to $7-$14 a share. I am interested in the value whether it will be a share, note, warrant or other cash equivalent, at the end state. Thanks again!