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JPM assumed most WMB liabilities incl the deposits, which economically is the same as paying a purchase price. In return JP got all of WMBs assets.
Whether you pay 1M cash for a house or pay only 100K cash and assume a 900K mortgage on the house, your purchase price for the house is 1M in both cases.
If JPM didn’t assume and pay most of WMBs liabilities incl deposits as claimed who paid for them instead?
He wont post the letter of course - but if anyone is interested its available on Scribd:
Washington Mutual (WMI) - MOTION TO ABANDON WMI'S EQUITY INTERESTS IN WMB
Of course no such thing about WMI / DST already having received or collected 271B as a Secured Creditor etc was stated in the 15 page WMB Abandonment Letter, which is freely available for anyone to read - in case facts are relevant.
Retained Assets were claims which the LT could have pursued.
The LT didn‘t pursue any of these claims and will not pursue any claims in the future, because it no longer exists.
It isn‘t complicated - but requires acceptance of simple inconvenient facts.
WMB securitized & sold the mortgages off its own loan book and WMB also held from memory about 16B of MBS on its own books prior to the seizure, these went to JPM.
WMI had no role in this - as confirmed a few times by the LT in writing.
Obviously in reality no Chapter 11 POR can become valid without the approval of the creditors and confirmation by the court - which didnt happen for POR 6 which therefore never came into force.
What‘s to be gained by just pretending otherwise?
Its very easy to check what A&M got paid for - and it has absolutely nothing whatsoever to do with administration of undisclosed assets. The actual contract is easy to find:
https://www.sec.gov/Archives/edgar/data/933136/000090951812000138/mm03-2712_8ke101.htm
As it says in the document that you keep quoting even though it directly contradicts your own statements: Retained assets were claims which the LT could have pursued.
But the LT didnt pursue them and is long gone - so these retained assets are worthless. This isnt opinion or speculation, its a v simple fact.
Now, it's my position, Your Honor,
18 that the examiner doesn't need to do much with the retained
19 assets other than say the assets are retained and therefore the
20 liquidating trust can go ahead and pursue them. They will
21 still be there; they can be carried through.
The LT clearly didnt pursue anything and is clearly long gone by now - so this point about retained assets is clearly moot.
You keep keep throwing out these deadlines in literally hundreds of posts over the years.
Nothing has happened, absolutely nothing.
And yet you keep making these predictions.
Random post from last year - I guess that ‘something must happen between now and 3/18/2021‘ didnt happen either?
My bad, you‘re right.
I clearly meant to say that there is no legal way to hide assets belonging to shareholders.
There is not a single example where company has hidden assets legally off-balance sheet and returned them to its shareholders after a few years for the very simple reason that such hiding of assets wouldn‘t be legal.
As a result, the Receiver does not project having sufficient assets to make any distributions to WAMU subordinate note holders or equity holders. Therefore, it is unlikely that any distributions will be made to WMI or its successor on its claim as sole equity holder of the failed bank.
https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/wamu-settlement.html
This isn’t difficult to understand.
Because both cases were jointly administered under Case No. 08-12229 (MFW)
This isn’t difficult to understand.
Both cases were jointly administered (it says so literally on the first page of the doc) and both cases were closed in 2019:
it is hereby ORDERED as follows:
1. The chapter 11 case of Washington Mutual, Inc., Case No. 08-12229 (MFW), is hereby closed.
2. The chapter 11 case of WMI Investment Corporation, Case No. 08-12228 (MFW), is hereby closed.
What do you mean by ´next hearing´?
The bankruptcy is over, so there will be no next hearings, next steps etc.
We are on schedule Please read for our settlement. We should still be a first bucket of cash before. We are on schedule. We will never know 100% but it sure looks like the system being used and there is so much $$$$$, it would be a good way to distribute the settlement.
Do you actually read the links which post here as evidence of Escrow payouts?
What does JPMorgan Chase Financial Company LLC Structured Investments
Step-Up Review Notes Linked to the Least Performing of the iShares® Russell 2000 Value ETF, the S&P 500® Index and the NASDAQ-100 Index® due October 9, 2026 have to with Escows?
I just don’t see the point in something that is obviously completely utterly unrelated to Escrows.
Its a filing by BNY Mellon to the DTCC about an ADR facility being set up for a Turkish stock so it can be traded in the US.
It couldn’t be further away from any conceivable link to Escrows - in line with all of the previous attempts to link completely random filings to Escrows.
WaMu was never worth 385B - maximum market cap was around 30 - 40B at the very height of its business pre 2008.
JPM also didn‘t find 30B cash in an WMI account - you‘re misquoting an often misquoted article about JPM realising after the acquisition that WMB had an attractive 30B multifamily loan book which performed well through the crisis.
You‘re just making stuff up at this point.
If these assets existed, why did no one make a bid to acquire WMI post the 2008 bankruptcy by offering say 10B for the equity which was worth 86 or 300 or 600B in safe harbor assets?
If these safe harbor assets exist and are guaranteed to come back to the former shareholders why were WMIH shares trading literally for pennies post bankruptcy?
Why did no one offer to buy them for a buck or two given the huge rewards that would have been guaranteed because of the safe harbor assets?
Either not a single investor spotted this fantastic opportunity - or it never existed in the first place.
There is literally nothing exciting in this announcement as it just says that the DTCC is not open on 7/4 because of the holiday.
To say that investments are liabilities in a stock market forum is literally the equivalent to saying that the Earth is flat while wanting to participate in a discussion about astrophysics.
The numbers that are constantly mentioned here would mean that former WMI shareholders would get many times more money years after the seizure of WMB (and WMIs insolvency that followed) than WMIs all time high valuation as a listed company pre 2008.
Of course this is preposterous.
Not sure how reliable this source is.
I just looked at AHMANSON OBLIGATION COMPANY and it has been been merged into another entity more than 10 years ago, so it no longer exists.
https://bizfileonline.sos.ca.gov/api/report/GetImageByNum/090129177166072254170246102243185017153137199196
Should be easy to check for the others as well to see if they have been dissolved / merged or maybe they are new businesses which Kosturos is involved with.
Of course they used previous versions to get to POR 7 in the end, but none of the earlier versions have any legal relevance
2.5% would have been from litigation proceeds only - as there was no litigation brought by the LT this clause is irrelevant now.
POR 7 was the only approved and confirmed plan.
All others were drafts which were never legally binding because they were never confirmed by the court and the creditors / shareholder.
Companies only need to file an S-3 if they raise capital by selling new shares - easy to google this simple fact.
COOP hasnt raised new equity for a few years so there was no need to file an S-3.
To suggest they would have needed to file with the SEC but just didnt do it makes no sense.
Of course - money today or next week or next year.
There will always be a new deadline.
They are conducting a test of their business continuity system - it says so in the press release.
Nothing to do with Escrow payouts - but why let facts get in the way of another deadline, right?
Of course he didn‘t.
They would have laughed at the suggestion that their ‘business continuity and disaster recovery plans‘ have anything to do with payment to deleted Escrows.
‘Yes investments are liabilities until sold.’
The equivalent of this statement in a different context would be to claim that the earth is flat while participating in a discussion about the solar system.
Not a single institutional investor raised any concerns after 14 years about the lack of payment of hidden assets.
Not a single such example exists where assets were legally hidden in a bankruptcy process for the benefit of shareholders, only to be distributed after the end of the insolvency.
Anyone really believing all these theories about hundreds of billions coming back and turning individual retail Escrow investors into overnight multi-millionaires would have contacted lawyers a long time ago if only to make sure that the Statute of Limitations doesn’t run out on their claims
Yet nothing has happened whatsoever, despite plenty of deadlines passing without payment.