BlueFoxx, the original deal to split the massive former WaMu up into pieces started in Dec/2009 when Rosie had planned on issuing his original POR to zero out all of equity around Xmas of that year. Prior to this, U.S Trustee Joe McMahon (infamous exigent circumstances) intervened, equity committee established.
The SNHs and JPM had made their deal to carve this organization up started around this time if I remember correctly. Then on March 11, 2010 the four year term sheets were signed, sealed followed on March 12, 2010 with the infamous POR with no money for equity rant by Rosie who tried to zero out equity all the way to the very end of mediation and beyond. My time frame may be some off but in general this is what happened.
Do not forget the SNHs, Rosie, Quinn Emanuel and JPM got into a huge fight accusing the SNHs with insider trading after they refused to give everything to JPM. This is where the division of WaMu really started and followed by all the rest that we do know. Just remember what Susman/Willingham did and that was to change the Matrix of who was on the receiving end.
IMHO, there is NO WAY this was JUST about tax attributes in a fifty cent shell company that would take years to work if at all. IMHO, this was about massive cash, sale of assets and who was to ULTIMATELY receive those. It would have been the SNHs and some others, but certainly this DID NOT ONLY boil down to tax attributes in a fifty cent shell company. This is laughable to say the least. But of course, we will see how this plays out when the final P&A is officially closed in September/2014.
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no worries here. WMIH,WMILT, Escrow Share Account Owners, Piers, Tranches 5/6 and employee claims are all directly tied together. Effective this past weekend all employee claims will have been resolved including the holdouts IMHO.
The FDIC wants the official P&A closure by the end of 9/2014 and we are on track for that to happen. The FDIC also has to make a filing whether these employee claim settlements can be paid or not. At this point, makes no difference to me as I see an ABSOLUTELY HUGE amount of money transferring into the accounts of escrow share account owners. There is way more than enough money to pay everybody off if the "powers-that-be" want it to happen that way, so no worries.
Now there will be a huge amount of money that will be run through WMILT and WMIH can get up to two and half percent of this. If the number were intended to be small, there would be no reason for two and half percent to WMIH. IMHO, this will be how the first company is funded and will be around six hundred million, basically what the manipulated equity price (equaling the valuation) of WMIH has been over a period of time.
So to this extent, all of this is still directly tied together. Not only that, but what investors would want to make a deal BEFORE the final and official closure of the P&A, especially since we are very close? Common business sense says to wait until ties to the bankruptcy court (WMILT) are severed once and for all. So expect the announcement by WMIH concerning their business plan in the last quarter of 2014 IMHO.
The employe claims are basically all done now so we have a few minor issues left before the final and official closure of the P&A and no, MARTA and ATT claims are of very little concern at this point. Tranches five and six will be more procedural than litigation. This is because they cannot litigate these claims for the same reason I said three years ago there would NEVER be any third party suits all because this would become public knowledge while people defended themselves and this CAN NEVER happen! And not to mention, all of this has been decided years ago and the time frame is almost here. We have signed term sheets and other information regarding this under seal and we may never see this information because everybody will have been paid off in one form or another.
The next two to three months are going to be VERY exciting for escrow share account owners IMHO, unless the FDIC postpones the official closure of the P&A. Personally, I do NOT think this will happen as this has all been very carefully staged all the way down to key dates, times and filings IMHO.
