Now I will agree with this statement, because it will be about the time THJMW is finished hearing the claims that are on record and rule accordingly. If she gets it all done by the 4th omnibus in 2015, then the funds can be disbursed according to the waterfall. I feel the WMILT will have the PIERS satisfied by then and the funds will flow downhill.
I am not, nor will I be in the FDIC-R returning money to the estate (WMILT) because I am realist and I feel they have way too many claims upon the funds that may be there, to worry about left-over equity creditors from the bankruptcy estate. However, there is always a chance "assets" were hidden from the bankruptcy court and this "may" translate to some $$$ for escrow holders. I do not believe [at this time} this will occur, but many posters on this board have put forth documentation that could make this happen. FDIC-R has publicly stated "They are only concerned with WMB Bondholders." I do agree they can not keep leftovers for themselves, per the FIRREA rules.
The emerged entity known as WMIH has accepted over 6 Billion in NOL's because of the abandoned bank stock. It is possible they may get some more from the receiver, but if were you, I would not hold my breath. This thing is almost over and the future for all equity of WMI is the new WMIH.
I have said this "over and over" and I firmly believe it all starts in early 2015, once the warrants are exercised, the party for WMIH shareholders begin. This can not occur until Jan 1. 2015 after the 3-year (tax year) testing period has passed for the NOL's and ownership change rule affect. I look forward to hashing it out over a "neat glass" of fine whiskey in Vegas with all of you. It has been one "HE... of a Ride!"
I do not believe we will see a closing on this bankruptcy until at least the 4th omnibus hearing and all claims by THJMW have been heard. She can give final rulings on the close date. This all part of the final proceedings of a bankruptcy and no "motion to close the bankruptcy proceedings" will be filed until the majority of the claims will be ruled on. There are strict guidelines on closing a bankruptcy case and we have not crossed the line yet.
Entry of a final decree closing a chapter 11 case should not be delayed solely because the payments required by the plan have not been completed. Factors that the court should consider in determining whether the estate has been fully administered include (1) whether the order confirming the plan has become final, (2) whether deposits required by the plan have been distributed, (3) whether the property proposed by the plan to be transferred has been transferred, (4) whether the debtor or the successor of the debtor under the plan has assumed the business or the management of the property dealt with by the plan, (5) whether payments under the plan have commenced, and (6) whether all motions, contested matters, and adversary proceedings have been finally resolved.
The court should not keep the case open only because of the possibility that the court's jurisdiction may be invoked in the future. A final decree closing the case after the estate is fully administered does not deprive the court of jurisdiction to enforce or interpret its own orders and does not prevent the court from reopening the case for cause pursuant to §350(b) of the Code. For example, on motion of a party in interest, the court may reopen the case to revoke an order of confirmation procured by fraud under §1144 of the Code. If the plan or confirmation order provides that the case shall remain open until a certain date or event because of the likelihood that the court's jurisdiction may be required for specific purposes prior thereto, the case should remain open until that date or event.
For all who have taken my stance as hostile, I am anything but. I have been through enough in my life, to see roadblocks ahead. I feel ESCROWS are not "the be all that end all" if they do payout, I will be jumping for joy with the rest of you, but with all the research I have done, I can not conclude they will pay out anything above the funds the bk estate will return to WMI Trust. I tried to separate the boards, because I feel WMIH is the real future and escrow talk (at this time) is just NOISE. If they (WMIH Board) do their job right after the first of the year and start that aggressive M&A campaign, we could see record returns on our WMIH equity. Just like most of the posters here, I will be very happy if my escrow accounts see $$$$$, OH YES! I will buy more WMIH with 80% and use the rest for "FUN IN THE SUN!"
IMHO... WMIH is the future!
Cheers
Blue
P.S. Will answer questions tomorrow or by PM, because I am back behind Ihub bars.
