The WMILT represents the residual interests' of classes in the bankruptcy of WMI and WMIIC (co-debtors). Any residual assets, remaining after claims settlement of all classes prior to equities, would then be distributed to what is generally referred to as 'escrows. Based upon the most current information by the WMI Liquidating Trust (with Fiduciary responsibilities vested in the Liquidating Trustee and Trust Advisory Board and reports quarterly and annually with the US Court of Bankruptcy District of Delaware and the Securities and Exchange Commission (“SEC”)), the following range of recoveries are calculations based on the assumptions forwarded:
WMI/WMIIC Debtors bankruptcy is unrelated to the Kmart bankruptcy.
LIQUIDATING TRUST was confirmed by the 7th Amended Plan; such were "trade restricted" (as is common in Liquidating Trust entities formed from post Effective Date bankruptcies) for SEC and IRS purposes and the related costs.
LITIGATING TRACKING WARRANTS are "not applicable" since an identifiable "litigation" or "course of litigation" is not the only surviving potential recovery asset. Other assets include(ed) significant tax refunds (20% allocable to the Liquidating Trust) and D&O insurance recoveries (a % of settling noteholders' claims interest in such remitted to WMIH as per the confirmed plan).
Background: The calculations depend on the remaining assets after resolution of all estimated recoveries (the largest are tax refunds which are allocated 80% to JPMorgan Chase and 20% to the WMILT per the Global Settlement Agreement (“GSA”) and converted in to cash) and resolution of all claims (some via Appellate Court litigation in process or via claims resolution at the US Court of Bankruptcy District of Delaware and paid in cash).
Note: The recoveries will come after the PIERS (FOOTNOTE 1) (and other creditor classes) are paid in full. As was disclosed by the mediated settlement agreement, equity listed the terms and conditions of 'fair and reasonable. The detailed Equity Support filing for the Plan confirmation has materialized as stated. The important participation of shareholders in the reorganized debtor being the real reward; reorganized debtor with $6B of unrestricted NOL carryforwards. Such details of the settlement, in the Disclosure Statement, was also mirrored and referenced in the ballot instructions for shareholders to decide to accept the 7th Amended Plan and RELEASED.
Additional Notation: The numerator, as per the above, is denominated by all classes of equity for the following calculations; the former P's, the TPS Preferred with the equivalent face, the K's and the Commons; with allocations to preferreds and commons as per the 7th Amended confirmed plan. The K's scenarios are not stated below, but owners of such that understand the relationship of the K's to the P's can easily calculate such recoveries under the two scenarios using mathematics.
These are factual, realistic, common sense recovery calculations based upon the actual WMILT public filings.
Scenario 1. THE TOTAL WIN CALCULATIONS: ALL “Estimated Recoveries (as per Valuation Research, consultants to the WMILT) are “fully realized” and ALL "Disputed Claims" FAIL (further, providing that the budgeted administrative expenses get all expended; if not, this calculation would increase by the unexpended remaining budgeted administrative expenses).
P's - $7.23 Commons - $0.014 Scenario 2. THE 100/50 SPLIT WIN CALCULATIONS: ALL “Estimated Recoveries (as per Valuation Research, consultants to the WMILT) are “fully realized” and 50% "Disputed Claims" FAIL (further, providing that the budgeted administrative expenses get all expended; if not, this calculation would increase by the unexpended remaining budgeted administrative expenses).
P's - $4.06 Commons - $0.008
iHUB BOARD FORUM
The WMIH title (the stock symbol of the reorganized debtor) includes posts regarding WMIH (now listed on the NASDAQ) and 'escrows interests (as described above). Numerous theories of hidden assets and asserted recoveries of hundreds of billions are routinely made with no factual support; invoking the obligation to keep track of such theories and hidden asset assertions still being purported and comparing such to the actual recoveries from such.
DAILY STATUS - RECOVERIES OVER WMILT DISCLOSURES
RECENT ASSERTED HIDDEN ASSET AND RECOVERY THEORIES DEBUNKED
…the ”UNTOLD LIBOR SETTLEMENT BILLIONS” (that will go to the FDIC-R for its’ losses on failed banks in receivership like Washington Mutual Bank; which will pay off all receivership creditors (now underwater by $11 BILLION), then upstream the excess to WMILT (which abandoned WMB).
...the $365 BILLION (now found, because there was more than the $299 BILLION in WMB assets that was reported) and,
...the $299 BILLION (recently found, representing all of the assets of WMB that will be coming back because the FDIC-R (with no available funds or appropriations) and/or JPM (out of the goodness of its' heart) are going to 'ignore their releases and simply pay the WMILT) and,
...the $240 BILLION (in portfolio loans of WMB because JPM only bought the 'servicing rights; despite JPM reporting the exact portfolio loans, net of "adjustment by the assuming bank per the P&AA," (note, adjustments made for the WMB period 7/1/2008 to 9/25/2008) and reported such in its' AUDITED annual financial statements and regulatory SEC filings in 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015 and forward).
...the $165 BILLION (in Mortgage-Backed Securities, based on the Deutsche Bank litigation against the FDIC (primarily) on behalf of Trust owners that bought the securities "mortgage-backed" by WMB 'sponsor mortgage loans SOLD, but are asserted to be off-balance, then found in 2015 by JPMs annual report and then lost again) and,
NOTE - The following $151 BILLION is not a typo; there actually has been proffered several FINDINGS of the elusive $151 BILLION.Not one single party in interest, during the entire bankruptcy proceeding or to date, with almost $1 BILLION in professional fees "ever suggested such a number or the topics" of the following FINDINGS.Further, WMI, in desperate need of capital, gave up HALF of its equity to the TPG group for a $7 BILLION capital infusion in early 2008. QUESTIONS: (1) IF WMI had $151 BILLION "somewhere," why would it give up HALF of that to TPG. (2) If WMI had $151 BILLION "somewhere," why didn't it just bring it back on to the books? Could it be as simple as Dylans' "the answer is....?
...the $151 BILLION (unknown, disappeared and never found, but existed; actually represents the amount on the FDIC-R website and represents the FDIC-C subrogated claim on behalf of insured deposits, which claim was paid when JPM "assumed ALL DEPOSITS" including the uninsured deposits at the time it purchased substantially ALL ASSETS) and,
…the $151 BILLION (now found again in JPM’s 8K regarding the reduction in cash (with a corresponding reduction in non-operating deposits and other assets), but really cash taken again from JPM customer deposit accounts and paid to the WMILT (no impact on JPM’s $220B market CAP for the $151 BILLION ‘hit; the financial markets apparently don’t know this yet), and, despite the remarkable recovery news, no 8K or mention by the Liquidating Trustee, the Liquidating Trust Advisory Board, the Litigation Subcommittee, Susman Godfrey (certainly on commission, best law firm on the planet); status in limbo as we await this “deposit” to the WMILT any moment), and,
...the $151 BILLION (just found in the DC Court Action, presented as MORE PROOF that the $151 BILLION is not a coincidence, but really exists, from a 2009 filing in which it is asserted that the Debtors listed $151 BILLION of transfers/payments to WMB; however, a review of the court documents and the referenced Exhibit 1 it actually reveals that such amounts totaled $151 MILLION, about $151 BILLION “off”) and,
…the $151 BILLION (found in another cave, the inception balance sheet; when the adjustments to assets is applied “to only one asset line item,” therefore it must be being held off-balance by the FDIC-R as they wait for all WMILT claims to be settled before they return such to the WMILT (no objection by WMB bondholders, senior and junior notes with little to ZERO trading value; they must have missed this discovery)).
…the $140 BILLION (from Dr. Sankarshan Acharya’s 2010 Objection valuation of WaMU’s equity worth; although there has been NO MOTION in the Court to reconsider his Objection and propose a change to the Confirmed Plan; nor has there been any contact with Dr. Sankarshan Ancharya’s in order to ask him, in his expert opinion, if any of the tens to hundreds of billions of hidden asset theories are plausible).
...the $132 BILLION (from JPM as they "shed assets" that will be given to the WMILT) and,
...the $100 BILLION (again, from JPM; actually going to be taken from JPM's customer cash deposits) and,
...the $30 BILLION (new assets JPM found from the rubble; really commercial apartment loan portfolio),
…the $32 BILLION - $8 BILLION (from the original petition (and ignoring the footnote), not per the court filed and bankruptcy court rules required 'Schedule of Assets; also completely ignored),
…THE $4 BILLION (recently “found” in WAMU Acceptance Corp. (which is an operating subsidiary of JPMorgan Chase after JPMorgan Chase acquired Washington Mutual Bank and WAMU Acceptance Corp. was a wholly owned subsidiary of Washington Mutual Bank at seizure and sale)),
…the BILLIONS in land under the branch banks.
…the BILLIONS in ‘silver and mineral rights.
…the BILLIONS from corporate taxes paid in Delaware (a tax haven) from new incorporations in Delaware asserted to provide funds to pay WMILT.
…and on and on and on.
WHERE ARE THESE HUNDREDS OF BILLIONS?
...at JPMorgan Chase; because they never bought them?
...why is it asserted that they are ‘coming back; well they clearly reported them as off-balance sheet, that's why?
...nope, now at FDIC-R; they were transferred there?
...why is it asserted that they are ‘coming back, well because they clearly "didn't" report them as off-balance sheet?
...is that “consistent logic,” nope; that is mutually exclusive logic and selective duality.
...at the debtors' estate? Asserted that they are in legal isolation; all of the mortgage-backed securities WMB sponsored and sold since 2005 are really still in limbo, were excluded from assets at the petition date (not used by WMB or WMI to ‘save the bank they were so secret).
...where, in WMIIC? Asserted that WMIIC is part here, part there, not really bankrupt although jointly administered with WMI in tens of thousands of court documents and its’ assets fully disclosed and reported from the petition date, to the date of the filing of the “debtors” schedule of assets, during the bankruptcy for liquidation of certain securities and at the effective date for the residual assets of WMIIC to the Liquidating Trust for payment of creditors (and yes, there were creditor claims filed against WMIIC; although it did not matters as WMIIC was an upstream guarantor of WMI obligations).
...any of the above ‘rillions ever disclosed by WMILT? ...nope?
...any of the above ‘rillions disclosed by WMIH? ...nope?
DO ENTITIES THAT FILE REGULATORY SEC FILINGS FRAUDULENTLY FILE REPORTS THAT OMIT HUNDREDS OF BILLIONS OF DOLLARS?
...nope?
HAS ANY PARTY IN INTEREST,
INCLUDING SHAREHOLDERS (INDIVIDUALLY OR IN AD HOC GROUPS),
FILED ANY ACTION (IN ANY JURISDICTION IN THE UNITED STATES, OR WITH ANY CIVIL, CRIMINAL (LAW ENFORCEMENT) OR REGULATORY BODY (SEC, FINRA)), OR WITH THE US COURT OF BANKRUPTCY DISTRICT OF DELAWARE,
REGARDING THE HIDDEN ASSETS AND ASSERTED RECOVERIES THAT ARE NOT BEING REPORTED BY THE WMILT IN COURT AND REGULATORY SEC FILINGS (I.E., ASSERTED THAT SUCH ARE FRAUDULENTLY FILED REPORTS) THAT OMIT HUNDREDS OF BILLIONS OF DOLLARS?
...nope?
NEXT, NEXT THEORY.
FOOTNOTE 1
The 'core of the discussion in support of the escrow theory has, and always has been, asserted to be at the PIERS; with the following ASSERTIONS.
ASSERTION 1:
...PIERS investors were spooked in the last two weeks between 1/20/2012 and 2/8/2012 when the original Piers investors dumped ALL of their Piers…
FACTS:
Total Number of PIERS = 23,000,000 shares
PIERS Traded 1/20-2/8/2012 = 795,208 shares or 3%
PIERS Not Traded 1/20-2/8/2012 = 22,204,792 or 97%
QUESTION/ANALYSIS:
To a reasonably prudent person, in the period identified, would one conclude that PIERS holders dumped ALL of their shares (3%) or PIERS holders DID NOT dump their shares (97%)?
CONCLUSION:
With the substantiated fact that 97% PIERS did not sell, the ASSERTION that PIERS holders dumped their shares during this time period appears INCORRECT to a reasonably prudent person.
…lowering the price to between $1.00 and $6.00 a share.
FACTS:
PIERS Trading Range
LOW: 1/20/2012 $2.00
HIGH: 2/2 and 2/3/2012 $2.86
QUESTION/ANALYSIS:
To a reasonably prudent person, in the period identified, would one conclude that PIERS traded at $1.00 to $6.00 per share?
CONCLUSION:
With the substantiated fact that PIERS traded in the range of $2.00 to $2.86, the ASSERTION that PIERS holders dumping of shares lowered to $1.00 to $6.00 appears INCORRECT to a reasonably prudent person. The actual range spread of $0.86, compared to the ASSERTED range spread of $5.00, would calculate to an 83% ERROR in the ASSERTED range.
