Tuesday, September 11, 2018 12:57:40 PM
IMO...my conclusions as of 11sep2018:
1) the above Washington Mutual ruling is Tranquility or TMF litigation (Mut., Inc., 462 B.R. 137 (Bankr. D. Del. 2011)).
2). I’m working from memory without any notes so dates are not exact:
A) Judge Mary Walrath ruled “colorable claims” of insider trading regarding AAOC(Aug/Sep 2011)
B) debtors release filing stating a settlement where there was a 70/30 split between preferred and commons upon any recoveries
C) mediation between EC and Debtors without TPSC involved (preferred shareholders) starts in Oct/Nov 2011
D) On December 20, 2011 Judge Mary Walrath rules on Tranquility litigation and specifically states that MBS Trusts are not subordinate to bankruptcy.
https://www.leagle.com/decision/inbco20111220845
Excerpt:
“IV. CONCLUSION
For the foregoing reasons, the Court finds that Tranquility has sufficiently stated a claim against the Debtors and the Debtors have not stated a basis for its subordination.”
The manipulation and massive drop of WAMPQ happened on December 23, 2011
I can’t find a chart for WAMPQ anymore, but the posts on IHub WAMPQ yielded:
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=70239123
Post #39073
“
gophilipgo Friday, 12/23/11 12:33:16 PM
Re: phipps post# 39072 0
Post # of 42823
WE'RE GETTING CRUSHED WITH MASSIVE VOLUME!!!!!!!!!!!!!!! SELL EVERYTHING!!! THIS HAS NEVER HAPPENED BEFORE!!!!!!!!!!!!!!!!!!!!!! “
_____________________________
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=70295098
Post #39120
“
Chiron Member Level Tuesday, 12/27/11 12:36:27 PM
Re: clawmann post# 39119 0
Post # of 42823
Ps down 12% now, while other classes are down less than half that amount. This stock just plain SUCKS!!!
However, I still think it will run again. There is only so much they can knock her down before buyers come back in. ”
____________________________________
E) February 16, 2012, approval of Debtors settlement with tranquility
http://www.kccllc.net/wamu/document/0812229120216000000000005
Excerpt: PDF page 12 of 17
Tranquility settled for $9 million (class 12 claim), $1 million (Class 18 claim) and Tranquility in return would support POR7.
F) TPS supports POR7, in return there would be an increased 5% preferred split on recoveries thus achieving the final 75/25 preferred/common split on recoveries.
3). Once TPSC and other preferred holders learned of the December 20, 2011 ruling regarding MBS Trusts not being subordinate to bankruptcy, IMO...WAMPQ was manipulated to make it look like Preferreds were in jeopardy. Then just before the confirmation hearing TPSC was able to squeeze out 5% more recoveries from the commons.
http://www.kccllc.net/wamu/document/0812229120213000000000026
IMO...by looking at the results of the tabulated votes more than 96% of the “big boys “ preferreds released and now await the fruits of their labor (recoveries from beneficial interests in certificate participation in MBS Trusts created by WMI subsidiaries)...along with all the retail investors that released.
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