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Tuesday, February 05, 2019 10:22:39 AM
Posted on boardpost.net earlier:
https://www.boardpost.net/forum/index.php?topic=3044.msg233838#msg233838
“Quote from: jaysenese on April 01, 2013, 05:00:57 PM
Ahh, this happened just last week:
"On March 28, 2013, the Trust entered into a stipulation (the “Underwriter Stipulation”) with certain underwriters (including Morgan Stanley, Credit Suisse, and Goldman Sachs, and collectively referred to herein as the “Underwriters”) who had filed indemnification claims totaling $96.0 million against the Debtors for legal fees and settlement costs incurred in defending securities fraud action claims brought against the Underwriters in connection with their role underwriting various security issuances by the Debtors. During the course of the Debtors’ chapter 11 cases, the Debtors objected to the indemnification claims and the claims were subordinated to Class 18 and Class 19 (as defined in the Plan). Pursuant to the terms of the Underwriter Stipulation, the parties have agreed that (a) the Underwriters’ $24.0 million Class 18 claim will be disallowed in full, and (b) the Underwriters’ $72.0 million Class 19 will be allowed in full. Accordingly, pursuant to the Plan, the Underwriters, as the holders of Allowed Claims in Class 19, will receive a distribution of approximately 1.4 million shares of common stock of Reorganized WMI from the Disputed Equity Escrow, such amount having been calculated in accordance with the Plan. The Underwriters have also reserved any rights they may have to defend against claims brought against them by the Trust and have released the Trust from any possible affirmative claims.
Read more: http://www.faqs.org/sec-filings/130401/WMI-Liquidating-Trust_10-K/#ixzz2PFPwVFmZ';;
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I wanted to resurrect this topic regarding the “underwriters” (Morgan Stanley, Credit Suisse, Goldman Sachs) elected to disallow their $24 million claim in Class 18, and accept $72 million claim in Class 19. Therefore, the “underwriters” received WMI Class 19 Escrow Markers, and 1.4 million shares of WMIH.
1.4 million shares of a WMIH / 19 (conversion of preferred P) = 73,684 WMI Class 19 Escrow Markers
IMO...the “underwriters” not only did underwriting for loans originated by WMI subsidiaries, but they also did underwriting for loans that were securitized in MBS Trusts ($692 billion from 2000-2008).
I firmly believe that the “underwriters” know exactly how much WMI Escrow Marker Holders are getting back.
IMO...the “underwriters” know that the lion’s share are not coming from WMIH/COOP, but rather from bankruptcy remote beneficial interests in certificate participation in MBS Trusts that WMI subsidiaries created.
1.4 million shares WMIH / 12 (reverse split)= 116,666 shares COOP
current PPS (as of November 02, 2018@1400 CST) of COOP = $14.35
116,666 shares of COOP x $14.35 = $1,674,166 after waiting for over ten years!
If $10 billion of recoveries for WMI Escrow Marker Holders, then P = $1,000
73,684 shares (WMI Class 19 P Markers) x $1,000 = $73,684,210
IMO...the “underwriters” are not waiting around for ten years if they don’t get at least $72 million ...so they probably at least expect $1,000 face on old Preferred P.”
IMO...my conclusions as of February 05, 2019:
1) fact: Underwriters settled for a $72 million Class 19 claim. Per the Stipulated Settlement as of March 28, 2013, the underwriters received 1.4 million shares of WMIH.
2) post reverse split : 1.4 million shares of WMIH / 12 = 116,666.66 shares of COOP
3) if the underwriters are to receive full value of their $72 million Class 19 claim, COOP would need to reach $617.14
$72 million / 116,666.66 shares of COOP = $617.14
4) if the underwriters also received WAMPQ WMI Escrow Shares, they would have received 73,684 shares of WAMPQ WMI Escrow Markers
If total WMI recoveries = $10 billion then
73,684 WAMPQ WMI Escrow Marker shares (WMI Class 19 P Markers) x $1,000 = $73,684,210
5) Ask yourselves, what’s easier to achieve?
a) COOP = $617.14
OR
b) WMI recoveries = $10 billion
IMO...my answer: since the Underwriters knew all the inside information regarding MBS Trusts (which they underwrote themselves), my WAG, the underwriters (if they received 73,684 WAMPQ WMI Escrow Markers) are expecting at least $10 billion in WMI recoveries.
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