~ ItsMyOption, I’ll Do My Best Regarding My Own DD, Studies, and Opinions’ ~
“AZ, can you help explain who has benefited in this delay regarding the effect of those ABS-Cert and diminishing value? I understand as when one pays down a mortgage the bank get less interest each month from the borrower. So IMO if WMI did retain a % ownership in the ABS Trust then someone has been collecting retained earning for the benefit of the Estate.”
There is absolutely no denying the “Fact” that the original WMI aligned ABS-Cert “Trusts” in question, have been diminishing in value since their individual inception date ... the last packaging I’ve reviewed was in early 2007 (March) ... currently, many are fully completed and those still functioning are a fraction of their original value ... (I’ve posted an example from last months 25th distribution date) ...
... So, in my opinion, it hasn’t been an issue of one entity benefiting over another, ... it has been more of a timing issue ... There are a number of considerations, I’ll try to explain ...
1st; the WMIIC / WMI Bankruptcy’s needed to apply Plan 7’s agreements, ... paying the WMI Plan 7 creditors plus their accrued interest until paid in full ... February of 2019 completed that, ... then the Court Allowed Claimants needed to be paid with the remains ... as we watched, the recently released claimants recovery was roughly 85% ... completing the Bankruptcy’s Chapter 11 ...
2nd; obviously, it was the WMI’s Plan 7 allowed WMI “Holding Companies” Liquidation Trust” (WMI-LT) that was Court Mandated, and “Trustee” obligated to perform the ending functions, ... it did’, ... the WMI-LT is done and the Trustee (Kosturos) has been relieved of duty by the Court ...
3rd; As I’ve posted numerous times, ... the original Holding Company (WMI), direct & indirect subsidiary’s, were NOT allowed to be “joined for procedural purposes” by Judge Walrath ... only the money manager, WMIIC was allowed, as a separate filer from day one, 09/26/2008 ...
4th; The original Capital Trust was ALWAYS kept separate ... that’s an important distinction as we will see moving forward ...
5th; any of the original ABS-Cert percentage of participation recipients, would not have been interrupted to any of their distributions that were not under a Courts Bankruptcy Rule ... only WMI’s ...
Turn the page:
6th; To the present tense ... Both the original reorganized WMI Holding Company, as well as its reorganized form, WMI Holdings Corp., are now gone ... the Company has transitioned into “WMIH-Corp” the Parent ... the rest regarding registration issues and mere name changes, you know
Turn the page one more time:
7th; Any remaining WMI aligned functioning ABS-Cert “Trusts” that have diminished in value to 10% or less of their original values can be sold off to another functioning entity or repackaged ... remember, 10% or less ... which is most of them in my opinion ... most of the first lien loans have been refinanced, paid off, or placed in default over the years ... arm loans and helocs, are done (mostly the TPS trash) ...
8th; currently “COOP” is a Subsidiary and is being SEC utilized as the company’s “registrant” only (as of 12/31/2019) ... COOP, doesn’t have an ABS-Cert packaging facility ... BUT’ our parent corp., “WMIH-Corp” remains valuable due to its origination and valuations ... the Direct and Indirect Subsidiary’s, the original Capital Trust, I believe the original Private Equity Commercial Capital Bancorp still functions and exists, The Providian Trust .., most of these segregated trusts were revealed in Plan 7’s Disclosure Statement and their continued interest bearing capabilities ...
... I believe the legal financial allowances have changed over the years for “Financial Holding Companies” and so these are the steps that have been taken to secure the original values ... Corporate Structure ... per the SEC, is not able to be concealed ...
And the actual amount necessary to purchase any remaining Trust’ is substantially less today than it would have been so many years ago, ...
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