Mr Cooper Group Inc (COOP)

[UpTickMeA$AP]

Of course! It debunks every current fantasy, and gives the absolute outcome. It leaves no doubt, nothing, in any form, will be distributed ever again. It's pure closure. Straight from the FDIC and the Controller/Treasurer/Trust Administrator
WMI Liquidating Trust (canceled effective December 31, 2021).

It would be wise to seek information from those in charge, who have the actual facts. Rather than alternate sources, with a track record of being 100% wrong on everything for over a decade. With the actual facts, coming from true sources in charge, the outcome is very clear. Nothing more will be paid, and/or distributed.

FDIC

Quote:
Potential for Distributions to Subordinate Note and Equity Holders
On the day after WAMU failed, its holding company, Washington Mutual, Inc. ("WMI"), filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Case”). WMI owned all WAMU shares of stock and was the sole equity holder of WAMU. The Receiver does not currently have and does not anticipate accumulating sufficient assets to pay in full all of the allowed claims of the general unsecured creditors of WAMU. As a result, the Receiver does not project having sufficient assets to make any distributions to WAMU subordinate note holders or equity holders. Therefore, it is unlikely that any distributions will be made to WMI or its successor on its claim as sole equity holder of the failed bank.


https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/wamu-settlement.html

Doreen Logan
Controller/Treasurer/Trust Administrator
WMI Liquidating Trust (canceled effective December 31, 2021)


first email to Doreen Logan:
March 1, 2022
According to Corporate Actions at my brokerage account, you are the person that notified the DTC that our escrow shares created by the Federal Bankruptcy Court in the Washington Mutual Inc. bankruptcy, were suddenly worthless.

This action occurred on 11 February 2022, without notice or demand.
Since WMI Trust was not part of the Bankruptcy, I find it curious that you could authorize this removal.
The Washington Mutual Inc Litigation Trust (WMILT) is not the same entity as WMI trust.

Please provide your credentials to authorize this removal and the corresponding documents regarding the same.
CWG

Doreen Logan’s Reply
March 2, 2022
Thank you for your email. Mr. Smith and I, as the court-approved administrators of WMI Liquidating Trust (the “Trust”) issued an instruction letter to DTC to cancel so-called “Escrow Markers” or “Escrow CUSIPS” that may have been reflected in your brokerage account(s) following their creation. I note that the Trust publicly disclosed the purpose of the Escrow CUSIPS or Escrow Markers in filings with the Bankruptcy Court (including the court-approved Plan of Reorganization and related Disclosure Statement); various SEC reports; and its “Frequently Asked Questions” that were publicly available until recently following termination of the Trust’s existence. Here is an excerpt from the FAQs covering this matter:

4. What are Escrow CUSIPs? Are they still issued and outstanding?

As contemplated by the Plan, Escrow CUSIPs (the “Escrow CUSIPs”) were issued by the Trust on the Effective Date to eligible former shareholders of WMI. Eligible former shareholders are those who timely submitted relevant documentation, including the release required under Section 41.6 of the Plan. Escrow CUSIPs were issued solely to facilitate potential future distributions of equity shares of Reorganized WMI, if any, to such eligible former shareholders of WMI if Claims involving Disputed Equity Interests were disallowed.

The Escrow CUSIPS were established solely to facilitate potential distributions, if any, of shares of Reorganized WMI common stock; however, all shares of Reorganized Common Stock on deposit in the Disputed Equity Escrow have now been distributed and no additional distributions of common stock will be distributed to former beneficiaries of the Trust or holders of Escrow CUSIPS. Nevertheless, at the request of certain legacy shareholders, the Trust’s administrators agreed to keep the Escrow CUSIPS outstanding until the Trust’s dissolution, after which, the Trust’s administrators may elect to terminate the Escrow CUSIPS. [Emphasis added.]

The Trust Administrators filed a Certificate of Cancelation for the Trust with the Delaware Secretary of State’s office and such certificate was given effect on December 31, 2021, thereby establishing the predicate for canceling the Escrow CUSIPS. By referring to the Escrow CUSIPS as “Escrow Shares”, your email implies that the Escrow CUSIPS had value in and of themselves. That has never been the case. Relatedly, and contrary to your assertion, cancelation of the Escrow CUSIPS was not without notice or surprising – it was the subject of much discussion before Judge Walrath, including when the Bankruptcy Court considered and approved our motion to close the chapter 11 proceedings (which motion included, among other things, the appointment of Mr. Smith and me as the Trust’s administrators and vested us with authority to unwind and dissolve the Trust and to take such actions as may be necessary or advisable in connection therewith).

Finally, you seem to be confused about the Trust’s origination. The Trust was established as part of the court-approved Plan of Reorganization and, having fulfilled its purpose, was canceled as contemplated by the Plan of Reorganization and other instruments approved by the Bankruptcy Court. I am not familiar with an entity called the Washington Mutual Inc [sic] Litigation Trust – perhaps you mean the Litigation Subcommittee of the Trust Advisory Board that existed for a time following emergence from the Chapter 11 proceedings? In any case, that committee was disbanded several years ago after the work of the Subcommittee concluded.

Best wishes.

Doreen Logan
Controller/Treasurer/Trust Administrator
WMI Liquidating Trust (canceled effective December 31, 2021)

My reply.
March 2, 2022
Ms. Logan:

Thank you for your timely response.
There are many astute investors who believe that there are Bankruptcy Remote assets held in trusts that belonged to the former bank holding company. Washington Mutual Inc. and that these assets belong to equity.
Purportedly, once the bankruptcy has been terminated, these Bankruptcy Remote assets will be released.

Can you confirm if all, part, or none of this is true?

Thank you for your time and consideration, CWG

Doreen Logan’s Reply
March 3, 2022

Various parties have speculated over time relative to purportedly hidden or missing assets; however, as was evident from the Trust’s Schedule of Assets; the Disclosure Statement for the Plan; the Trust’s SEC filings; statements before the Bankruptcy Court; and the Trust’s FAQ, that is not the case. The Trust and its personnel marshaled the assets that were owned by WMI at the time the Chapter 11 proceedings commenced and liquidated such assets, thereby enabling significant distributions to stakeholders of the estate.

Specifically, I direct your attention to the following FAQs that may address your questions:

3. Other than as reported in its Quarterly Summary Reports and/or filings with the U.S. Securities and Exchange Commission, is the Trust holding any assets that are “Off-Book”, “Safe Harbor Assets” (e.g., “Washington Mutual Capital Trust 2001”, “Posit”, or “Retained Earnings”) or other assets? Is the Trust entitled to any income, cash or other forms of value related to the legacy home loan servicing operations of, or securitization transactions sponsored or consummated by, Washington Mutual Bank or its affiliates?

There are no material assets of the Trust other than the cash described above and any potential recoveries arising from the LIBOR litigations. As the Trust disclosed during the pendency of its Chapter 11 proceedings, all of the Trust’s material assets were disclosed by the Trust from time to time in its Quarterly Summary Reports and/or SEC filings and no assets were or are “hidden” or “unreported”.

The Trust’s administrators are aware that certain individuals who have expressed an interest in the operations of the Trust (e.g., legacy shareholders of Washington Mutual, Inc.) have suggested that the Trust is hiding assets or is entitled to value from the Washington Mutual Bank receivership or from legacy home loan servicing operations and/or securitization transactions engaged in by Washington Mutual Bank and its affiliates. Such suggestions are inaccurate: the Trust’s unaudited financial statements disclose all of the Trust’s material assets. Additional information regarding the Trust’s assets as of the Effective Date can be found in the Global Settlement Agreement, Disclosure Statement and Confirmation Order. We also refer you to the Trust’s Quarterly Summary Reports and SEC filings.


5. What role did Washington Mutual, Inc. play in connection with securitization transactions sponsored by Washington Mutual Bank and its affiliates? What role did (or does) the Trust’s former liquidating trustee play in connection with such securitization transactions?

Contrary to assertions by various parties on message boards and other media platforms, Washington Mutual, Inc. did not have any role in connection with securitization transactions consummated by Washington Mutual Bank and its affiliates. Specifically, Washington Mutual, Inc. did not sponsor, guarantee or otherwise participate in such securitization transactions. Relatedly, Washington Mutual, Inc. did not hold any certificates issued in connection with such transactions, including any “R” or “residual” certificates issued in connection with such transactions. Finally, it also has been suggested that the Trust’s former liquidating trustee, William C. Kosturos, served and/or is currently serving as the trustee of one or more special purpose entities or statutory trusts that were used to consummate one or more securitization transactions. That suggestion also is inaccurate: Mr. Kosturos has never had any role in, or served as a trustee for, any securitization transactions sponsored by Washington Mutual Bank and its affiliates.

===

I hope this clears up any confusion.

Best wishes.

Doreen Logan
Controller/Treasurer/Trust Administrator
WMI Liquidating Trust (canceled effective December 31, 2021)




My reply:
March 5,2022
Ms. Logan:

Thanks again for your willingness to respond to my questions.


1) You referenced “ any potential recoveries arising from the LIBOR litigations.”
If there are future recoveries from Libor, how will these be handled since the Escrow CUSIPS are now deleted?

2) The bankruptcy disclosure statement of WMI showed approximately $24 Billion in assets and $8 billion in debts which leaves a questionable $16 billion possibly in bankruptcy remote assets.
Was this a fraudulent disclosure or are there retained assets that are bankruptcy remote?

3) Furthermore, Examiner Hochburg was denied access to the retained assets:

During a Hearing in the bankruptcy court, the legal group Akin and Gump are discussing the scope of what the Examiner can examine and what he cannot examine.

“ We also have in there the part (b) of what is to be retained, and that is because in negotiations that we had with all of the settling parties, with the equity committee last week, with the FDIC, we did talk a great deal about the concept of the retained assets. Now, it's my position, Your Honor, that the examiner doesn't need to do much with the retained assets other than say the assets are retained and therefore the liquidating trust can go ahead and pursue them. They will still be there; they can be carried through. But I understand that the equity committee is very interested in having a neutral third party do an investigation of those retained assets. ”

So my question is where are these “retained assets” now and what did the liquidating trust do to pursue them?


Thank you again for your continued engagement, CWG

March 5,2022
Doreen Logan’s reply to me:
Good afternoon:

Before I am able to answer your question in regards to #2 below, please provide the exact name of the document, the date of the document and the page number/paragraph number wherein you allege that WMI declared assets of $24 billion. I have read the Disclosure Statement – I see no reference to $24 billion of assets, which is why I need to know exactly what document you are looking at.

In addition, please provide the source document for your understanding of what you refer to as “assets that are bankruptcy remote”.

Thank you.

March 8,2022
My reply to her.
Ms. Logan,
Thank you for responding.

2) Please refer to the Petition for Chapter 11 Bankruptcy by Washington Mutual Inc, and it’s subsidiary , WMI Investment Corp, filed 26 September 2008

According to the Petition for Chapter 11 Bankruptcy, WMI declared 24.7 billion in net assets after subtracting the 8.2 billion in debt.

https://en.m.wikipedia.org/wiki/Washington_Mutual

“The holding company, WaMu, Inc., was left with $33 billion in assets, and $8 billion in debt, after being stripped of its banking subsidiary by the FDIC.[6][7][16][17] “

Footnote 16
“https://www.reuters.com/article/marketsNews/idUSN2733210920080927”

“In the voluntary petition filed late Friday, the company listed assets of $32.9 billion, and debts of $8.2 billion, putting it in the top 10 largest U.S. bankruptcy cases ever filed.
Bank of New York Mellon BK.N, as a trustee for debtholders, was listed as the company's largest creditor.“

These assets of WMI include a corporate 747, the corporate building in Seattle, billions of cash held in subsidiaries and ATMs, extremely valuable art and other items.
I would be quite happy with just the 747 and
The Washington Mutual Inc. bank holding company Board of Directors, as you well know, was compromised of astute professionals who knew how to securitize assets to make them bankruptcy remote in the unlikely event that this would happen.

I’m not sure why this bank holding company would not have returns from a portion of the securitized mortgage backed securities that a trustee would keep bankruptcy remote.

Also, it seems that the LIBOR cases have very cryptic requirements in order to receive a recovery.
Is the WMILT pursuing recovery for equity in those cases?

Thanks, CWG
I hope the Russian war is resolved soon.

March 9, 2022
Reply from Doreen Logan:
Thank you for your email. I note from the outset that because the Trust is no longer operational and I am no longer employed by the Trust, I must advise you that this message will be my last in response to your questions.

With respect to LIBOR recoveries, WMI filed claims in the LIBOR litigation and received (or was entitled to receive) de minimis recoveries relative to those litigations. Such recoveries or entitlements, as the case may be, have been distributed to, or assigned to, the eligible charity that received the Trust’s residual assets immediately prior to the Trust’s cancelation. I must demur relative to your questions regarding Washington Mutual Bank (“WMB”) and the LIBOR litigations, other than to note that WMI did not have (and does not have) any entitlement to any recoveries to which WMB (or the FDIC, in its capacity as WMB’s receiver) may be entitled. I suggest you reach out to the FDIC if you any questions.

Regarding WMI’s assets and liabilities as of the date on which it filed its Chapter 11 petition, you seem to rely on some reporting by Reuters relative to such assets and liabilities. I am unaware of the provenance of the information reported by Reuters. I can tell you, e.g., WMI did not own any aircraft, including a Boeing 747. I also can advise that the Schedule of Financial Affairs (SOFA) and the Schedule of Assets and Liabilities for WMI that was filed with the Bankruptcy Court disclosed assets of $4.48 billion and liabilities of $7.8 billion. These amounts were preliminary while the company’s interim management and restructuring advisors (including the court-appointed creditors’ and equity committees) investigated asset ownership and potential sources of value for creditors and equity holders.

Furthermore, prior to initiating its bankruptcy proceedings, WMI filed audited, consolidated financial statements. The last available Form 10-K is for the period ended December 31, 2007 (a link is provided below). In particular, I direct your attention to Note 25 to the Financial Statements. That note reflects the “WMI only” balance sheet – meaning that the footnote shows WMI assets with the ownership of the bank as one line item. This provides you with audited information evidencing that WMI’s total assets were approximately $33 billion when the “investment in subsidiaries - bank subsidiary” is included; when the bank is excluded, total assets are approximately $7 billion. This information is consistent with financial information filed with the bankruptcy court, including “Monthly Operating Reports” and other information.

https://www.sec.gov/Archives/edgar/data/933136/000104746908002083/a2182890z10-k.htm

I have previously addressed your questions regarding “retained assets” and/or “bankruptcy remote assets”, etc. and will not be re-addressing those questions here.
Doreen Logan