I know where you may be coming from....Because, like you and BBAN and LG and all other Erstwhile Wamu "Escrow-holders', we've been waiting for SO LOOOOONG and seen nothing of the "F&R recoveries promised"...The 'COOP' shares we got DO NOT Count because they did not 'materialize' from the 'PAA" "Global Settlement" that was done between FDIC, WaMu & JPMC...The 'WMIH ==> COOP' shares we got were purely a 'side benefit' of using some addl 'hidden asset tied to 'WMI-LT' which, along with the NOLs from sale of WMB (which was a 'Subsidiary' of WMIH, so not to be confused with the 'Parent company WMI Holdings Corp., which as you know is still under FDIC 'Conservatorship') were used to buy up NSM.
So, We Wait... And then Of course we have the 'Crowd' of "Latecomers to the Party' who 'never held a Single Erstwhile WaMu Share, Pre or Post BK' and resultantly 'never got any kind of WamU Escrows' to begin with, and who then 'Happened upon WMIH/COOP' hearing it from 'the Grapevine" (friend & Family of Hedge Funds/ Big Investment houses such as Fidelity, ML etc) who 'luckily' bought 'WMIH/COOP' "On the Open Markets" at the 'Right time', Now "Claiming' that they "Got COOP' as a Result of their 'Erstwhile WaMu escrows"... They are Lying through their Teeth and I can Smell these types from a 'Mile Away'...Because the first thing they do in their posts, quite subconsciously, is Let their Words Display their "Wholesome JEALOUSY" towards the ACTUAL Wamu Escrow-holders!
Because, IF You ARE/Were a WaMu Escrow-holders, you Originally Invested in WaMu Shares, eithe PRE or POST-BK, FULLY Believing that WaMu was ILLEGALLY SEIZED and Wronged, and Sub-consciously, you have it in your Fiber, To 'MAKE IT RIGHT'! And So, as you were Fully Invested Not just your Initial Purchase of those WaMu Shares, of Various Flavors, BUT ALSO the Various Trial & Tribulations that you went through, hoping to see "Justice is Done', you know to your core that the 'PAA' was "signed' but HAS 'NOT BEEN FULLY Consummated'...And That is the Reason the FDIC is still holding WaMu (WMIH Assets) in its 'Receivership'...And While we 'signed our Releases', based on 'being told by EC & FDIC' that a 'Settlement' was there between FDIC, JPMC And WMIH, by 'US Contract Law' any such "Releases" are 'NULL & VOID" Unless we are fairly 'Compensated' for the Assets we "released" to the PAA "Acquisition" ...As of NOW, We Have NOT BEEN Compensated and that is the reason that WMIH is still under FDIC "Conservatorship / FDIC-R "Receivership"
Now, we don't know why JPMC was "Unable' to 'Consummate' the Acquisition, per the Spirit of the PAA. For All We know, the Whole "Settlement/PAA' was just a 'Scheme' that the FED/US Treasury Hatched, to Use the "Deposit Base of Wamu" (because it could not find any other 'Money Cente Bank' that had such a Scale of ACTUAL Deposits, that was not itself facing a Credit Crunch, during the 2008 Financial Crisis. So, the Fed/US Treasury 'swoops in' to 'seize WaMu, to get hold of WaMu Deposits, which it then 'sends to JPMC' so that it can "Bail-out' JPMC because JPMC Would Definitely have GONE UNDER, and that would have been the END of USA Financial & Economical power, as we know it. So, just to 'provide cover' it puts up a 'PAA' hurriedly and a 'Global Agreement/Settlement' between FDIC, JPMC & WaMu, but because of the Ultimate Supremacy of "US Contract Law" it just CANNOt Ignore the Shareholders of WaMu and so 'has to PARK All Assets of WaMu with FDIC'...the Fed Knew Fully Well, JPMC may never be ABLE to PAY for All the Assets of Wamu...All it wanted to do was to Make JPMC STABLE and work its way out of the Mess, bu Providing the "Deposit Base' so that JPMC can make "Profits aff that Deposit Base and 'PLUG its HUGE BLsckhole of Losses'...And As an Added "Insurance' the Fed also 'conveyed to JPM' The "Servicing FUNCTION' of the WaMu Assets, so that JPMC can make some more 'Additional Profits', just in order to Plug Its Losses and Not Go into BK ITSELF!
Now, the US Contract Law is So Powerful...I worked at one of the Biggest Private Commodities companies in the world and so I know it.... Exchange Floor Traders can just 'agree on Phone' about a "SELL/BUY' Trade and by US Contract Law, it will be 'recognized' as a "Trade'...NO Paperwork. nothing else at that point, all such 'paperwork' follows only later (Back-Office) to 'Register in the Books' that That "Trade' has 'Taken Place'. YET, at the same time, the Party that 'SOLD' may "REVERSE BACK' the Trade, if it later transpires that the BUY Party RENEGED on its 'Obligations' to PAY 'to SETTLE THE TRADE'...So the FDIC 'IS HOLDING the Assets' that 'Were Agreed to be SOLD', Till That Time The BUY Party Actually "PAYS for that BUY"....IF it transpires that the BUY Party (JPMC) RENEGES on its BUY (To Pay Per the PAA), then Automatically The Trade -Contract per US Contract Law "IS NULL & VOID" and the "Property/Asset" that was the Subject of the 'TRADE' will REVERT BACK to its Original Owner(WaMu /WMIH), PERIOD, END of STORY...All The "Releases' that were "Given' 'TO 'CONUMMATE the TRADE/CONTRACT', at that Point become 'NULL & VOID'.
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