Reply to BOOK VALUE DEFINITION - Per FDIC PAA by brandmarty33 •3 hours ago
brandmarty33 • 44 minutes ago Flag
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It does not matter if JPM had any kind of "understanding" with FDIC in 2008 or not when they bought WAMU, the fact that this BOOK VALUE definition of the purchase agreement was written clearly in the PAA is what matters. Do you think that Susman and Tepper do not know about this? Especially that Tepper has a guy sitting in the Liquidation Tab and he has billions of dollars at stake? It does not matter if JPM didn't read the fine print (I doubt it), the fact that they have accepted our release means that this PAA is binding. Susman may just need to look at this statement in the PAA and knowing what was in WMB and WMI before the seizure to walk away and show up in court for just one day and declare "THAT'S ENOUGH". Then in the next couple of years, it was just a job to get JPM to pay off the creditors under the threat of IT, even if it was all of our money (Deposit + tax refund) and even sell 200M of WMIIC assets to come up with 7B. Then once creditors were paid, BY DEFINITION OF THE BK anad BY LAW, the ESTATE belongs to the debtor which is the Shareholders and BAM, it's all BOOK VALUE. CLEARLY WRITTEN. NO DOUBT WHATSOEVER. Less
Reply to BOOK VALUE DEFINITION - Per FDIC PAA by brandmarty33 •3 hours ago brandmarty33 • 59 minutes ago
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Remember that it is our assets plus accrued earned interest since 2008. Oh My!
Section 2.19. Loan Servicing. From and after the Effective Date, JPMC shall (a) cause such of its Affiliates to continue to service the loans identified on Exhibit “Z” hereto (the “Loans”) pursuant to the servicing agreements identified on Exhibit “AA” hereto (the “Servicing Agreements”), (b) cause such of its Affiliates to remit to WMI all checks and/or payments received in connection with those loans in its possession and (c) promptly (i) remit to WMI all servicing advances that JPMC is holding with respect to such loans and (ii) provide WMI an accounting with respect to each of the foregoing. Notwithstanding the foregoing, any dispute that may arise relating to the servicing of such loans during the period from and after the Effective Date shall be brought pursuant to such servicing agreements and this Agreement is not intended to create any additional rights, obligations or remedies. The Parties acknowledge and agree that (y) the Loans are the only loans that are or will be, from and after the Effective Date, serviced by the JPMC Entities (or their Affiliates) for the WMI Entities (or their Affiliates or their successors in interest) and that the Service Agreements are the only servicing agreements between the JPMC Entities (or their Affiliates) and the WMI Entities (or their Affiliates) and (z) with the exception of the obligations set forth in this Section 2.19, the JPMC Entities (and their Affiliates) shall have no further obligations or liability to any of the WMI Entities (or their Affiliates) with respect to or in any way related to the servicing of any loans for the WMI Entities (or their Affiliates). Less
Reply to BOOK VALUE DEFINITION - Per FDIC PAA by brandmarty33 •3 hours ago brandmarty33 • 3 hours ago
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I find the following statement interesting, even unearned interest income at closing when the BK happened, counts. So that means interest from mortgage or personal loans belonging to Estate will accrue up until today or when we will get paid.
" (i) the Book Value of a Liability Assumed shall include all accrued and unpaid interest thereon as of Bank Closing, and (ii) the Book Value of a Loan shall reflect adjustments for earned interest" Less
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BOOK VALUE DEFINITION - Per FDIC PAA by brandmarty33 • 3 hours ago
It's clearly defined like black and white. No lawyer at JPM, FDIC and Susman would have any doubt to what BOOK VALUE means.
I find the following statement interesting, even unearned interest income at closing when the BK happened, counts. So that means interest from mortgage or personal loans belonging to Estate will accrue up until today or when we will get paid.
" (i) the Book Value of a Liability Assumed shall include all accrued and unpaid interest thereon as of Bank Closing, and (ii) the Book Value of a Loan shall reflect adjustments for earned interes
"Book Value" means, with respect to any Asset and any Liability Assumed, the dollar amount thereof stated on the Accounting Records of the Failed Bank. The Book Value of any item shall be determined as of Bank Closing after adjustments made by the Assuming Bank for normal operational and timing differences in accounts, suspense items, unposted debits and credits, and other similar adjustments or corrections and for setoffs, whether voluntary or involuntary. The Book Value ofa Subsidiary of the Failed Bank acquired by the Assuming Bank shall be determined from the investment in subsidiary and related accounts on the "bank only" (unconsolidated) balance sheet of the Failed Bank based on the equity method of accounting. Without limiting the generality of the foregoing, (i) the Book Value of a Liability Assumed shall include all accrued and unpaid interest thereon as of Bank Closing, and (ii) the Book Value of a Loan shall reflect adjustments for earned interest, or unearned interest (as it relates to the "rule of 78s" or add-on-interest loans, as applicable), if any, as of Bank Closing, adjustments for the portion of earned or unearned loan-related credit life and/or disability insurance premiums, if any, attributable to the Failed Bank as of Bank Closing, and adjustments for Failed Bank Advances, if any, in each case as determined for financial reporting purposes. The Book Value of an Asset shall not include Less
Reply to PAA and Book Value by brandmarty33 •Feb 2, 2016 1:45 PM brandmarty33 • Feb 2, 2016 1:49 PM
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clawmann Member Level Thursday, 10/22/15 01:33:57 PM Re: fredmiller1999 post# 439242 Post # 439244 of 439265
Book value is the value of an asset as carried on a company's books. To calculate book value, take the cost of an asset minus the accumulated depreciation.
It is different from market value, which fluctuates in accordance with the market.
An asset, after being fully depreciated, may have a book value of zero but still have a significant market value.
The FDIC has an obligation to use reasonable efforts to maximize the value it receives for the assets in receivership.
Considering the depressed market value of many assets during the crisis, the FDIC may have decided to wait until the crisis smoke cleared to ensure it receives a non-crisis price for receivership assets.
For BK Shadow, this was written down in POR 7 for which you have studied every single letter over and over. Less
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PAA and Book Value by brandmarty33 • Feb 2, 2016 1:45 PM
FDIC has top notch lawyers and our own EC also has top lawyers. Nobody would be crazy and stupid to put in the PAA language such that WAMU is sold at BOOK VALUE for just 1.88B. A week before JPM stole WAMU in 2008, Wells Fargo tried to buy just the banking operation (no mortgage and others loans) for roughly 12B and so there is no chance for FDIC to sell WAMU for 1/10th of the price to JPM. I am sure MW and Susman would challenge if WAMU was sold for just 1.88B given what the PAA said (we only signed release for wrong doing, not with other things).
(a) cash and receivables from depository Book Value institutions, including cash items in the process of collection, plus interest thereon: (b) securities (exclusive of the capital stock of Market Value Acquired Subsidiares), plus interest thereon: (c) federal funds sold and repurchase Book Value agreements, if any, including interest thereon: (d) Loans: Book Value (e) Other Real Estate: Book Value (f) credit card business, if any, including all Book Value outstanding extensions of credit: (g) Safe Deposit Boxes and related business, safekeeping business and trust business, if Book Value any: (h) Records and other documents: Book Value (i) capital stock of any Acquired Subsidiares: Book Value (j) amounts owed to the Failed Ban by any Book Value Acquired Subsidiar: (k) assets securing Deposits of public money, Book Value to the extent not otherwise purchased hereunder: (1) Overdrafts of customers: Book Value (m) rights, if any, with respect to Qualified Market Value Financial Contracts. (n) rights of the Failed Ban to provide Book Value mortgage servicing for others and to have mortgage servicing provided to the Failed Ban by others and related contracts. (0) Ban Premises: Book Value (p) Furniture and Equipment: Book Value (q) Fixtures: Book Value Less
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