There are not 2 piles of assets being fought over, there are 3.
1) FDIC receivership: There is a battle over "certain" assets it can lay claim to. Legacy could see some small residual after many years
2) Bankruptcy court: There is a battle over "certain" assets it can lay claim to. The LT disperses 75/25 any small residuals from bankruptcy court leftovers. Remember the examiner couldn't review mortgage assets because they were outside of the courts jurisdiction (safe harbor). Can't pierce the veil.........Every mortgage instrument is hidden behind its own separate corporate veil from the BK court....Special Purpose Entities...... specialized trusts in Delaware !!!!!
3) Legacy / Safe Harbor: Legally isolated - off balance sheet: of "certain" assets that neither 1) nor 2) can legally claim as their "certain" assets to distribute to 1) and 2)'s creditors. These mortgage assets (1. principle, 2. interest, 3. liquidations, 4.securitization certs, 5.etc) are LEGALLY stripped out and segregated - 'off limits' to ALL FDIC and Bankruptcy specific creditors. Above all, A&M keeps track (nun pro tunc since 2008)... of those keeping track at ground level --- the multiple individual trustees like DB, BofA, USBank, etc.
There has been a wickedly cruel deception on retail.........but we are playing with big boys who make billions a year cutting throats, so what should we expect other than a knife in the back. MW is part of an equity fund (Esopus Creek), so I have no illusions that he really gives a crap about retail, insofar as he wants to protect his legacy Commons.
Like I said recently, everyone by design on every MB has been arguing about the #$%# sandwich in 1), 2) and ignoring the bags of chips 3) on the side !! The last 10 years have just been a massive smokescreen fighting over who inherits 1) and 2). Bonderman absolutely understood this! AND - Whoever wins and inherits the 1) and 2) residuals....us (legacy who released).......gets the GRAND PRIZE..... which is 3) the ownership of the "retained assets" Rosen said could be pursued later. You dont win the princess, until you take the kings castle !
A) The LT is battle 2) The LT has jurisdiction ONLY over "certain assets" in the Bankruptcy battle 2). The LT was created by and for the bankruptcy specific residuals in 2) - those claims as verified by the examiner. The LT has ZERO influence and power over thousands of SPE and who they are legally required to pay and when.
B) The 'winners' and sole survivors (who had to release) of Battle 2), inherit residuals 1) and 3) once pursued from the temporary custodians, such as Deutche Bank.
C) Yes. Any residuals from 3), follow the trusts they were designed to create income for. The P's have certain SPE securitization trusts that feed and collateralize it 100%. The K's as well.... After that, the bulk of remaining SPE trusts, benefit the legacy commons 100% as they did before Sept 2008. To this day, they are still performing 100%. None are bankrupt. Old symbols replaced with new symbols - but the symbols still track the SAME trusts ownership income allotments.
The courts cant pierce an independent corporate veil, not in bankruptcy or receivership, to substitute ownership !! If you substitute the LT (legal oversight over 2) 75/25 upon the thousand SPE trusts in 3), you have illegally PIERCED the VEIL a thousand times by placing an undeserving interest OVER the past/present/future/ legal interests of the securitization certificate owners.
Some ownership isnt just legacy WMI, there are Equity Funds, hedge funds, etc. who share partial cert income interests - the court or receiver CAN NOT touch these SPE trusts nor steal from the cert income owners. We who released, stepped into the shoes of 'legacy WMI as partial certificate holder' in thousands of SPE Delaware trusts, along with any other hedge/equity funds who participated pre-9/2008. Our percentage of released shares reflect a percentage of interest in those legacy WMI certificate income shoes.
WMI was f.n brilliant (Bondermans last minute leadership?) to place its crown jewels in a stone vault that none could lift the sword, except - like King Arthur, the one destined for it.
There has been a widely successful 'veil' that's been purposely placed over our eyes from MB propaganda all these years.....to not know what you should own back then....to now cover professional liability tracks......once you understand the truth, it will set you free. Like AZ, I really dont care to argue anymore with compensated 'issue advocates'......it just doesnt matter - releases were given, or not. If you released any flavor, this return will break all records.
You, we, will do well in the end.
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