Replies to post #573721 on Mr Cooper Group Inc fka COOP

[tzebedee]

WMI/WMILT/WMI Escrow Marker Holders are "100% the rightful equity beneficial owners of all assets in DST which hold all the assets and non-banking assets (i.e. real estate, mineral rights, beneficial interests of certificate participation in MBS Trusts created by WMI subsidiaries)"


Who overlooks the trustee? I've heard stories of money funnelling, not wmi ,NOT our trustee but others. Just sayin, whos got the power here? We've got right to title but the trustee seemingly has ALOTof power. He reports to who,? Us, rightful owners of the property via Title? Right? Nope. So who's ae to cross check the trustee?? Just sayin

[k-1]

Hallo Dmdmd2020 I have always appreciated and followed your DD very much and found the last summary very interesting. Even if I don't understand everything I would be interested if you still believe in your calculation from Post #552515 (https://investorshub.advfn.com/boards/read_msg.aspx?message_id=145703453) and when you expect that the Escrows Class22 will see the first payments?

Thank you very much for all your efforts to inform us!

K-1

(Translated with www.DeepL.com/Translator)

[Juschilln]

I still see your estimated $44 / U escrow coming in the near future. Surely hope it happens!

Thanks,

[jhdf51]

What’s to keep them from being transferred out of Delaware so that they fall out of protection?

...a beneficial owner's interest in a DST is protected from all judgment creditors of such beneficial owner so long as the trust assets are held in Delaware by a bank or trust company.”

[Large Green]

Dmdmd2020, as always exceptional fact-finding and due diligence. Your information by far is and has been the best ever produced consistently on these forums. Thank you very much.

I too have been speaking of (DSTs) Delaware Statutory Trusts and how so much was transferred into these by opening a Delaware 1031 Exchange, dissolving Calif 1031 Exchange on 12/8/2017, dissolving WMIIC on 1/18/2018 then Long Beach, WaMu Capital Corp, WMMSC, WMAAC and one other WMB subsiderary merged with JPMC on 12/8/2017 as well.

I have often said the road to riches in this WaMu case is that “All Roads Lead to DSTs” and by tying this together the way you have proves several actions in my view and they follow.

1) Actions were taken end of year 2017 and beginning of New Year 2018 for tax attribute reasons

2) I believe JPMC paid for the aforementioned and billions placed in DSTs which would be in the court sealed documents we will never see

3) Monies the business has made from running the business since 2008 has been placed into the DSTs as well as our beneficial ownership rights by signing timely releases by 3/2012

4) The last link in chain-of-title to prove ownership are our Markers which show the DST Trustee with GOD-like powers is W. Kosturos which has ultimate authority over the processes and controls of the DSTs

5) I believe this also puts to rest anybody thinking COOP gets assets without paying for them as all of the former assets/cash are owned by Marker Holders which are controlled by the Delaware Statutory Trust

6) I do not believe we will see any LARGE STYLE monies until the Bk case is closed and then some several months thereafter which in my view puts our timeline to see monies between March and October 2020

[Muff77]

Hi DM,
I appreciate Your excellent work,
thank You for sharing that with us,
Muff

[hotmeat]

Quote: "1) WMI owns 100% equity of WMIIC, not the assets of WMIIC. Thus WMILT/WMI Escrow Marker Holders owns 100% equity of WMIIC, not the assets of WMIIC."

Remember what the POR or the LTA stated???...that all assets of WMIIC were contributed to the WMILT, except for the equity interests. WMIH received 100% of the equity interests of WMIIC, not the assets. Could the LT have played some shenanigans with WMIIC assets by transferring them to DST's?, yes because it had no Creditors in bankruptcy. Unfortunately that scenario is quite a stretch.

[k-1]

Hello Dmdmd2020,

I'm sure you're very busy with your extensive research. I always like to read your excellent DDs. Nevertheless I would also be interested from time to time in your assessment of the amount of expected payments and the possible timing.

Of course I see this only as a pure estimation of your facts at the present time.

Thank you very much for your past and future efforts!

[Dmdmd2020]

Per the Delaware Secretary of State website:

https://icis.corp.delaware.gov/Ecorp/EntitySearch/NameSearch.aspx

Thackeray III Bridge, LLC was incorporated: November 17, 2011.

Registered Agent: CORPORATION SERVICE COMPANY


IMO...my conclusions as of May 06, 2019:

1) Thackeray III Bridge, LLC is aka CSC Trust Company of Delaware (resident trustee)

2) Kosturos (liquidation trustee)

3) Beneficial owners of Thackeray III Bridge, LLC are the WMI Escrow Marker Holders

4) Thackeray III Bridge, LLC was incorporated in Delaware on November 17, 2011

5) POR 7 mediation didn’t start until December 2011.

6) WMIIC was able to transfer all WMI non-banking assets (i.e. retained interests in MBS Trusts created by WMI subsidiaries, mineral rights, CDS, real estate, etc) into a DST such as Thackeray III Bridge, LLC before WMIIC was dissolved in January 18, 2018.

7) Per DST Act of 2002:

Per the article by Morris James

https://www.morrisjames.com/newsroom-articles-292.html


“Bankruptcy Remote Characteristics.

A DST is a legal entity separate and distinct from its owners and managers, and this separateness lessens the likelihood that a bankruptcy court will consolidate the assets and liabilities of the DST with those of the trustor.

No creditor of a beneficial owner of the DST has any right to obtain possession of or exercise any legal or equitable remedies with respect to the property of the DST, and a beneficial owner generally has no interest in specific property of the DST.

A DST may not be terminated or revoked by a beneficial owner or other person except in accordance with the terms of its trust agreement. A DST has perpetual existence and will not be terminated or dissolved by the dissolution, termination or bankruptcy of a beneficial owner unless the terms of the trust agreement provide otherwise.

The contractual flexibility provided by the DST Act allows parties to restrict the ability of the DST to voluntarily commence bankruptcy proceedings through the designation of an “independent trustee”. This “independent trustee” may agree in the trust agreement to be responsible for making the determination to seek bankruptcy protection, and any fiduciary duties the independent trustee might otherwise owe to the beneficial owner can be contractually limited. Additionally, in appropriate circumstances, the power and authority of a DST may be limited (e.g., by limiting such power and authority to the preservation of the assets of the DST) so as to render the DST ineligible to file as a debtor under the U.S. Bankruptcy Code.

...

Insulation Of Trust Assets From Attachment

10 Del. C. §3502(b) ("Section 3502") provides that banks and trust companies are not subject to the legal remedy of attachment, therefore money and other assets in the custody and control of a bank or trust company are exempt from seizure by attachment

Case law has extended the protection of Section 3502 to equitable remedies sought by creditors ("[P]roperty, which is exempt from levy and sale under legal process . . . cannot be reached by a creditor's bill.")

Therefore, a beneficial owner's interest in a DST is protected from all judgment creditors of such beneficial owner so long as the trust assets are held in Delaware by a bank or trust company”

IMO...my conclusions from above article:

A) WMI non-banking assets transferred into a DST cannot be consolidated to the transferor’s (WMI/WMIIC) balance sheet

B) All assets in a DST is bankruptcy remote.

Overall conclusions:

1) WMI transferred all assets to a DST like Thackeray III Bridge, LLC (which are bankruptcy remote),

2) WMIIC was then dissolved on January 18, 2018 (without any assets upon dissolution),

3) assets within the DST will be returned to WMI Escrow Marker Holders when the BK cases are closed.

4) FDIC has no control of the assets in a DST such as Thackeray III Bridge, LLC.

5) it is true that the BK estate (WMI/WMILT) does not have any hidden significant amounts of assets because they are in a DST such as Thackeray III Bridge, LLC.


Draw your own conclusions!

[diamondguru-one]

I GUESS its just "WHEN" !!!!

IMO...conclusions as of December 08, 2018:

1) WMI owns 100% equity of WMIIC, not the assets of WMIIC. Thus WMILT/WMI Escrow Marker Holders owns 100% equity of WMIIC, not the assets of WMIIC.

2) WMIIC did declare assets

3) upon dissolution, WMIIC owned no assets.

So, why is this so important?

IMO...WMIIC was or it became a Special Purpose Vehicle/ Special Purpose Entity (SPV/SPE)

The following is a description of what a SPV/SPE actually is, and how it is required in securitizations of assets.

The following are cited from “Securitization: The Financial Instrument of the Furure” by Vinod Kothari (2nd edition 2006).

[Dmdmd2020]

I'm linking a post I made on Boardpost.net back in July 25, 2014 regarding a list of All Subsidiary Assets tabulated from an Asset and Liabilities Statement on February 24, 2009:

https://www.boardpost.net/forum/index.php?topic=5858.msg72913#msg72913


"Sorry for the formatting of this list, because I was not able to attach the Excel file that I downloaded from somebody back in Feb 2010.

The original poster who created this excel file can attach it if you are willing and able.

Here is my version of that data.

All Data is from the comparison of the list of WAMU subsidiaries to the Asset and Liabilities Statement signed on 02_24_2009

List of WAMU Subsidiaries that do NOT have a line item in the A/L Statement List of WAMU Subsidiaries that have a line item in the A/L Statement

1) 110 East 42nd Operating Company, Inc. 1) ACD2 (BV= $102.798M)
2) 620-622 Pellhamdale Avenue Owners Corporation 2) Ahmanson Developments, Inc. (BV= $5.3M)
3) Accord Realty Management Corporation 3) Ahmanson Obligation Company (BV= $44M)
4) ACD3 4) Ahmanson Residential Development
(BV= $147.54M)
5) ACD4 5) Great Western Service Corporation
Two

(BV= $108.91M)
6) Ahmanson GGC LLC 6) H.S. Loan Corporation (BV= $58.3M)
7) Ahmanson Insurance, Inc. 7) HS Loan Partners LLC (BV= $68.6M)
8 ) Ahmanson Land Company 8 ) CA Asset Holdings LLC (BV= $19.04M)
9) Ahmanson Marketing, Inc. 9) Riverpoint Associates (BV= $11.14M)
10) Ahmanson Residential 2 10) WaMu 1031 Exchange (BV= $5.77M)
11) Bryant Financial Corporation 11) WaMu Capital Corp. (BV= $90,488)
12) California Reconveyance Company 12) WaMu Investments, Inc. (BV= $576,482)
13) CCB Capital Trust IV 13) Washington Mutual Bank (BV= $105.64M)
14) CCB Capital Trust IX 14) Washington Mutual Bank fsb
(BV= $3.66B)
15) CCB Capital Trust V 15) WM Citation Holdings, LLC (BV= $4.27M)
16) CCB Capital Trust VI 16) WM Funds Disbursements, Inc.
(BV= $13)
17) CCB Capital Trust VII 17) WM Mortgage Reinsurance Company, Inc.
(BV= $307.51M)
18) CCB Capital Trust VIII 18) WMI Investments Corp. (Co-Debtor)
(BV= $977.48M)
(Market Value=$319.41M)
19) Clayton Blackbear, Inc. 19) WMI Rainier LLC (BV= $2.25M)
20) Commercial Loan Partners L.P.
**All Subs in this column have undetermined
Market Values except for WMI Investments Corp.
21) CRP Properties, Inc.
22) Dime Capital Partners, Inc.
23) Dime Commercial Corp.
24) Dime CRE, Inc.
25) Dime Mortgage of New Jersey, Inc.
26) ECP Properties, Inc.
27) F.C. LTD.
28) FA California Aircraft Holding Corporation
29) FA Out-of-State Holdings, Inc.
30) Flower Street Corporation
31) Great Western FS Corporation
32) H.F. Ahmanson & Company (1998 bought for $10B with assests worth $55B)
33) Harmony Agency, Inc.
34) HCP Properties Holdings, Inc.
35) HCP Properties, Inc.
36) HFC Capital Trust I
37) HHP Investment, LLC
38) HMP Properties, Inc.
39) Home Crest Insurance Services, Inc.
40) Insurer
41) Irvine Corporate Center, Inc.
42) Ladue Service Corporation
43) Long Beach Securities Corp.
44) Marion Insurance Company, Inc.
45) Marion Street, Inc.
46) Mid Country Inc.
47) Murphy Favre Housing Managers, Inc.
48) Murphy Favre Properties, Inc.
49) NAMCO Securities Corp.
50) Nickel Purchasing Company, Inc.
51) Norstar Mortgage Corp.
52) North Properties, Inc.
53) Pacific Centre Associates LLC
54) Pacoima Investment Fund LLC
55) Pike Street Holdings, Inc.
56) Plainview Inn, Inc.
57) Providian Bancorp Services
58) Providian Leasing Corporation
59) Providian Mauritius Investments LTD
60) Providian Services Corporation
61) Providian Services LLC
62) Providian Technology Services Private Limited
63) Reverse Exchange Corporation
64) Rivergrade Investment Corp.
65) Robena Feedstock LLC
66) Robena LLC
67) Savings of America, Inc.
68) Seafair Securities Holdings Corp.
69) Second and Union LLC
70) Seneca Funding (UK) Limited
71) Seneca Funding LLC
72) Seneca Funding Management LLC
73) Seneca Funding Trust
74) Seneca Holdings, Inc.
75) Seneca Newco LLC
76) Seneca Street, Inc.
77) Sivage Financial Services LLC
78) Snohomish Asset Holdings LLC
79) SoundBay Leasing LLC
80) Stockton Plaza, Incorporated
81) Strand Capital LLC
82) Sutter Bay Associates LLC
83) Sutter Bay Corporation
84) Thackeray Funding Corp.
85) Thackeray Funding Partners
86) Thackeray Holdings Corp.
87) The E-F Battery Accord Corporation
88) University Street, Inc.
89) WaMu Asset Acceptance Corp.
90) WaMu Insurance Services, Inc.
91) Washington Mutual Asset Securities Corp.
92) Washington Mutual Brokerage Holdings, Inc.
93) Washington Mutual Capital Trust 2001
94) Washington Mutual Community Development, Inc.
95) Washington Mutual Finance Group LLC
96) Washington Mutual Life Insurance Company of California, a Stock
97) Washington Mutual Mortgage Securities Corp.
98) Washington Mutual Preferred Funding LLC
99) Washington Mutual Trade Service Limited
100) Washington Mutual-Seattle Art Museum Project Owners Association
101) Western Service Co.
102) WM Aircraft Holdings LLC
103) WM Asset Holdings Corp.
104) WM Enterprises & Holdings, Inc.
105) WM Marion Holdings LLC
106) WM Specialty Mortgage LLC
107) WM Winslow Funding LLC
108) WMB St. Helens LLC
109) WMBFA Insurance Agency, Inc.
110) WMFS Insurance Services, Inc.
111) WMGW Delaware Holdings LLC
112) WMHFA Delaware Holdings LLC
113) WMICC Delaware Holdings LLC
114) WMRP Delaware Holdings LLC
115) Yellowstone Venture, Inc.

CONCLUSIONS....IMO:

1) Out of 134 Subs under WMI, only 19 were listed on the A/L Statement as of Feb. 24, 2009.
2) Book Values (BV) of all the subs that were listed on the A/L Statements did not have a Market Value allocated to it except for WMI Investments Corp.
3) There was no accounting of any kind regarding the 115 Subs that were under the heading: "List of WAMU Subsidiaries that do NOT have a line item in the A/L Statement"

___________________

IMO...My conclusions as of 07May2019:

1) Take notice from above list:

"84) Thackeray Funding Corp.

85) Thackeray Funding Partners

86) Thackeray Holdings Corp."

2) The current State of Delaware Division of Corporations website:

https://icis.corp.delaware.gov/Ecorp/EntitySearch/NameSearch.aspx



Thackeray Funding Corp.
Incorporation Date: 12/1/2006
Registered Agent: Corporation Service Company
Address: 251 Little Falls Drive, Wilmington, DE, 19808
Phone: [phone]

Thackeray Funding Partners
Incorporation Date: 3/23/2007
Registered Agent: Corporation Service Company
Address: 251 Little Falls Drive, Wilmington, DE, 19808
Phone: [phone]

Thackeray Holdings Corp.
Incorporation Date: 2/9/2007
Registered Agent: The Corporation Trust Company Corporation
Address: Trust Center 1209 Orange St., Wilmington, DE, 19801
Phone: [phone]

Thackeray III Bridge, LLC
Incorporation Date: 11/17/2011
Registered Agent: Corporation Service Company
Address: 251 Little Falls Drive, Wilmington, DE, 19808
Phone: [phone]


Two of the three previous WMI Subsidiaries (Thackeray Funding Corp., and Thackeray Funding Partners) share the same Registered agent address and phone number of Thackeray III Bridge, LLC.

IMO...I firmly believe that Thackeray III Bridge, LLC is the DST that holds the WMI non-banking assets (i.e. retained interests in MBS Trusts that WMI subsidiaries created, mineral rights, real estate, Credit Default Swaps, etc.) that were transferred beginning on November 17, 2011 and concluded all transfers of assets prior to dissolution of WMIIC on January 18, 2018.

[Juschilln]

Dmd, any "conclusions" as of June 03, 2019??