Replies to post #574173 on Mr Cooper Group Inc fka COOP

[Large Green]

Dmdmd2020, fantastic and thank you for sharing your excellent research!




***ALL ROADS LEAD TO (DSTs) DELAWARE STATUTORY TRUSTS***


OUR UNLIKELY BUDDY is KOSTUROS***AZC/RON MAY NOT LIKE THIS




Have I told you lately how much more, more and more I love my Escrow ShareMarkers that continues to grow immensely every single day forward?

[BBANBOB]

ANd BGRIFF has been saying Thackery for almost 2 yrs now!!!!!!!!!!!!!Kudos out to BGRIFF


And MUCHO KUDOS to you as well DMDM for tying it all together so neatly as well

[tony_t]

Thx Dmdmd!!!

[Split T]

DMDMD, Thanks for posting your information on Thackeray, everyone needs to understand this information. A couple of Slewths on Ihub brought it up in the past and it fell on deft ears it seems. You did a great job as usual in your research, Kudos to you.



From Poster DMDMD:

"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!"

[wcheng]

how much value might be contained within this Thackeray trust?

[xoom]

Bump. How to legally hide the sausage and fleece the mom and pop investors.

[LuckyPanda]

Dmd, do you know if anything prevents the DST fom simply keeping the assets indefinitely and never distributing?

Can the trustee of the DST cut a deal with a few privileged hedgies, to allow them access to the assets as a low interest loan and keep doing it indefinitely. Since the DST does not answer to the LT or FDIC, who stops its trustee from corrupt actions?

[2221]

Dmdmd..what you make of labor 400 b in 2024 do we have to wait for that?thanks

[hotmeat]

Very interesting post Dm in that your position is actually premised by quoting actual info and making reasonable assumptions based on same.

I respect and appreciate the effort that goes into each of your posts and sincerely hope that you are correct, or at the least partially so.

Is there any way to determine who Thackeray lll Bridge LLC is affiliated, ie whether it is associated with the WMILT/LT Trustee (Kosturos)???

IMO there must be some avenue where that info could be accessed to be able to determine whether your initial assessment is accurate or not.

[Large Green]

Dmdmd2020, again nothing short of a fantastic post put together with fabulous fact-finding and more. Your point number five referencing when Mediation started is not correct as Mediation actually ended about mid December 2011.

Then mid Jan/2012 TPS had a court approved discovery with Susman in his Houston offices and then less than a week later TPS signed on for 5% more agreeing to Amended POR 7 which was signed by the court on 2/23/2012 leading the way for the (ED) Effective Date on March 19, 2012 which cancelled all former common and Preferred prospectuses including all associated documents.

This does not change anything and no doubt WMIIC transferred everything to the DST during Nov/2011 because Mediation while going on during this timeframe was not finalized until mid Dec/2011.

So when they tell us there is nothing in WMIIC when it was finally dissolved on 1/18/2018, this is correct due to all being transferred to the DST in Nov/2011. This is all very legal but just sleight of hand. Yes, Kosturos was named the DST Trustee in the final Amended POR 7 that I have posted numerous times over the last few years and this has all been in the original plans from the very get-go

[t1215s]

Dmdmd; This Thackeray III Bridge, LLC. we/some here talk about this some years ago I believe and when I did some DD on it the best I could come up with was Thackery Partners that is based in Dallas, I also believe that some others might have came up with the same thanggggg Now I'm pretty decent at DD. as some might attest to here.(Don't do much of it these years as the SEC. filings over many,many years of searching/reading wore me out) Getting back to Thackeray III Bridge, LLC is aka CSC Trust Company of Delaware
Alan Halpern
Chief Risk Officer (CRO) at CSC Global Financial Markets And Vice President of Delaware Trust Company
Relationship Manager
JP Morgan Chase
1996 – 2003 7 years

Take care bud-Ts

[dragoon76]

Excellent DD. Thanks !!

[hotmeat]

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


I don't believe this is correct...CSC is a private company that provides services to SPV's such as Thackeray, if it is indeed one.





Quote: "CSC Trust is now Delaware Trust

Independent provider of trust & agency, special purpose vehicle and independent director services now operates under a new name
October 29, 2014 08:00 AM Eastern Daylight Time

WILMINGTON, Del.--(BUSINESS WIRE)--CSC Trust Company of Delaware, a wholly owned subsidiary of Corporation Service Company, has announced that it will now operate under the name Delaware Trust Company (Delaware Trust), effective immediately."

[W3Research]

DMDM, Another Fascinating Post! ...
Thanks again for your DD! ...
Cheers!

[Dmdmd2020]

This topic is a quick reference to the different legislation that protects MBS Trusts from FDIC and bankruptcy.

1) 2002 Delaware ABSFA :

IHUB post#573721

Excerpt:

“On January 17, 2002, the state of Delaware enacted the Asset-Backed Securities Facilitation Act, 6 Del.C. 2703A (the “ABSFA”). The ABSFA effectively creates a safe harbor under Delaware state law for determining what constitutes a true sale in securitization transaction.

The ABSFA first provides that any “property, assets or rights purported to be transferred, in whole or in part, in the securitization transaction shall be deemed to no longer be the property, assets or rights of the transferor.” Given the foregoing provision, to the extent Delaware law applies, the traditional legal criteria used in determining what constitutes a true sale in the context of a securitization is intended to be irrelevant.

The ABSFA further states that a “transferor in the securitization transaction…to the extent the issue is governed by Delaware law, shall have no rights, legal or equitable, whatsoever to reacquire, reclaim, recover, repudiate, disaffirm, redeem or recharacterize as property of the transferor any property, assets or rights purported to be transferred, in whole or in party, by the transferor.” The ABSFA also provides that in “the event of a bankruptcy, receivership or other insolvency proceeding with respect to the transferor of the transferor’s property, to the extent the issue is governed by Delaware law, such property, assents and rights shall not be deemed party of the transferor’s property, assets, rights or estate.”

Thus, effectively, the state law makes a securitization transaction completely free from risk of recharacterization. “

________________________

2) FDIC 2009

IHUB post#563125

Excerpt:

“
https://www.housingwire.com/articles/fdic-extends-safe-harbor-transfer-new-existing-abs-assets

“FDIC Extends 'Safe Harbor' for Transfer of New, Existing ABS Assets

November 12, 2009 Diana Golobay

The Federal Deposit Insurance Corp. (FDIC) on Thursday approved an interim rule providing a "safe harbor" for the transfer of assets related to certain types of asset-backed securities (ABS) from insured depositary institutions. The transitional safe harbor applies to all securitizations issued before March 31, 2010, shielding the assets from seizure by the FDIC in instances where the insured depositary institutions fail. ”
________________________

3) IHUB post#574173

Delaware Statutory Trust (DST) Act 2002

Excerpt:

“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”