I have NEVER ONCE DOUBTED what WHIH/COOP was WAS WAS TO BECOME, imho it has been being groomed to be the GO TO SERVICER for distressed assets of Seized banks imho BECAUSE JPMC is BURDENED ENOUGH
I fully EXPECT that WMIH/COOP will be $100-$250 in time and maybe even more "" LOL JUST SAYING""
Take a look at PDF 40 or page 35 of this you will see "other real estate" must be paid Book Value, so this saying JPM got this for free is bogus.
At some point, JPM has either paid this into a court registry account or will pay it soon as it may take a signature from Kostorus BUT NO, JPM did not find this 30 billion in real-estate rubble...LOL
JPMorgan found a $30 billion 'unexpected bonus' in the remains of Washington Mutual...this is BS as shown below
(a) cash and receivables from depository Book Value institutions, including cash items in the process of collection, plus interest thereon: securities (exclusive of (b) the capital stock of Market Value Acquired Subsidiaries), 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
***There was an ownership Change on 3/19/2012 that canceled ALL former Preferred and Common Prospectuses along with ALL associated documents. Here take a look***
Understand POR 6 and KNOW the changes/facts in Amended POR 7 approved by the court on 2/23/2012 plus the 8K Filing on 8/1/2012 which ALL SUPERSEDES ANYTHING PRIOR
Let us look at the actual August 01, 2012 8K filing that discusses this 75/25 issue. Annex C which is after the 2/24/2012 court-approved Amended POR 7, and after the March 19, 2012 Effective Date.
Annex C - Item 1.01 Amendment of a Material Definitive Agreement.
Annex C to the Agreement was revised to clarify that holders of Preferred Equity Interests and Common Equity Interests will be issued Liquidating Trust Interests in Tranche 6 on account of those interests when Tranche 2 through Tranche 5 Liquidating Trust Interests have been satisfied in full, AND that the distribution to Tranche 6 will be shared 75% and 25% pro rata between claims on account of Preferred Equity Interests and Common Equity Interests, respectively.
QQQ. The Plan provides for payment of Allowed Claims and, if appropriate, Postpetition Interest Claims on account of Allowed Claims. Id. ¶ 67. Distributions to claimants will be made in Cash, Liquidating Trust Interests that represent the right to receive future Cash distributions from the Liquidating Trust and, in certain circumstances, Runoff Notes and/or Reorganized Common Stock. Id. No Class is projected to recover more than one hundred percent (100%) on account of the Claims or Equity Interests, as the case may be, classified in each Class. See Conf DX 432C - Disclosure Statement, Ex. C at 4-5.
Page 51
RRR. No holder of a Claim or Equity Interest will receive more value than such respective Claim or Equity Interest (based on liquidation preference amount). Conf DX 569 - Goulding Decl. ¶ 68.
Page 56 8. Treatment of Preferred Equity Interests. Commencing on the Effective Date, and subject to the execution and delivery of a release in accordance with the provisions of Section 41.6 of the Plan, each holder of a Preferred Equity Interest, including, without limitation, each holder of a REIT Series, shall be entitled to receive such holder’s Pro Rata Share of seventy-five percent (75%) of (a) subject to the right of election provided in Sections 6.2(b), 7.2(b), 16.1(b)(ii), 18.2(b), 19.2(b) and 20.2(b) of the Plan, the Reorganized Common Stock, and (b) in the event that all Allowed Claims and Postpetition Interest Claims in respect of Allowed Claims are paid in full (including with respect to Allowed Subordinated Claims), any Liquidating Trust Interests to be redistributed.
9. Treatment of Common Equity Interests. Commencing on the Effective Date, and subject to the execution and delivery of a release in accordance with the provisions of Section 41.6 of the Plan, each holder of Common Equity Interests shall be entitled to receive such holder’s Pro Rata Share of twenty-five percent (25%) of (a) subject to (i) the right of election provided in Sections 6.2(b), 7.2(b), 16.1(b)(ii), 18.2(b), 19.2(b), and 20.2(b) of the Plan and (ii) the rights of holders of Dime Warrants pursuant to the LTW Stipulation, the Reorganized Common Stock, and (b) in the event that all Allowed Claims and Postpetition Interest Claims in respect of Allowed Claims are paid in full (including with respect to Allowed Subordinated Claims), any Liquidating Trust Interests to be redistributed. ______________________________________________________________
84. Conflicts Among Order, Plan and Global Settlement Agreement. The provisions of the Plan, this Order, and the Global Settlement Agreement shall be construed in a manner consistent with each other so as to effect the purpose of each; provided, however that, in the event of any inconsistency between the Global Settlement Agreement, the Plan or this Order, the documents shall control in the following order of priority: (i) this Order, (ii) the Global Settlement Agreement, and (iii) the Plan; provided, however, that, in the event of any inconsistency between these documents with respect to the releases provided in Section 41.6 of the Plan, the documents shall control in the following order of priority: (i) this Order, (ii) the Plan, and (iii) the Global Settlement Agreement; and provided, further, however, that nothing herein is intended to nor shall be construed to modify the economic terms of the Plan.
85. Modifications. Without need for further order or authorization of the Court and subject to any limitations set forth in the Plan (including consent rights) and any stipulation approved by this Court in connection with the Plan, the Debtors, the Reorganized Debtors, or the Liquidating Trust are authorized and empowered to make any and all modifications to the Plan, any and all documents included as part of the Plan Supplement, and any other document that is necessary to effectuate the Plan that does not materially modify the terms of such documents and are consistent with the Plan.
86. Provisions of Plan and Order Nonseverable and Mutually Dependent. The provisions of the Plan and this Order, including the findings of fact and conclusions of law set forth herein, are nonseverable and mutually dependent.
87. Governing Law. Except to the extent that the Bankruptcy Code or other federal law is applicable, or to the extent an Exhibit to the Plan or Plan Supplement provides otherwise (in which case the governing law therein shall be applicable to such Exhibit), the rights, duties and obligations arising pursuant to the Plan shall be governed by, and construed and enforced in accordance with, the laws of the State of New York, without giving effect to the principles of conflict of laws.
88. Applicable Nonbankruptcy Law. Pursuant to sections 1123(a) and 1142(a) of the Bankruptcy Code, the provisions of this Order, the Plan and related documents or any amendments or modifications thereto shall apply and be enforceable notwithstanding any otherwise applicable nonbankruptcy law. and provided, further, however, that nothing herein is intended to nor shall be construed to modify the economic terms of the Plan
News 
Market Data 
Discover 
AI
