Replies to post #2852 on Rocket Companies Inc (RKT)

[BBANBOB]

FRED

""You cannot pay equity before bonds as we can see the different tranches.
Bonds MUST be paid before equity class 19 and 22"""

Well then how about I bust your theory, CLASS 19 and CLASS 22 have already been paid in a way, WE GOT SHARES...

Now what I think has happened is that JPM will assume the 14 bill in bonds and were promised such and probably will get their divies in the rears and their bonds back

[DISCO67]

Fred, I think WAMU is a chapt.11 bkrpty .

[goodietime]

Fred, very interesting post. Thank you.

[Large Green]

Fred, excellent summation, thank you, and here is how it all changed.

1) In December of year 2011, an agreement with equity was reached after the two-month closed-door Mediation ended

2) In January of year 2012, we were advised that the 75/25 math formula would be used for preferred and common equity for releases signed by March of 2012

3) Then the (ED) Effective Date of March 19, 2012, was set and WMIH started trading around the first part of April, 2012, against the wishes of a few

4) The payout Matrix was changed during the Mediation to go from four tranches, where Piers was part creditor and part Equity set to receive all spoils after Equity was to be cancelled

5) Due to Creditors caught with Insider Trading, this is what prompted Judge Walrath to change the Matrix and penalize the Creditors by penalizing them by capping Piers at around $12.00 per then adding two more tranches

6) Tranche Five was added and this is where the 15B in SD, or the Bond,s were placed

7) Tranche Six is where Preferred Equity Interests and common equity Interests were placed leaving Tranche Six or Equity to receive all the spoils the Perps planned on receiving by trying to cancel Equity out 100% but thankfully, this plan by the Perps failed miserably, hence the 75/25 payout was established

...

[goodietime]

Fred, This is from a bondholder on the other board.

These statements are coming from people that don't understand the differences between the holding company and the "bank". The Holding company bonds were paid off a long time ago. And equity did receive a recovery. On the Bank side, there is no equity. Unless you consider WMI the equity holder. So on the Bank side, the bonds, senior bonds, have been paid about $.20 on the dollar. They need another $.80 on the dollar plus accrued. Then the junior bonds will get paid next. Any equity left over flows over to the WMI side. Then will flow to preferred shareholders next.