Escrows: P& A
Large Green Saturday, 09/27/14 04:50:13 PM
Re: None
Post # of 405600
A HUGE MILESTONE HAS PASSED!
With the expiration of the P&AA on 9/25/2014 at midnight eastern time and so far no signs of an agreement that would extend this process, it would appear that this is the start of reconciliation. I suggest reading this P&AA contract extremely slow and carefully to get the full understanding.
https://www.fdic.gov/about/freedom/Washington_Mutual_P_and_A.pdf
How long does it take before we get some type of filing or verification of this process? Since WMIH is publicly traded, if WMIH receives anything in the form of value and since WMIH is obviously trying to stay 1934 Act-compliant, then they have four business days from the event to file an 8K. Now, we know JPM/FDIC did not get everything. There has to be a process of redistribution/reconciliation of assets that were taken and/or at the minimum there has to be an accounting of who gets the leftovers relatively soon which is still value that has to be placed somewhere. We know the only places it can go outside of JPM/FDIC are either directly or indirectly to the trust and/or WMIH, especially assets that were seized improperly.
Remember the former WaMu was over a 350 billion dollar organization and there are minimal tax attributes spoken for so far through this travesty. As I posited over three years ago and continue today with Susman’s filing backing up that there will not be any third party suits for reason and we ALL KNOW there is plenty to sue third parties over so why not? IMHO, the reason for the minimal tax attributes (5.9 billion so far) and no third party suits is that our beloved escrow accounts will be GOLDEN. To think a great law firm could NOT find anything to sue over would be tantamount to one knowing NOTHING or extreme naivety about this case which I do NOT give any credibility. So the only logical reason for this is that when the resolution takes place, we will through our beloved escrow accounts not be injured at all. So this explains no third party suits and for the same reason there will never be any employee claims discovery in 2015 as this would expose everything they have been covering up worldwide for the last 6+ years. Exact same principle as no third party suits – exposure and escrow account holders satisfied.
So, with all that has been proven with the bankruptcy process and the FDIC process being totally separate and with the FDIC being able to hold mega billions of assets legally off the bankruptcy case/books, then we look forward to resolution. Also what the SNHs were really after when they went through a needless court ordered two month insider trading trial where they were basically found guilty when all they had to do was make a deal with equity. Then after another couple of months of needless court ordered mediation in which they ultimately made a deal with equity to avoid potential prison and loss of another four billion according to SG/Nelson they made during the ongoing case when illegally trading WaMu equities with material information a deal was of sorts was made. Part of the deal the Hedge Funds made with the court was if the Hedge Funds made a deal with equity all transcripts, court records and anything related to their insider trading court administered trial would be expunged from the court and in fact it all has been expunged.
Keep in mind, that between the first week or so in February/2012 when the deadline passed to exchange your WaMu equities for shares in NEWCO WMIH along with escrow shares (provided you did not invest totally in former WAHUQ or Piers) and the final POR signed by the court around 2/18/2012, there were constant revisions to the POR all the way to the very end. Then before court POR approval and at the very end is when the payout Matrix was changed allowing equity to receive all the spoils that the SNHs fought so hard to prevent. So we still have tranches 5/6 still to be worked in the bankruptcy case where there are claims shown as assets, over-funded claims, registry accounts that have to be reconciled and much, more that will more than likely flow to the trust.
I still contend all of this is so closely integrated such as working tranches 5/6, official closure of the P&AA, reconciliation following P&AA closure, WMIH capitalization/merger, Piers holders left impaired or paid their non guaranteed capped amount of around ten plus dollars that as this goes forward times will get EXTREMELY EXCITING for both escrow share account owners and then for NEWCO WMIH. All of the aforementioned actions are so closely integrated that I do believe things will happen rather fast as compared to what we are used to especially considering this being an election season. All I can say is that I am EXTREMELY happy I followed Willingham/Susman’s lead rather than fighting and challenging them.
HAVE I TOLD YOU HOW MUCH I LOVE MY ESCROW SHARES LATELY?