AZCowboy
Thank you for Posting…
I agree, the common shareholders own the Estate…
The WMI common shareholders own the “WMI Estate”.
And the Preferred shareholders invested in the WMI Estate.
Which means the Preferred and Common shareholders have an Equity Interests in the WMI Estate.
The Preferred and Common shareholders are the old original “WMI” Equity shareholders.
WMI is “WMI Holdings Corp.” and,
The shareholders own, WMI Holdings Corp subsidiaries and all their assets.
So…
I want to point out… (respectfully)
WMIH… WMIHC… or Coop, is not “WMI”,
and they do not own WMI’s subsidiaries assets.
The assets did not move from WMI to WMIHC to WMIH, and now Coop…
The old Equity shareholders, which are determined by their original shares (whether you released or not) … are the owners of the WMI Estate, which refers to all of WMI’s assets.
It’s all about the WMI shareholders.
The original WMI shareholders own everything…
Not… WMIHC to WMIH, and now Coop.
It’s specifically specified in all the documents.
For example…
This is in all the quarterly and Annual reports or documents…
This one is from WMIH-10q july-27 2018…
(“WMI Holdings Corp” is WMI)
It says…
WMIHC… “WMI Holdings Corp” refers only to WMI Holdings Corp., without regard to its subsidiaries.
It also says…
WMIH… refers only to WMIH Corp. “WMIHC”, without regard to its subsidiaries…
And…
WMMRC… means WM Mortgage Reinsurance Company, Inc. (a wholly-owned subsidiary of WMIH);
This part where it says…
WMIHC… refers only to WMI Holdings Corp., without regard to its subsidiaries.
This means, WMI’s Holdings Corp. subsidiaries, and their assets are not part of WMIHC.
And, this part where it says…
WMIH… refers only to WMI Holdings Corp. “WMIHC”, without regard to its subsidiaries.
This also means the WMI’s Holdings Corp subsidiaries, and their assets are not part of WMIH.
This part where it says…
WMMRC… means WM Mortgage Reinsurance Company, Inc. (a wholly-owned subsidiary of WMIH);
This means WMMRC is a subsidiary of WMIH.
This is because all of the WMI’s Holdings Corp subsidiaries and their assets went to the liquidating trust to be liquidated and turned in to cash… (it’s the $314.3 Billion Dollars in assets)
If the asset is not associated with reorganizing the new company…
then it is liquidated and turned into cash and it’s used to pay the creditors, and the rest goes to the WMI’s equity shareholders.
Not… WMIHC to WMIH, and now Coop.
This is the full statement from the documents…
Quote…
(i) WMIH Corp. (formerly WMI Holdings Corp. and Washington Mutual, Inc.) and its subsidiaries on a consolidated basis;
(ii) “WMIH” refers only to WMIH Corp., without regard to its subsidiaries;
(iii) “WMIHC” refers only to WMI Holdings Corp., without regard to its subsidiaries;
(iv) “WMMRC” means WM Mortgage Reinsurance Company, Inc. (a wholly-owned subsidiary of WMIH);
(v) “WMIIC” means WMI Investment Corp. (formerly a wholly-owned subsidiary of WMIH); and
(vi) “Merger Sub” means Wand Merger Corporation (a wholly-owned subsidiary of WMIH).
End quote,
Everything is owned by the original WMI Holdings Corp. shareholders… including WMB and WMB’s subsidiaries and WMB’s FSB…
So,
Everything is owned by the original WMI shareholders… that’s You.
Not COOP, Not WMIH and Not WMIHC…
This is from the DISCLOSURE STATEMENT. Page 52.
1. Overview
Quote…
WMI is a holding company incorporated in the State of Washington and headquartered at
925 Fourth Avenue, Suite 2500, Seattle, Washington 98104.34 WMI is the direct parent of WMI
Investment (discussed below).
Prior to the Petition Date, WMI was a multiple savings and loan holding company that
owned WMB and such bank’s subsidiaries, including FSB. WMB primarily provided banking services to consumers and small businesses in major U.S. markets. WMI was the largest savings and loan holding
company and WMB, together with its subsidiaries, was the seventh largest U.S.-based bank. As of the
Petition Date, WMI also had several non-debtor subsidiaries. Like all savings and loan holding
companies, prior to the Petition Date, WMI was subject to regulation by the OTS. WMB and FSB, in
turn, like all depository institutions with federal thrift charters, were subject to regulation and examination by the OTS. In addition, WMI’s banking and non-banking subsidiaries were overseen by various federal and state authorities, including the FDIC.
End quote.
I underlined WMI’s banking and non-banking subsidiaries,
Because this illustrates the WMI’s WMB’s corporate structure… and the WMI’s Non-Banking corporate structure.
WMI is equal to the WMB’s corporate structure… ($307 Billion Dollars) plus,
the WMI’s Non-Banking corporate structure… ($7.3 Billion Dollars).
The FDIC seized the WMB’s corporate structure, which is valued at $307 Billion Dollars…
Which is still owned by the original old WMI shareholders. (that’s You)
This left the WMI’s Non-Banking corporate structure… ($7.3 Billion Dollars).
So, after the WMB’s corporate structure was seized… WMI was only valued at $7.3 Billion Dollars.
The creditors were paid with this $7.3 Billion Dollars.
This is the WMI Debtors Estate… there’s nothing left from the Debtors Estate…
After the creditors were paid… any assets remaining are non-Debtors assets…
Which makes up the non-Debtors Estate ($307 Billion Dollars).
The WMI Estate is equal to the WMB’s corporate assets… plus, the WMI’s Non-Banking corporate assets.
The interest is not from the subsidiaries assets themselves.
The assets were sold for $307 Billion Dollars.
The interest generated is from this $307 Billion Dollars, invested for 14 +years.
Everything was liquidated and turned into cash…
Quote…
“Assets unassociated with the reorganizing debtor are distributed to a liquidating trust for the benefit of creditors and/or equity holders.”
End quote.
There’re no hidden assets and nothing disappears.
The creditors have been paid…
Now… how about us equity holders.
Again, respectfully speaking…
Coop is a publicly traded company…
And in IMHO it is a great company to invest in.
To suggest WMI’s assets will suddenly appear as Coop’s assets is wrong, and only brings up questions about the integrity of the Coop company itself… “I’m just saying”
WMIH… WMIHC… or Coop, is not “WMI”,
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