Washington Mutual demanda a la FDIC por 17 billones US$ + daños

Respuestas: 25062

Mr_Simpson
en respuesta
a Mr_Simpson
07/04/12 (17:34)

Algunos de los temas que aun estamos esperando...

1) Some targets announced from the Litigation front {Suits filed, or settlements announced}

2) Some conceptual "what are we looking at" -- from that "Committee" {forgot the name} -- this may be impractical, but I want it

3) A PR of ANY kind, with ANY details -- heck a PR saying "we can't talk about it and why"

4) Their website to open

5) Answers to which remaining claims are being dumped

6) Answers to how much remains in Class 18, etc before Litigation/Liquidation reaches Equity

7) Answers to what got Liquidated and for how much

Mr_Simpson
en respuesta
a Mr_Simpson
07/04/12 (19:08)

¿Cual es el negocio de los Hedge Funds? Generar retornos...

Si no creo recordar malamente es ganar mucho dinero y generar la mayor rentabilidad en el menor espacio de tiempo posible. En nuestro caso de momento sabemos que Greywolf tiene el 7.47% de WMIH, seguro que en los próximos días sabemos quien más está dentro...

Teniamos un caso de Insider Trading y se llego a un acuerdo... ¿pudo ser este acuerdo que los accionistas retail por una vez se beneficiaran del Business Plan de WMI Holdings y acompañaran a los Hedge Funds en la New Co?

Los próximos meses van a ser claves e interesantes... espero que una oferta se produzca para comprar parte de los minoristas... el valor es lo que nadie sabe.

Mr_Simpson
en respuesta
a Mr_Simpson
08/04/12 (08:09)

Re: ¿Cual es el negocio de los Hedge Funds? Generar retornos...

Total of all those 13-G filings is that Hedge Funds ownership is at 32% of outstanding/issued shares or 63,472,248 mil shares.....

following breakdown:
Greywolf Capital Partners II LP
3,718,988 1.9% Page 2 of 17

Greywolf Capital Overseas Master Fund
3,720,163 1.9% Page 3 of 17

Greywolf Capital Overseas Fund II
1,321,285 0.7% Page 4 of 17

Greywolf Structured Products Master Fund, Ltd.
2,826,443 1.4% Page 5 of 17

Greywolf Opportunities Fund II, LP
3,351,436 1.7% Page 6 of 17

Greywolf Advisors LLC
3,718,988 1.9% Page 7 of 17

Greywolf Capital Management LP
14,938,315 7.5% Page 8 of 17

Greywolf GP LLC
14,938,315 7.5% Page 9 of 17

Jonathan Savitz
14,938,315 7.5% Page 10 of 17
======================================
63,472,248 acciones 32 % WMIH

Mr_Simpson
en respuesta
a Mr_Simpson
08/04/12 (08:13)

El Plan... Preferred offering en el futuro

The hedge fund groups (SNs and TPS) are the people who have the money. Retail doesn't. Retail couldn't raise $5MM much less $5B, and can do NOTHING to help WMIH flourish. As I've said repeatedly, the TPSC is the poor relation relative to the SNs for two reasons: (1) TPSC members did not own any WMI bonds (the SNs owned $3B worth); and (2) TPSC members own only 37.5% of the total $4B TPS vs. 62.5% owned by the SNs. Moreover, if the TPSC members don't put money in WMIH, they will only own common and the SNs will have liquidation preference over them, hence their concern about their priority.

WMIH needs capital and the people most likely to provide it are those who (a) have money (the hedge funds, esp. the SNs) and (b) presumably want a liquidation preference.

No one here knows if the SNs left some or all of their $3B in WMIH, but it stands to reason that they did so they wouldn't have to pay taxes on it and they could obtain preferreds and protect their common holdings.

MW (and the board) is not speaking to you, me, or any other retail; he's speaking to and dealing with the two groups that can afford to invest in WMIH preferreds. I will be elated when he gets those preferreds issued (whether to Greywolf or any other TPSC member) as that capital will dramatically increase the value of my WMIH common.

Mr_Simpson
en respuesta
a Mr_Simpson
09/04/12 (09:50)

Timeframe de 6 a 15 meses... (algo importante sucederá)

“Not just a forensic accountant, experience with bankruptcy cases too. And a CPA too, got help from PJS to 1000s of hours spent on asset analysis and recovery, to get a 50mm company? May be commons are getting a lion’s share thru LTI and EC agreed for 25% of the newco imho.”

If one just wants to say “more fraud/collusion” then the discussion ends before it starts. I have learned about bankruptcy cases in Delaware from other cases and their “modus operandi” is the same with the principle meaning hide, under value, zero out equity and issue new equity to certain select people in the NEWCO start. This not only enriches certain people all the way through the process, including bankruptcy sanctioned insider trading and other nefarious acts to bring the business of bankruptcy to Delaware. All people make out in this process except, of course the people who owned the company called Shareowners.

It is also hard to believe that with all of the actions the EC brought to light such as sealed documents, Nelson’s infamous thirty billion, chambers meeting that turned people white and a all of the billing by PJS, Maxwell and others that they settled for what appears to be on the surface a seventy five million dollar organization without any known future. This is what we now know and to me all of this just does not add up in total. I am not ready to support Flo’s twenty billion dollar belief, but I DO support in total there is much more here than meets the CURRENT eye.

I also do NOT subscribe to TPS, TPSC and Art ALL OF A SUDDEN deciding within two to four business days to let’s hurry now and sign as we have not other options. This belief is naïve to say the least. I will stand on this, one can almost bet anything with the players currently involved that there will be MUCH more value to come whether this is through undervalued/hidden assets, bogus claims that do not get anything or very little which has been known to certain people and/or a plan that supports a huge capital raise to bring a very tiny organization to a multibillion dollar organization within six to fifteen months from the post chapter 11 effective date!

Mr_Simpson
en respuesta
a Mr_Simpson
09/04/12 (17:27)

WMIH - Listado de Junta Directiva (BOD) + empleados

Michael Willingham (BoD)

Mr. Michael Willingham was appointed as the Director of Washington Mutual Inc. He was the chair of the Equity Committee since its formation in January 2010. Through his service on the Equity Committee, Mr. Willingham has developed substantial knowledge about WMI current state of operations and also about the terms of the Seventh Amended Plan and related agreements involving Reorganized WMI. Mr. Willingham is currently working on issues necessary to prepare Reorganized WMI for emergence from bankruptcy. Mr. Willingham has prior experience with complex securities agreements and financial instruments. He has served on committees or trust boards in prior bankruptcies including Mirant Corporation and Calpine Corporation.

http://www.macroaxis.com/invest/manager/WAMPQ.PK--Michael_Willingham

Diane Glossman (BoD)

Ms. Diane B. Glossman, CFA was appointed as the Director of Washington Mutual Inc. Ms. Glossman has 25 years of experience as an investment analyst, including for Salomon Brothers, Lehman Brothers, and UBS, where she was managing director and head of United States bank and brokerage research until her retirement in 2003. She specialized in money center, trust banks, and broker/dealers, but over the course of her career covered all aspects of the banking and financial services industries. Following her retirement from UBS, Ms. Glossman has served as an advisor and consultant to a number of financial institutions

http://www.macroaxis.com/invest/manager/WAMPQ.PK--Diane_Glossman

Mark Holliday (BoD)

Mr. Mark E. Holliday was appointed as the Director of Washington mutual Inc. From 2003 through 2009, Mr. Holliday was a partner in Camden Asset Management, a multibillion hedge fund focusing on convertible and capital structure arbitrage. Prior to becoming a partner with Camden, Mr. Holliday was with a number of investment firms, including Deephaven Capital Management, Heartland Capital Corporationration, Option Opportunities, and Continental Partners Group. Mr. Holliday has served on the boards of directors of a number of corporations and has experience on board audit committees. His past and present directorships include YRC Worldwide, Inc., FiberTower Corporationrationration, Primus Telecommunications Group, Movie Gallery, Inc., Clear Choice Health Plans, Assisted Living Concepts, Inc., Reptron Electronics, Inc., and TELETRAC, Inc.

http://www.macroaxis.com/invest/manager/WAMPQ.PK--Mark_Holliday

Timothy Graham (BoD)

Mr. Timothy R. Graham was appoinetd as the Director of Washington Mutual Inc. He is currently the principal of Brookwall, LLC, a company advising on financial and operating restructurings. He has transactional, management, and compliance experience in the restructuring, corporate, and VC arenas with particular emphasis on troubled insurance and financial entities. From June 2008 through August 2010, Mr. Graham was a consultant to Triad Guaranty Insurance Corporationrationration and its mortgage insurance subsidiary. Prior to that engagement, Mr. Graham served as President and Chief Restructuring Officer of LaSalle Re Limited, the primary subsidiary of a distressed NYSE traded, international casualty/catastrophe reinsurer based in Bermuda, which completed the solvent closure with regulatory approval of its licensed reinsurance company primarily through consensual resolution of its policyholder obligations in less than four years. Mr. Graham also previously served as General Counsel, Director, and Chief Restructuring Officer/Counsel for Trenwick Group LTD., a NYSE traded holding company of an affiliated group of distressed insurance and reinsurance subsidiaries with aggregate assets exceeding $4.5 billion operating in the US, Lloyds of London, Bermuda, and Europe, as well as the General Counsel and a Director of Winstar Communications Inc., a broadband telecommunications, internet service and content provider with licensed operations throughout the US and in a number of international markets. Prior to that, Mr. Graham was a principal in an investment fund focused on distressed and turnaround investments, as well as a partner in a New York based national law firm specializing primarily on international corporate transactions, reorganizations, regulatory compliance and business law. Mr. Graham has authored several books and a number of articles on international business law and has spoken or cochaired a number of conferences on international insurance restructurings and related matters.

http://www.macroaxis.com/invest/manager/WAMPQ.PK--Timothy_Graham

Steve Scheiwe (BoD)

Mr. Scheiwe has served as a member of our Board of Directors and a member of our Audit Committee since the merger of First Avenue Networks, Inc. and FiberTower Network Services Corp. in August 2006. Mr. Scheiwe has served as a member of our Compensation Committee since June 3, 2008. Mr. Scheiwe has also served as the President of Ontrac Advisors, Inc., which provides analysis and management services to private equity groups, privately and publicly held companies and funds managing distressed corporate debt issues, since May 2001. Mr. Scheiwe also currently serves as Chairman of the Board of Directors of Hancock Fabrics, Inc. (director since August 2008), a specialty retailer of fashion and home decorating textiles, sewing and needlecraft supplies, and serves on the Board of Directors of Primus Telecommunications Group, Inc. (since August 2010), a global facilities-based integrated provider of advanced telecommunications products and services. From April 1999 to May 2001, Mr. Scheiwe was the CEO and a member of the board of directors of Teletrac, Inc., a wireless telecommunications service provider located in Vista, California. Mr. Scheiwe also served as General Counsel and Secretary of Teletrac from 1995 to 1999.

http://people.forbes.com/profile/steven-d-scheiwe/32263

Michael Renoff (BoD)

** No Info

Eugene Davis (BoD)

Eugene I. Davis has served as chairman of our board of directors since November 2009. Mr. Davis is Chairman and Chief Executive Officer of PIRINATE Consulting Group, LLC, a privately held consulting firm specializing in turnaround management, merger and acquisition consulting and hostile and friendly takeovers, proxy contests and strategic planning advisory services for domestic and international public and private business entities. Since forming PIRINATE in 1997, Mr. Davis has advised, managed, sold, liquidated and served as a Chief Executive Officer, Chief Restructuring Officer, Director, Committee Chairman and Chairman of the Board of a number of businesses operating in diverse sectors such as telecommunications, automotive, manufacturing, high-technology, medical technologies, metals, energy, financial services, consumer products and services, import-export, mining and transportation and logistics. Previously, Mr. Davis served as President, Vice Chairman and Director of Emerson Radio Corporation and Chief Executive Officer and Vice Chairman of Sport Supply Group, Inc. He began his career as an attorney and international negotiator with Exxon Corporation and Standard Oil Company (Indiana) and as a partner in two Texas-based law firms, where he specialized in corporate/securities law, international transactions and restructuring advisory. Mr. Davis holds a bachelor?s degree from Columbia College, a master of international affairs degree (MIA) in international law and organization from the School of International Affairs of Columbia University, and a Juris Doctorate from Columbia University School of Law. Mr. Davis is also a member of the Board of Directors of Knology, Inc., DEX One Corp., Atlas Air Worldwide Holdings, Inc., Rural/Metro Corp, Spectrum Brands, Inc. and TerreStar Corporation. Within the last five years, Mr. Davis has served as a Director of Delta Airlines, Inc., Haights Cross Communications, Inc., SeraCare Life Sciences Inc., Solutia, Inc., Atari, Inc., Exide Technologies, IPCS, Inc., Knology Broadband, Inc., Oglebay Norton Company, Tipperary Corporation, McLeod Communications, Footstar, Inc., PRG Schultz International, Inc., Silicon Graphics, Inc., Foamex, Inc., Ion Broadcasting, Viskase Companies, Inc. and Media General, Inc. As a result of these and other professional experiences, coupled with his strong leadership qualities, Mr. Davis possesses particular knowledge and experience in the areas of strategic planning, mergers and acquisitions, finance, accounting, capital structure and board practices of other corporations.

http://people.forbes.com/profile/eugene-i-davis/4483

**************************************************************************************************

Liquidating Trust Services to WMIH:

Schedule A
Liquidating Trust Services

Chad Smith

• Prepare for initial in-person meeting of Reorg. WMI’s Board of Directors
• Prepare for initial meetings of Board Committees
• Initiate and manage conversion of WMMRC into protected cell
• Institute Sarbanes-Oxley control procedures
• Work with Reorg. WMI personnel to identify immediate strategic opportunities (e.g., PMI commutation)
• Supervise, coordinate and assist with SEC compliance matters
• Other matters as determined in consultation with Reorg. WMI’s Chairman

Doreen Logan

• HR Support
• Payroll processing, including review of time, post payroll journal entries, ensure payroll funding
• Managing Branch, Richards & Co. payroll processing
• Accounting
• General ledger set-up on existing accounting system
• Posting transactions to the general ledger
• General ledger management, research and reconciliations
• Create vendor file for accurate tax information reporting – 1099s, etc.
• Banking and Accounts Payable Oversight
• Complete set up of bank accounts, ability to transfer/wire funds, check-writing
• Cash management / treasury management – ordering checks for bank account, confirming online access to bank accounts
• Bank account management and reconciliation
• Check / accounts payable review, approval and management
• Transfer Agent Support
• Contact for transfer agent (BNY Mellon) on common stock, notices to DTC

Curt Brouwer

• Tax Returns
• State of Washington Business & Occupation (B&O) tax quarterly return due 4/30/2012; basic return that can be completed without substantial time

Yana Hirata

• Corporate Governance and New Board Transition Support
• Source: WMI HOLDINGS CORP., 8-K, March 26, 2012 Powered by Morningstar® Document Research?
• Ensure any upcoming state filings are complete and paid, if necessary
• Follow up on any remaining issues with subsidiaries remaining under WMIHC
• Assist in creation of new board committees and assisting with initial meetings of such committees
• Assist in creation, coordination, assembling of materials for first board meeting
• Litigation Support
• Process and coordinate review of service of process requests

Dennis Suzuki

• Accounts Payable
• Daily cash/treasury management, including any forecast needs, track daily activity
• Accounts payable, including tracking invoices, preparing/tracking wires and checks
• Bank account reconciliation
• Bank relationship contact
• Online bank account administration
• Prepare financial reporting report statements

**************************************************************************************************

Weijia (Vicky) Wu, CFA
8927 192nd St. SW
Edmonds, WA 98026

Dear Vicky:

On behalf of WMI Holdings Corp. (as successor to Washington Mutual, Inc., and referred to herein as “WMI”), I am pleased to offer you a position in WMI’s Seattle office as Director of Finance. This offer is entered into as of the date first written above; however, it will be given effect as though it were executed and entered into on March 19, 2012. You will report to me, in my capacity as Interim Chief Executive Officer, until such time as WMI’s Board of Directors determines an alternative reporting relationship. This letter agreement (the “Agreement”) outlines the terms and conditions of your employment.

Duties

You will have the title of Senior Vice President & Director of Finance and will be responsible to perform all of the duties customarily associated with that position or as otherwise directed.

Employment Period

WMI agrees to employ you, and you are accepting such employment, on an “at will” basis; provided, that employment under this Agreement may be terminated by either party for any reason on at least thirty (30) days’ advance written notice; provided, that no such notice shall be necessary for termination for “Cause” (as defined below).

Compensation

Base Salary. You will be compensated with an annual base salary of $170,274.45 (“Base Salary”), before all customary payroll withholding and deductions and payable in installments in accordance with WMI’s payroll practices in effect from time to time.

http://www.sec.gov/Archives/edgar/data/933136/000090951812000125/mm03-2312_8ke105.htm

Peter L. Struck
9130 SE 54th Street
Mercer Island, Washington 98040

Dear Peter:

On behalf of WMI Holdings Corp. (as successor to Washington Mutual, Inc., and referred to herein as “WMI”), I am pleased to offer you a position in WMI’s Seattle office as Director of Operations. This offer is entered into as of the date first written above; however, it will be given effect as though it were executed and entered into on March 19, 2012. You will report to me, in my capacity as Interim Chief Executive Officer, until such time as WMI’s Board of Directors determines an alternative reporting relationship. This letter agreement (the “Agreement”) outlines the terms and conditions of your employment.

Duties

You will have the title of Senior Vice President & Director of Operations and will continue to be responsible to perform all of the duties you have been performing since December 11, 2008 on behalf of Washington Mutual, Inc. and its subsidiaries, including WM Reinsurance Company, Inc. (“WMMRC”), prior to the date hereof and otherwise as customarily associated with that position or as otherwise directed.

Employment Period

WMI agrees to employ you, and you are accepting such employment, on an “at will” basis; provided, that employment under this Agreement may be terminated by either party for any reason on at least thirty (30) days’ advance written notice; provided, that no such notice shall be necessary for termination for “Cause” (as defined below).

Compensation

Base Salary. You will be compensated with an annual base salary of $209,633.84 (“Base Salary”), before all customary payroll withholding and deductions and payable in installments in accordance with WMI’s payroll practices in effect from time to time.

http://www.sec.gov/Archives/edgar/data/933136/000090951812000125/mm03-2312_8ke104.htm

Chikis
en respuesta
a Mr_Simpson
09/04/12 (18:55)

Ya les han hecho el cambio?

HOLA quisiera saber si ya no falta alguien de que le lleven al cabo el cambio ?
Porque a mi aun no.!

Adruna
en respuesta
a Chikis
10/04/12 (01:59)

Re: Ya les han hecho el cambio?

Hola Chikis,
A mi me confirmaron hoy que la conversión ya había sido realizada (si bien desde hace semanas sabía que estaba todo el proceso en orden).
Saludos y gracias Simpson por la respuesta de días anteriores.

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