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*IMPORTANT* - TPS Trial/Issue = MONEY FOR PREFS 27 minutes ago I just posted the following on GB, but wanted to also post it here:
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(I WAS ASKED)
In light of recent events.....Are you still holding onto the belief the TPS action is the route for the P's to be in the money?
(I ANSWERED)
YES.
Legal transactions have to follow proper steps.
The steps contemplated in proper order, including the "secret" downsteaming undertaking, are:
a) OTS declaring that an "Exchange Event" had occurred (ie, on the 25th), AND an email/notice going out to that effect to the TPS holders.
b) WMI executing the "Conditional Exchange" (ie, at 8am following the day of the Exchange Event, on the 26th), "automatically".
c) WMI *THEN* downstreaming the TPS to WMB.
d) THEN, if WMB (or more correctly its assets) were seized by OTS/FDIC, the TPS would technically belong to WMB (as part of the assets seized). (Not withstanding issues of Securities Fraud, in not disclosing the documented Downstreaming Undertaking, to the TPS purchasers).
What ACTUALLY happened was:
a) OTS did declare that an "Exchange Event" had occurred, on Sept 25th.
b) The email/notice was sent out to TPS holders that the "Conditional Exchange" would occur *on 8am on the 26th*, on Sept 25th. TILL THAT TIME, the TPS were owned by the TPS purchasers.
c) WMB was seized on Sept 25th, by OTS, and given to FDIC-R. FDIC then sold *most* of the WMB to JPM.
d) Also on the 25th, and BEFORE the "Conditional Exchange" took place "automatically", WMI apparently downstreamed the TPS to WMB. BUT WMI didnt own the TPS till the next day.
The Examiners report says:
"On the morning of September 25, 2008, Charles "Chad" Smith, at that time an in-house
lawyer for WMI, leamed of the Exchange Event. An OTS employee arrived at Mr. Smith's
office, informed him of the Exchange Event, and directed that WMI formally assign the TRUPS
to WMB. The OTS employee advised Mr. Smith that he would not leave until he was satisfied
that an assignment agreement between WMI and WMB had been prepared and executed, and
that the Conditional Exchange and the assignment of the TRUPS to WMB had been effected."
"The Assigrunent Agreement was never formally approved or authorized by
either the WMI or WMB Boards of Directors."
So OTS is "trying" to make the "Conditional Exchange" happen on the 25th...
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