Tricadia, Rosie, The Nixed PORs and Escrow Shares!
The bottom line is Tricadia exposed the value of the NOLs which Rosie was going to cover up entirely and give to the SNHs in the original POR that was turned down even by this court. One reason was Rosie was discriminating within the plan and was going to allow SNHs who held two million worth of the former WAHUQ securities to have the new shares that was going to go for $25.00 a share. This was nixed.
The SNHs were not only going to get the NEWCO but also all of the remaining spoils (IMHO a HUGE CASH PILE) until the final plan nixed all of that, changed the Matrix payout leaving the Piers with a capped non guaranteed rate and possibly impaired in the end. Time will soon tell whether this next week, next month or next year depending on potential delays that we may or may not see.
Again, the point is Tricadia EXPOSED the potential value of the tax attributes, which smacked Rosie hard and then Rosie paid Tricadia around fifty million to shut up and go away which they did. Before the the P&A is official with JPM, the bankruptcy case officially closed along with tranches 5/6 worked, Piers paid or left impaired, only then will we know for sure what the SNHs were going to get originally.
I still expect the escrow share account owners will see what the SNHs were really after and how they divided the former 350 billion dollar organization called WaMu with four year court sealed term sheets they signed on 3/11/2010. Once Susman/Willingham got a hold of this and then fast forward to the final POR where the Piers was capped, Matrix changed, thus allowing Equity all of the spoils and ruining their plan to cancel equity out in total. Hopefully, most of these dates pushed into 3/2105 is just posturing but only time will tell at this point.
HAVE I TOLD YOU LATELY HOW MUCH I LOVE MY ESCROW SHARES?
