Wednesday, April 29, 2015 1:07:00 PM
1. Issue voting preferreds to not only insure retail shareholders do not get in the way of the boards proposed execution, but allow the contract language to flow through on the promise of the board. i.e. terms are executed without interference by retailers.
2. Convert those shares to common shares on close of M$A. Pay back promised preferred dividends owed to holders. Tax-Free revenues and tax savings cash will be applied towards new equity structure in relation to dilution. Goal. Plus gain in pps when compared to revs vs O/S.
3. Issue new preferred shares to get the required funding to purchase new company and/or assets. Rinse,and Repeat.
Yes there will be dilution, but this Board gave KKR control because they must feel KKR's expertise in long-term growth of a future NYSE company was a godsend to battered and beaten down pre and post bankruptcy shareholders. Blackstone was a waste of $$$. KKR has much more experience and deep-pockets. They also agreed not to hedge or short our stock by them or any of their subs.
Keep in mind to get on NYSE you must have the ability to issue 1 Billion equity shares. Washington corporations were locked in at 500k O/S. This is one of the main roadblocks to an uplisting.
I looked at the Capmark Financial annual report, while promising, I now believe it does not get us to where we need to be in terms of net revenues vs Issued equity, uplisting and last but certaintly not the least "a bank!" Currently Capmark can not be the first acquisition. We have their CEO/COO who have KKR/Centerbridge connections.
Banking is where this company needs to go. All the others typical subs of a well-established-profitable-dividend-paying hold co are just fodder. WMIH is most likely going back into the banking business and the releasing of the 27 Billion claim from the FDIC against the former estate of WMIH just cleared the way for the newco WMIHC Delaware to be qualified to purchase distressed assets (Bridge Banks, MBS) from the FDIC after the new rule change is "set in stone" and new purchasers are allowed to start purchasing the assets.
For all WMIH'ers "Life just changed for the better." 3 months from now this will be,a fun discussion.
Off to the Winery Tour. Can't forget my brown paperbag. Lol.
Cheers
Blue
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