My up-to-date view - This is where WMIH was AND now where WMIH is going!
• Prior actions prove WMIH was NEVER serious about closing a qualified Acquisition B4 1/5/2015
• WMIH exited bankruptcy 3/19/2012 – Free to make a M/A starting 3/20/2012
• Three WMIH Shareholder meetings followed – Nothing but purposeful delays
• True equity investors made many discoveries regarding FDIC, bankruptcy processes
• Proved beyond ANY doubt FDIC process of “Safe Harbor” which legally SHIELDS assets
• P&AA expired 9/25/2014
• JPM year ending 2014 R203 10Q showed 165 billion dollars in “off balance sheet” assets
• WMIH closed on a capital raise of 600 million on 1/5/2015
• WMIH Shareowners meeting moved up from June/2015 until 4/28/2015
• WMIH Shareholders, approved a MASSIVE increase of outstanding common shares to 3.5 Billion
• WMIH Shareholders approved an increase from 5 to 10 million of preferred shares
• 2 high level Executives hired-specialize in distressed assets to close (QA) a qualified acquisition
• These two Executives not on board WMIH permanently until around the middle of May/2015
• The same Executives will be awarded 1.77 million shares each on a qualified QA closing
• This is 4 Xs the shares awarded Mr. Davis – Very puzzling unless used for forward split
• 3.5 billion common WMIH shares and 10 million Preferred shares equal to a valuable currency
• WMIH re-incorporates to Delaware approved which sits alongside WMIIC
• WMIIC has been incorporated in Delaware for many years prior to WMIH
• WMIH is up-listed to NASDAQ
• WMIH files 8K showing discussion halted on 10/13/2015 – Does not rule out deal completely
• During second half of year 2015 we see JPM raising 300 billion that no one talks about
• My view – I used to think FDIC was the show stopper – Now I believe it was KKR to gain control
• August 16, 2016 – settlement between FDIC/JPM/DB pending Calif Probate Court approval
• WMIH advised us they started DISSOLVING WMIIC in second quarter 2016
• March 21, 2017 WMIH holds conference call with investors – KKR to take control 6/1/2017
• KKR’s key Executive to be assigned to WMIH shell with Tomas Fairfield to be COO eff 6/1/2017
• Gene Davis (plus) resign effective 6/1/2017 BUT their shares will still vest through 12/31/2017
• After this CC, I am convinced KKR used their influence to ensure WMIH UNABLE to complete QA
• 5/9/2017 – I believe the Calif Probate Court approved JPM/FDIC/DB settlement due zero filings
• Proves to me, KKR used their influence - worked very hard to take control of WMIH on 6/1/2017
• I look for WMIH to complete original QA plan between 5/28/2017 and 6/1/2017 or by EOY 2017
Now, when one looks at the aforementioned, this tells me that there was not a chance in the world that WMIH was ever serious about closing ANY Q/A before the May/2015 time-frame.
My view, no way they were serious about closing a QA before 1/5/2015 and so all they MAY have been doing was window shopping for years prior as 600 million was not raised before 1/5/2015. Then KKR wanted total control which delayed us for another year and a half.
So when you look at the real actions, then it makes since that WMIH was not serious about growing organically before they purchase former WaMu assets from WMILT or the BELOVED Escrow Share owners who are now the owners of the former WaMu Estate. So what this shows me now is this is all about WMIH purchasing former WaMu assets from the former WaMu Estate.
So now that KKR will be in control, WMIH may be about ready to move forward between 5/28/2017 and 6/1/2017 or certainly by end-of-year 2017.
Have I told you lately how much more I really love my Escrow Shares and that continues to grow immensely every single day?
