Since ALL or both P's and K's as well as IMHO their respective prospectuses were in fact CANCELLED out as per the company,personally the only way I see they can even be covered would be via a full distribution of value, or a stock swap with WMIH preferred share;
In the case of each might go like this
P get one WMIH preferred as it has as well a $1,000 face value
K it takes 40 K's to get one of WMIH's $1,000 preferred shares($25 x's 40).
Now this is where I feel things change up a tad.
I think that WMIH WANTS THE REIT PLATFORM to move forward with(MY WAG IMHO) so they would owe both as well for their ownership in THE REITS backing each of those OLDCO issues, so the would as well get the cash that has been generated by the trusts behind them either in TOTAL, or to face value.
And along those lines Commons may very well get the exact reverse swap where it WAS 33 for one WMIH, they MAY GET just the opposite this time around.
What this scenario would do would be to take OLD WAMU holders and return them to EXACTLY WHERE THEY WERE SO IN SHORT MADE whole again.
To me this would be as fair and reasonable as it could be made.
By doing it this way they as well buy all right in and to anything that is as well left and that would all then go to WMIH, and any and all shares would immediately appreciate large scale.
If after paying off preffereds (aprox 14 bill)if 65 is the whole of what is/was left, subtract 14 bill and ya have 51 bill left with aprox 1.6 bill shares outstanding or a price of $31.85 per WMIH in cash in WMIH.
Now who knows what multiple the market could put on that , but even at 31.85 are any gonna be mad???????????
