Thursday, May 31, 2012 3:42:54 PM
So, in a "normal" world -- we'd have an operating company making widgets -- and as far as we know, they will keep making widgets.
Then one day, they decide they are going to also make thingies. And well before that, they worked out the plan on how they are going to make thingies, and whether to buy a thingy-making company, or build the in-house capacity for making thingies and how it's all going to get paid for.
The reality is, we would have been in the dark anyway about the thingy making plans. They might, say "we're exploring expanding our business" -- but that's about it. And that's about all we've heard too -- "we've started an exploration committee" and into the world of "financial-related" businesses. We have heard that.
But all along we'd know only about the widget making business.
That's the problem with a start-up.. We're waiting on the first words of what IS going to happen to get going. That's the "dark" part here.
So, back to your question - "What is the current state of affairs of WMIH in terms of when they can actually begin operating and communicating. "
Well, they have communicated that they have STARTED an investigation committee. We will not hear all the various investigations. Sorry, we won't.
And the audit, is for the benefit of the BOD -- it's not an automatically released thing. And contrary to many folks beliefs, it's neither an audit of "what happened in the past", nor is it a quick-and-dirty-thing to get done. But we won't know when it is done, automatically. And we also won't automatically get to see it. We'll likely see it in context of a plan... which brings me to...
And regarding - "What reason does the BOD/MGT have to stay silent at this point instead of at least giving some guidance/clarity on their current dealings and plans?" -- well, the way to read it is -- "we are still investigating. Or, we have a desirable plan, but we're waiting on the IRS Private Letter Ruling" (which is almost a given that they must do in order to protect the NOLs).
So, all in all, it's not a "concise reply" -- sorry.
I think many's expectations are - "You have $75m, start spending it and tell us about it now...."
Well, when framed like that, I think most can see the fallacy of that thought process. You don't just idly throw monies at things, without a plan --- and that brings me to....
The reality is, the NOLs are where the big bucks are -- and making ANY plan, requires a written-approval from the IRS (the PLR) (failure to do so is too high of a risk to have the NOLs be ruled ineligible) -- and that not only takes time to write, and then time to get approval from the IRS -- and only then could something be announced. And they can't start until they have a plan in place. So add all that together, and I realize that just a few months is an unreasonable expectation for us to have heard anything beyond what we have. IMHO.
...Catz
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