Ditech Holding Corp fka DHCPQ

[JC$]

DHCP yearly revenue is about 1 billion dollars.
2018 3rd quarter revenues 204.7 Million but, the problem is their expenses are also high.

If they manage to get there expenses down after the recent filing, the PPS could really soar from these prices.

Just my opinion.

[JC$]

Nice buying on the ASK today. Looking interesting ..
Company is resuming business with less debt....

https://www.hawaii247.com/2019/02/15/banking-commissioner-provides-guidance-for-ditech-financial-customers/

[get going]

Continues to move upward...just hit .164.

[DuctHammer]

Great find and good advice. Load up

[Stink7]

No crap, even if it’s close to the bottom prediction would be outstanding. Load and hold IMO

[DuctHammer]

Wow. Freaking wow! Man I hope those analysts are close to right with that!

[Stink7]

This looks real good for us!

https://money.cnn.com/quote/forecast/forecast.html?symb=DHCP

[DuctHammer]

Fricka fracka fricka fracka shisk boom bah!!! Ditech Ditech Ra Ra Ra!!!

[DuctHammer]

Leaves me with that feel good feeling

[Krspecialized]

Resuming business.

https://www.hawaii247.com/2019/02/15/banking-commissioner-provides-guidance-for-ditech-financial-customers/

[JC$]

It seems something bigger is going on behind the scenes. IMO.

[DuctHammer]

It's ALIVE!!!

[TheGuy87]

I like this action :)

[BigDog0708]

Wish I knew.... Is there such a thing as Short covering down here? Shorts have to buy and cover their positions RIGHT???

I am green here... WHEW!

[Krspecialized]

What do they know?

[BigDog0708]

BID support moving up...So you are saying there is a chance. LOL

[BigDog0708]

Someone chewing on the 9s. Slowly...

[DuctHammer]

Warrant going up

[JC$]

Current top holders:

2019-02-13 13G NOMURA HOLDINGS INC
3,311,568

2018-11-15 13D/A Baker Street Capital Management, LLC
1,538,131

2019-02-14 13G/A Deer Park Road Management Company, LP
997,474

2018-09-24 13G HIGHBRIDGE CAPITAL MANAGEMENT LLC
537,707

2018-11-14 13F Omega Advisors Inc.
312,901

2019-02-14 13G BANK OF AMERICA CORP /DE/ 281,624

2018-12-13 13F/A VANGUARD GROUP INC
91,662

https://fintel.io/so/us/dhcp

[DuctHammer]

I think it's not going to take much to move this. Next several weeks are going to be very interesting.

[Krspecialized]

Is the volcano about to?

[JC$]

Ditech Cleared To Tap $1.9B Ch. 11 DIP Package
Law360, New York (February 13, 2019, 9:15 PM EST) -- Bankrupt mortgage lender and servicer Ditech Holding Corp. received interim approval Wednesday to access a $1.9 billion debtor-in-possession financing package, among other requests for initial relief, as it kicks off a...

https://www.law360.com/banking/articles/1129027/ditech-cleared-to-tap-1-9b-ch-11-dip-package

[DuctHammer]

http://archive.fast-edgar.com//20190213/A6ZZM62CZ222FZZ4222P2ZZZ4GKOZZT7ZRB2/

[JC$]

Also interesting that the first day hearing was yesterday at 2pm and Bank of America purchased shares at 4pm.

[JC$]

Looks like it but, even more interesting is that Lion Point Owns over 50.2%...

https://www.streetinsider.com/SEC+Filings/Form+SC+13DA+DITECH+HOLDING+Corp+Filed+by%3A+Lion+Point+Capital%2C+LP/14953691.html

[action8101]

did Bank of America just purchase some Ditech??? Or, did I read that filing wrong??

[JC$]

First day hearing today @ 2pm.

[JC$]

I don't know or sure how it would benefit but, it happened back in Nov 2018 ...

https://www.housingwire.com/articles/47343-how-the-mighty-have-fallen-ditech-booted-from-the-new-york-stock-exchange

[Krspecialized]

Is the delisting from the NYSE and listing on the OTC prior to the BK of any benefit here?

[JC$]

There have been many companies that survive after Ch11.

Eastman Kodak
General Motors
Delta Air Lines
Apple
Ally Bank
Marvel Entertainment
Six Flags
Texaco Sbarro
Etc...

https://www.businessinsider.com/chapter-11-bankruptcies-are-up-63-from-a-year-ago-2018-4

https://learn.stashinvest.com/companies-survived-bankruptcy

https://investorplace.com/2012/01/life-after-chapter-11-here-are-5-big-brands-that-survived/

[Krspecialized]

If the Sears chapter 11 is any clue, we might do okay here. Especially if you bought in under a quarter. Sears was at a $1.89 yesterday.

[DuctHammer]

http://investor.walterinvestment.com/phoenix.zhtml?c=227999&p=irol-newsArticle&ID=2386843

[JC$]

It very well could or be bought out... I just find it interesting that Lion Point owns over 50% of the company after purchasing 5M+ shares In December. I don't think the restructuring was a secret at the time either.

The Strategic Review is ongoing, and in connection therewith the Company has been considering a range of potential transactions including, among other things, a sale of the Company, a sale of all or a portion of the Company’s assets, and/or a recapitalization of the Company. During the fourth quarter of 2018, the Company entered into non-disclosure agreements with, and the Company and its financial and legal advisors began to have discussions with, certain of its corporate debt holders and their advisors regarding potential strategic transactions that may involve implementation through a prearranged chapter 11 plan of reorganization.

December 27, 2018

Lion Point Capital Declares 50 Percent Stake in Ditech
https://www.insidemortgagefinance.com/imfnews/1_1512/daily/Lion-Point-declares-50-Percent-Stake-in-Ditech-1000048947-1.html

[DuctHammer]

I know it's a year old but it could happen again

[DuctHammer]

https://www.housingwire.com/articles/42498-walter-investment-emerges-from-chapter-11-changes-name-to-ditech-holding-corp

[DuctHammer]

It's not over till the fat lady sings!

[DuctHammer]

Cross your fingers

[Krspecialized]

All we have is a ticker symbol and the board comments, where is the rest to stick the fork in.

[DuctHammer]

Is it time to stick a fork in it?

[BigDog0708]

Hard to say... Lion Point may have just been speculating, but to buy that many shares, w/ very little due diligence does not make sense. (Ditech had already disclosed in talks w/ creditors and looking for strategic alternatives.)

You figure they paid somewhere between 500K and 5MM for the shares. Perhaps not a lot for a hedge fund w/ a billion in assets, but again not like they are in the business to throw money away.

We shall see...

[JC$]

Lion Point as of File Date 2018-12-26 Ownership 50.20 %
Current Shares 5,043,209

Seems odd to me they would take over 50% of the company ...

Maybe they are looking to buy them out ?

When the amount of stock purchased is more than 50% of the outstanding common stock, the purchasing company usually has control over the acquired company. Control in this context is defined as ability to direct policies and management. In this type of relationship the controlling company is the parent and the controlled company is the subsidiary. The parent company needs to issue consolidated financial statements at the end of the year to reflect this relationship.

[Renee]

DHCP changed to DHCPQ, bankruptcy:

https://otce.finra.org/otce/dailyList?viewType=Symbol%2FName%20Changes

[Krspecialized]

Same here.

[BigDog0708]

Mile Marker target dates: 95 days to receive solicitations. 125 days to exit BK.

A lot can happen in 3 to 4 months..

[DuctHammer]

Holding tight my brothers

[BigDog0708]

IMO the "PROPOSAL" represents weak language. Ditech wants to put a little fear into Equity and Debt holders to help negotiate the best deal possible.

Can't exactly say I am surprised.

BID support on the rise. GLTA!

[TheGuy87]

Ill join you on the hold

[BigDog0708]

I am holding. Support on the BID is rising. The "Effective Date" is at least 60 days out, and a lot can happen in the interim. GLTA!

[BigDog0708]

I don't think Lion Point will layover and play dead w/ 5 million plus shares.

[BigDog0708]

The RSA reads like a proposal. Very different in that the last time they filed BK it was pre-approved.

The following is very interesting. As it again reads like a proposal but the company is looking for bids or other proposals to consider.

Item 1.01

The Marketing Process will provide a public and comprehensive forum in which the Debtors will seek bids or proposals for three types of potential transactions, as described below. If a bid or proposal is received representing higher or better value than the Reorganization Transaction, it will either be incorporated into the Reorganization Transaction or pursued as an alternative to the Reorganization Transaction in consultation with the
Consenting Term Lenders and subject to the RSA. The date on which a plan of reorganization (the “Plan”) is consummated is herein and in the RSA referred to as the “Effective Date.”

The three types of transactions for which bids will be solicited are:
• a “Sale Transaction” meaning, a sale of substantially all of the Company’s assets, as provided in the RSA;
• an “Asset Sale Transaction” meaning, the sale of a portion of the Company’s assets other than a Sale Transaction consummated prior to Effective Date; provided such sale shall only be conducted with the consent of the Requisite Term Lenders; and
a “Master Servicing Transaction” meaning, as part of a Reorganization Transaction to the extent the terms thereof are acceptable to the
Requisite Term Lenders, entry by the Company into an agreement or agreements with an approved sub servicer or sub servicers (the “New Sub servicer”) whereby, following the Effective Date, all or substantially all of the Company’s mortgage servicing rights are subserviced by
the New Subservicer.