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That a good point Tenkay, and that’s what I’m watching. I do agree that expectations should be lowered. And I am buying the debt at these levels.
Not true at all, the pittance is what the shareholders will end up with to go away.
They probably closed this deal for a buck maybe 1.50 at the most.
The key part of the document is not being able to bring up an EC request again. To get that, they threw a few pennies our way.
An EC would’ve exposed too much. Open depositions would caused too much damage. Tuesday Mornings stock rose 11 fold. It was openly discussed to keep a lock on the stock price, I don’t think they wanted that here. Flippers exit left.
I believe the market will see this as bad news and take it down. But I also believe a deal is already in place. The 1M allows the adhoc committee to pay bills. Get ready for a wild and bumpy ride.
Wanted to quote one of my favorite posters...Bluzie
“Don't worry about Wand. This is a standard "reverse triangular merger." Google it. Wand exists to limit liability that would exist if National was merged directly into WMIH. Briefly, a company is normally liable for its actions to the full extent of its assets. A parent is not normally liable for the liabilities of its subsidiary unless the so-called "corporate veil" gets pierced.
Wand was clearly organized in anticipation of the merger. Upon closing, the tax ID of National will be the tax ID of Wand, and otherwise all the assets and liabilities of National and Wand will be joined as one, with WMIH as the sole shareholder. National's shareholders will get cash and/or shares in WMIH. Meaning that WMIH shareholders will, indirectly, own National.
Closing should take place soon after exhaustion of the Hart-Scott-Rodino review process and whatever other regulatory approvals are necessary in National's industry (there are undoubtedly state and/or federal regulatory agencies there). HSR takes 60 days from filing of a completed filing - unless the FTC initiates a so-called "second request" at the request of the FTC commissioners. I find that to be extremely unlikely for a variety of reasons. I don't know about Federal/State regulation of the mortgaging service industry, but I'd suspect a fairly intensive review there.
Normally, companies try to close immediately following the end of a fiscal quarter, or in a pinch, at the end of a fiscal month. Otherwise, auditing issues can arise. So under normal circumstances I'd speculate a 6/30 or a 9/30 close, although I have worked on deals that differ from that.”
I think that’s this week.
Would an EC be needed if the entire company now being sold and its a reasonable offer? Just saying, seems like a way to crash the share price if deemed not necessary.
Yeah but is it just business or fraud? What has to happen for change?
Think We gotta wait to see if they’ll let this play out in court. We may need an official ruling for this to move. Maybe they don’t fear anything and this is just business.
If they delay, I’ll get happy.
This is needed to show that the share price is worth more than .25 cent. Hopefully someone comes to their senses and realizes a full blown audit of the books is not what anyone should want to see made public. Looks like their using the process without bringing up the word “fraud”.
But with 15 AG’s looking on, someone’s gonna crack soon. Look for more filings over weekend.
Got a feeling you’ll be able to afford anything you want soon.
So how can you tell which ESC’s match up with which?
I hope we can continue this information flow on boardpost or Facebook. If not see ya tmrw man. Thanks
Where do you see an EC is granted?
This also tells us we may have to try multiple times for an EC. EVERYTIME Tuesday morning were denied the stock tanked. It took them 3 tries. They denied Wamu the first time also. This is part of the game to eat the estate up and thin out long shareholders while others accumulate at the low price drops.
And because the debtor originally asked for a continuation till Jan, I think this will go along that same path. Time is no longer a detriment. They have cash to operate and paid suppliers upfront and online sales improving.
Don’t be surprised with an initial denial and flock to the exits with a massive price drop. It won’t make sense, but the first argument should fall on deaf ears.
Just the way it is, there’s plenty of money to pay lawyers and the fruit is ripe.
I’m looking for some type of announcement by EOY regarding escrows.
Yeah but why release it tonight. No one could confirm anything till now. It was all undercover work and assumptions.
This is very interesting reading. They don’t even want the Ad hoc committee to even have a hearing. They want them basically disbanded....now?
No need for depositions, Nothing to see here, so don’t ask any questions!!
I’m betting that will be delayed too.
The filings this weekend are a Hail Mary to prevent anything from coming out.
They want to extend an already expired NDA? There probably not sharing anything with Ad hoc.
No they also want to extend the business plan to 1/2021. So the bankruptcy won’t close first. They can bankrupt the Ad Hoc committee if no EC is granted.
Check docket 1396. Request for extension to business plan and NDA.
Thought time was of the essence to keep employees working. Scam bout to blow up.
Did JCP just ask for an extension of the bankruptcy till 1/2021? And an NDA?
I’m starting to want more COOP shares if they give them up under 20bucks.
The bidding Monday is for 139 locations correct?
Does anyone know if Monday’s hearing is to set the process for the Auction or does it actually begin?
It’s a lot more than a buck or two. If there able to cancel shares and wait a couple years. Flip some to Amazon and operate JCP without the debt. SGP shares would soar.
Their cancelling debt, raising cash and have cash on hand. Stalking horse is an opening bid.
I don’t think things are as final as you make them out to be, but we will see.
You know sometimes these things are prearranged. And even if they offer 600k for each of the 139 properties including distribution centers. That would equal and additional .25 a share. Right around where we are trading.
Hope your wrong. But there seem to be additional bidders on properties around the country.
Auction might bring in more than what I thought after reviewing locations.
Hopefully we will know more next week.
I believe the judge addressed this possibility and asked “ Why should JCP get anything from a secondary deal”?
I don’t think he will allow JCP to adjust the price on a possibility.
JCP not going nowhere. We’re the ones they want out. They will re-enlist shares probably around 25 and run it up with no debt.
Probably a good post Covid play.
What we call a gift, the receiver would call it business. If the debtor accepted and it saves jobs. Looks like a win-win and I’m not sure how you can force Simon to pay more if they were willing to walk.
That seems like a stretch. They basically sold operating stores for 600k each. Why would 149 bring in 2B or 13.4M each?
There was a recent article where they sold one store for 15M In Texas, so maybe this is possible. Or maybe the Debtor is letting stores go DIRT CHEAP to keep equity out of the money.
Does that mean COTRP May get something? Maybe negotiated down?
Where do you see that statement? That would be interesting?
I don’t know, I think this may be what we can expect. Whatever’s left over for lease payments, we get. Would kinda make sense. Debtor goes in front if judge and say shareholders get something.
Monday, but I’m not sure which prop it helps or how much you can get selling leases when you just announced selling fully operational commercial buildings for around 600k each. That’s dirt cheap.
I mean the earnings call...is that scheduled?
When are earnings for 2nd quarter coming out?
Bob couldn’t find your boardpost Id.