Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
My pleasure ron_66271
Let's see if this finally brings the deserved results
Hard work ahead but we are moving forward
Fingers crossed
GL
Who said time to rest ?? boyz have some docs for us :)
https://www.sec.gov/Archives/edgar/data/933136/000119312518045989/d539539d8k.htm
10,600,333 / 11,006,733 = 0.96307715
1 - 0.96307715 = 0.03692285 = 3.692285%
so Greywolf down approx 3.7% (current wmih holdings vs dic 2016 holdings) :
{ https://www.sec.gov/Archives/edgar/data/933136/000117266118000696/wmi123117a6.htm
"... ** The reporting persons making this filing hold an aggregate of 10,600,333 Shares, which is 5.13% of the class of securities. The reporting person on this cover page, however, is a beneficial owner only of the securities reported by it on this cover page. ... "
vs
https://www.sec.gov/Archives/edgar/data/933136/000117266117000710/wmi123116a5.htm
** The reporting persons making this filing hold an aggregate of 11,006,733 Shares, which is 5.33% of the class of securities. The reporting person on this cover page, however, is a beneficial owner only of the securities reported by it on this cover page. (December 31, 2016)
}
Sorry i couldn't update properly the previous message (run out of time)
I meant (in the PS)
Thanks so much sirs of Investorsihub for the help & service this site provides, probably, a reshape in the https://investorshub.advfn.com/boards/ into
http://www.stockhouse.com
https://hotcopper.com.au
"type" boards (where messages are structured more specifically) would be really helpful/good for users and for the web itself
kind Regards
https://www.sec.gov/Archives/edgar/data/933136/000117266118000696/wmi123117a6.htm
"... ** The reporting persons making this filing hold an aggregate of 10,600,333 Shares, which is 5.13% of the class of securities. The reporting person on this cover page, however, is a beneficial owner only of the securities reported by it on this cover page. ... "
vs
https://www.sec.gov/Archives/edgar/data/933136/000117266117000710/wmi123116a5.htm
** The reporting persons making this filing hold an aggregate of 11,006,733 Shares, which is 5.33% of the class of securities. The reporting person on this cover page, however, is a beneficial owner only of the securities reported by it on this cover page. (December 31, 2016)
so Greywolf down approx. 5%
PS: Investorsihub for the help & Service this site provides, I think A reshape in the https://investorshub.advfn.com/boards/ into
http://www.stockhouse.com
https://hotcopper.com.au
"type" boards would be good for users and for the web itself
Clintonj
I dont know, we will have to closely follow the details of this in the following days/weeks/months
{ https://www.bloomberg.com/quote/NSM:US }
"... Q3 2017 (Billions USD)
Total Assets 18.0
Total Liabilities 16.0
Debt to Assets 58.00% ..."
Apparently, Nationstar Mortgage Holdings Inc had (sept 17) arround $16Billion in debt "4 months ago"...
{ http://www.321gold.com/editorials/thomson_s/thomson_s_021318.html }
King of debt (KOD) knows the meaning of "print, print, print" yep, remember, (s/$)print, (s/$)print,(s/$)print
Status Quo narrative won't be print of course, cool words (QE was recently used worldwide, really cool, yep) will be selected, you know, narrative is important
Good for debtors and bad for creditors?? ;)
"Sprint print/(s/$)print thesis won´t take place? (or maybe it will)
Time & KOD will let us know
In the meanwhile we will have to closely follow the details of this in the following days/weeks/months,
yesterday was good in the WMIH land
GL
https://www.sec.gov/Archives/edgar/data/933136/000119312518042877/d482996d425.htm
WMIH
Moderator: Bill Gallagher
February 13, 2018
9:00 a.m. ET
Operator:
This is Conference # 6499125.
Operator:
Good morning and welcome to the WMIH Corp. conference call to discuss WMIH Corp.’s merger with Nationstar Mortgage. All participants are currently in a listen only mode.
At this time I would like to turn the call over to Tom Fairfield. Please go ahead.
Tom Fairfield:
Thank you operator. Good morning and thanks for joining the call. The subject matter discussed in this conference call will be addressed in proxy statements and prospectuses that will be filed with the FCC. When those are available we urge you to read them because they will contain important information about the transaction.
Information regarding the persons who may under the rules of the SEC, be considered participants in the solicitation of shareholders of WMIH and Nationstar in connection with the proposed transaction will be set forth in the proxy statements prospectuses when filed with the SEC.
The company reminds you that during this conference call it may make various forward looking statements within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995.
WMIH
Moderator: Bill Gallagher
02-13-18/ 9:00 a.m. ET
Confirmation # 6499125
Page 2
Investors are cautioned that such forward looking statements with respect to revenues, earnings performance, strategies, prospects and other aspects of the business of WMIH Corp. are based on current expectations and are subject to risk and uncertainties. A number of factors could cause actual results or outcomes to differ materially from those indicated by such forward looking statements.
Please read the cautionary statement regarding forward looking statements contained in the company’s Form 10-K and the risk factors described in the company’s most recent annual and quarterly filings with the Securities and Exchange Commission. WMIH Corp. undertakes no duty to update any forward looking statements that are made during the course of this call.
Now I would like to introduce Bill Gallagher, our CEO, who will lead the rest of the call.
Bill Gallagher:
Thank you, Tom. Good morning, thank you for joining us today. We are pleased to announce that WMIH and Nationstar Mortgage Holdings have entered into a definitive merger agreement. We’d like to use this call to discuss this exciting transaction and provide color and why we believe this transaction will deliver significant value to our stock holders.
As many of you are aware WMIH is a former parent company of Washington Mutual Bank and has undertaken a disciplined approach to identifying and pursuing potential acquisitions across a broad array of industries with a primary focus on the financial institutions sector.
Our goal has been to acquire an operating company that will enable us to maximize long term value for our stock holders. We are pleased to announce that we have successfully reached the preliminary step for that goal. In executing the merger agreement with Nationstar, we firmly believe that we have found a target that aligns perfectly with our acquisition strategy and criteria.
Nationstar, which itself is a publicly traded company, has a strong track record in the mortgage lending and servicing markets. As noted in its public filings, Nationstar combines mortgage servicing with a fully integrated loan origination platform, which is supported by its zone business which provides services spanning the real estate and mortgage markets.
WMIH
Moderator: Bill Gallagher
02-13-18/ 9:00 a.m. ET
Confirmation # 6499125
Page 3
Nationstar has more than three million customers and it services loans with a balance in excess of $500 billion. Nationstar has made significant investments in its team, new technology and processes to ensure customers have a caring, transparent and seamless experience, and we believe the company is well positioned for continued successful growth in its primary markets.
As the largest non-bank mortgage loan servicer in the U.S., we believe that Nationstar, under our platform, will be uniquely positioned for growth in the highly addressable and robust housing markets.
Our goal is to help Nationstar expand its business and grow its cash flow so it has greater resources to further invest in its core businesses. We are confident in our ability to work with the Nationstar team to build on the company’s strong foundation and drive growth, expand the platform and create stockholder value.
After the merger is closed we anticipate that Nationstar’s operations will continue as normal. The combined company operating business will retain the Nationstar Mortgage name in Dallas headquarters and initially be traded on the NASDAQ under the ticker symbol WMIH.
Nationstar’s current senior management team is expected to lead the combined company. Upon completing the transaction, the combined company’s board of directors will comprise seven members including three from WMIH and four from Nationstar, one of whom is expected to be Jay Bray, the company’s CEO.
Now I will take you through some of the details of the transaction. Under the terms of the agreement, Nationstar’s shareholders may elect to receive $18 in cash or 12.7793 shares of WMIH common stock for each share of Nationstar common stock.
This is subject to an overall proration to ensure that 68 percent of Nationstar’s shares are exchanged for cash and 32 percent are exchanged for stock consideration. Upon completion of the transaction, Nationstar stockholders will own approximately 36 percent of the combined company and WMIH stockholders will own 64 percent.
WMIH
Moderator: Bill Gallagher
02-13-18/ 9:00 a.m. ET
Confirmation # 6499125
Page 4
The aggregate consideration payable to Nationstar stockholders will consist of $1.226 billion in cash and 400.7 million WMIH shares. In addition, approximately $1.9 billion of Nationstar’s existing senior unsecured notes will be refinanced at closing with $2.75 billion of new financing commitments. Please refer to this morning’s press release for additional details.
Let’s talk now about the roadmap to completing the transaction which has been unanimously approved by the board of directors of both companies. The transaction is anticipated to close in the second half of 2018, subject to receipt of shareholder approval of companies as well as regulatory approvals and other customary closing conditions.
Importantly an entity owed by investment funds managed by an affiliate of Fortress Investment Group holding approximately 68 percent of Nationstar’s voting shares has contractually agreed to support the transaction and elect cash consideration for approximately 34 million shares, subject to proration. KKR which owns 24 percent of WMIH’s voting shares has also agreed to support and vote in favor of the transaction.
In closing we’re excited to be merging with Nationstar and we look forward to working with the Nationstar team to enhance value for the combined company stockholders. We would now like to take some of your questions. Operator please open the phone lines.
Operator:
Thank you, the floor is now open for questions. At this time if you have a question please press star one on your touch tone phone. If at any point your question has been answered you may remove yourself from the queue by pressing the pound key. In the interest of time we do ask that you limit yourself to one initial and one follow up question.
Our first question comes from the line (Beau Shorf) with (KBW).
(Beau Shorf):
Good morning. What’s the current tangible book value per share at WMIH and where does that go after the DTA is reversed?
WMIH
Moderator: Bill Gallagher
02-13-18/ 9:00 a.m. ET
Confirmation # 6499125
Page 5
Bill Gallagher:
So the DTA is not capitalized, so the tangible book value is somewhat (de minimis) – there’s some value, I think it’s roughly $200 million total as of 9/30/17 but I’m not sure I would focus to much on that.
(Beau Shorf):
And the value of the DTA’s that the – is that $1.26 billion?
Bill Gallagher:
So that – the value as of September which reflected the prior tax code was $2 billion but it was fully reserved. Our estimate is that with the new tax rates and the new tax law it will drop to $1.26 billion. Again as of year-end it will still be fully reserved.
(Beau Shorf):
Yes OK great thanks.
Operator:
Again if you have a question please press star then the number one.
Your next question comes from the line of Mark Hammond with Bank of America.
Mark Hammond:
Thank you. I wonder if you could just expound on what you think the debt capital structure will look like post close whether it will be an all bonds, a mix of bonds and term loans, et cetera?
Bill Gallagher:
I think at this point, we’re really not in a position to expand on that. Obviously as time passes, there will be more information that comes out.
Mark Hammond:
OK. And then, as a follow-up, I was wondering if you had planned to call or retire any of the unsecured bonds prior to the close of the transaction or if you would just wait and do a full sweep of change and control offer once closed?
Bill Gallagher:
There’ll be more details on the financing plan. There is some high-level information in the press release, but in terms of the specific financing plan, when the proxy materials are ready and are filed.
But at a high level, we expect the company to continue to have several layers of financing as it does today, but the exact amounts and all that will be sent forth in those more-descriptive materials.
WMIH
Moderator: Bill Gallagher
02-13-18/ 9:00 a.m. ET
Confirmation # 6499125
Page 6
Mark Hammond:
OK. Thank you.
Operator:
Again, if you have any questions, please press star and the number one on your telephone keypad.
Your next question comes from the line of Kevin O’Donoghue with Calamos Investments.
Kevin O’Donoghue:
Hi. Thanks for taking (my) question. Could you just talk about whether you need, sort of explicit or implicit approval from Fannie, Freddie, Ginnie, to move forward with this transaction or not, or maybe how any discussions you’ve had with them have gone. Thanks.
Bill Gallagher:
So, obviously we can’t speak for Nationstar, but as it relates to the GSEs and Ginnie May, they will need approval from those entities to complete this.
Kevin O’Donoghue:
OK. All right. Thank you.
Operator:
This concludes today’s conference call. Thank you for attending today’s conference and have a great rest of your day.
Bill Gallagher:
Thanks everybody.
END
In connection with the proposed merger, WMIH Corp. (“WMIH”) intends to file a registration statement on Form S-4 with the SEC, which will include a joint proxy statement of WMIH and Nationstar Mortgage Holdings Inc. (“Nationstar”) and a prospectus of WMIH. Before making any voting or investment decision, investors and security holders of WMIH and Nationstar are urged to carefully read the entire registration statement(s) and proxy statement(s)/prospectus(es), when they become available, and any other relevant documents filed with the SEC, as well as any amendments or supplements to these documents, because they will contain important information about the proposed transaction. The documents filed by WMIH and Nationstar with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov. In addition, the documents filed by WMIH may be obtained free of charge from WMIH at www.wmih-corp.com, and the documents filed by Nationstar may be obtained free of charge from Nationstar at www.nationstarholdings.com. Alternatively, these documents, when available, can be obtained free of charge from WMIH upon written request to WMIH Corp., 800 Fifth Avenue, Suite 4100, Seattle, Washington 98104, Attn: Secretary, or by calling (206) 922-2957, or from Nationstar upon written request to
WMIH
Moderator: Bill Gallagher
02-13-18/ 9:00 a.m. ET
Confirmation # 6499125
Page 7
Nationstar Mortgage Holdings Inc., 8950 Cypress Waters Blvd, Dallas, TX 75019, Attention: Corporate Secretary, or by calling (469) 549-2000. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the shareholders of WMIH and Nationstar in connection with the proposed transaction will be set forth in the proxy statement/prospectus when it is filed with the SEC.
Thanks JB3136
Still waiting for what KKR is waiting for, but not too bad day :)
Time to rest and recharge energy coz this will still require time & work; hopefully & very probably better days ahead
GL
https://www.boardpost.net/forum/quote.php
Level II ain't working from ihub :(
True Roach58, from now on we will have to pay special attention to every aspect/detail of this transaction, starting from: who sold today?
Anyway, it was a good news day :)
GL
Thanks AZ ¡¡
https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001317069&owner=exclude&count=40&hidefilings=0
{ WaMu Asset Acceptance Corp. CIK#: 0001317069 (see all company filings) }
https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000314643&owner=exclude&count=40&hidefilings=0
{ WASHINGTON MUTUAL MORTGAGE SECURITIES CORP CIK#: 0000314643 (see all company filings) }
GL
https://www.sec.gov/Archives/edgar/data/933136/000119312518041289/d454878dex991.htm
Mayhaps or mayhaps not, It is what It's & It ain't what It ain't, ain't it?
GL with "our" pendings: First..., United..., Escrows...
PS:
a) http://www.321gold.com/editorials/thomson_s/thomson_s_021318.html
b) Joining KKR in the deal at the KKR "in price of $1,35" ain't bad deal, IMH&HO
I guess KKR ain't selling either :)
http://cdn1.boardpost.net/quote.php
Level II is back/working again¡¡
Thanks so much to the responsible for this
https://seekingalpha.com/news/3330439-wmih-corp-finds-target-nationstar-mortgage
WMIH Corp. finds its target in Nationstar Mortgage
Feb. 13, 2018 7:01 AM ET|By: Stephen Alpher, SA News Editor
The former Washington Mutual, now with WaMu's legacy reinsurance business and essentially a special purpose acquisition company majority-owned by KKR, WMIH has about $600M of cash on hand and roughly $6B in net operating loss carryforwards which don't expire until 2032.
Nationstar (NYSE:NSM) owners can receive either $18 per share in cash or 12.7793 shares of WMIH common stock for each share of NSM they own. Nationstar shareholders will own about 36% of the combined company.
In toto, it's about a $4B deal. It's seen closing in H2.
A conference call is set for 8 ET.
Source: Press Release
NSM is flat premarket at $17.10. WMIH up 28% to $1.02.
https://www.shortpainbot.com/?s=wmih
Short Pain Metrics
Approximate Amount of Money Shorts Have Lost on the Day: $2.8 million
If Intiated on the First, Shorts Have Realized a Year to Date Return of: 6.7%
If Intiated One Month Ago, Shorts Have Realized a Return of: 18.6%
If Initiated Five Days ago, Shorts Have Realized a Return of: -3.03%
Peer Potential Short Squeezes Near Real Time Screener
*Please note the actual returns of shorts could be different as they started from different points
Daily Indicators
Daily Short Pain Indicator - Always Use Fundamentals on Everything Neutral
200 Day Moving Average Indicator Bullish
50 Day Moving Average Indicator Bullish
52 Week High/Low Indicator Neutral
Short Stats
Short Percent to Float 2.39%
Short Interest 4.88 million
Float 204.2 million
Short Ratio 9.58
Market Cap $164.54 million
Market Maker Activity Daily Short Volume
very true ¡¡
Whos is selling? I´m NOT :)
GL
Congratulations to WMIH shareholders¡¡
Finally good news :)
Thanks so much to LG, AZ and so many others for bringing DD and positive energy to this board through the years !!
http://www.nasdaq.com/symbol/wmih/after-hours
19:43:59 $ 1 High 1,000
19:43:59 $ 1 High 890
16:51:16 $ .796 4,971
16:00:12 $ .796 Low 349
16:00:12 $ .796 Low 16
16:00:12 $ .796 Low 4,267
www.secinfo.com/dqTm6.u1Yg.htm
"... WHAT YOU OWN
Your certificates will represent interests only in the assets of the issuing entity. All payments to you will come only from the amounts received in connection with those assets.
The issuing entity will own a pool of mortgage loans and other assets, as described under “The Trust” in this free writing prospectus.
On the closing date, there will be no outstanding series or classes of securities that are backed by the assets of the issuing entity or otherwise have claims on the assets of the issuing entity, other than the certificates. The depositor does not expect that any securities representing additional interests in or claims on the assets of the issuing entity will be issued in the future. ..."
Thanks AZ !
GL
http://cdn1.boardpost.net/quote.php
What's going on with level 2?
is this as acurate as your statement about Rosen?
thaks for sharing JWW
"... KKR said it will report on any possible conversion next quarter. Its calculations showed its bottom line would have taken an approximately 17 percent hit in 2017 had it been a C-Corp under the revised tax code, Janetschek said..." { https://www.reuters.com/article/us-kkr-results/buyout-firm-kkr-looking-at-becoming-a-corporation-idUSKBN1FS1YA }
Maybe they report on that (or maybe they don't)
We will soon know
http://www.globic.com/wamurmbssettlement/index.html;
Get in Touch:
info@globic.com
212.227.9699
880 Third Avenue 12th Floor
New York, NY 10022
Johnheps
"...it is hereby
ORDERED that the Motion for Sanctions against Washington
Mutual Liquidating Trust for Failure to Comply with the Court’s
Final Fee Order is GRANTED, and it is further
ORDERED that the Washington Mutual Liquidating Trust is
hereby DIRECTED TO PAY to Grant Thornton the sum of $5 million
plus interest at the federal judgment rate from May 21, 2014, to
the date of payment; and it is further
ORDERED that the Washington Mutual Liquidating Trust is
hereby DIRECTED TO PAY to Grant Thornton the attorneys’ fees and
expenses incurred by it in prosecuting the Sanctions Motion,
after approval of the Court; and it is further
ORDERED that Grant Thornton shall file a request for payment
of attorneys’ fees and expenses incurred by it in prosecuting the
Sanctions Motion within 60 days of the date of this Order.
BY THE COURT:
Mary F. Walrath
United States Bankruptcy Court..."
Is simple words the WMILT has one problem less, it also has 5 million + fees & expenses + interest less, the cost of solving the problem
Good IMHO, things are moving on
PS: Let's see if employees claims circus is also "moved on" soon, the sooner the better
http://www.kccllc.net/wamu/document/0812229180202000000000002
{ : Order on 1) Motion of Grant Thornton for an Order to Show Cause why Sanctions Should not be Imposed Against Washington Mutual Liquidating Trust for Failure to Comply with the Court’s Final Fee Order [Docket No. 10476] by Failing and Refusing to Pay Approved Professional Fees; 2) Supplemental Motion of Grant Thornton for an Order to Show Cause Why Sanctions Should not be Imposed Against Washington Mutual Liquidating Trust for Failure to Comply with the Court's Final Fee Order [Docket No. 10476] by Failing and Refusing to Pay Approved Professional Fees; 3) Grant Thornton's Proposed Finding of Fact and Conclusions of Law; and 4) WMI Liquidating Trust's Proposed Findings of Fact in Connection with Grant Thornton's Motion for Sanction }
Great post LuckyPanda
100% agree
Let's first see what happens with the http://www.globic.com/wamurmbssettlement/index.html distribution, it will clarify things a lot
GL
You are welcome
Investen
Combined Tax assets of nearly 1 Billion are an asset of the debtor (First NBC Bank Holding Company) no matter chapter 7 or 11, this asset will be there.
If shares are cancelled, you can not sell them anymore, then you only can (for tax purposes) surrender your shares to your broker/bank or keep them in your bank/broker account till the end of the bankruptcy proccess.
I dont have a crystall ball and I will never have one, but at current (aprox 0.01 a share) price per share the risk reward ratio of this is simply excellent
Does recent ruling (see below) indicate intention of emerging from bankruptcy?
Can you emerge from bankruptcy leaving shareholders out? Does someone need to cover a short position soon?
Will this short position will be covered with your shares?
Can you (if shares are cancelled) hold for (up to) ten years (probably less considering the amount of cash of the debtor)?
Can you afford to lose 100% of your investment here?
In my view, answer these question to yourself, once you answer them make a decision, and then set and forget
Again, I dont have a crystall ball
This is just about risk reward, about set and forget and about PATIENCE
IMHO
GL
http://www.4-traders.com/FIRST-NBC-BANK-HOLDING-CO-34912586/news/First-NBC-Bank-Bankruptcy-judge-clears-way-for-First-NBC-Bank-s-estate-to-pursue-plan-for-marketin-25706433/
Dec. 21--A federal bankruptcy judge has approved a settlement that could allow First NBC Bank Holding Co. to take advantage of nearly $1 billion in accumulated tax credits if it successfully emerges from bankruptcy.
Those credits could, theoretically, be used to offset federal tax liabilities on future earnings and potentially to provide financial relief for the company's creditors and possibly its shareholders. But that path is far from assured, and any plan for taking advantage of the tax credits is still in its infancy.
Attorneys involved in the case offered varying assessments of the plan at a court hearing last week. None indicated that it was close to becoming a reality. U.S. Bankruptcy Court Judge Elizabeth Magner, who is handling the case, formally signed off on it Tuesday.
Since filing for bankruptcy in May, First NBC Bank Holding, the parent company of the failed New Orleans bank First NBC, has worked to preserve a stable of tax credits that it had accumulated.
After Hurricane Katrina destroyed much of the city in 2005, First NBC was a major player in many ambitious construction projects that were financed with federal and state tax credits.
The bank's tax-credit business worked on two levels: First, it would loan money to developers for projects that relied on the tax credits. Then, it would invest in projects that used the credits, including New Market Tax Credits and those for low-income housing or historic rehabilitation.
In turn, the company recorded the credits on its balance sheet as expected cash flow from future tax benefits, essentially profit, and they ultimately accounted for much of its claimed earnings in recent years. But to apply the credits against its taxes, the company needed to earn a profit on which to pay taxes.
Since that wasn't happening, the credits began to pile up. As that figure grew on the company's balance sheet, banking experts noticed something was amiss.
This year, the holding company hired PricewaterhouseCoopers to assess the status of its potential tax assets. According to the firm's work, the company had accumulated nearly $340 million in tax assets through Dec. 31, 2016.
When it failed in April in a nearly $1 billion collapse, First NBC Bank earned the distinction of being the costliest collapse of an American bank since the height of the 2008-10 financial crisis.
The Federal Deposit Insurance Corp., a U.S. banking regulator that protects bank customers in the event of failure, was named the bank's receiver before selling off much of its assets. That agency is expected to use about $75 million of the tax assets to obtain a refund on federal taxes that First NBC Bank had paid in recent years when it was profitable, federal court records show.
Additionally, federal estimates suggest that First NBC's operating losses for 2017 are expected to exceed $700 million, a staggering figure that can ultimately be carried forward for accounting purposes to offset future tax liabilities.
First, the company would have to emerge from bankruptcy and likely move to acquire profitable businesses in order to use the tax benefits.
When it filed for Chapter 11 bankruptcy protection in May, the company's petition listed fewer than 50 creditors owed an estimated $65 million total. At the time, the company claimed assets worth just $6 million.
Under the terms of the settlement, First NBC Bank Holding Co. can pursue the nearly $1 billion in combined tax assets without facing a legal challenge by the FDIC.
In exchange, the FDIC is seeking nearly $3.5 million that the bank transferred to its parent company over two months beginning in November 2016, at a time when it was prohibited from doing so under the terms of a consent order that was reached with regulators.
During a Dec. 15 hearing in federal court in New Orleans, First NBC Bank Holding Co.'s attorney, William Steffes of Baton Rouge, described the company's bevy of tax assets as "a potential means of recovery in the future for creditors and possibly all the way down to shareholders."
But not everyone was convinced the plan was a sure thing.
Jeffrey Sternklar, a Boston attorney representing a committee of the company's unsecured creditors, expressed concern that money was being wasted on "expensive professionals" to pursue a strategy that faced "substantial challenges to getting it done."
Sternklar described it as "a somewhat very speculative effort to overcome the substantial regulatory and financial hurdles."
In addition to the FDIC and the FBI, the Securities and Exchange Commission is also investigating the bank's meltdown. A federal grand jury also has been probing the bank's failure.
yep Investen, we will soon know, at least this case is moving fast
GL
The tax credits of (almost) 1 Billion is a NET tax Advantange
It will be there (chapter 7 or 11), cancellation of shares means no liquidity, but it doesn't mean no value,
Considering total amount of shares is 19,23 million ( http://quotes.freerealtime.com/dl/frt/M?IM=quotes&type=Profile&symbol=fnbcq&qm_page=75773 ) , we r talking about 50 bucks a share in NET tax advantages
will "they" have the guts to sell this at 0,001 a share in Large blocks?
Time will tell
GL
"... (a) and (b). The Reporting Persons beneficially own an aggregate of 71,465,629 shares of Common Stock, which represent, in the aggregate, approximately, 25.7% of the outstanding shares of Common Stock. The 71,465,629 shares of Common Stock consist of 1,000,000 shares of Series A Convertible Preferred Stock (“Series A Preferred Stock”) held directly by KKR Fund Holdings convertible into 10,065,629 shares of Common Stock, and warrants exercisable for 61,400,000 shares of Common Stock. The percentage of beneficial ownership in this Schedule 13D is based on an aggregate of 206,714,132 shares of Common Stock outstanding as of November 1, 2017, as reported by the Issuer on its Form 10-Q filed by the Issuer with the Securities and Exchange Commission (“SEC”) on November 9, 2017, and assumes that all 71,465,629 shares underlying such Series A Preferred Stock and warrants have been converted or exercised, as applicable, and are outstanding...."
This beneficial ownership by KKR is an "old story"
https://www.sec.gov/Archives/edgar/data/933136/000114036118001466/formscda.htm
"All truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident."
Arthur Schopenhauer
Thanks so much for the hard work of bringing DD to this MB
In large blocks plzzzzz
Thanks so much for sharing ReikoBlack¡
Maybe WMIH and/or WMI LT can also tell/answer us if WMIH stock holders and/or WMI LT escrow holders will benefit from Deutsche Bank National Trust Company recent statement/letter/DB WaMu TIP Notice to Holders re Distribution Timing 12.11.17.pdf
[www.globic.com/wamurmbssettlement/pdfs/DB%20WaMu%20TIP%20Notice%20to%20Holders%20re%20Distribution%20Timing%2012.11.17.pdf ] :
" December 11, 2017
THIS TRANSMITTAL CONTAINS IMPORTANT INFORMATION THAT IS OF INTEREST
TO THE BENEFICIAL OWNERS OF THE SUBJECT CERTIFICATES. IF APPLICABLE,
ALL DEPOSITORIES, CUSTODIANS AND OTHER INTERMEDIARIES RECEIVING THIS
NOTICE ARE REQUESTED TO EXPEDITE RE-TRANSMITTAL TO SUCH BENEFICIAL
OWNERS IN A TIMELY MANNER.
Informational Notice Regarding the
Trusts Listed on Exhibits 1-A and 1-B (“Trusts”)
Procedures for Distributions of Settlement Proceeds.
To the Holders of Certain Residential Mortgage Backed Securities Sponsored by
Washington Mutual Bank, Long Beach Mortgage Company, Washington Mutual
Mortgage Securities Corporation or Washington Mutual Asset Acceptance Corp.
(Collectively, the “WaMu Securities”)
CLASSES OF CERTIFICATES AND CUSIP NUMBERS LISTED ON EXHIBIT 21
Deutsche Bank National Trust Company (hereinafter, the “Trustee”) acts as trustee
(including as trustee for certain related supplemental interest trusts) under the governing
documents, which may include Pooling and Servicing Agreements, Servicing Agreements, Sale
and Servicing Agreements, Trust Agreements or Indentures (collectively, the “Governing
Documents”) for the residential mortgage backed securities trusts (collectively, the “WaMu
Securities”). For additional information, holders of WaMu Securities are referred to the
Trustee’s Report Regarding Status of Litigation to Enforce Certain Trust Claims dated October
17, 2012 and updates dated July 28, 2014, October 16, 2014, June 12, 2015, June 29, 2015, April
18, 2016, August 8, 2016, and August 19, 2016 (collectively the “Litigation Status Reports”) and
the Informational Notices Regarding Trust Instructional Proceeding, dated December 22, 2016
April 28, 2017, and July 5, 2017 (the “Trust Instructional Proceeding Notices”). Except as
otherwise expressly provided, all terms used in this Notice that are defined in the Governing
Documents shall have the meanings assigned to them in the applicable Governing Documents,
the Litigation Status Reports, the Trust Instructional Proceeding Notices, and the Settlement
Documents.
Following court approval of the Trustee’s acceptance of the Settlement Documents, and
pursuant to such agreements, on September 26, 2017 the FDIC, as receiver of Washington
1 The CUSIP numbers appearing on Exhibit 2 have been included solely for the
convenience of holders of WaMu Securities. Deutsche Bank National Trust Company assumes
no responsibility for the selection or use of such numbers and makes no representations as the
correctness of the CUSIP numbers appearing herein.... "
Kind regards
Masters of the WMIH Universe, please move this on, we are (increasingly) running out of time [ https://twitter.com/lukegromen?lang=es ]