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Ya, my favorite "Denke" was Denke N. Doughnuts.
Section 8.10 Intellectual Property License.
(a) License to Buyer. Effective as of the Closing, and subject to the provisions hereof, the Parent Group (“Seller Licensors”) hereby grant, and agree to grant, to Buyer and its Subsidiaries (“Buyer Licensees”) a worldwide, irrevocable, perpetual, non-exclusive, fully paid-up, non-transferable (except as set forth in Section 8.10(d)), sublicensable (subject to Section 8.10(c)) license under the Seller Licensed IP, to use, reproduce, distribute, disclose, make, improve, display and perform (publicly and otherwise, subject to any applicable confidentiality restrictions), create derivative works of, and otherwise exploit in any manner to operate the Business in any field.
(b) License to Seller. Effective as of the Closing and subject to the provisions hereof Buyer and its Subsidiaries (“Buyer Licensors”) hereby grant, and agree to grant, to the Parent Group (“Seller Licensees”) a worldwide, irrevocable, perpetual, non-exclusive, fully paid-up, non-transferable (except as set forth in Section 8.10(d)), sublicensable (subject to Section 8.10(c)) license under the Company IP (excluding any Registered IP) in existence as of the Closing Date, to use, reproduce, distribute, disclose, make, improve, display and perform (publicly and otherwise, subject to any applicable confidentiality restrictions), create derivative works of, and otherwise exploit in any manner to operate the retained businesses and operations of Parent Group, other than the Business, in any field.
(c) Sublicensing. Each Licensee Party may sublicense the licenses granted to it by the Licensor Party pursuant to this Section 8.10 freely to a third party in connection with the operation of the Licensee Party’s business in the ordinary course; provided that each Licensee Party shall treat any material Trade Secrets or confidential information that embodies, or is, the Licensor Party’s confidential information or Trade Secrets with the same degree of care, that Licensee Party treats its own like confidential information and Trade Secrets, but in no event with less than reasonable care, and Licensee Party shall not disclose such Trade Secrets or confidential information licensed to it hereunder to a third party, except in connection with the disclosure of such Licensee Party’s own confidential information or Trade Secrets of at least comparable importance and value and on the same terms.
(d) Transfer of Licenses. Neither Licensee Party may assign or transfer the licenses granted to it pursuant to this Section 8.10 directly or indirectly, in whole or in part, whether by operation of law or otherwise, without the other Party’s prior written consent (which consent shall not be unreasonably conditioned, delayed or withheld). Notwithstanding the foregoing, (i) a Licensee Party may assign such licenses to a third party, or permit a third party to assume such license, in connection with acquisition of such Licensee Party (whether by stock or asset sale or merger or otherwise) or the sale of substantially all of the assets of Licensee Party to which this Agreement relates, to such third party, and (ii) such licenses may, in whole or in part, be assigned or transferred to, or assumed by, an Affiliate of Licensee Party. Any assignment in violation of this Section 8.10 shall be null and void.
72
(e) License Limitations.
(i) Except as expressly set forth otherwise in this Agreement (A) all rights and licenses granted from one Party to the other hereunder are granted “AS IS” and without any representation or warranty of any kind, (B) no representations or warranties whatsoever, whether express, implied or statutory, including warranties of merchantability, fitness for a particular purpose, title, custom, trade, non-infringement, non-violation or non-misappropriation of third-party Intellectual Property, are made or given by or on behalf of a Party, and (C) all such representations and warranties, whether arising by operation of Law or otherwise, are hereby expressly excluded.
(ii) Except as expressly set forth otherwise in this Agreement, each Party reserves all rights and licenses to its Intellectual Property, and no other licenses are granted under this Agreement, including this Section 8.10, by implication, estoppel or otherwise.
(iii) Each Party acknowledges and agrees that, upon and following the Closing, the licenses granted by it as the Licensor Party, are non-terminable and irrevocable, and that the Licensor Party’s sole remedy after the Closing for breach by the Licensee Party will be for such Licensor Party to bring a claim to recover damages and to seek appropriate equitable relief but not termination of the licenses granted by the Licensor Party.
(f) Rights in Bankruptcy. All rights and licenses granted to a Party as licensee hereunder, are, for purposes of section 365(n) of the United States Bankruptcy Code (the “Bankruptcy Code”), licenses of intellectual property within the scope of section 101 of the Bankruptcy Code. The licensor acknowledges that the licensee, as a licensee of such rights and licenses hereunder, will retain and may fully exercise all of its rights and elections under the Bankruptcy Code. Each Party irrevocably waives all arguments and defenses arising under 11 U.S.C. § 365(c)(1) or successor provisions to the effect that applicable Law excuses such Party from accepting performance from or rendering performance to an entity other than the debtor or debtor-in-possession as a basis for opposing assumption of this Agreement in a case under Chapter 11 of the Bankruptcy Code to the extent that such consent is required under 11 U.S.C. § 365(c)(1) or any successor statute.
I also just order a hard copy from Amazon. After I read it, I will paper a wall or two of my office as a reminder to stay the hell out of Bankruptcy Stock!
Cumulative Preferred Stock Vs. Non-Cumulative
By: Hunkar Ozyasar | Reviewed by: Ashley Donohoe, MBA | Updated April 25, 2019
Preferred shares can help raise your portfolio returns.
1. Can You Calculate Earnings Per Share Without Knowing Preferred Dividends?
2. Perpetual Vs. Nonperpetual Preferred Stock
3. Differences Between Cumulative & Non-Cumulative Preferred Shares
Preferred stock is an important funding source for the issuing corporation and a relatively safe investment alternative to common stock for the investor. Regardless of whether it is cumulative or non-cumulative, all types of preferred shares enjoy priority over common stock. Only after preferred stockholders have been paid in full can common shareholders receive any money. In addition, cumulative preferred stock provides additional advantages over and above the non-cumulative type.
What is Preferred Stock?
Both in terms of its income potential as well as risk, preferred stock lies somewhere between common stock and bonds. Preferred stock promises the investor a fixed annual payment, usually expressed as a percentage of its face, also known as par value. No matter how profitable the issuing firm, the holder can never receive more than this fixed sum.
These shares are preferred in the sense that common shareholders cannot receive a dividend until all preferred stockholders have been paid in full. However, banks and bondholders have priority over preferred stockholders and must be paid in full before preferred stockholders are paid.
Preferred Stock Dividend Suspension
If the firm lacks the funds to pay preferred shareholders, its board of directors can suspend dividend payments indefinitely. This is a relatively drastic measure and would send a chilling message to all stakeholders. It obviously means that common shareholders will receive nothing, and chances are the firm will not be able to invest in new technologies or services to stay competitive in the marketplace.
Most companies will choose to meet all payment obligations before investing in innovation. What will happen once the company recovers and resumes preferred dividends depends on whether the preferred shares are cumulative or non-cumulative.
Cumulative Preferred Shares
Cumulative shares incentivize investors with the promise of a minimum return on investment. If preferred shares are cumulative, all past suspended payments must be made to preferred shareholders in full before common stockholders can receive anything at all. And if a company is unable to pay cumulative dividends by their due date, it may have to pay interest on future payments.
Assume, for example, that there are 1 million preferred shares, each carrying a 6 percent coupon and $1,000 face value, therefore entitled to $60 per year. In 2018, the firm is able to pay only $30 per preferred stock, and the next year it suspends all preferred dividends. Therefore, the firm owes preferred stockholders $30+$60 = $90 in back payments. For 1 million shares, this amounts to $90 million, all of which must be paid before common stockholders can receive any dividends at all.
Non-Cumulative Preferred Shares
If the preferred stock is non-cumulative, the issuing company can resume preferred dividend payments at any time, with disregard to past, missed payments. If the preferred stock in our example is non-cumulative, the preferred stockholder will never get the missed $90 per share. Just as important, the common shareholders must not wait for the firm to accumulate a whopping $90 million and pay all past claims before they can receive their share of the firm's profits.
Planet Paprika, You may not be aware that Kevin Barker of Piper Sandler put out a $7+or- call on COOP and drove the PPS down when other analysts were way higher. The largest stockholder of Piper Sandler are Blackrock and Vanguard who also are two of the largest holders of COOP. Blackrock and Vanguard increased their shares during this time. It appears to me that Kevin Barker was doing Blackrock and Vanguard a big favor by attacking COOP for their benefit. Now Kevin's price is way up there and they are covering their shorts IMHO. Lots of good hard working shareholders have been forced to give their stock away to these two firms because of the actions of Kevin Barker. At some point KARAMA wil visit Kevin and all the shorts.
"Or for example also Piper Sandler, i mean because without link, tells his clients that they are also going short. By the way, I remember the COOP conference last year, maybe April,
Piper Sandler`s Kevin Barker was more against us....."
ItsMyOtion, Good for you, that's what I have always admired about you, you don't mince words!
I shall wait until Alice's Appeal time Expires before I get concerned. If I were in charge I wouldn't make a move until I knew that issue was dead. Either the LT and Underwriter's find a way to appease Alice or the LT will be extended for a "short" period of time IMO. For all I know it may already be settled.
It's hard to believe there is only 9 more days allotted for the LT to close. We shall see, and as Mike Willingham once said, "don't hold your breath"
ItsMyOption, No doubt this new attorney is very green when it comes to the actual facts that have been ferreted out over the years and he has no real skin in the game. Most of us that have followed this day by day for over 12 years and have posted thousands upon thousands of messages and links to help one another. You have been one of the most persistent "burr under their saddles" and have forced them to respond whether they like it or not. Was his letter a "warning" not to harass them anymore? If so, that is a bad mistake on his part after the officers pumped the PPS after their beating the drum about the shares being undervalued and then turning around a few days later and dumping over $11 million dollars worth of COOP on the market and collapsing the share price. What the hell kind of message was that to all of us.
Do the shorts include the Officers and BOD as well as KKR as I suspect?
Thank you for your persistence.
Planet Paprika, As I said in my post, you actually posted correct information, but your link was quite suspect as the graph I pointed out was quite Bogus. I apologize if you took it personal, but the article was planted for sinister reasons and I'm at odds why you didn't respond to what I actually pointed out regarding the colored graph, after all, I pointed it out to all shareholders as a warning.
Many here know me personally and are aware that I hold significant shares of COOOP and Escrow shares....yes I did release and in fact more than doubled down. Hero or Zero. Best of luck to all that released and are patiently waiting.
Unless Alice Griffin is dealt with it is hard for me to believe that anything major will take place before the 90 days she has for appeals have lapsed. Believe me, I want this over as much or maybe more than the next guy.
JWW,no wonder were having a new round today...or so it seems!
Latest short-interest data will be released after 4 p.m. ET
https://www.nasdaq.com/market-activity/stocks/coop/short-interest
Well, it was fun while it lasted!
Plantet Paprika, Please refrain from posting BS that was obvious tained and planted information. I'm not saying you did it intentionally, but IMO it was published to depress shareholders into selling on false information.
You did record the corect forcast from Wedbush, however if you look at the brightly colored Market Watch Chart and compare their forcast to Wedbush's numbers there is a major lowerering of earning forcasted.
IMO it appears Market Watch is a freaking basher trying to induce shareholders to sell on their lowered false earning printed on their brightly colored chart which indicates much lower earning in 2021 and 2022.
Shareholders need to read very carefully what is posted from this point forward as the insiders will do or say anything to get you to sell.
ROFLMAO...Jay Bray has raped us for the past 3 years. Add up what he's raked in since 2018.
Bban, For sure their actions of selling more than necessary to pay Uncle Sam for their new shares indicate they are cash flush and will load up again when there is dilution. I bought some a couple of days ago to round up my numbers so it's easier to mentally see where I am overall. I will buy again when there are shareholder giving away shares...soon, I believe. Depending on the amount of dilution, it may be a blood bath. Quite sad actually for those they have waited over 12 years for F&R. Be careful and wise before pulling the trigger to sell.
T's, It's scary that I might possibly have a twin. #33.33 must be his lucky sequence also. Just rounded my COOP holdings om the 3rd to a series of 3's lol
"Buzzer# 33.33 PPS +.65 H-U-N-G-G-G-G-G-R-Y Word of the day
Seya at the morning bell wink'
Covering?
The real question is what were the two plaintiffs claiming and what amount they were seeking. In a lawsuit you never know the out come until you have a verdict and all appeals are exhausted or a settlement. One must prepare fore the worse!
JWW, was there gaps that most of us were unaware of that caused this shorting today?
Royal Dude, Here are three cash flush individuals who I now believe have plenty of cash to take care of any tax burden and plenty of excess to purchase COOP on the cheap, as it appears we are going to see some bargains in the near future should be get shares of COOP for Value.
Jesse Bray sold 88,453 Shares of COOP for an approximate average price of $31.30 OR $2,768,578
Chris Marshall sold 84921 shares of COOP at an approximate average price of $31.30 OR $2,658,027
Tony Ebbers sold 73,160 shares of COOP at an approximate average price of $31.30 or $2, 289,908
The following sounds like a pump to me....so why the dump today?????
Here is Chris Marshall: So you add that potential for monetization of some or all of Xome, you think about the changes in tax rates that are almost certain to occur and you could see our tangible book value be up by 50%. The question is how much premium are we going to get in the marketplace. When you look at the multiples that some of our competitors are trading at, we look like a dirt cheap stock.
Lee Cooperman: That's my impression as well. I mean you have a $2.7 billion market cap. When you look at the deferred tax asset, the value of Xome and the earning power that you're generating, it would seems to be very mispriced. Congratulations. You guys have done a great job.
I believed COOP's present PPS should reflect at least a value of Escrow P Share of $105.00.
I expect multiple of face for my P's and K's and a substantial amount for my Commons.
Excuse me, but that was a two part 1 Million dollar settlement that I didn't see disclosed with an 8-K, nor was it reported as pending litigation in the 10-K.
COOP offering jobs has "0" to do with their Responsibility and Fiduciary Duty to report pending litigation...Ya know, it could have been a $900,000 law suit. It's never over until it over!
Please go back and read the whole article and you will see you missed the second half of the settlement. What you posted is factual about the NY OAG, however there were other parties involved that were settled with for an additional; $500,000 Million.
"Nationstar - another settlement
"The New York Office of the Attorney General (OAG) announced a $500,000 settlement with Champion Mortgage, the reverse mortgage servicing division of Nationstar Mortgage..."
https://reversemortgagedaily.com/2021/03/03/new-york-attorney-general-settles-with-nationstar-in-reverse-mortgage-disclosure-dispute/
COOP : many jobs are offered...
https://careers.mrcooper.com/search/jobs
Bban, our P's were once worth $105 before Rosen drove a stake in our hearts, get me there plus interest with a coop common.
Goodie, that is $1.50 dollars more than the magical $30.00 we have seen floating back and forth for the past month...Is $30.00 the fulcrum for a pending payout?
Aren't the sales actually planned well in advance?
So the Company bought back 2.6 Million shares and Awarded 351,743 or 13.5% of them to the top 4 executives for a total compensation of around $11,910,017.
If I get what I'm due I have no problem, but the fuse is lit and the timing is short!
Stock repurchase over $100 million still ongoing.
COOP already bought back 2.6 million shares for $57.3 million (combined Q3 and Q4)
So there are still $42.7 million left to buy back more shares until end of July!
From August 1st, NOL restrictions are lifted and COOP can buy back up to 50% of COOP's outstanding shares according to the earnings call!
They have a lot of cash!
The NationStar/Champion settlement in NY was actually a total of $1,000,000.
So where is our 8-K. I don't recall seeing this litigation in the 10-K!
https://reversemortgagedaily.com/2021/03/03/new-york-attorney-general-settles-with-nationstar-in-reverse-mortgage-disclosure-dispute/
"As another condition of the settlement, Champion will pay $500,000 to ERMA, which will assist affected reverse mortgage borrowers at risk of displacement in every New York City borough, as well as Nassau, Suffolk, Albany, Broome, Dutchess, Erie, Monroe, Onondaga, Orange, and Westchester Counties."
Oh, you and your shorthand. lol
Large Greeen, what about the slight of the left hand...or was it the right hand in the Shell Game that was played with the the 1031 Exchanges.
The "Shell Game"....WMI's favorite Game
n.
A game, usually involving gambling, in which a person hides a small object underneath one of three nutshells, thimbles, or cups, then shuffles them about on a flat surface while spectators try to guess the final location of the object.
n.
A fraud or deception perpetrated by shifting conspicuous things to hide something else.
n.
A game of skill which requires the bettor to guess under which of three small cups (or shells) a pea-sized object has been placed after the party operating the game rapidly rearranges them, providing opportunity for sleight-of-hand trickery.
JWW, so you are not in the camp that Common Escrow shares will be exchanged or converted to COOP shares in any fashion? We've been told KKR's A and B Preferred shares have been converted, however they are not part of the share count of COOP's 89,456,683 as of February 18, 2021 to my knowledge.
I'm curious as to your thoughts as to how Common Escrow shares will be dealt with should money soon appear and how KKR will receive their exchanged shares or how that might come about.
Oh, thank you for the information and charts you provide as they remind me why I'm still here and give encouragement to all.
JWW, just wishful thinking, hence my "Choose me, Choose me! shouts a weary COOP shareholder. lol
Both KKR and TPG's involvement is interesting none the less.
My Best Friends Wedding Sequel..."Choose me, Choose me! shouts a weary COOP shareholder. lol
KKR-Backed PropertyGuru Weighs U.S. Listing Via SPAC
Manuel Baigorri 59 mins ago
https://www.msn.com/en-us/money/companies/kkr-backed-propertyguru-weighs-us-listing-via-spac/ar-BB1e6Zix
(Bloomberg) -- PropertyGuru Ltd., the Singaporean online real estate firm backed by private-equity firms KKR & Co. and TPG Capital, is considering a U.S. listing through a merger with a special purpose acquisition company, according to people familiar with the matter.
a long bridge over a body of water with a city in the background: The Singapore Flyer, right, in Singapore, on Tuesday, Nov. 3, 2020. © Bloomberg The Singapore Flyer, right, in Singapore, on Tuesday, Nov. 3, 2020.
The company is working with a financial adviser on the potential deal, the people said, asking not to be identified because the deliberations are private. PropertyGuru’s management are holding preliminary talks with several SPACs and aim to strike a deal as early as this year, the people said.
A merger with a blank-check company could value the combined firm at about $1 billion, the people said.
Deliberations are at an early stage and the company could decide not to proceed with the plan, the people said. A representative for PropertyGuru declined to comment.
Founded by entrepreneurs Steve Melhuish and Jani Rautiainen in 2007, PropertyGuru has become a household name in the property-crazed city-state. The real estate marketplace also has operations in countries including Vietnam, Indonesia, Malaysia and Thailand.
The company scrapped plans for an initial public offering on the Australian stock exchange back in 2019 over valuation concerns. In September, it announced $300 million in new funding from investors including existing backers KKR and TPG. It acquired Malaysia’s MyProperty Data Sdn. in November for S$1.7 million ($1.2 million).
PropertyGuru would follow other southeast Asian startups in exploring a SPAC listing in the U.S. Those include Asian mixed martial arts firm One Championship, Bloomberg News has reported, as well as Traveloka, Southeast Asia’s biggest online travel startup.
JWW, You are of course referring to the soon to be issued diluting shares to KKR and Escrow Holders, aren't you?
"Starting with Aug. 1, NOL restrictions limiting the stock repurchase will be lifted!
Then COOP can buy back up to 50% of the outstanding shares!
See earnings call transcript:"
https://www.fool.com/earnings/call-transcripts/2021/02/23/mr-cooper-group-inc-coop-q4-2020-earnings-call-tra/
I'm quite prepared for another Wand Merger, in fact I don't think it will be much longer before another merger takes place. I personally have filed many LLC's for specif projects...None of them set idle for long.
Oh, by the way, good to see other new posters jump into the fray...no doubt you have posted elsewhere.
Planet Paprika, I do recall that information from more than a decade ago. Information and facts like that I seem to remember vividly.
Large Green, I just found this information and it comes as no surprise to me as several of the employees are familiar to me and were the ones that started transferring Assets to Delaware as early as 2006 to protect them. Doreen Logan, and Robert Williams were two of five people that handled several reincorporation's of Washington Mutual INc and Washington mutual Bank Subs and reincorporated them to Delaware. One of the first was WAMU Holding Corp. who with a stroke of a pen became WMII, Washington Mutual Inc. Investment. I posted this information numerous times on the old Ghost Board and Board Post Board. Funny that the naysayers wouldn't ever touch it with a 10 ft. pole. I suspect that the old Sub, WAMU Holding Corporation was the entity that was the trustee for most of the MBS investments. We know that WMII was certainly cash flush. Doreen has been involved in every reincorporation of old WAMU bank Assets and Washington mutual Inc Assets to Delaware IMO. Peter Struck was one of the others that was involved....Robert Williams was the President of the Bank.
https://www.bizapedia.com/vt/marion-insurance-company-inc.html
Marion Insurance Company, Inc. is a Vermont Corporation filed On September 8, 2000. The company's filing status is listed as Inactive and its File Number is 0120821.
The Registered Agent on file for this company is Downs Rachlin Martin PLLC and is located at 199 Main Street, Burlington, VT 05401. The company's principal address is 100 Bank Street, Suite 6, Burlington, VE 05401.
The company has 6 principals on record. The principals are Daniel Spragg, Doreen Logan, John Maciel, Jonathan Goulding, Julie Boucher, and Robert Williams.
The Address. 100 Bank St., Burlinton, VE
https://www.google.com/maps/@44.478113,-73.2156119,3a,75y,3.72h,123.28t/data=!3m6!1e1!3m4!1s6HaQsRf_sn8wI3RB5lrNWw!2e0!7i16384!8i8192
Some one had to authorize the formation of WAND Merger Corporation in which Charles Edward Smith became the signator of the Wand NationStar Merger. I don't recall seeing an 8-K being filed informing WMI shareholders of this formation of Wand Merger Corp., does anyone else?
goodietime, you are correct. That information was in a previous post that got tied to the filing by a suspect poster years ago. I'm glad you pointed it out as most of the Goole history of all the past Subs of WMI and Washington Mutual Bank have been deleted, reminds me of the bios and entries of Mike Willingham , Charles Edward Smith etc. Wiped clean as they went into hiding...or so they thought. Most information on former Employees of WMI that were in upper management has been systematically deleted. Of all the big wigs in WAMU bank that sued the LT where are they now... youy know that some most hold Escrow shares, why aren't they trying to expose the sham.
Stoxjock, It was readily apparent that JMW protected JPM and was not only seen in her ruling and actions, but what she spoke from the bench. She and the other Courts are "Federal Courts" and this 5th Amendment taking was a National emergency to save the banking system, of course the Courts are going to protect the Government in their secrecy. The ruling issued against the appeal of Alice Griffin didn't address the fact and the breaking of the POR which injured certain shareholders. The rulings and Opinions were sloppy and amateur at best. Sickening to many of us that believe in true justice. Did it actually matter to me?
Yes, as I have many P's and the 1% in the big scheme of things would be a small price to pay to have gotten my money last year, however I believe they were gifted illegally and I hate thieves probably more than 95% of people on this board for personal reasons. At this point the issue is mute as I felt all along that the Court would protect the Theft and wouldn't allow Pandora's Box to be Opened, After all this was about a Fifth Amendment Taking and they were going to protect the Government and the FDIC at all costs.
My Great Aunt and I were discussing law 62 years ago and she very sternly said to me, Justice is spelled "MONEY". It took a moment or two for that to sink in as I was only a teenager, but to this day I'll never forget it, as I realized it was a very truthful statement.
Hey man, this was the Second Amended SOFA of WMI Filed in February of 2009, of course these were direct Subs of WMI and we owned them.
The Settlement note holders may have directed the sale, or bargained away several of the Subs ,but many were consolidated and transferred to other Subs and hid in Trusts in DE. The Trustee William Kostorus and Charles Edward Smith may have hid them, but in the end we will get our money IMO. They were both very sneaky and covered up their actions with legalize but in the end, the money belongs to Escrow holders. It's apparent that several on this board didn't release or sold out prematurely and have little or no escrow as exhibited in their constant bitter remarks. It was a very difficult decisions to become either a "Hero or Zero", but many of us made that decision and will be rewarded accordingly.
I suggest you and the others actually read the entire SOFA a time or two and let the actual facts sink in. I believe we will see a portion of that reward by April 12, 2021...after the 1st Quarter 10-K is made public.
"Yes, while these subs may have existed in 2009, do they exist today or even as the was reorganized in 2012 either merged into jpm or cash out and closed."
Hey Lerge Green let me tell you the story of Mama Bear...Washington Mutual INC./Mr. Cooper Group as there is a lot to glean from the SOFA and the characters involved.
http://www.kccllc.net/documents/0812229/0812229090224000000000004.pdf
Pages 8and 9 should open your eyes as to who knows where the bodies are buried.
Large Green, Here's a little color to brighten your day!
According to this link-following are WMI subsidary companies..
http://www.kccllc.net/documents/0812229/0812229090224000000000004.pdf
ACTIVE SUBS OF WMI AS OF FEB 2009
ACD2
Ahmanson Developments Inc
Ahmanson Obligation Company
Ahmanson Residential Development
Great Western Service Corporation Two
H.F.Ahmanson & Company
H.S.Loan Corporation
HS Loan Partners LLc
Marion Insurance Company
PCA Asset Holding LLC
Providian Services Corporation (Holds subsidiaries)
WAMU 1031 Exchange
Washington Mutual Captal Trust 2001
WM Citation Holdings,LLC
WM Funds Disbursements,Inc.
WM Mortgage Reinsurance Company,Inc.
WMI Investment Corp.
WMI Rainier LLC
Page 42/71
http://www.kccllc.net/documents/0812229/0812229090224000000000004.pdf
According to this link below, following are the WMI subsidies..
http://bankrupt.com/misc/WaMu_AmendedGSA.pdf
“WMI Entities” shall mean WMI, WMIIC, Ahmanson Obligation
Company, H.S. Loan Corporation, Marion Insurance Company, WAMU 1031 Exchange,
WM Mortgage Reinsurance Company, Inc., WM Citation Holdings, LLC, Washington
Mutual Finance Group, LLC, Soundbay Leasing LLC, WMGW Delaware Holdings LLC,
WMI Rainier LLC and Washington Mutual Capital Trust. -Page 17
Among these subs, I checked one of them- Marion Insurance. Marion insurance, according to their website, they have few companies under Marion.
One of them is PROGRESSIVE INSURANCE- Nations's third largest insurance company with more than 11 million customers.
Cura, I hope you understand That Charles Edward Smith was receiving over $500.000 from the LT, another $500,00+ or - from Wand an d a cash bonus of $2,400.000 from WMIH to have signed off on this document that has screwed over WMI Escrow Holders. Of course he had help from KKR, and our So called Buddies on the LT. Charles Edward Smith employment with JPM is quite disturbing to me, was he a mole?? I want to see my money from JPM and an accounting of the Assets that the FDIC took. The waffling by the FDIC to close the receivership is nothing less than criminal. Sheila Blair and Paulson along with Dimon and the Hedge Funds that did IT should all be hung in the public square. What a bunch of bastards.
IMO, Equity Holders need to be taken care first before you see any further movement. An option position might be considered.
Imo, they forgot the IRS. The Agreement would have been ok if they have paid the Equity Holders on February 2018 and not on February 1st 2021, the Closing Date.
Quote :
The sum of (1) the product of (i) the number of outstanding common equity shares issued by WMIH prior to giving effect to the Acquisition, (ii) the exchange ratio for such shares set forth in the Acquisition Agreement and (iii) the value of such common equity interests (it being understood and agreed that the value of each such share shall be deemed to be the price set forth in the Acquisition Agreement regardless of the actual trading price of such share) and (2) the value of the common equity interests in WMIH issued to the equity holders of the Company (it being understood and agreed that the aggregate value pursuant to this clause (2) shall be as set forth in the Acquisition Agreement) (clauses (1) and (2) collectively, the “Equity Contribution”) shall be at least 30% (the “Minimum Equity Contribution”) of the sum of (1) the aggregate gross proceeds of the Bridge Facility borrowed on the Closing Date (or Senior Unsecured Notes issued in lieu thereof) and (2) the equity capitalization of WMIH and its subsidiaries on the Closing Date after giving effect to the Transactions; provided that WMIH shall use cash on its balance sheet of at least $550.0 million in connection with the Transactions.
Unquote.