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I've sent an email to Grayscale (info@grayscale.co) inquiring if the Stock will be halted for trading during the days of January 23, 24, and 25.
I sent a few emails last week to William Gallagher, WMIH CEO.
1st email sent...
==================================================================
Mr. Gallagher,
In a 10-Q report for the quarterly period ended June 30, 2016 it was stated, in regards to WMI Investment Corp. (WMIIC), that the Company was “beginning the process of dissolving this entity”. At last year’s Annual Meeting of Stockholders Chad Smith stated that, “in terms of the WMI Investment Corp…that entity continues to be a dormant Subsidiary and i’m expecting or hoping that we’ll be able to complete the dissolution of that entity by the end of the year”.
As of this time has WMI Investment Corp. (WMIIC) been completely dissolved or does it continue to remain as a Subsidiary of WMIH Corp.
Thank you,
---
---
---
His response...
William Gallagher<william.gallagher@wamuinc.net>
To [omitted]
CC Chad Smith
Mr. [omitted]
WMIIC still exists and it is still a dormant subsidiary with no assets.
Best regards
Bill Gallagher
==================================================================
2nd email sent...
Mr. Gallagher,
Your response in regards to the current status of WMI Investment Corp.,WMIIC, was highly appreciated. Thank you very much.
It appears that an excessive amount of time has passed since the Company first announced it’s intention of beginning the process to dissolve WMIIC. If I may inquire, why has it been taking so long to dissolve this entity, one which has “no assets”?
Has the Company been delaying the complete dissolution of WMIIC because it anticipates that ultimately there will be assets returned to or through it?
Once again, thank you.
---
---
---
His response...
William Gallagher<william.gallagher@wamuinc.net>
To [omitted]
I do not anticipate there will be any assets when this entity is wound up.
Bill Gallagher
==================================================================
Who said this? This person even bragged that he was right. Ouch!
==================================================================
"... ALL, documented ...
The agreement entailed a payment to be made by the FDIC to WMI' as a financial assigned settlement, for WMI's ... banking sub ... "WMB and its assets" ... seized and then sold to JPMC, prior to a proper valuation being done' ...
... $17.7 Billion Dollars was required to separate WMB' from the WMI TAX Group, ... and the Judges recognition of (approximately) a return of $6.5 Billion Dollars in Capital Contributions ...
... so yes, roughly a $24 Billion Dollar Payment is to be paid by the FDIC to the WMI Estate, to complete the original payment agreed upon to satisfy the claims against it' ...
AZ "
==================================================================
"The FDIC is to pay for WMI's illegally seized property = WMB = ... in the amount of $24 Billion dollars, in which the $8.37 Billion dollar Capital Loss Allowance, will be able to be legally utilized against any of the new company's tax responsibilities for the eventual receipt of this money ... "
"... I say the FDIC will pay up, no later than by March 16th, 2017 ... $24,000,000,000.00 plus the associated $8,370,000,000.00 tax responsibility associated with the agreed upon' return ..."
==================================================================
"Joe,
I am right ... it has all been presented in the sequenced documents' ... I respect your discipline regarding the employee claims issues, ... however ? ... on this ? yes, I'm sure ... "the Settlement" ... is real'
March, 2017 ?' according to the IRS General Rules ? ... is the drop dead date' ... however, due to partial year considerations as discussed "on the record" ... I say the FDIC makes good on this prior to years end' ...
AZ"
==================================================================
AZ has said there's a minimum of $40 Billion.
It was Appaloosa, Aurelius, Owl Creek, and Centerbridge (AAOC) that were caught with colorable claims. They held PIERS. The waterfall was to end at PIERS.
What Is a Forward Stock Split?
Each corporation has a certain number of outstanding shares among owners. The number of shares you own might change as a result of business decisions that companies pursue. One such decision is a forward stock split.
Impact
A forward stock split can add to the number of stocks you own, but it does not increase your investment value. When a company issues a stock split, those who already own stock in the company end up with more stock without making additional investments. If a company issues one share for each outstanding share, then the number of shares doubles, and this is called a 2-for-1 stock split. Because nothing has happened to increase the company’s value, the effect of doubling the number of shares reduces the stock price to half and keeps the company’s value the same. In another example, if a company announces two shares per share outstanding in a 3-for-1 stock split, each share value would fall to a third to keep the company’s value the same.
Price Reduction
A forward stock split might appear futile because there is no fundamental change. However, small investors might appreciate forward stock splits. When a company’s share increases significantly, it can be difficult for small investors to buy a reasonable number of shares. If a company's stock prices were $600 per share, 100 shares would cost you $60,000, probably too much for small investors. However, if the company reduced the price of each share to $200, then 100 shares would cost $20,000, making it possible for more investors to buy those shares. Example: Apple Inc. stock was priced at more than $600 per share in 2012. If Apple were to issue a 10-for-1 stock split, more investors would be able to enjoy the returns of this very profitable company.
Increase Demand
Another reason to issue a forward stock split can be to increase the price of shares by increasing demand for a company’s shares. Usually, forward stock splits are issued by companies whose share price is increasing. Forward stock splits can signal to the market that the price of a company’s shares is rising, and that the stock therefore might be a good buy. The company also might expect demand for its stock to increase because more investors could afford to purchase its stock after a forward stock split.
https://finance.zacks.com/forward-stock-split-3160.html
Things will probably change, but based solely on...
1) today's closing price
2) today's market cap
3) number of future outstanding shares. (174,410,600)
The new share price may be somewhere within the $16.75 range when the split becomes effective.
Bitcoin Investment Trust Announces Stock Split
NEW YORK, Jan. 11, 2018 /PRNewswire/ -- Grayscale Investments, LLC, the sponsor (the "Sponsor") of the Bitcoin Investment Trust (OTCQX: GBTC) (the "Trust"), announced that it has today declared a 91-for-1 stock split of the Trust's issued and outstanding shares. With the split, shareholders of record on January 22, 2018 will receive 90 additional shares of the Trust for each share held.
The stock split will be effected on January 26, 2018 to shareholders of record as of the close of business on January 22, 2018. Following the stock split, the Trust's shares will continue to be quoted on the OTCQX under the symbol "GBTC."
Based on 1,916,600 shares of the Trust issued and outstanding as of the date of this press release, immediately after effectiveness of the stock split on January 26, 2018, the Trust would have 174,410,600 shares outstanding. The Trust may create new shares after the date of this press release and up through the record date. After the close of business on the record date, the Trust will announce the total number of shares that will be issued and outstanding immediately after effectiveness of the stock split on January 26, 2018, which will give effect to any such new shares created after the date of this press release and up through the record date.
Shareholders are not required to take any action to receive the shares in connection with the stock split and they will not be required to surrender or exchange their shares in the Trust. The transfer agent will automatically issue the new shares in the stock split.
The transfer agent for shares of the Trust is Continental Stock Transfer & Trust Company. For questions relating to the transfer or mechanics of the stock split, stockholders may contact Continental Stock Transfer & Trust Company, 1 State Street, 30th Floor, New York, NY 10004-1561, or by phone at: 800-509-5586 (Domestic callers) or 212-509-4000 (International callers). If shares are held by a bank, broker or other nominee, stockholders should contact that institution directly.
Shareholders contemplating a transaction in the Trust's shares between the record date and payment date should consult a broker regarding their entitlement to the split shares.
https://www.prnewswire.com/news-releases/bitcoin-investment-trust-announces-stock-split-300581752.html
Confusion In Korea: Ministry Of Finance Refuses To Support Cryptocurrency Trading Ban
"In a press conference, the South Korean Ministry of Strategy and Finance told local reporters that it had first heard of the Ministry of Justice’s cryptocurrency trading ban through media reports. The cryptocurrency task force participated by the central bank, MInistry of Finance, Ministry of Justice, and other agencies have not agreed upon the proposal.
“We do not share the same views as the Ministry of Justice on a potential cryptocurrency exchange ban,” MSF said according to the local Naver website."
==================================================================
"Evidently, the cryptocurrency trading ban proposal has not been finalized or even agreed upon by the South Korea Ministry of Strategy and Finance.
Finally, CCN reporter Joseph Young reports that in an official announcement, "South Korean government reaffirms there will be NO TRADING BAN for #cryptocurrency market in the short term and NOTHING IS FINALIZED.""
==================================================================
"Furthermore, a petition to fire the head of the Ministry of Justice over the #cryptocurrency trading fiasco filed."
https://www.zerohedge.com/news/2018-01-11/confusion-korea-ministry-finance-refuses-support-cryptocurrency-trading-ban
And, the Trust indicated just how much cash they received from the merged Subsidiaries; $444,333 thousand.
==================================================================
WMI Liquidating Trust - June 30, 2017 Quarterly Summary Report - Filed: 7/28/2017
Pg. 13 http://www.wmitrust.com/wmitrust/document/8817600170728000000000001
Note 9: Investment in Subsidiaries
Since the Effective Date, the Trust had five (5) dormant subsidiaries without any active business operations. The subsidiaries adopted a plan of liquidation in October 2012. The assets held by these subsidiaries were comprised solely of cash and cash equivalents. On June 23, 2017, four of the subsidiaries were merged with and into the last remaining subsidiary, WaMu 1031 Exchange. Prior to such mergers, such subsidiaries distributed their remaining cash to the Trust. The Trust received $444,333 on June 27, 2017. The last subsidiary, which no longer has any assets, is expected to be dissolved by December 31, 2017.
==================================================================
Upon the consummation of an Acquisition/Qualified Acquisition the Series B Preferred Stock will convert into approximately 444,444,444 million WMIH Common Shares.
(($600,000,000 million Offering divided by $1.35 Conversion Price = 444,444,444 million WMIH Common Shares.))
The Series 'B' Holders are not buying WMIH Commons. This is a conversion of 'B' stock to Commons. There will be no additionally monies to the Company.
In addition to this, there will be approximately 11,427,720 million more WMIH Common Shares added to the approximate 444,444,444 million WMIH Common Shares.
"A special distribution of 19.04762 shares of Common Stock per share of Series B Preferred Stock..."
((600,000 Series B Preferred Shares multiplied by 19.04762 WMIH Common Shares = 11,427,720 WMIH Common Shares.))
Approximate total Shares = 444,444,444 million + 11,427,720 = 455,872,164 WMIH Common Shares.
Plus, the approximate 206,714,132 current Outstanding Shares would be 455,872,164 + 206,714,132 = *662,586,296 WMIH Common Shares.
* does not include any Warrants that may be exercised
According to Ron, the payment is $900 billion. And, it's to be paid to the WMI Estate. :rolleyes:
"JPM got their $645MM at the same time the FDIC got "the Final Payment" of around $900B for "WMB and it's assets" which completes the CIC. DBNTC and other Trustees received their Trusts distributions shortly thereafter, which finalized the PAA and Receivership and CIC with "the Final Payment" to the WMI Estate. IMO, on Sept 5th."
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=134277327
Link?
Because, their plan was to capitalize WMMRC and expand it's business.
Pg. 20-23
https://www.scribd.com/document/63319846/Washington-Mutual-WMI-Closing-Argument-of-the-Equity-Committee-1st-Confirmation-Hearing-in-December-2010
From WMIH’s Amendment of Series B Preferred Conference Call on December 12, 2017
15:40
John Berg: Private Investigator
[Q: John] Yes, hello. Um, just as a follow-up to Brian’s concentration on the Escrow aspect, is WMI at all privy to any information on withheld assets in Safe Harbor by the FDIC Receivership? Cause, as an Escrow holder and having released, there’s a lot of us investors out there who are very curious as to what the status is of that? And, if WMI has any knowledge or insight into the Safe Harbor assets that are being currently withheld by the Receivership and when they might be released to the Escrow holders?
[A: Tom Fairfield] WMIH Corp, in answer to your question, is not involved in the Liquidating Trust or the Receivership for the former Washington Mutual Holding Company or any of it’s affiliates. So, if you have questions around that you would have to contact the Receiver or the relevant people at the Liquidating Trust for that information.
[Q: John] Right. It could be very significant, though, to WMIH because what others are discussing, as if these assets are indeed released to Escrow holders and there will be a payout to the Escrow holders, probably, a significant percentage of that money will be reinvested back into WMIH; which could be a very significant boost in the share price and the value of the Company. So,…
[A: Bill Gallagher] John, our view is we don’t have any call on any of that. I mean, we have no knowledge of it. It’s different entities and it’s not something that WMIH Corp has any interest in. And, if we did we’d pursue it but, we don’t.
[Q: John] Ok, that’s all i have. Thank you.
[A: Bill Gallagher] Thank you.
[A: Tom Fairfield] Thank you.
The answer is 7% - 8%. I'll post the question, tomorrow.
Interim Dividend Distribution
"As of June 30, 2017, the Receiver had approximately $2.76 billion to distribute to holders of claims allowed by the receivership, according to the priorities established in 12 U.S.C. § 1821(d)(11)(A). The most recent receivership balance sheet summary can be found at the following link: (WAMU Quarterly Receivership Balance Sheet Summary). After paying JPMC in full, the Receiver made an interim dividend distribution on September 26, 2017, on all approved senior unsecured claims of the receivership, including the claims of DBNTC, general trade creditors, and the WAMU senior bondholders. This distribution represented approximately 95% of the receivership’s remaining total current assets. The allowed senior unsecured creditors shared equally (on a pro rata basis) in this distribution. The remaining funds in the receivership are expected to be sufficient to cover future expected and potential losses and expenses."
https://www.fdic.gov/bank/individual/failed/wamu-settlement.html
It can't get any clear than this. There won't be any distribution to Tranche 6.
Ron, all it takes is some true DD.
Pg. 13
http://www.wmitrust.com/wmitrust/document/8817600170728000000000001
"Note 9: Investment in Subsidiaries Since the Effective Date, the Trust had five (5) dormant subsidiaries without any active business operations. The subsidiaries adopted a plan of liquidation in October 2012. The assets held by these subsidiaries were comprised solely of cash and cash equivalents. On June 23, 2017, four of the subsidiaries were merged with and into the last remaining subsidiary, WaMu 1031 Exchange. Prior to such mergers, such subsidiaries distributed their remaining cash to the Trust. The Trust received $444,333 on June 27, 2017. The last subsidiary, which no longer has any assets, is expected to be dissolved by December 31, 2017."
WaMu 1031 Exchange is NOW dissolved.
https://businesssearch.sos.ca.gov/
Where it says 'Search Criteria' put in "wamu 1031 exchange". Above that where it says 'Search Type' put in for 'Corporation Name'.
Click 'Search'
The next page will show...
Entity Number - C0855386
Registration Date - 11/07/1977
Status - Dissolved
Entity Name - WAMU 1031 EXCHANGE
Click on 'WAMU 1031 EXCHANGE'
The next page will show...
'Document Type'
Although, there is no PDF file for the DISSOLUTION document, there are others.
For those that are interested...
William Gallagher's EMPLOYMENT AGREEMENT: https://www.sec.gov/Archives/edgar/data/933136/000119312515186101/d924385dex102.htm
William Gallagher's RESTRICTED STOCK AGREEMENT: https://www.sec.gov/Archives/edgar/data/933136/000119312515186101/d924385dex103.htm
Thomas Fairfield's EMPLOYMENT AGREEMENT: https://www.sec.gov/Archives/edgar/data/933136/000119312515186101/d924385dex104.htm
Thomas Fairfield's RESTRICTED STOCK AGREEMENT: https://www.sec.gov/Archives/edgar/data/933136/000119312515186101/d924385dex105.htm
Both of their employment periods run until May 15, 2018.
"Snap Out Of It"
"holding on to a concept, for the simple reasoning that one wants it to be true' ? ... Is, In (your) Opinion, A Waist Of Time' ... ("wishful thinking"' is not a reality in (your) "financial" world) ..."
I've been asked to relay this message to cura asada from det_sherlock
To cura asada
Fm det_sherlock
Cura - I have long wondered if these "Great Western" entities have anything to do with the potential acquisition of Great Western Bancorp. you posted about. So I pass this along, FYI.
WMI acquired two "Great Western" units, as shown on their list of subs below.
If I recall correctly, JPMC lists several of its major units that operate from Chatsworth, CA. Are these servicing units JPMC picked up from WMB, or are they misappropriated property of WMI that are expected to be returned?
If they're expected to be returned in some fashion--liquidated by the LT, might WMI bid on them, and merge them with an acquisition of Great Western Bancorp.? This sounds impossible, due to the "debtor assets not to be returned to reorg'd company" provision.
But if you recall my Boardpost posts on the Penn State (?) study and another one that clearly spell out some "possible" outcomes of a negotiated settlement with the FDIC that include the idea of allowing the harmed company to buy-back some of its assets (in an open bidding process).
True, assets are not to be returned to debtors--but in a special situation, the FDIC might just correct some of its "errors" via a "negotiated settlement" with WMI.
FYI, for what it's worth.
det
----------------------------------------------------------------
1997 WMI acquisition of Great Western Units:
Great Western Bank (1919–97) - Wikipedia
https://en.wikipedia.org/wiki/Great_Western_Bank_(1919–97)
Jump to Acquisition by Washington Mutual - Great Western Bank was a large retail bank that operated primarily in the Western United States. Great Western's headquarters were in Chatsworth, California. At one time, Great Western was one of the largest savings and loan in the nation, second only to Home Savings of ...
Headquarters?: ?Chatsworth, California
Area served?: ?California?, ?Florida?, ?Washington?, ...
Industry?: ?Banking
Great Western Accepts Rival Takeover Bid - The New York Times
www.nytimes.com/1997/03/07/.../great-western-accepts-rival-takeover-bid.html
Mar 7, 1997 - Great Western Financial, moving to thwart a hostile takeover offer by H. F. Ahmanson & Company, said yesterday that it had agreed to be acquired by Washington Mutual for stock worth $6.6 billion in a deal that would create the country's largest savings and loan institution. Washington Mutual's offer, which ...
Great Western Accepts Washington Mutual Deal - WSJ
www.wsj.com/articles/SB857681454152985500
-------------------------------------------------------------------------
EX-21 14 a2182890zex-21.htm
EXHIBIT 21
WASHINGTON MUTUAL, INC. DIRECT AND INDIRECT SUBSIDIARIES
Great Western FS Corporation
Great Western Service Corporation Two
SOURCE - POST-SEIZURE SUB LIST, pg 22:
http://www.kccllc.net/documents/0812229/0812229081126000000000005.pdf
I went through the recent 8-K and it's Exhibit attachments. I noticed a change in WMIH's definition of an “Acquisition” from this 8-K Exhibit 3.1 (5.00% SERIES B CONVERTIBLE PREFERRED STOCK) from their previous 8-K Exhibit 3.1 (3.00% SERIES B CONVERTIBLE PREFERRED STOCK; filed 01/05/2015).
WMIH's old definition of “Acquisition”...
"(a) “Acquisition” means any acquisition by the Corporation or any of the Corporation’s direct or indirect wholly-owned subsidiaries, in a single transaction or a series of transactions, whether by purchase, merger or otherwise, of all or substantially all of the assets of, all the equity interests in, or a business line, unit or division of, any Person."
https://www.sec.gov/Archives/edgar/data/933136/000119312515001790/d845621dex31.htm
WMIH's new definition of “Acquisition”...
"(a) “Acquisition” means any acquisition by the Corporation, a holding company of the Corporation or a holding company to be formed by the Corporation, or any of the Corporation’s direct or indirect wholly-owned subsidiaries, in a single transaction or a series of transactions, whether by purchase, merger or otherwise, of all or substantially all of the assets of, or of 80% or more of the equity interests in, or a business line, unit or division of, any Person."
https://www.sec.gov/Archives/edgar/data/933136/000119312517365615/d504414dex31.htm
(New verbiage in red)
It's a dose of reality for some who believe WMIH has just been waiting all these years until the time comes when they can finally acquire "safe harbor" assets.
Pg. 1
(a) “Acquisition” means any acquisition by the Corporation or any of the Corporation’s direct or indirect wholly-owned subsidiaries, in a single transaction or a series of transactions, whether by purchase, merger or otherwise, of all or substantially all of the assets of, all the equity interests in, or a business line, unit or division of, any Person.
Pg. 4
(xx) “Qualified Acquisition” means an Acquisition that, taken together with prior Acquisitions (if any), collectively utilize aggregate net proceeds of the Offering in the amount of $450.0 million.
https://www.sec.gov/Archives/edgar/data/933136/000119312515001790/d845621dex31.htm
Speaking of the 2.5%...this is from the 2017 Annual Meeting of Stockholders June 1 (Q & A).
62:31
Frank [omitted]
[Q:] Frank [omitted]. This last question i have for you doesn’t involve the Escrows cause we’re all pretty much Escrow holders, probably, but it does involve the Liquidating Trust. It’s my understanding that i think that we have 2.5% of whatever comes back from the Liquidating Trust, if anything, to WMIH? Is that correct?
[A:] There is the Litigation Proceeds Escrow that the holding company, WMIH Corp, is entitled to receive a portion of that. But, based on my knowledge, there’s no additional entitlement to any proceeds from the Liquidating Trust on the part of WMIH.
[Q:] Let’s say there is? We don’t know for sure how this is going to play out? And, i think it can go as long as 10 years? Which would be September of 2018?
[A:] As we’ve disclosed in our Qs and Ks the arrangements that the Trust entered into in connection with various litigations or…i think there was a settlement with the Ds…the Directors, Officers,…or former Directors and Officers of Washington Mutual. Those litigation proceeds have already been received by WMIH or it’s…the portion it’s entitled. As i’m aware, the Trust has in it’s public filings, it has disclosed that there are not, to it’s knowledge, any additional claims that would result in additional distribution to WMIH…under the terms of the Plan of Reorganization (POR) that was approved by bankruptcy court.
http://event.on24.com/wcc/r/1426640-1/1BE0A3E16CE58C478FA6BA25551CF809
What's even more hilarious are those who sincerely thank him for his DD. :rolleyes:
From the 2017 Annual Meeting of Stockholders June 1 Q & A
36:00
Frank [omitted]
[Q:] Last year when i was here you said you couldn’t tell us who the deal that fell through was with. Now, can you tell us this year? That’s question number one.
[A: Bill Gallagher] And, I know a lot of time has passed since then Frank but our policy is to not discuss transactions that we’ve worked on; we’ve signed confees. (sp)( –Bill spoke it as an abbreviation for confidentiality agreements) We’re looking at different companies all the time, so, we do not think that it’s in the Company’s interest to be talking about what we’ve looked at, what we didn’t do, because that can weigh in on things that we look at in the future. Broadly, it was a large commercial finance business. I’m comfortable telling you that.
[Q:] Last year i mentioned why you couldn’t handle trying to put together 3 deals at the same time in case one fell through. And, you said you couldn’t manage that. Now, as a good sales person why don’t you change your attitude and put yourself out there…’what are we about?’, ‘what do we have to offer?’. Just like an Initial Public Offering, put yourself out there and let the people come to you and then you cherry-pick what you want out of it. I mean, i’m looking at KKR, an investment firm here that does hundreds of deals. And, we can’t put together a deal? In, what? Two, three years?
[A: Bill Gallagher] In terms of size we certainly have considered smaller transactions over the past year. And, have taken the view that if we can find a good business that has a value of 200 to 250 million, that could be acceptable…assuming that it has a strong enough management team that they can grow the business, either organically or through acquisitions. A smaller deal is not going to add enough value to the Company so, we have not focused on transactions below that. The smaller ones we’ve looked at didn’t have a strong enough management team or the overall earnings were low enough, relative to the price and price talk of the business that it was not compelling for us. But, we certainly are open to smaller transactions if it’s a roll-up strategy. There is execution risk around that but with the right opportunity we would certainly be open to that.
In terms of KKR, as people have seen, they have executed transactions over the past year. They have a number of funds that they’re investing for. Some of these businesses they’re buying, they fit the funds. They may not fit us. The way they have managed this investment is they have a fiduciary duty to the funds. The funds do get the first opportunity to make an investment. But, a couple of the things they’ve done recently, in terms of USI, I think it would have been much larger than anything we could’ve afforded. It was multiple billions of dollars.
And, in Focus Financial, they had a partner that i think may have brought them in to the transaction. So, it was not an opportunity for us. So, obviously we’re always a little frustrated when we see that team executing fields. But, realistically, they were not a fit for us.
And, they continue to put a lot of time and effort into WMIH. They are looking for opportunities. We’ve been engaged in earnest in a number of different things over the past year. And, they do a considerable amount of work and they’re experts at it. Their analysis is first rate and without that work we wouldn’t have this keen of view into the opportunities and we also wouldn’t be able to see a lot of these opportunities. So, they are doing what we need to do. We just need to find the right business where we can like the price and agree on it.
[A: Second Person] I would just add a couple of things to Bill’s comments. One is it addresses one point you made about looking at multiple things. We’re regularly looking at more than one opportunity at the same time. So, we’re not doing this just serially. Now, obviously in situations you get a certain amount of traction and you become more deeply involved and it takes more resources and effort. In other situations you’re on a more preliminary basis but we are looking at multiple deals, simultaneously.
Secondly, and i think it addresses a question that was asked earlier. We’ve communicated our investment parameters to pretty much all of the major investment banks here in town. And, we regularly meet with them to talk through those parameters and get idea generation from those banks. And, they have been very forthcoming in approaching us with a list of opportunities that they think might be available or becoming available. And, then we go through a process of examining the parameters of those different opportunities;…the potential pricing, the industry, the stability, the earnings, the management team, and so forth to try to filter through to find which ones would make sense for us to spend time on.
We also look at things that are more than just the financial service industries. So, it’s a process where we are generating leads of beyond the KKR deal flow team. And, looking at those in partnership with KKR as well to try and find things that fit the parameters. We’ve not limited ourselves to any one channel for those opportunities.
[Q:] Ok, well i do agree with the…try to make an acquisition that fits our needs… and…a much larger acquisition than a smaller one at least, initially. I think it would be…would enhance the stock price going into another acquisition later on. I’m glad you brought up that you’re trying to get more leads generated because we need to think out of the box, here. Currently, the way we’ve been going…floundering around for the last couple of years just isn’t doing it. We need more input. Put yourself out there. Let people know what you have to offer, just like an IPO. Let them come to you. Generate more stream of people asking or calling you on the phone to find out what you’re about.
[A: Bill Gallagher] And, maybe, i know we’ve spent a lot of time on the issue but, Tagar,…if you’re on the line you may want to just add a couple of points on this since it is directly related to the work KKR does, here.
[A: Tagar Olson] Yeah, i would be happy to, Bill. First of all i want everyone to understand that KKR remains very committed to supporting WMIH and implementing it’s acquisition strategy. We invested, as you all know, more than 200 million dollars in this company. We’ve committed very significant resources on our side and partnering with Bill and Tom and the management team and the Board…to indentify and assist in the pursuit of an accretive acquisitions. And, fundamentally our view of WMIH as a valuable acquisition platform hasn’t changed since the time we made our initial investment.
So, our team at KKR has spent and will continue to spend meaningful time and effort in helping WMIH and it’s management team to find an attractive acquisition that can build value for all stakeholders. We…to answer the question around…obviously, we are investors who make acquisitions all the time. And, i know the Board is focused on finding the right acquisition for WMIH. I think the observation that ‘we need to find the right acquisition for this platform’ is the right, the correct observation. And, the reality is to fit that profile, obviously, we need to have the appropriate business that we all believe can create value over the long term, at the appropriate value, with the appropriate financial synergies; including tax attributes in a business that will ultimately be public. And, if you look at as an example many of the transactions that are done in the private equity industry, including transactions that KKR has done, generally speaking they’re businesses where they remain private and generally speaking, sellers who in many cases prefer to remain private…where there’s an element of leverage that’s employed that is probably higher than it is in a typical public company…and, where fundamentally the tax attributes are probably not a fit for the WMIH entity. Meaning, when you compound tax attributes that come with a lot of businesses with interest expense in a leverage buyout scenario you end up in many of those circumstances with businesses which just aren’t fundamentally paying many taxes in general.
So, I do think the specific nature of our collective acquisition vehicle with WMIH requires that we’re focused on the right types of businesses and I can assure you that we are getting out there, we are talking to everybody that we can…both sellers as well as intermediaries and others to find the right acquisition platform. And, we continue to be focused on doing that.
Refresh my memory, what was the theory that was supposed to make last year's Christmas wonderful? And, the year before last year? And, so forth?
And, that "the Final Payment" is how much again? 900 billion? LOL.
Maybe this Hearing has to do with the WMILT asking for an another extension?
How can you say with certainty that you are "not wrong" when you have not nor can not show proof of such an assertion?
And, don't tell me to "google A&M (Alvarez & Marsal)". A google search will NOT return any such proof of A&M either servicing or managing any WaMu/WMI ABS Certs, cash, and/or Assets.
Simply put, you have accepted the opinions of a few others (on this matter) as stated fact(s) and are presenting those opinions as fact(s), yourself.
EXHIBIT “Z”
LOANS SERVICED BY JPMORGAN
https://www.sec.gov/Archives/edgar/data/933136/000090951810000371/settlement_agr.htm
As hotmeat stated...
WMIH began trading on March 28, 2012. It opened at $.63, high of that day was $1.10, and it closed that day at $1.00.
On May 31, 2012 WMIH opened at $.40 which was also it's low of that day.
WMIH will be acquiring 99 Cents Only Stores. J/K
"After receiving a deficiency notice, a company has 180 calendar days to return to compliance. A company warned about its shares' minimum bid price must achieve a closing price of $1 or more for 10 consecutive trading days during this period."
Are you sure it wasn't this statement that you read?
Pg. 7
2.4 Transfers of Liquidating Trust Interests.
(a) General. Liquidating Trust Interests shall not be transferable or assignable except by will, intestate succession or operation of law.
https://www.sec.gov/Archives/edgar/data/933136/000090951812000099/mm03-1212_8ke101.htm
And, according to AZCowboy people also "waist" time. :)
So, In My Opinion ? ... attempting to have a discussion ? ... is sort of a waist of everyone's time' .
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=136304146
AZ is not just "wrong" because he missed the 'Stay Order'. 'Stay Order' or no 'Stay Order'...and...regardless of the 'drop dead date', AZ had stated - as FACT - that there's documentation of a "the Settlement" between the FDIC and WMI, where the FDIC has agreed to make a payment for "WMI's illegally seized property = WMB = ... in the amount of $23,733,000,000.00" to the Estate.
Have you seen such documentation? Has anyone seen such documentation other than - supposedly - AZ?
I just figured that perhaps Dmdmd2020, or anyone else, could also ask AZ for his thoughts or an update on the "the Settlement" and get some clarity as to when it may happen. Soon? Maybe, this time when asked, he might even provide a link to such documentation? ;)