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https://www.sec.gov/Archives/edgar/data/933136/000127727708000181/form8kapril72008.htm
10.1 Investment Agreement, dated as of April 7, 2008, by and between Washington Mutual, Inc., Olympic Investment Partners, L.P. and TPG Partners VI, L.P.
Fabulous work, Ron. You're in a class all your own. Even though, claiming RICO and actually proving it are completely different. Was RICO ever proven?
Anyways, now that the FDIC has received "the Full Payment" (*$900 billion) how soon should we see a payout to our Escrows?
*
"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."
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=134277327
Remind us again, how much was "the Full Payment"? Was it $900 billion?
There will not be another payment from KKR to WMIH when the conversion of their Series A Preferred to Common Shares happens. This is not like how it would be with Warrants.
10,065,629 Shares of Common Stock issuable upon conversion of the Series A Convertible Preferred Stock
Pg. 8
"Specifically, in connection with the Series A Preferred Stock Transaction, we issued 1,000,000 shares of Series A Preferred Stock, which may be converted into 10,065,629 shares of our Common Stock,..."
==================================================================
~ (At this time i don't believe KKR is converting their Series A Preferred but, this link provides good reading anyways). ~
https://www.sec.gov/Archives/edgar/data/933136/000119312515400186/d29830d424b3.htm
Could you provide a detail explanation as to why the company would effectuate a forward split of any kind? ( "5 for 1.....even maybe 10")
Would this forward split happen before or after the Company completes a Qualified Acquisition?
Would this forward split happen before or after the Mandatory conversion of the Series B Preferred Stock to Commons?
Most likely, the Form D has to do with Stock Awards issued to Glossman, Renoff, Scheiwe, and Willingham back in June.
What is a Form D?
“Form D is a form to be used to file a notice of an exempt offering of securities with the Securities and Exchange Commission.”
Within the link you provided it shows…
13. Offering and Sales Amounts
Total Offering Amount $ 399999 USD
On June 1st of this year Glossman, Renoff, Scheiwe, and Willingham were each issued 83,333 restricted stock award at $1.20.
Glossman http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=12112104-1379-9096&type=sect&TabIndex=2&companyid=10353&ppu=%252fdefault.aspx%253fcik%253d933136
Renoff http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=12112138-1398-9115&type=sect&TabIndex=2&companyid=10353&ppu=%252fdefault.aspx%253fcik%253d933136
Scheiwe http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=12112142-1381-9098&type=sect&TabIndex=2&companyid=10353&ppu=%252fdefault.aspx%253fcik%253d933136
Willingham http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=12112144-1373-9090&type=sect&TabIndex=2&companyid=10353&ppu=%252fdefault.aspx%253fcik%253d933136
83,333 x $1.20 = $99,999.60
$99,999 x 4 = $ 399,998.40
Pg. 21
Table of Contents
“Qualified Acquisition” means an Acquisition that taken together with prior Acquisitions (if any) collectively utilize aggregate net proceeds of this offering of $450.0 million.
https://www.sec.gov/Archives/edgar/data/933136/000119312515400186/d29830d424b3.htm
Pg. 1
The Offering -
"On January 5, 2015, WMIH completed an offering (the “Series B Preferred Stock Offering”) of 600,000 shares of its Series B Preferred Stock, yielding aggregate gross proceeds equal to $600 million, pursuant to a Purchase Agreement with Citigroup Global Markets Inc. (“Citigroup”) and KKR Capital Markets LLC (“KCM”), an affiliate of KKR Fund Holdings L.P. (“KKR Fund”) and KKR Management. The initial net proceeds from the Series B Preferred Stock Offering of $598.5 million (net proceeds after payment of all offering expenses and initial purchasers’ fees, including contingent fees, some of which have not been realized, will be approximately $568.7 million) were deposited into an escrow account and initially invested in United States government securities having a maturity of 180 days or less, in certain money market funds, or cash items. The net proceeds of the Series B Preferred Stock Offering will be released from escrow to us from time to time in amounts needed to finance our efforts to explore and fund, in whole or in part, acquisitions, whether completed or not, including reasonable attorney fees and expenses, accounting expenses, due diligence and financial advisor fees and expenses."
Refresh my memory, please. How much was the "Final Payment" that the FDIC received from JPM for "WMB and it's assets"? Was it $900 billion?
Trading volume is light = "somebody knows something".
Trading volume is heavy = "somebody knows something".
Conclusion: Regardless how the stock trades - it will be perceived as "somebody knows something".
And, "something" is always going to happen "soon". lol
Are you taking questions from anyone? If so,does the FDIC-R still have in their possession the $151 billion that was transferred to them from JPM?
You know, the "151 OFF BALANCE CASH & ASSETS AT FDIC-R not being carried same way received==OFF BALANCE, which does not have to be REPORTED!!"? LOL.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=128849228
I understand that it was an opinion, it doesn't negate the fact that it was stated.
Not "we" but the "WMI Estate" (WMILT). In fact, $900 billion.
"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
So, the "WMI Estate" will receive a $900 billion "Final Payment" tomorrow. (Sept. 5th)
How much longer after will Escrow holders see this money transferred to their accounts?
"Soon"?
Can you imagine what it must be like for those people who have to deal with him in the 'real world' as opposed to the internet?
Well, according to some message board experts the minimum to be returned would be $40B with the maximum of $900B.
"...the FDIC got "the Final Payment" of around $900B for "WMB and it's assets" which completes the CIC."
A classic case of comedy gold? However, the sad part is you're not joking.
Ron, when can we expect JPM's $299 billion payment to the Receivership for The WMB Enterprise?
KKR Finalizes Strategic Investment in WMI Holdings Corp.
" SEATTLE, January 31, 2014 — WMI Holdings Corp. (OTC: WMIH) (“WMI” or the “Company”) today announced that KKR Management Holdings L.P. and KKR Fund Holdings L.P., subsidiaries of KKR & Co. L.P. (together with its affiliates, “KKR”), have finalized a strategic investment in the Company.
Michael Willingham, Chairman of the Company said, “We believe the investment in our Company by KKR will enhance value for all shareholders of WMI Holdings. KKR has a history of investing across a wide range of asset classes and we look forward to working with the KKR team as we execute on our acquisition strategy.”
Tagar Olson, Member and Head of KKR’s Financial Services team stated, “We are pleased to finalize this investment and look forward to working with the Company as it continues to grow and diversify its platform. As a long-term aligned capital partner to the Company, we believe that KKR is well-positioned to help build shareholder value.”
On January 30, 2014, KKR (i) purchased approximately $11 million face amount of convertible preferred stock of the Company convertible into shares of common stock of the Company for a conversion price of $1.10 per share, and (ii) committed to purchase up to $150 million aggregate principal amount of subordinated 7.5% PIK notes, which may be issued in one or more tranches over a three year period, each with a seven year term from the date of initial issuance (the “Subordinated Notes”), subject to certain terms and conditions. Substantially all of the proceeds from the Subordinated Notes, if and when issued, would be used by the Company to fund future acquisitions. In connection with the commitment, KKR has received five-year warrants to purchase approximately 61.4 million shares of the Company’s common stock, 30.7 million of which has an exercise price of $1.32 per share and 30.7 million of which has an exercise price of $1.43 per share. KKR also has the right for three years to participate up to 50% in equity offerings up to an aggregate of $1 billion by the Company subject to certain limitations, including a cap on ownership by KKR of 42.5% of the Company’s common equity.
Blackstone Advisory Partners L.P. acted as financial advisor to the Company in connection with the transaction. Akin Gump Strauss Hauer & Feld LLP and Lane Powell PC are counsel to the Company. Simpson Thacher & Bartlett LLP is counsel to KKR."
http://media.kkr.com/media/media_releasedetail.cfm?releaseid=822950
When you say Susman is on Wmih-safe, do you mean he posts there? If so, just curious, when was the last time he posted there? Today? A week ago? A month ago? Years ago?
Haven't you already been discredited by your statement that "WMI retained interest of WMB pledged loans. As per Hochberg's report."? http://investorshub.advfn.com/boards/read_msg.aspx?message_id=129739332
Here's Hochberg's report.http://online.wsj.com/public/resources/documents/WM-Examiner-Report-pt1.pdf
What page number can we find this information?
Do you still foresee Escrow holders being issued LTIs by July 2015?
That's correct. At this year's Shareholder Meeting a question was asked about WMIH's PPS possibly dropping below $1.00 and the concern of being delisted from the NASDAQ.
Gallagher replied with a comment about levers they could pull to keep the price above $1.00. It was within this aspect that a "reverse split" was mentioned.
It was 500 million, not 20/25 billion.
"Trust Demands $500 Million From Bankers
SEATTLE (CN) – Top officers of WMI, Washington Mutual Bank’s parent company, wasted half a billion dollars by transferring assets to the doomed bank just two weeks before it was seized by federal regulators, unsecured creditors claim in court.
WMI Liquidating Trust, representing the Official Committee of Unsecured Creditors of Washington Mutual Inc., sued 16 former WMI officers and directors for breach of fiduciary duty and corporate waste, on Tuesday in King County Court.
Washington Mutual was placed into receivership in September 2008, becoming the largest bank failure in American history.
The Trust claims that WMI officials “responded out of panic rather than reason” when they transferred, or downstreamed, $500 million to the bank on Sept. 10, 2008.
September was the height of the “financial tsunami” and there was rampant speculation that Washington Mutual would soon collapse, according to the lawsuit.
“The prudent decision would have been to preserve WMI’s assets at this critical time rather than to place them in the failing WMB [Washington Mutual Bank],” the Trust says.
Instead, the officer defendants and director defendants “responded out of panic rather than reason,” according to the complaint. “They abandoned the interests of WMI and allowed the September Downstream, despite the complete absence of any evidence of deliberation as to whether a transfer should be made at that time. Half a billion dollars of WMI’s capital, which otherwise would have been available for the benefit of WMI’s creditors and shareholders, instead was transferred outside of creditors’ reach to WMB, a distressed entity facing imminent seizure.”
Regulators seized Washington Mutual on Sept. 25, 2008. It was sold out of receivership to JP Morgan Chase Bank.
The capital infusion was “utterly irrational” and did nothing to help the bank’s liquidity, the complaint states.
“Because WMB was doomed to fail at the time of the September Downstream absent additional liquidity on a scale that WMI and WMB did not have and could not raise, the interests of WMI and WMB not only were dissimilar, but adverse. Had the defendants acted in the best interests of WMI, they would have preserved the funds for the benefit of WMI and its creditors and shareholders. Instead, the defendants squandered WMI’s financial resources by causing the September Downstream, thereby breaching their fiduciary duties to WMI and committing corporate waste,” according to the complaint.
The defendant former officers and directors are Thomas W. Casey, Kerry K. Killinger, Stephen J. Rotella, Robert J. Williams, Jr., Alan H. Fishman, Stephen E. Frank, Charles M. Lillis, James H. Stever, Margaret Osmer McQuade, Michael K. Murphy, Orin C. Smith, Phillip D. Matthews, Regina T. Montoya, Stephen I. Chazen, Thomas C. Leppert and William G. Reed, Jr.
The Trust seeks damages “not less than the amount of the September Downstream.”
It is represented by Justin Nelson with Susman Godfrey."
https://www.courthousenews.com/trust-demands-500-million-from-bankers/
Form 10-K; FOR THE FISCAL YEAR ENDED DECEMBER 31, 2007.
Pg. 2
"Washington Mutual, Inc. is incorporated in the state of Washington and is a savings and loan holding company."
Pg. 4
Holding Company Status and Acquisitions
Washington Mutual, Inc. is a "multiple savings and loan holding company," as defined by federal law, because it owns more than one savings association. However, Washington Mutual, Inc. is not regulated as a multiple savings and loan holding company because the OTS deems its federal savings associations to have been acquired in supervisory transactions. Therefore, it is exempt from certain restrictions that would otherwise apply under federal law to the activities and investments of a multiple savings and loan holding company. These restrictions would become applicable to Washington Mutual, Inc. if either of its banking institutions fails to meet a qualified thrift lender test established by federal law. As of December 31, 2007, both WMB and WMBfsb were in compliance with qualified thrift lender standards.
https://www.sec.gov/Archives/edgar/data/933136/000104746908002083/a2182890z10-k.htm
Thanks for the inside information.
Did you actually carefully read the context of the link you provided?
Hint: BOARD MEMBERS AFFILIATED WITH Diane Beth Glossman CFA
The guys from Ambac and Live Oak Bacshares have nothing to do with WMIH.
Here's a better link to WMIH Board members. http://www.investing.businessweek.wallst.com/research/stocks/people/board.asp?ticker=WMIH
Over the past 5 years the Company (WMIH) has filed with the SEC, (16) 10-Qs and (5) 10-Ks. In each filing they've listed the Subsidiaries they own. Those being, WM Mortgage Reinsurance Company (WMMRC) and WMI Investment Corp (WMIIC). Nowhere in any of these filings does the Company indicate that Long Beach Mortgage Corporation operates as a Subsidiary of the Company. Why do you think that is? It's not a difficult answer.
Bloomberg is in error.
WMIH's first 10-Q: For the quarterly period ended June 30, 2012. https://www.sec.gov/Archives/edgar/data/933136/000119312512347769/d392333d10q.htm
Pg. 8 - Note 1: The Company and its subsidiaries
There's no Long Beach Mortgage Corporation listed.
WMIH's most recent 10-Q: For the quarterly period ended March 31, 2017. https://www.sec.gov/Archives/edgar/data/933136/000156459017009871/wmih-10q_20170331.htm
Pg. 7 - Note 1: The Company and its Subsidiaries
There's no Long Beach Mortgage Corporation listed.
Pg. 20 -21 Read Footnote 12
http://www.globic.com/wamurmbssettlement/pdfs/Verified%20Petition%20and%20Exhs%201-29.pdf
"Pursuant to § 3.01 of the Settlement Agreement, the Trustee will be deemed to have an allowed general unsecured creditor claim in the WMB Receivership Estate in the amount of $3,006,929,660 (the “Trustee Allowed Claim”)12 and the FDIC-Receiver agrees to pay JPMC $645,000,000 from the WMB Receivership Estate (the “JPMC Payment”)."
Footnote 12 -
"Based on the WMB Receivership Estate’s most recent balance sheet, see, supra, ¶ 38, it is estimated that this allowed claims amount will yield approximately $695 million in eventual cash distributions to the Trustee for the benefit of the Trusts."
I betcha only 4% of those who post on this board really understand this.
It's a general unsecured creditor claim.
Pg. 5
ARTICLE III. SETTLEMENT TERMS
3.01. Trustee Allowed Claim. Upon the Effective Date,the Trustee will be deemed to have an allowed general unsecured creditor claim in the WMB Receivership Estate in the amount of $3,006,929,660 (the "Trustee Allowed Claim"). The claim will be evidenced by a notice of allowance of claim from the FDIC~Receiver's claims agent in charge addressed to the Trustee as provided in Section 4.09. The FDIC-Receiver will treat the Trustee Allowed Claim proportionally with all other allowed general unsecured claims and will not subordinate or otherwise diminish the Trustee Allowed Claim. Any and all distributions on account of the Trustee Allowed Claim will be made by the FDIC~Receiver to the Trustee as and when the FDIC-Receiver makes distributions to other general unsecured creditors holding allowed claims in the WMB Receivership Estate. All distributions made by the FDIC-Receiver on account of the Trustee Allowed Claim will be made to an account designated by the Trustee.
https://www.fdic.gov/bank/individual/failed/wamu_dbntc_jpmc_fdic_settlement.pdf
Pg. 12/29
The "Uncertain" deposit
Jeffrey Altman of Owl Creek (UCC member)—wrote the following in his annual letter to shareholders in January of 2009
https://www.scribd.com/document/43190734/Washington-Mutual-WMI-Shareholder-Mason-Objection-to-the-Plan-of-Reorganization-and-Request-for-an-Audit-of-Estate-Value
In WMIH's 10-Ks and 10-Qs, they list having only two Subsidiaries. Those being, WM Mortgage Reinsurance Company, Inc.(WMMRC) and WMI Investment Corp (WMIIC).
WMIH does not list Long Beach Mortgage Corporation as a Subsidiary in any of their 10-Ks or 10-Qs.
Therefore...
Just a reminder, Tepper sold a little more than half of his WMIH common share holdings last year.
https://www.forbes.com/sites/gurufocus/2016/10/17/david-tepper-pulls-half-of-backing-of-shell-company-formed-from-washington-mutual-bankruptcy/#4255f5066ccd
Where did you get this understanding from?...a message board?
The 4th of July weekend in 2015 was supposed to be the BIG ONE, under a veil of cover. So was the 4th of July weekend last year. Obviously, it's this year's 4th of July weekend that we'll see the big GREEN.
It looks as though WMIH gained approval to sell a portion of their NOLs to Dell.
Ask AzCowboy if he can get you up to speed on the $24 billion payment from the FDIC before the 'drop dead date' of 3/16/2017.
FINDINGS OF FACT, CONCLUSIONS OF LAW, AND ORDER CONFIRMING THE SEVENTH AMENDED JOINT PLAN OF AFFILIATED DEBTORS PURSUANT TO CHAPTER 11 OF THE UNITED STATES BANKRUPTCY CODE
Pg. 14
W. The Compromise and Settlement Embodied in the Plan is Fair, Reasonable and in the Best Interests of the Debtors' Estates.
https://www.fdic.gov/bank/individual/failed/wamu_confirmation_order.pdf