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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
Hey tanjazielman, you stated on 03/21/17 that...
JPM's third-party mortgage servicing is what grew 91% to $1.17 trillion of loans, not the WaMu portfolio.
"However, there is one area that has
shown an improving trend: third-party mortgage
servicing. This business relies on scale and efficiency
and, including the addition of the WaMu portfolio,
it grew 91% to $1.17 trillion of loans."
Are you going to grace this board with another one of your hilarious "soon" predictions?
ADDED - Pg. 9-10
SECTION 6. Mandatory Redemption. (a) Except as described in Section 6(b), the Corporation shall be required to redeem all outstanding shares of the Series B Preferred Stock
(including unconverted shares of the Series B Preferred Stock remaining after any Mandatory Conversion, including Unconverted Shares), if any, unless such shares of the Series B Preferred Stock have been previously repurchased at the option of the Holder pursuant to a Put Event or mandatorily converted (including in a Partial Conversion), on the third anniversary of the Issue Date (the “Mandatory Redemption Date”), out of funds lawfully available for payment, at a price equal to $1,000 per share of the Series B Preferred Stock, plus an amount equal to accrued and unpaid dividends, if any, whether or not declared (the “Mandatory Redemption Price”).
(b) If, prior to the Mandatory Redemption Date, the Corporation has publicly announced that it has entered into a definitive agreement for an Acquisition, the Mandatory Redemption Date shall be extended to the earlier to occur of:
(i) July 5, 2018; and
(ii) the day immediately following (x) the date such definitive agreement is terminated or (y) the date such Acquisition is closed.
https://www.sec.gov/Archives/edgar/data/933136/000119312515001790/d845621dex31.htm
From the WMIH Conference Call and Webcast March 21,2017
==================================================================
29:20
Leon “Lee” Cooperman – Omega Advisor
Q: What is the drop dead date where the Preferred could have the right to get back it’s money if no transaction is effectuated?
A: The redemption date for the Preferred is January 5th of 2018, and it does have a provision that if we have actually executed an acquisition agreement there’s a 6 month extension provision in that.
==================================================================
Yes,the redemption of the Preferred can be extended for another 6 months beyond Jan 5 2018 but, only if, prior to the Redemption Date, an Acquisition agreement has been announced.
About Restricted Stock Awards
A Restricted Stock Award Share is a grant of company stock in which the recipient’s rights in the stock are restricted until the shares vest (or lapse in restrictions). The restricted period is called a vesting period. Once the vesting requirements are met, an employee owns the shares outright and may treat them as she would any other share of stock in her account.
How do Restricted Stock Award Plans work?
Once an employee is granted a Restricted Stock Award, the employee must decide whether to accept or decline the grant. If the employee accepts the grant, he may be required to pay the employer a purchase price for the grant.
After accepting a grant and providing payment (if applicable) the employee must wait until the grant vests. Vesting periods for Restricted Stock Awards may be time-based (a stated period from the grant date), or performance-based (often tied to achievement of corporate goals.)
When a Restricted Stock Award vests, the employee receives the shares of company stock or the cash equivalent (depending on the company’s plan rules) without restriction.
http://personal.fidelity.com/products/stockoptions/rstockawards.shtml
$15 stock? I say it'll be a $30 stock and will happen next week, imo. BOOM!!
Using Michael Willingham as an example:
In March 2012, his original 1,000,000 WAMUQ shares converted into 34,503 WMIH shares.
In Oct. 2012, MW received 165,154 restricted stock awards with an exercise price of $0.
In Aug. 2013, MW received 98,039 restricted stock awards with an exercise price of $0.
In Feb. 2014, MW received 50,000 restricted stock awards with an exercise price of $2.53
In June 2014, MW received 35,842 restricted stock awards with an exercise price of $ 2.79
In April 2015, MW received 38,462 restricted stock awards with an exercise price of $ 2.60
In June 2016, MW received 42,553 restricted stock awards with an exercise price of $ 2.35
In June 2017, MW received 83,333 restricted stock awards with an exercise price of $ 1.20
Is it because they know that there's "151 (billion) OFF BALANCE CASH & ASSETS AT FDIC-R not being carried same way received==OFF BALANCE, which does not have to be REPORTED!!"?
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=128849228
Yeah, that must be it. I'm sure it has nothing to do with the part in the article that i bolded.
/sarcasm
"In exchange, JP Morgan, the largest U.S. bank by assets said it will drop its more than $1 billion in claims related to the Washington Mutual (WaMu) purchase. "
JPMorgan Chase & Co (JPM.N) on Friday said it will receive $645 million in a settlement of litigation with the Federal Deposit Insurance Corp and Deutsche Bank AG (DBKGn.DE) arising from its purchase of Washington Mutual Inc's banking operations during the financial crisis in 2008.
According to a regulatory filing, JPMorgan will collect the cash payment from the estate of Washington Mutual Bank, for which the FDIC acts as receiver.
In exchange, JP Morgan, the largest U.S. bank by assets said it will drop its more than $1 billion in claims related to the Washington Mutual (WaMu) purchase.
JPMorgan also said Deutsche Bank, the trustee overseeing 99 trusts holding residential mortgage securities backed by soured WaMu home loans, will have a claim against the estate.
JPMorgan had filed lawsuits seeking to force the FDIC to indemnify it on claims relating to the WaMu purchase, in which it also assumed some of the thrift's liabilities.
Deutsche Bank had filed a $10 billion lawsuit against the FDIC and JPMorgan over losses stemming from alleged defects in WaMu's mortgage underwriting.
JPMorgan said the settlement requires court approval, and would end four WaMu-related lawsuits involving the bank and the FDIC, and pending in the federal court in Washington, D.C.
The bank and the FDIC have long fought over who is liable to investors for claims arising from Seattle-based WaMu's collapse.
WaMu had been nation's largest savings and loan before the FDIC seized it on Sept. 25, 2008 and sold its banking operations to New York-based JPMorgan for about $1.9 billion. The parent holding company of WaMu filed for bankruptcy protection.
http://www.reuters.com/article/us-jpmorgan-settlement-washing-mut-bk-idUSKCN10U28M
You mean this guy? He's being sarcastic.
Bri
45 minutes ago
Guys don't pay attention or look at your account. Funds are buying. Pretend the drop from 3 to 1 never happened. Even though price dropped big funds buying. Prices sometimes go down when big funds buy. Manipulation I guess
B
Bri
Bri
43 minutes ago
Besides only a few of us own the stock that message on this board
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Bri
Bri
2 days ago
First Monday in awhile wmih wasn't down. Moral victory
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Bri
Bri
5 days ago
Funds are buying guys. No big deal here
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Bri
Bri
5 days ago
Here's a question. If funds are buying. Who is selling
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Bri
Bri
5 days ago
But but funds are buying. Lol. Can't make this up
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Bri
Bri
15 days ago
Good work if yA cAn get it.
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Bri
Bri
12 days ago
Market all time highs. Wmih relative strength not so good
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Bri
Bri
12 days ago
Funds are loving this dip
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Bri
Bri
14 days ago
Funds are buying. Hence stock near 52 wk lows. Lol. Can't make this up
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Bri
Bri
15 days ago
What a dog. This dog has fleas
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Bri
Bri
27 days ago
Buying
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Bri
Bri
27 days ago
Are
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Bri
Bri
27 days ago
Funds
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Bri
Bri
27 days ago
Lol. Can't make this up
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Bri
Bri
27 days ago
Nassssty
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Bri
Bri
29 days ago
Funds are buying. Lmao
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Bri
Bri
2 months ago
It's acted as resistance. It is what it is.
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Bri
Bri
2 months ago
1.50 wall of steel
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Bri
Bri
2 months ago
Resistance 1.35/40. She will run if cleared.
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Bri
Bri
2 months ago
Boys are back in town
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Bri
Bri
2 months ago
Funds buying. Believe them, not price action
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Bri
Bri
2 months ago
I'm not worried
Because folks that are smarter than me on here are saying funds are buying. They been buying from 2.50 to 1.00. In just a dumb chart guy
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Bri
Bri
2 months ago
Funds buying. Zeke says so. So there
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Bri
Bri
2 months ago
I own some but not sure why it matters. I'm not realtime on 1 hub or whatever that is. As far as the cc. Listened to it. Seems like all sides are eager for a deal. Seems like the management team is taking its time to find the right deal and not overpay. I think the market at all time highs isn't helping.
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Bri
Bri
2 months ago
Zeke will have a positive for us about conference call. Funds buying ? That made me feel better from 2.50 all the way to my target of a dolla
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Bri
Bri
2 months ago
I see cooperman was part of the preferred offering. So that answers why he asked the question he did. Hes underwater.
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Bri
Bri
2 months ago
Close above 1.30 would be a great start
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Bri
Bri
2 months ago
And to think everyone thought today was the day a big deal was announced. Lol. Whoopsie
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Bri
Bri
2 months ago
Yikes
From Ilene Slatko's report Shareholder Meeting June 1, 2016.
"At the last minute, an older shareholder jumped back up and grilled them on the 11.1M, and how many deals could they do at that rate until they ran out of money...it was then that Gene jumped up and answered rather rudely and said basically, “if we don’t have a deal next year you can fire us”."
How so?
Owner name
JPMORGAN CHASE & CO
Date
03/31/2017
Shares held
134,131
Change (Shares)
(223,425)
Change (%)
(62.49)
Value (in 1,000s)
161
http://www.nasdaq.com/symbol/wmih/institutional-holdings?page=4
Correction...the link you provided has a date of October 5, 2016 while the link i provided has a date of January 1, 2016. Nonetheless, the end result is the same. Tepper sold more than half of his shares.
LuckyPanda, you stated…
Would you happen to remember the names of the other 4 funds?
Are you saying this article is incorrect, then?
The day Tepper’s stake was disclosed, WMIH was priced at $1.88. On Oct. 5, when he sold 8,788,287 shares, WMIH was priced at $2.14, down 17.4% year to date. The sell shrunk his holding by 53.63%, leaving him with 7.6 million shares, or 3.7% of the company.
https://www.forbes.com/sites/gurufocus/2016/10/17/david-tepper-pulls-half-of-backing-of-shell-company-formed-from-washington-mutual-bankruptcy/#6946c19c6ccd
Really, is that how it works? Why issue 3.5 billion shares? Why not issue 1.75 billion, then the stock would be $20. How about WMIH issue 500 million shares, then the stock would be $70. Do you see the point i'm trying to make? It doesn't work the way you think it works.
WMIH is trading around $1.30, right now. In order for WMIH to aquire a $35 billion portfolio by issuing 3.5 billion shares the share price of WMIH would have to already be at $10.
It looks as though the numerous Blackrock entities have consolidated their shares into just one.?
As of 12/31/2016
Blackrock Advisors LLC 105,764 shares
Blackrock Fund Advisors 6,756,904 shares
Blackrock Group LTD 79,902 shares
Blackrock Inc. 20,458 shares
Blackrock Institutional Trust Comp. 2,011220 shares
Blackrock Investment Management 796,475 shares
Total: 9,770,723 shares
As of 3/31/2017
Blackrock Inc. 9,716,739 shares
No longer listed which previously held are:
Blackrock Advisors LLC
Blackrock Fund Advisors
Blackrock Group LTD
Blackrock Institutional Trust Comp.
Blackrock Investment Management
Not correct. 18 million annually at a rate of 3%, $4.5 million quarterly.
Pg. 6
"SECTION 3. Regular Dividends . (a) Holders of shares of outstanding Series B Preferred Stock shall be entitled to receive, when, as and if declared by the Board of Directors, out of funds of the Corporation lawfully available for payment, cumulative regular dividends at an annual rate of 3.00% of the Liquidation Preference per share of Series B Preferred Stock, payable quarterly on each Regular Dividend Payment Date, in cash (subject to Section 5(c) below) (the “Regular Dividends”). "
https://www.sec.gov/Archives/edgar/data/933136/000119312515001790/d845621dex31.htm
Washington Mutual Inc. ("WMI"), the holding company filed for Chapter 11 bankruptcy, not Washington Mutual Bank.
"The next day, Washington Mutual Inc. ("WMI"), the holding company for WAMU, filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of Delaware (assigned to Judge Mary F. Walrath)."
https://www.fdic.gov/bank/individual/failed/wamu_settlement.html
=================================================================
Also, regarding the $4 billion..
03/27/2010 6:18 pm
"Washington Mutual Inc. filed a Chapter 11 reorganization plan, two weeks after resolving a $4 billion dispute with JPMorgan Chase & Co. and the Federal Deposit Insurance Corp.
The FDIC seized Washington Mutual’s flagship bank in 2008 and sold its assets to JPMorgan for $1.9 billion. The sale resulted in the two banking companies and the government agency trading lawsuits over roughly $4 billion in disputed deposit accounts following the largest bank failure in U.S. history.
The bank holding company filed its 521-page plan late Friday in U.S. Bankruptcy Court in Delaware.
The plan, which still has to be approved by a judge, would set up a $7 billion trust fund for paying creditors, including the $4 billion in deposit accounts that JPMorgan had claimed for itself."
http://www.rolandsmartin.com/blog/index.php/2010/03/27/washington-mutual-files-for-chapter-11/
What makes you think i don't understand? My point was this $4 billion didn't just go "poof", it went somewhere...it went to partially pay off the Creditors.
The Creditors were owed roughly about $7 billion.
Let me ask you a question...let's say that it was shown that the $4 billion belonged to the Holding Company (WMI), who do you think this money would have eventually gone too?
Would it have gone to...
a) the Creditors (which it did)
or
b) Equity
No, it didn't. The $4 billion eventually went to pay off the creditors.
I'm still waiting for an answer from tanjazielman to this.
tanjazielman
" Wrong assumption. WMI retained interest of WMB pledged loans. As per Hochberg's report."
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=129739332
ReikoBlack
"Which page number is this on?
http://online.wsj.com/public/resources/documents/WM-Examiner-Report-pt1.pdf "
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=129740972
link?
My post should have been self explanatory as to why KFN is filing a Form 25. They're redeeming the 7.500% Senior Notes and not as you might imply,
" KKR Financial Holdings LLC (“KFN”) is a subsidiary of KKR. Prior to being acquired by KKR on April 30, 2014, KFN common shares were publicly listed on the New York Stock Exchange.
KFN’s other securities remain outstanding, namely its 7.375% Series A LLC Preferred Shares (NYSE:KFN.PR), 7.500% Senior Notes due 2042 (NYSE:KFI), and junior subordinated notes. On April 7, 2017, KFN announced that it will redeem all of its outstanding 7.500% Senior Notes due 2042 on April 24, 2017 in accordance with the optional redemption provisions provided in the documents governing the notes. For additional information regarding the redemption, please see the Company’s press release, dated April 7, 2017, in the Press Releases section of this website."
http://ir.kkr.com/kfn_ir/kfn_overview.cfm
BREAKING DOWN 'SEC Form 25'
Securities may be delisted from an exchange for various reasons. Bonds may have matured or been called and redeemed by a company.