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What does all of this mean?
"Those that were breaking the law had little choice. They were preferred holders."
Actually, 'they' were holders of Piers. Remember, the waterfall, so to speak, was to end with the Piers being impaired. Equity (both Preferred and Commons; at that time) were 'out of the money'. That all changed with Nate and the Judge's "colorable claims".
That's correct.
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From: Edgar G. Sargent [mailto:esargent@SusmanGodfrey.com]
Sent: Thursday, March 22, 2012 4:36 PM
To:
Subject: RE: Wamu
Here's information I just received from Alvarez showing conversion ratios:
142,500,000 (75% of 190,000,000) are distributed to holders of preferred securities as well as claims subordinated to the level of preferred. Total disputed claims at the preferred level are $106,514,585.09. For those claims, 2,109,051 shares are reserved. The remaining 140,390,949 are distributed evenly by liquidation preference across the $7.5 billion of preferred shares. However, while the TPS are denominated in 1,000s, the Series K has a face amount per share of $25.
For the TPS, 3,729,658.260 shares provided releases and will receive 73,849,406 shares or 19.80058 new shares per old share. This share count is after giving effect to the mandatory exchange.
For Series R, 2,906,421 shares provided releases and will receive 57,548,829 or 19.8005825 new shares per old share.
For Series K, 18,166,565 shares provided releases and will receive 8,992,714 shares or 0.4950146 new shares per old share.
For the common shareholders, they are receiving 47,500,000 shares of which 4,165,750 shares go to the Dime Warrant holders, 2,631,933 shares are reserved for disputed equity claims, 693,806 shares will be distributed to Principal Financial on account of their claims and existing common will get 40,008,511 shares. For each share of existing common granting releases in the total amount of 1,194,340,178 shares, they will receive 0.03349842 shares.
Because no fractional shares are being issued, the percentages for each holder may vary due to rounding. I’m not sure what you are using this information for, but that’s an important point for holders.
Hope this gets you what you need. I'm out until tomorrow so if you have any follow up I will probably respond then.
Edgar
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It wasn't TPS that "got caught", it was AAOC.
Aurelius
Appaloosa
Owl Creek
Centerbridge
Ditto! Do you have a link to your "151 OFF BALANCE CASH & ASSETS AT FDIC-R being carried same way received==OFF BALANCE"?
...or is it just your opinion?
We will know for sure at the end of April. This will be the next time the WMI Liquidating Trust will announce a cash distribution or not.
Ask AZ to explain his nonsensical "stock for value" theory to you that he's been preaching about for years. Of course, since he believes that they're no illiquid returning assets then that would make his "stock for value" event also a 'bunch of bunk'. It also means he's been preaching a 'bunch of bunk' for years. For what reason, then?
The return of illiquid assets was the basis for YOUR "stock for value" event theory. Are you saying it's now a "bunch of bunk"?
Are you referring to the FDIC $24 billion payment,(the "Settlement"), that has been suggested by Azcowboy?
Can you provide a link to the document which explicitly states the "bargain" made in which it specifies the amount of money the FDIC will "transfer"?
Are you referring to the FDIC $24 billion payment,(the "Settlement"), that has been suggested by Azcowboy?
"These losses are tied to the agreement WMIH made with the FDIC when they abandoned WMB stock..."
"So the FDIC has until mid March/2017 to transfer the money as their part of the bargain..."
Can you provide a link to the document of this agreement, more specifically to the document which explicitly states the "deal" made between the FDIC and WMIH in which it specifies the amount of money the FDIC will "transfer"?
An after hours trade (16:04:58) of 2,490 shares at $2.17
http://www.nasdaq.com/symbol/wmih/after-hours
Edited Transcript of KKR earnings conference call or presentation 11-Feb-16 3:00pm GMT
Chris Kotowski, Oppenheimer & Co. - Analyst [35]
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First, you highlighted WMIH in this release, and I'm wondering -- as a balance sheet investment -- and I'm wondering is that conceived of as a vehicle for investing or co-investing in ordinary private equity type investment, or is that a strategic tool for a strategic parent company investments, or how -- what should we expect to see there?
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Scott Nuttall, KKR & Co. L.P. - Global Head of Capital and Asset Management [36]
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Sure, Chris. It's a great question. So WMIH is actually a NASDAQ traded entity and think of it this way. It is the old holding company of Washington Mutual, which has a meaningful NOL. And so -- and there's lots of public disclosure that that entity puts out, so there's lots that you could find out about it. But the punchline from a KKR standpoint is we view it as a very interesting tax-advantaged vehicle for us to make some kind of strategic acquisition for KKR in the financial space or otherwise through that vehicle where we would have an ownership position in it.
So in effect, we've got a tax-advantaged vehicle through which we have the option of going and doing something interesting with balance sheet capital. So I would think that almost as a tax-advantaged SPAC that we can use to go do some interesting things. It's not a client account, to be clear. It's actually a public company.
*Edited - I don't believe KKR is calling WMIH a SPAC, just similar to one.
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http://finance.yahoo.com/news/edited-transcript-kkr-earnings-conference-174154856.html
"On March 19, 2012, WMIH emerged from bankruptcy. Prior to emergence, WMI abandoned the stock of WMB, thereby generating a worthless stock deduction of approximately $8.37 billion which gave rise to a NOL for the year ended December 31, 2012."
Can you provide a link to where the statement of "to meet new banking regulations" was mentioned?
It's never been proven by you or anyone else that JPMorgan DID transfer 151 billion to the FDIC-R.
On March 19, 2012, WMIH emerged from bankruptcy. Prior to emergence, WMI abandoned the stock of WMB, thereby generating a worthless stock deduction of approximately $8.37 billion which gave rise to a NOL for the year ended December 31, 2012.
Correction -
WMIH CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS
not..WMI HOLDINGS CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
WMIIC is not being merged. WMIIC is not being acquired. WMIIC is being dissolved.
The phrase “WMIIC is eliminated upon consolidation”, - it’s meaning has been grossly misinterpreted by a few ‘from the beginning’, believing that at some point in time that WMIIC was going to be consolidated (merged). *
WMIH’s 10-Qs and 10-Ks are consolidated reports. i.e. - (WMI HOLDINGS CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS)
WMIH has stated for + 4 years that WMIIC has no assets, no liabilities, no operations…for these reasons WMIIC is not being included in any of the financial statements within any of WMIH’s consolidated reports, therefore, “WMIIC is eliminated upon consolidation”. It’s that simple.
* By the way, if WMIH had been foreshadowing for the past +4 years that at some point in time WMIIC was going to be merged then the correct way of phrasing it would have been "WMIIC will be eliminated upon consolidation" not "WMIIC is eliminated upon consolidation".
"Is" refers to something in the present tense as "will be" refers to something in the future tense. Think about it...
WMIH is not merging with WMIIC nor is WMIIC merging with WMIH. If either were the case then WMIH would have made an announcement of a merger, instead it announced that WMIIC is being dissolved.
The FDIC-R does not need to make a decision on something that isn't there. There is no "151 billion on deposit there".
I think i can help you out a bit with this.
Per AZ's due diligence
- a "stock for value" event for any illiquid assets to be returned
- a minimum of $40 billion from the "accumulated monthly income earning stream, held since 10/02/2008 (nunc-pro-tunc) - produced, on a monthly return basis' - by the hundreds of Certs WMI participated in, and held its own percentage of participation of ownership in WMIIC, ..."
- a $24 billion payment which was "agreed to be paid to WMI's successor reorganized company (WMIH-Corp) by the FDIC, for wrongfully seizing WMI's property, ? WMB, ... and wrongfully selling WMI's property to JPMC"
...and Dell.
Start listening from around 38:50. At 40:09, "We're hopeful that within the next 12 months we can complete an acquisition."
https://pgi.webcasts.com/starthere.jsp?ei=1102885
That's correct. I'm just stating that the B's conversion has not taken place, yet...as some may think it has.
IMO, the Series B Preferred will NOT convert UNTIL an Acquisition (Qualifying) has been finalized. The key word being finalized. The conversion of the B's will not take place until the last document has been signed and money has changed hands.
Heck, we haven't even had an announcement of an Acquisition. First things first...
Start listening from around 38:50. At 40:09, "We're hopeful that within the next 12 months we can complete an acquisition."
If you can find where "He said within 6 months"?
https://pgi.webcasts.com/starthere.jsp?ei=1102885
Looking forward to his response.
Oh, we're to READ BETWEEN THE LINES? I thought we were reading things that were 'stated very clearly'.
Have you found the page number where it "states very clearly that our stock conversion will happen around 12/31/16 at a PPS of $2.00 to $2.25"?
https://www.sec.gov/Archives/edgar/data/933136/000156459016027651/wmih-10q_20160930.htm
Could you direct me to the page number where it "states very clearly that our stock conversion will happen around 12/31/16 at a PPS of $2.00 to $2.25"?
https://www.sec.gov/Archives/edgar/data/933136/000156459016027651/wmih-10q_20160930.htm
Still doesn't answer footballref's question.
"Royal,
What is this?"
Fabulous information. This brilliant post should be shared with the people of Boardpost. LOL!
From WMIH's latest 10-Q. Pg. 29
"Our wholly owned subsidiary WMIIC has no assets or liabilities and we are beginning the process of dissolving this entity."
https://www.sec.gov/Archives/edgar/data/933136/000156459016022986/wmih-10q_20160630.htm
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Why does it say "we",(we = WMIH) if the WMILT is involved in the dissolution of WMIIC?
Why doesn't it say 'Our wholly owned subsidiary WMIIC has no assets or liabilities and the WMILT are beginning the process of dissolving this entity.'?
The Absolute Priority Rule was removed. It's been mentioned many times over the years by Azcowboy and others. P's and K's are NOT capped.
It's not that you "do not have to provide proof", you 'can NOT' provide proof because....it's not true. If it were true proof would have been provided by now, if not by you but by someone else, anyone else.
Until you can provide solid proof that the FDIC-R "received" this "151 Billion" there's no reason to believe that it's there.