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Some people also get paid under the table.
Actually he's right this is not a company yet just an empty shell. At this rate might never become a real company.
LOL, maybe they announce May 26 Memorial Day weekend.
Anyone wants to guess what the acquisition is?
Unless they getting rid of Eugene Davis because the job is finally done and have an acquisition lined up. Considering they have until January 5 2018 to use the money and there is a June 1 shareholders meeting there is a good chance they will announce an acquisition this May. That would be the most sensible thing to do considering there are a lot of angry shareholders or then again maybe they do not care.
I got hundreds of thousands of common shares at less than 25 cents and a few thousand preferreds at less than $35 I believe. Yes Im getting a better deal than pre-bankruptcy holders if we get paid,Is that what you are getting at?
I still maintain my prediction less than 50 cent for common $200 for preferreds
So you think preferreds getting 5 to 10 times face value is rational and justified while equity the majority stock holders get pennies and watch preferreds getting 10x value??
Yeah that makes a lot of sense, why do you think preferreds deserve 10x face value? Isn't that consider unjust enrichment??
If the riches u speak off come our way I will gladly wait for you to get payed your face value.
P.S. which DAMN ain't gonna be much!
Im glad I did not listen to the board and kept my commons just added preferreds. You make a lot of sense AZ. People need to learn how to read between the lines not just the huge $ sign in front of them.
There is no hen house to protect, that's the problem. The foxes are working somewhere else
U can take this one all the way to the trash!
Beautiful stories but where's my money??
LOL, who cares about 1.5M shares that's peanuts, what are we gonna get half a share each? or not even that, hahaha..
Just use common sense do you think it is logical to get more than 3 times the original investment in compensatory damages? Not even Treble damages or RICO give more than that. In my opinion is simply "unjust enrichment". Besides with the figures some people give here that could be anywhere from 5 to 10K /share 5 to 10 times face value. LOL that will never happen in my opinion.
Those assets are from 2008 and we have been in bankruptcy for more than 8 years now. What makes you think those assets are still there after all this time has passed? How do you know those assets have not sold just like Washington Mutual Headquaters in Seatlle which got sold in a rush for a mere 112M in 2009 just to be sold 3 years later by Russell Investments for almost 500M for a nice hefty profit. JPM just gifted there 400M and that's just one example. How do you know if any assets left did not suffer the same fate and were given in fire sales for nearly nothing. Those assets that you imagine they still have could be long gone by now. No asset list have never been public not even during bankruptcy so I fail to see how you are so sure the assets are still there. You are just speculating or "assuming" there are still assets but in reality you don't know squat.. Am I wrong??
WHERE?? SHOW ME!!! I can't see any.
Seems to me by January 5 2018 "Its GAME OVER". subpenny level
A mandatory redemption of the Series B Preferred Stock would likely have a material adverse effect on our financial condition and business operations.
If we do not consummate a Qualified Acquisition, or take other actions to extend the redemption date applicable to, or to refinance or modify the terms of, the Series B Preferred Stock, then we are obligated to redeem the Series B Preferred Stock on January 5, 2018 (the “Series B Redemption Date”). Our management team remains focused on identifying and consummating a Qualified Acquisition before the Series B Redemption Date. However, there can be no assurances that we will be able to consummate a Qualified Acquisition prior to the Series B Redemption Date, on terms favorable to us, or at all. A mandatory redemption of the Series B Preferred Stock will substantially deplete our cash on hand to continue seeking acquisitions and would likely have a material adverse effect on our financial condition and business operations. Relatedly, under those circumstances, we also may not have access to alternative sources of capital or liquidity.
6
Under the Amended and Restated Certificate of Incorporation (“Certificate of Incorporation”), we will be obligated to redeem any outstanding Series B Preferred Stock on the Series B Redemption Date in the event we have not consummated a Qualified Acquisition. All or a portion of the Series B Preferred Stock automatically converts into WMIH’s common stock upon a Qualified Acquisition or an Acquisition, as the case may be. If a Qualified Acquisition or an Acquisition does not occur, none of the Series B Preferred Stock will convert into WMIH’s common stock. If an Acquisition occurs but a Qualified Acquisition does not occur, only a portion of the Series B Preferred Stock will convert into WMIH’s common stock.
“Acquisition” means any acquisition by WMIH (or any of its 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. “Qualified Acquisition” means an Acquisition that, taken together with prior Acquisitions (if any), collectively utilizes aggregate net proceeds of the Series B Preferred Stock Financing of $450.0 million.
THAT SUCKS MORE!!
Read more: http://getfilings.com/sec-filings/170314/WMIH-CORP_10-K/#ixzz4ecBUZMAY
Risks Related to Our Business
WMIH and its subsidiaries have limited operations; WMIH is a holding company, and its only material assets are cash on hand, cash held in trust and its equity interests in its operating subsidiary and its other investments, and WMIH’s principal source of revenue and cash flow are distributions and certain payments from our wholly-owned subsidiary, WMMRC, which is operating in runoff mode and is subject to restrictions from paying us dividends and investment income from our investment portfolio.
As a holding company, our only material assets are our cash on hand, cash held in trust, the equity interests in our subsidiaries (WMMRC and WMIIC) and other investments. As of December 31, 2016, WMIH had no operations other than WMMRC’s legacy reinsurance business with respect to mortgage insurance which is being operated in runoff mode. WMMRC has not written any new business since the Petition Date. As of December 31, 2016, excluding restricted cash and assets held in trust, we had approximately $50.1 million in cash, cash equivalents, and investments, which includes $3.0 million held by our wholly-owned subsidiary, WMMRC; WMIIC holds no assets and generates no revenues. For the foreseeable future, our principal source of revenue and cash flow will be investment income from our investment portfolio, if any, cash and cash equivalents on hand, distributions from our operating subsidiary, if any, and certain payments made to us by WMMRC pursuant to the Administrative Services Agreement, dated as of March 19, 2012, between WMIH and WMMRC (the “Administrative Services Agreement”) and the Investment Management Agreement, dated as of March 19, 2012, between WMIH and WMMRC (the “Investment Management Agreement”). The use of funds received from WMMRC as distributions to WMIH are restricted by the Second Lien Indenture until the Second Lien Notes are paid in full and WMMRC is restricted by insurance law from making distributions to WMIH unless prior approval is obtained from the Insurance Division of the State of Hawaii. Thus, our ability to service our debt, finance acquisitions and pay dividends to our stockholders in the future is dependent on (i) the ability of our operating subsidiary to generate sufficient net income and cash flows to make upstream cash distributions to us, and (ii) our ability to obtain access to the funds held in escrow from the Series B Preferred Stock Financing. Our subsidiaries are and will be separate legal entities, and although they may be wholly-owned or controlled by us, they have no obligation to make any funds available to us, whether in the form of loans, dividends, distributions or otherwise except for distributions of Runoff Proceeds (as defined in the Indentures) to pay the holders of the Runoff Notes under the Indentures. The ability of our operating subsidiary to distribute cash to us will also be subject to, among other things, restrictions that are contained in our Second Lien Indenture, availability of sufficient funds and applicable state laws and regulatory restrictions. Claims of creditors of our subsidiaries generally will have priority as to the assets of such subsidiaries over our claims and claims of our creditors and stockholders. To the extent the ability of our operating subsidiary to distribute dividends or other payments to us could be limited in any way, this could materially limit our ability to grow, pursue business opportunities or make acquisitions that could be beneficial to our businesses, fund and conduct our business or fund dividends, redemptions or repurchases.
THAT SUCKS!!
Read more: http://getfilings.com/sec-filings/170314/WMIH-CORP_10-K/#ixzz4ec8f16ET
I dont even care if its a good or bad M&A or things go to hell after just give me a few minutes to sell before anyone else.
All I care is about M&A so I can get off this PIG!!
LOL tell that to Gene Davis he knew the way the way to get free money... He is good at keeping money for himself. I wonder who else is coming for our easy loot
Easy "UNJUST ENRICHMENT" not happening, sorry..
My prediction is less than 50 cent for Q's and about $200 for Preferreds or maybe this all was just a farce and we get nothing. IMHO
My bet is we will get something but not the tens of billions profecy. Although right now the estate is broke as you can see in the most recent 10k filing.
http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=11930595-1154-415671&type=sect&TabIndex=2&companyid=10353&ppu=%252fDefault.aspx%253fcompanyid%253d10353%2526amp%253bformtypeID%253d7
At this time you could not even buy toilet paper with that, unfortunately.
That is because you are assuming KKR will be here for the long run and not just to make a quick profit. I sincerely hope you are right.
How about this for DD just to give you an idea what the future holds. KKR has 200 Million shares that are all redeemable once converted to common stock. Lets hope I'll be lucky to sell before they do cause let me tell you is gonna be ugly....
https://www.sec.gov/Archives/edgar/data/933136/000119312515400186/d29830d424b3.htm
The only thing that is aligning here is the road to more deception and false hope.
This stock should be reported to SEC nothing but FOG in here and should be labeled as CAVEAT EMPTOR...
you cannot win if u don't play
I got my lottery tickets
Amen to that, hope it comes true soon!!
there was one propect but it did not fall thru most likely we were outbid but we don't know who the target was..
Hey Wayne this is so unpredictable Im afraid to tell you this is a good entry point. I would have never thought this PIG would go down to $1.10 but it did. The problem is this stock does not follow any logical trends at all. I thought I knew what I was doing here but that's far from the truth and I have no idea what is going on here. All I know for sure is I should have followed smart money and sell my entire position when Tepper sold half of his position. I kicked myself in the azz every day for not selling at $3. I dont understand what the incentive for us is to have KKR along I mean we just paying them interest for nothing since we are not using that money anyways. There are so many flawed theories floating around out there is not even funny. Like we are waiting on hidden assets for a merger well if that was the plan all along why did we get KKR so early on? or better yet why do we need them at all. Now we are their slaves dictating every move we make. Whatever happens I bet there will be a LARGE STYLE dilution if when M&A happens so I will be the first one selling right after M&A. I dont trust BOD
Im so deep in this I would not risk any more of my money unless I see Tepper buying back.
LOL!!
I tried gifting my escrow shares to family and friends but noone wanted them LOL. Maybe they thought it was not worth the extra paper work
Welcome to the WMIH board , Wayne but my advice and opinion is do not hold this PIG for too long...
hahaha!, yeah where is he??
when will it ripe, 2030?? LOL