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It's very clearly stated in the 8k about the NASDAQ Global Select Market:
"(vi) the approval for listing the WMIH Common Stock issuable in the Merger on the NASDAQ Global Select Market, subject to official notice of issuance; "
I can't believe its a 'mistake' in such an important document as this.
https://www.sec.gov/Archives/edgar/data/933136/000119312518045940/d539539d8k.htm
I thought WMIH had to have PPS $4.00 at the time of the merger to allow the merged company to trade on the Globic exchange as the merger agreement specifies.
'At NSM pps of $18 and change, giving the exchange ratio then WMIH share should be 1.8-1.9'
Does anyone know where to buy this stock? TD Ameritrade says I can't buy it there. TIA
Lodas, thanks for the reply. The escrow discussion by 'astute' posters has often been complex to me. I am concerned about escrow payment simply because I can get some funds from any escrow payout without having to sell any of my WMIH. It's definitely the most exciting stock I ever owned and I actually did my DD myself. I hope for the best for all of us.
lodas what do you think about escrows? You're a market expert. Is the waterfall blocked because the PIERS are not paid fully? Do you think we will we get cash or shares for our escrow? Thank You.
Thank You for all your posts. It seems to me that certain posters are of the opinion that escrow will receive nothing, as the PIERS have to be fully paid as well as endless bondholders/creditors. What are your views on escrows getting paid? Thanks.
"I got 195000 escrow common shares also"
lodas thank you. It's hard for me to select any stock, therefore to find a stock and then make a few points on it and then sell is rather unsettling to me. IMO the MM's can't control the PPS of a company that is increasingly profitable. If the merged WMIH has big earnings then the PPS must climb to reflect those earnings. Nothing stopped AAPL from growing, even after a 7 to 1 forward split.
What I asked you was if the pre merger PPS of WMIH has to be $4.00 before the merger how could dropping the price scare anyone and why isn't there a mad rush to buy?
I thought the wmih pps had to be $4.00 at the time of the merger. And do you really think they're gonna shake longs after ten years by stagnating the price?
' maybe at the high of 3.70, some would sell.. but that would only bring in more buying by wannabes sensing something big is on the horizon... this is a perfect "catch -22..they can't raise the price, or lower it.'
This bankruptcy isn't finalized yet. I don't know what escrow will pay, but I don't expect to know before the FDIC closes this thing up. But why be so negative, especially when you call yourself 'escrow dollars'?
Amitrade has my escrow markers classified as 'equity' as if they were actual stocks. It may mean nothing, but they are prepared to accept a dollar value.
Just because many poster attempt to predict the unknown, clearly there are billions floating around in the Wash Mutual sphere. I too get discouraged that there's zero escrow money NOW, but this case is still open. I hope for the best.
IMO of course.
'He’s been WRONG EVERY TIME...'
What happened to 'we have to reach $4.00 in ninety days?'
It seems like they are controlling the pps right up until the merger. Then how will we meet the terms of the merger and qualify for the Global exchange.
If one believes the merger will occur, and the PPS of WMIH has to be $4.00 as a requirement then its at least a triple from 1.34 then why isn't Wall Street buying this up?
"do that math and you see why we trade at mild discount to that value"
If post merger WMIH=4.76 as you say and the merger agreement says WMIH must be at least $4.00 to trade on the global exchange for the merger to complete then why isn't every share in the float being bought up now to secure a sure a 3 times increase from 1.34? And by lodas' figures WMIH will be $34.00 which is about a 25 times increase from $1.34. How is this trading at only 1.34? Is there uncertainty about the merger completing? I wish I had more cash to buy more.
Alternet Systems Shareholders Can Expect Dividends In 2018
https://www.streetinsider.com/Press+Releases/Alternet+Systems+Shareholders+Can+Expect+Dividends+In+2018/13637986.html
Like you said: a lifetime opportunity. I bought all I could, the BOD came through. And hopefully when the returns are divided by 10 the yearly profit will be well worth it. Thanks for your input.
Could you explain how an embedded derivative cost WMIH 11 million dollars? And how can the PPS reach a stable $4.00 without WMIH having real earnings. This is the most confusing investment I have ever made.
"remember the embedded derivative that cost 11 million dollars that Wmih disclosed?"
I don't understand embedded derivative, it's really there. Seems its to keep the PPS is in a controlled range. How are we ever going to reach $4+?
"The Series B Preferred Stock shall convert based on the outstanding principal and accrued interest, subject to a floor of $1.75 per share of WMIH’s common stock and a maximum of $2.25 per share. As a result, the Company determined that the Series B Preferred Stock contain certain embedded derivative features."
https://www.sec.gov/Archives/edgar/data/933136/000156459016022986/wmih-10q_20160630.htm
I'm hoping for $12+ . If I got $100 I would use most of it to help people.
Thank you.
So do you think we'll see at least $10 PPS at the time of the merger?
I'll obviously be thrilled with a $100 PPS, but its only 1.27 and if the market had any sense this was going to happen wouldn't there be crazy buying taking place right now?
"$100 wmih pps ASAP"
With all the billions in added value why isn't this trading at at least $4.00 already?
I guess it's just them wanting their expectations put in writing, like when you buy a used car. Well, not exactly that obviously, but I guess they're saying that if WMIH shares are being swapped as part of the deal they must achieve a certain value. But what do I know. I'm used to a stock rising on increased earnings or expectations.
Mordicia says in post 509626
"There is a condition to the merger happening as I posted this morning. WMIH must be approved for listing on the Global Select Market on Nasdaq which requires a minimum bid price of $4.00. WMIH cannot get that listing unless the minimum bid is at $4.00 when application or approval is made imo. If it doesn't then there is no merger unless NSM would waive this condition. Given that it takes 6 weeks for this process, and the merger agreement gives WMIH 90 days to do so, it is logically to assume something is going to cause the price to rise to $4.00. And per the merger agreement a reverse split cannot be done to get to the $4.00."
I see now that there are only 90 days to reach $4.00.
Several posters have wisely outlined how this can be achieved. J'm sure the players who put this merger together can see us at $4.00 in 90 days, but it makes me nervous. It's like something is a done deal then you suddenly find out all the conditions have not been met yet and the stock has to triple in value in only 90 days to validate the merger.
I don't understand what this all means, but if we can get to $4.00 in 90 days I love it.
"TRIPLE reverse triangle though all the Wands and is a share swap with cash ....I will wager that is how it happens. "
Mordicia says in post 509626
"There is a condition to the merger happening as I posted this morning. WMIH must be approved for listing on the Global Select Market on Nasdaq which requires a minimum bid price of $4.00. WMIH cannot get that listing unless the minimum bid is at $4.00 when application or approval is made imo. If it doesn't then there is no merger unless NSM would waive this condition. Given that it takes 6 weeks for this process, and the merger agreement gives WMIH 90 days to do so, it is logically to assume something is going to cause the price to rise to $4.00. And per the merger agreement a reverse split cannot be done to get to the $4.00."
I see now that there is only 90 days to reach $4.00. How s that possible?
Even with manipulation.
Will there be an escrows distribution in the next 6 weeks? And assuming people use the money to buy WMIH. I won't.
NSM's shareholder dissatisfaction with the merger made me worry that maybe they would seize the easy way out of it by not waiving the $4.00 minimum and leave it on WMIH to get to $4.00 in 6 weeks. It's like the deal isn't done yet and now we have to worry about WMIH nearly tripling its value in only 6 weeks.
This is probably one of the most important posts I've read here in a long time. Once again WMIH is forced to do something, or nothing gets done. They had to do a merger or return the 600M. Now they have to raise the PPS to $4.00 or the merger fails.
How are they ever going to raise the PPS to 4.00 in 6 weeks? And from what I've read it seems like some NSM investors wished this merger never happened. I guess the big players know what they're doing, but to me this whole process is very stressful and it only makes me worry. Fortunately, a reverse split cannot be done or we'd all be doomed.
Thank you for this post.
"If it doesn't then there is no merger unless NSM would waive this condition. Given that it takes 6 weeks for this process, and the merger agreement gives WMIH 90 days to do so, it is logically to assume something is going to cause the price to rise to $4.00. And per the merger agreement a reverse split cannot be done to get to the $4.00.
Hotmeat: I don't have your expertise. Maybe this can help.
"Holders of Common Equity Interests shall receive such holder’s Pro Rata Share of twenty-five percent (25%) of (a) subject to (i) the Right of Election and (ii) the rights of holders of Dime Warrants pursuant to the LTW Stipulation, the Reorganized Common Stock and (b) in the event that all Allowed Claims and Postpetition Interest Claims in respect of Allowed Claims are paid in full (including with respect to Allowed Subordinated Claims), any Liquidating Trust Interests to be redistributed.
Holders of Preferred Equity Interests including, without limitation, each holder of a REIT Series, shall be entitled to receive such holder’s Pro Rata Share of seventy-five percent (75%) of (a) subject to the Right of Election, the Reorganized Common Stock, and (b) in the event that all Allowed Claims and Postpetition Interest Claims in respect of Allowed Claims are paid in full (including with respect to Allowed Subordinated Claims), any Liquidating Trust Interests to be redistributed. In addition, pursuant to the Global Settlement Agreement, and in exchange for the releases set forth in the Global Settlement Agreement and in the Plan, on the Effective Date, JPMC shall pay, or transfer to the Debtors or their designee, for payment to each Releasing REIT Trust Holder, such Releasing REIT Trust Holder’s pro rata share of $50 million; provided , that , at the election of JPMC, the amount payable to Releasing REIT Trust Holders may be paid in shares of common stock of JPMC, having an aggregate value equal to the amount of cash to be paid, valued at the average trading price during the thirty (30) day period immediately preceding the Effective Date."
"Any document, agreement, or instrument evidencing any Equity Interest or any Claim that relates to a debt security shall be deemed automatically cancelled and terminated on the Effective Date, and any obligations or liabilities of the Debtors under such documents, agreements, or instruments shall be discharged; provided , however , that the foregoing shall not apply to (i) the securities related to the WMB Senior Notes or the WMB Subordinated Notes and (ii) any security, document, agreement or instrument related to a Disputed Claim until a Final Order resolving any such Disputed Claim is entered; and, provided , further , that, during the pendency of any such disputes, the Debtors shall not accrue or incur any additional liability or obligation with respect thereto; and, provided , further , that the Indentures and Guarantee Agreements shall continue in effect for certain limited purposes as specified in the Plan."
https://seekingalpha.com/filing/668733
Investors sour on Nationstar deal
"The deal is dilutive, says Piper's Kevin Barker, downgrading NSM to Underweight and cutting the price target to $13.50 from $18. He figures it will reduce book value per share to $13.09 to $16.22."
"WMIH, by the way, is up 56.4%."
NSM must benifit from this deal or why would they make it??
I hope this a positive for us and will make our PPS grow.
https://seekingalpha.com/news/3330617-investors-sour-nationstar-deal
WMIH Corp. to Merge with Nationstar Mortgage!!!
Finally.
"Acquisition of Leading Mortgage Servicing Platform to Drive Substantial Value Creation for Shareholder"
“Nationstar aligns perfectly with our acquisition strategy and has a strong track record of providing mortgage servicing and loan and real estate offerings in various market conditions”
Nationstar combines mortgage servicing with a fully integrated loan
https://www.businesswire.com/news/home/20180213005465/en/WMIH-Corp.-Merge-Nationstar-Mortgage-Leading-Servicer
WMIH- A Top 10 Performing Stock for 2018
Yes, they have real earnings, a trillionaire was interested in doing a deal with them last year, their NOL's are desirable, KKR owns 71M shares. Yes, our BOD stinks.
bottom of page -
"Top 10 Performing Stocks To Buy For 2018: WMIH Corp.(WMIH)
Advisors’ Opinion:
[By SEEKINGALPHA.COM]
Many talented authors have posted about publicly listed equities trading at or near asset value with significant tax attributes, namely Net Operating Losses (NOLs), and the inherent asymmetry when an activist or new management makes a break from money losing operations to pursue transformative acquisitions. Several of the activists or lead investors, such as Becker Drapkin (EMKR, CNSI, SDOI) or Sam Zell’s Equity Group Investments (PARR and RELY), have long track records of successfully repurposing tax attribute rich companies via creative financing and transformative acquisitions. There are also some newer entrants into the space, such as KKR (OTCQB:WMIH) and Carlson Capital (OTCQB:SWKH)."
http://www.listocks.com/top-10-performing-stocks-to-buy-for-2018.html
Trillionaire reaching out to the BOD of WMIH!
What is this all about?? (from May 2017)
"Gabor S. Acs, the world’s only recognized trillionaire, is reaching out to the Board of Directors of WMIH, which is a Special Purpose Acquisition Company (SPAC) controlled by David Petraeus and KKR with $6B of Net Operating Loss Carryforwards (NOLS), in a bid to create a triple banking merger with Umpqua and Banner Corp, two Pacific Northwest Banking institutions, ahead of their impending trouble with federal regulators."
"Over the past five years WMIH has slid to a new low within the past twelve months of around $1.10 per share, however, because Mr. Acs has been permanently banned from trading in penny stocks by the SEC, he is proposing that shareholders of WMIH, including KKR and numerous other institutional holders of the penny stock, receive $5.00 per share for each share of WMIH in a new holding company subsidiary of Pen Bancorp to be known as Soap Lake Bancshares, an allusion to washing clean all the dirty money floating around the Pacific Northwest."
https://www.linkedin.com/pulse/trillionaire-talks-wmih-banner-corp-umpqua-triple-merger-gabor
WMIH CEO is underpaid! Doesn't excuse no M+A or horrible PPS but EPS is increasing.
'Allowing for the size of WMIH in terms of market cap, as well as its performance, using earnings as a proxy, it seems that Gallagher is paid lower than other similar US CEOs in the small-cap industry.'
https://simplywall.st/stocks/us/insurance/nasdaq-wmih/wmih/news/how-much-is-wmih-corps-wmih-ceo-getting-paid/
Kravic's 71M shares=$710,000 loss each penny WMIH down
And he is part of KKR. Yet no M+A, NASDAQ delisting looms, 600M almost returned if the didn't change the deadline to 2019 and 5 years wasted. KKR is in a position to make the stock soar and themselves and Kravic rich, yet nothing. And the MM's are given the conditions where they can manipulate to oblivion.
It's a 'good_thing' they extended redemption date to 2019 or they would have had to return the 600M on January 5, 2018. Who knows if anything good will happen anyway? I was annoyed when I first read it. EDIT I'm annoyed period. Doesn't anyone want to make any money in this lifetime? And I'm sick of hearing about a 3.5B share release. Nobody says what that release will be funded by.
"On January 5, 2015, The company announced that WMIH had completed an offering (the “Series B Preferred Stock Financing”) of 600,000 shares of its 3% Series B Convertible Preferred Stock, par value $0.00001, liquidation preference $1,000 per share (the “Series B Preferred Stock”) in the amount of aggregate gross proceeds equal to $600 million.
If the company do not consummate a Qualified Acquisition (as defined below), 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 the company is obligated to redeem the Series B Preferred Stock on January 5, 2018 (the “Series B Redemption Date”) for cash, utilizing the remaining proceeds from the Series B Preferred Stock. While the company remain focused on identifying and consummating a Qualified Acquisition before the Series B Redemption Date, there can be no assurances that it will be able to do so, on terms favorable to it, or at all.
A mandatory redemption of the Series B Preferred Stock would substantially deplete its cash on hand to continue seeking acquisitions and would likely have a material adverse effect on its financial condition and business operations."
https://fintel.io/b/17454-wmih-wmih-corporation-stock-research-report
Regarding the claim that Kravis owns 71M shares of wmih in his personal account I can't find anything confirming that. Rather I did find that KKR owns 71,465,629 shares and Kravis has no sole voting power from these shares, but rather 'shared voting power'. That implies to me that he does not personally own the 71M shares.
https://www.insidermonkey.com/insider-trading/filing-13dg/74087
Is Series B Preferred Stock funding the 3.5B share release?
That's all I can find regarding the funding of a release of 3.5B shares. I may be totally wrong about this. I wish those who make the claim for the 3.5B share IPO would reveal a link. In any case I see a delay (WMIH delaying!) of these shares for a year:
'The Mandatory Redemption Date of the Series B Preferred Stock is October 5, 2019, subject to a six-month extension under certain circumstances (rather than January 5, 2018);'
https://www.prnewswire.com/news-releases/wmih-corp-announces-effectiveness-of-amendment-of-series-b-preferred-stock-terms-300578150.html
Thank you for the reply.
The A&M mess makes me to loose confidence in our BOD even more.
What do you know about the 3.5B shares they allegedly plan to release? What will fund them? I keep hearing about a 3.5B share IPO. Will it help us with M+A?
I can't help but feel nervous about the PPS. We have the same shares as they do. Don't they want to make money in a timely fashion?
Lodas. I'm interested in your input on this.
'Please help me understand the 3.5B share 'IPO' everyone mentions. Will it be funded by safe harbor or WMIH assets. When do you think it will happen? I can find little info on it on the Internet. Will it help our PPS?
Also I posted that A&M, in the introductory statement of 2012 with WMIH charged us a $250,000 retainer and specified they could hire as many employees as they pleased to do our work. What exactly do you think they are doing for us? And who oversees it.
Thank You '
Please help me understand the 3.5B share 'IPO' everyone mentions. Will it be funded by safe harbor or WMIH assets. When do you think it will happen? I can find little info on it on the Internet. Will it help our PPS?
Also I posted that A&M, in the introductory statement of 2012 with WMIH charged us a $250,000 retainer and specified they could hire as many employees as they pleased to do our work. What exactly do you think they are doing for us? And who oversees it.
Thank You
'And Third', ... I tried to prepare everyone, with the dissection of the misleading language presented by the WMI-LT, ... WHICH WAS' ALWAYS MEANT TO CONFUSE' .'