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Escrows are not shares, period. They are place holders. They were shares pre-conversion. This is escrow holder knowledge that is known to real escrow holders.
WAMUQ, WAMKQ, WAMPQ were converted into WMIH shares as per part of the bankruptcy plan - this is equivalent to a reverse split.
You cannot trade the pre-reverse split shares AND trade the post-reverse split shares along with it.
I recommend you brush up on US laws in regards to your endeavor. Good luck in Germany, you will need it.
My apologies. Didn't mean for the post to sound hostile (no offense taken). It's always good to have someone double check my numbers (or anyone's numbers).
Whoops that's what I get for separating Stein. $4,060,644.62 (original) to $4,369,183.16 (amended) - Increase of $308,538.54
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My post only included amended CIC claims/bonus retention/other non SERAP Claims (there shouldn't be any SERAP claims in my total for the original post)
If you want to include the SERAP Claims, you'd have to include it in with the original total as well as the amended total - end result is still an increase).
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Claim 125- footnote 3 Bartels’ SERAP Component was allowed in full as of the Effective Date.
Claim 1182 - footnote 5 Claim 1182 was subsequently disallowed by this Court’s Order Granting Debtors’ Thirty-Fifth Omnibus (Substantive) Objection to Claims [D.I. 4769], entered on June 18, 2010.
Claim 1082 - Footnote: 6 Kido’s SERAP Component was allowed in full as of the Effective Date.
Claim 374 - Footnote 8 Pursuant to this Court’s
Order Granting Debtors’ Fifty-Seventh Omnibus (Non-
Substantive) Objection to Claims[D.I. 6073], entered on November 23, 2010, Stevens’ SERAP Component was reduced and allowed in the amount set forth in WMILT’s books and records, $6,010.85,
as of the Effective Date.
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So no savings at all. Whatsoever. None.
*Claim 2601: $793,493.00 increased to $2,393,967.62 (amended claim)
I'm thinking the FDIC will object to this one, due to CIC payment. Something which they've previously objected to citing golden parachute.
These specific claims - the delay was actually the FDIC's fault.
Refer to post 443748 and post 445509 on why the delay with the last claimants.
Claim 1140: $976,959.00 down to $514,357.64
Claim 1142: $70,010 down to $70,000
Claim 1085: $115,000.00 - full amount
Claim 1086: $1,139,522.62 down to $702,181.90
Claim 376: $75,000 - full amount
Claim 3839: $890,660.00 down to $498,676.0
*Claim 2601: $793,493.00 increased to $2,393,967.62 (amended claim)
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From $3,267,151.62 to $4,369,192.16
Increase of $1,109,601.54 in claim amounts.
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*Claimant/Creditor:Steven F. Stein if you want to read why his claim increased.
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I'm not sure if any of these amended claims will prevent the FDIC from objecting to the proposed order.
I'm assuming English isn't your first language so it's kinda hard to try and figure out what you're getting at. So I apologize if I misunderstood you:
What you're trying to say is that there are roughly $6 billion in NOLs? We know that.
You are also trying to state tehre are $1.53 Billion in restricted losses? Is this what you're also trying to say?
And from your other posts you're trying to say there are more than $7.53 billion in NOLs (if I were to combine the two numbers above)?
Doesn't matter. The price for conversion is either $2.25 or 20 day average(whichever is less - subject to a floor price of $1.75). At $2.30-2.40 (20 day range) the conversion will be at $2.25; likewise for any price above $2.25.
If the goal was to obtain more shares through conversion, the pps for 20 day range would have to be below $2.25, of course this would equate to more dilution.
Those that are inclined to do so - trading within the range of $2.30-2.60 is safe enough (judging by historical trading ranges).
Refer to Handbook if you don't want your posts deleted. The ones who have their posts regularly deleted will know who they are.
The ban is on "abusive" naked short selling to be exact. What constitutes as "abusive" would be up to the SEC. Are there naked short sellers still? Sure. I believe it.
Are there naked short sellers on WMIH? I'm skeptical.
*insert conspiracy theories* about naked short sellers.
Rockie has mistaken it for naked short selling ban and the temporary short sale ban in 08.
About having a escrow only IHUB section? If so, so you emailed the wrong people.
Did you mean admins? Or to what are you referring to?
I submitted a request about a month ago. No response from any of the admins. I assume it would help if more people send in requests for a WMILT/Escrow section.
Market is closed - Washington's Birthday February 15, 2016
It shouldn't nullify WMIH's NOLs. It would nullify or limit the acquired NOLs of something like KFN or MFF (IRC 382).
If KFN or MFF's NOLs are greater than WMIH NOL's ($6B) then it would be insane to trigger IRC 382 on KFN or MFF NOLs.
See post 443905 when a hypothetical of MFF was discussed. Specifically point 2B.
Post 443983 for another.
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If KKR sold an entity like KFN or MFF for greater than it's purchase price, it should get around the restrictions as well.
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Also only works because WMIH Corp is a publicly traded company and not a subsidiary of any other company.
Discovery will be done, litigation would be required.
Settlement offers were made, mediators were involved, the remaining claims are those who accepted none of the solutions offered (non-settling claimants) as well as claims that were objected to by the FDIC for being "golden parachute" payments.
Multiple attempts were actually made to pay majority of these claimants which FDIC did not authorize.
I don't remember the filings off the top of my head but here's the link to the response from the FDIC regarding paying these employee claims.
http://www.kccllc.net/wamu/document/0812229150512000000000001
Gist of it is:
The ordered entered is Hussain Kareem's motion to reconsider fee waiver for his appeal of the decision on his claims.
Apparently he didn't receive a notice of hearing for the previous hearing regarding that motion.
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His claims has been dismissed except he can file appeal. Something he hasn't done because he doesn't want to pay the filing fee for an appeal. Hence motion to waive appeal fee then the subsequent denial, followed by the hearing yesterday in which the motion to reconsider was granted then denied yet again due to lack of jurisdiction. This time however, it was denied without prejudice due to district courts apparent lack of jurisdiction regarding appeal fees.
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Whether Hussain Kareem finally gives up or pays the fees and then file an appeal then file a motion to waive fee, we won't know.
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The rest of the items on the agenda has been continued (remaining employee claims has items scheduled already).
www.kccllc.net/wamu/document/0812229160202000000000001
Agenda Matters:
Items 1 through 20 - Continued or Resolved
Item 21 - Order entered
Order Entered
Adding 000 to the end of any number is only an accounting practice when referring to numbers that require 000 added in documents. In such a case, the document would annotate in thousands. Accounting 101 - present numbers accurately.
None of the numbers referenced in the summary report are in thousands. If so, it would be listed as such.
Next biggest clue that the numbers in the report are not in thousands is the fact that Tranche 4 is not awaiting $66 billion for their final payment.
Huh? 000? You mean in thousands? If it were in thousands, it would be denoted as such. Such as 10q http://www.sec.gov/Archives/edgar/data/933136/000156459015009929/wmih-10q_20150930.htm:
BK's suggestion (along with others, the millions theorists) of millions ($0-100 million) is based off the reports. Post-Confirmation Quarterly Summary Report lists the amount of money left in WMILT including funds disputed (held in reserve for remaining claims).
You either believe the value listed in the report or believe the billions. LG/AZ will say don't believe the report, there's billions (hidden of course), etc. It's up to you what you want to believe.
I suggest you read the report if you haven't done so already. Link below:
http://www.kccllc.net/wamu/document/0812229160128000000000001
Good Luck.
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Btw: You basically can't sell escrows, so whether it is 0 or infinity value, you will get what you get. I wouldn't worry about it unless you spent a lot of money buying things with escrow money that hasn't arrived yet.
Hussain Kareem saga continues...
http://www.kccllc.net/wamu/document/0812229160202000000000002
I was off by a week.
Post 443856
While separating WMIH Corp from WMILT (escrows) seems like a good idea. They are however linked. WMILT (escrows) affects WMIH Corp.
One example is the remaining 1.5 million shares in the Disputed Equity Escrow.
Another would be runoff notes which are currently second lien which is a part of the Disputed Claims Reserve.
rockie101 - It depends on what gets posted. I can address your posts specifically - the last 6 of your posts were deleted by IHUB Admin, not any moderator on this board. Moderators can't override admin deletions. If you had a post that you believe was unfairly deleted, definitely request a review. I check the deletion review request section only once a day (towards the end of the day around 11pm US Central time zone). I don't think deletions by IHUB admins will appear in the moderator section but if your post is deleted by a moderator, we can review the request.
I (and pretty much all of the other moderators) tend to leave posts alone unless it's a extremely repetitive one in which case it will be deleted (considered spam).
I've deleted many antagonistic chains lately. IE. something gets posted to offend. I delete offending post. Response to offending post that is also offensive gets removed. So on and so forth. Some of these posts actually have links relative to the topic being discussed which is why it's a shame to delete it since readers could benefit from multiple sources of information.
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The top 3 type of posts that have been frequently removed are:
Personal Attack
Spam
Off Topic
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Posts about deletions are also off topic (like this one), but I feel I need to address this since lately (past week), the amount that needed to be deleted has grown, on top of that, the hostility has been more of a focal point rather than the relevant discussion. Things get heated and understandably so when there are very polarizing subjects. What we're trying to do is preserve any and all information so that investors can make their own mind about the subject.
This will be the last post on the subject of post deletions.
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On another note, since I can see what other moderators delete. I can assure all the posters that all the moderators despite their personal beliefs keep this board as fair as possible regarding various viewpoints. I've seen moderator deletions of posts that they actually agree with but were otherwise considered off topic or spam.
Also due to time zone differences, etc. you may see posts in violation that aren't removed immediately. Moderation is basically done on our own free time. Moderators aren't paid to moderate these boards (well, I'm not being paid) so while we would like to be on 24/7, we cannot.
Unless they weren't for sale. Private companies for example. It's all hypothetical to begin with. 1B is used as an example.
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People are taking examples too literally. Substitute profit with any number you wish. Substitute Mills Fleet Farm with any company you wish.
That would be a triple ownership change.
MFF -> KKR ownership change 1
KKR(MFF)-> WMIH Corp ownership Change 2
WMIH Corp->reverse merge MFF ownership change 3.
That would (imo) wipe out not only MFF NOLs it would also pretty much wipe out WMIH Corp NOLs.
(substitute MFF for whatever)
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In terms of pure acquisition. (Substitute MFF for whatever company you prefer)
MFF -> WMIH Corp ownership change 1. WMIH Corp NOL = no limit. MFF NOL = limited
MFF -> KKR -> WMIH Corp = ownership change 2. KKR NOL generated (unless they profited from sale). WMIH Corp = no limit. KKR retains ownership of MFF NOL or it becomes eliminated.
You bring up a very important point.
1B income. Use 1B NOL carry forward = $0 taxable income. 35% of $0 = 0
1B income use 500 mil NOL = 500 mil taxable income
6B in NOLs is effectively 6B in income untaxed. It offsets/lowers taxable income used in carry forward applications.
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I think you're a little confused.
People get wrapped up in the whole WMIH Corp will acquire something related to the financial sector. Why? Well that's what WMI has historically done. A look at the members of the board paints a picture more diverse than just finances. There's more than 2 people on the board.
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http://wmih-corp.com/director-and-officers/
KKR Guys
Tagar C. Olson
Paul E. Raether
Capmark
William C. Gallagher
Thomas L. Fairfield
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Tossing more info out there. The Mills family (previous owners of MFF) were trying to pursue expansion which they were unable to do without outside funding. Hence the sale to KKR.
Not many people have been to Mills Fleet Farm (especially since many don't live near one). I have. It's more like a rural walmart. The products cater to outdoors enthusiasts and farmers.
Redneck walmart but clean and organized? No offense to rednecks. Hard to describe the atmosphere unless you've been in one of the stores.
Think of it like a Walmart/Cabelas/Bass Pro/Gander Mountain/Academy Sports/Target/Tractor Supply/Home Depot all rolled into one.
Not my theory (I have a feeling this Mills Fleet thing will be attributed to me for the rest of eternity -OMG WHAT HAVE I DONE).
Post 443907, 443905, 443913, 443922, 443919 for the answer to your question ItsMyOption. (which btw, besides for the fictional story, they were responses to other posters questions).
Mr_Simpson72 also has a potential course of action which would be reverse merger via SPAC IF Mills Fleet Farm, IF, it was the target.
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All conjecture. Kind of like, if someone asked why did the chicken cross the road. Many answers. I am one of many answers to a question that does exists but the chicken may not.
Not my theory.
I think it was Uptickmeasap that brought up it first (chronologically I think it was months ago) followed by.. Royal Dude last night.
All I did was toss in potential avenues of approach in response to a question and toss in a fictional story out of boredom.
Mr_Simpson72 has another avenue which would be reverse merger via SPAC IF Mills Fleet Farm, IF, it was the target.
I'm not 100% convinced about MFF being the target. It's more like 30%.
10% from KKR
10% from the dates for WMIH failed acquisition SEC 8K and KKR purchase, news articles which all lines up really closely
10% from financials that seems to fit well with current WMIH 10Q numbers (revenue generated for acquisition, NOLs, MFF theorized value)
30% is heck of a lot higher than some of the other theories I've read, like the hidden billions. Which is why I like the Mills Fleet Farm theory.
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IF (big IF), Mills Fleet Farm is the target, post 443905 is how I would see it going down in a way that works for all parties involved and shouldn't impact NOLs.
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Honestly I hope that's how it'll go down. Rough valuation would put it around $15-20 after KKR series A and series B dilution. Accounting for growth an expansion, I can easily see $40 pps 2 years after acquisition.
Hard to tell without Fleet Farm's annual revenue numbers. I've seen anything from 1 million to $1 billion.
http://www.northlandsnewscenter.com/news/local/hermantown-marketplace-one-step-closer-to-reality---295841321.html
35 stores - $1.2 billion if not more in value (reported by Reuters) is not bad (imo). They apparently want to expand. Combining KKR with WMIH NOLs to expand business. $6 billion tax free to rapidly expand business is not a bad way to go.
When the company first announced it was seeking a buyer, Mills III said Fleet Farm reached a point where, in order to continue to grow at a speed to be competitive, it needed to look for outside sources for capital and couldn’t continue to solely finance growth by itself. The next generation of the family, which would have represented the fourth generation in the family business, are still young children, Mills III noted. Mills III said the company could sustain a much slower growth rate as it existed, but they were convinced Fleet Farm had greater business potential.
As for operating division of a public company... Fleet Farm seems like one operating division (according to wikipedia) of the Mills family business (which also owns Mills Automotive Group - not included in sale).
As far as public company - don't think Mills Fleet Farm was. Well, they did business with the public...
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Anyways KKR + WMIH + MFF = still conjecture.