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Read the Disclaimer and Factual Background on page 2. That should explain your question.
Basically, those numbers are pre-petition from the BK and have no bearing on the current value of WMIH equity.
A tad melodramatic.
$6mil for a minimum of $5bil in NOL's?
What is wrong with being on the pinks right now? At least there is a market for those that want to sell. For those that want to hold, they can wait until the stock moves up and out of pinkyland.
I completely agree.
I can possibly see the logic that they have no value until 2 years from now when WMIH can be purchased.
But, even then there is still a discounted current value for that future value.
There is no way that the NOL's will be/are discounted to 0.
"NOLs aren't worth a dime as it sits today"
That is incorrect.
TPS is trying to get discovery from SNH's prior to Confirmation Hearing.
"That $9bil in unrealized value is definitely one of the future treasures that the bondholders/creditors will later dig up if they are successful with their "proposed plan". "
And this board doesn't need misleading posts with incorrect information posted as facts instead of as your opinion or question.
If you don't want your posts publicly critiqued, don't post them publicly.
<200m shares x 30% = 60M shares for commons
60M x 8.77%= 5,262,000shares for DIMEQ>
Incorrect.
Please read prior posts.
They are only getting 8.77% of Commons' shares.
Not much dilution.
Looks like Dime and common end up basically pari passu.
That is correct.
8.77% of 30% to commons.
Dime gets 2.6% of Reorg shares and some cash that will probably be wiped out due to fees and expenses....IMO.
Upon the effective date of the Stipulation (the "Effective Date"),
the L TW Holders shall receive, in the aggregate:
8.77% of the Reorganized Common Stock (as such
term is defined in the Seventh Amended Plan),
distributed to holders of Common Equity Interests
(the "Allowed Equity Portion," and collectively
with the Allowed General Unsecured Portion and
the Allowed Subordinated Portion, the "Allowed
L TW Claims"); provided, however, that, in the
event that the number of shares of Reorganized
Common Stock distributed to holders within
Classes 21 and 22 of the version of the Seventh
Amended Plan existing as of the date of the
Stipulation are less than the amount set forth
therein, as may be diluted/reduced on account of
Runoff Notes Elections, Reorganized Common
Stock Elections or otherwise, each as referenced in
the Seventh Amended Plan, the amount of the
Allowed Subordinated Portion shall be increased by
twenty cents ($0.20) for each share that the Allowed
Equity Portion is so reduced up to a cap of One
Million Dollars ($1,000,000.00).
An Allowed General Unsecured Claim (as such
term is defined in the Seventh Amended Plan) in
Class 12 in the aggregate amount of Nine Million
Dollars ($9,000,000.00) (the "Allowed General
Unsecured Portion"); provided, however, that the
Fees and Expenses, to the extent allowed pursuant
to an order of the Bankruptcy Court, upon notice
and hearing, shall be paid from the initial
distributions to be made to L TW Holders with
respect to the Allowed General Unsecured Portion;
and, provided, further, that, to the extent the Fees
and Expenses are equal to or less than Three
Million Two Hundred Thousand Dollars
($3,200,000.00), the Debtors and the Creditors'
Committee shall not oppose any such application;
Subject to the provisions of decretal paragraph 3(iii)
of the Stipulation, an Allowed Subordinated Claim
(as such term is defined in the Seventh Amended
Plan) in Class 18 in the aggregate amount of Ten Million Dollars ($10,000,000.00) (the "Allowed
Subordinated Portion")
http://www.kccllc.net/documents/0812229/0812229120111000000000007.pdf
I never said that the conversion would be 1:1.
I merely said , "The conversion for Dimeq will be based on the POR."
You are correct that the DS and POR are ambiguous, and the conversion values are unknown to the public.
<So it would reason that the conversion for DIMEQ is based on the LTW agreement, >
<with the DIMEQ's ruling the UQ's were suppose to go to .01>
<You're assuming it's going to be a 1:1 conversion of DIMEQ to WAMUQ.>
I agree.
<how can it be that this supposed settlement can be so complicated that no one here can put numbers to it>
A little over 110mil.
Doesn't make any sense to me
Silence, in this case, truly is golden.
WMI placed a value of $26bil on its wholly owned stock in WMB. I guess that would be book value.
As far as NOL's and deductions and IRS rules, etc., I don't think WMI/EC are just going to throw everything out there, nor should they.
Obviously, any tax numbers being thrown around are on the very low end of the scale. What business publicly throws their future tax strategy out there for the whole world(and IRS) to see? lol
A new $6 billion (or less) will result because of the WMB stock abandonment.
You are correct.
Page 10
http://www.kccllc.net/documents/0812229/0812229111220000000000002.pdf
FDIC Corporate is also being released.
I am not aware of any contribution they have made to the estate, but they are being released nonetheless.
it says holders on or prior of the seizure date
Someone please inform me of the actual foundation of such a feeling, and if it has more to do with fear or facts....
but TPS and SNH's also own Preferreds, so they will most likely not have the drive to pursue the litigation.
I just want to see the letter from the EC that should have been attached to the POR
The RS is (according to PORv7) "1 share of WAMUQ is calculated to get 0.033432 shares of the new company"
So, your 100K shares actually gets you 33,432 Reorganized Co shares.
Let's say you own 100K shares today at an avg of .06 = $1,667.00 Initial investment.
Not sure if POR V6 would have been confirmed
While I agree with your post, I can't agree with, "The EC dropped the ball.".
While I give much credit to Mr. Thoma, there is no evidence that the EC, "dropped the ball". There is no evidence to support the claim that we would be wiped had it not been for Mr. Thoma's brilliant performance. I will agree, however, that Mr. Thoma's hearsay(lol) was a massive help to equity.
That aside, I find today's attack on MW rather peculiar given the recent news that equity will basically control reorg WMI.
It is quite laughable to even think that SG would say that their clients were "very happy", if our shares would only be worth the current $0.07.
I could care less what MW makes as he took a huge risk to get on the EC and did end up helping to get us full control of the reorg instead of cancelled. I do care about the fact that a scumbag(imo) like Kosturos still gets to be the Liquidation Trustee.
That is what the POR had in prior versions, I haven't checked the 7th version. Rosen and gang wanted that golden parachute for Senior Creditors all along.
I would be surprised if the EC allowed that clause to stand.
The FJR to Contract Rate difference is pretty huge and would be devastating to equity if it comes out of our waterfall.
It also negates the victory of our FJR verdict from JMW.
If we were to give Senior Notes contract rate(effectively), I would at least expect us to be able to re-age their notes and use that $7bil(roughly).
Bad indicator for H's:
Link from Gibson on Y!
http://cxa.marketwatch.com/finra/BondCenter/BondTradeActivitySearchResult.aspx?StartDate=12/13/2011&EndDate=12/14/2011&SelectionOption=2&TradeSize=&SortBy=0&ID=OTM5MzIyQUUz
Seniors trading at 125% today means it is possible that Piers(H's) will have to cover the FJR to Contract Rate after all.
H's could end with nothing or close to it.
This is all IMO, trade at your own discretion.
Stern V Marshall. The BK court does not have the jurisdiction to release JPM/FDIC-C. That doesn't mean its a good thing, it means we will have a revenue generating entity that retains DC claims.
DC is next, it has to be..
Anyone think willingham/sussman might have plans or a potential buyer waiting in the wings already?
The DS hearing on Jan. 11 won't happen unless the DS is filed today.
I personally could care less about the DS hearing, since we know the DS hearings are a joke. But, I would like to see the modified DS, and I think we may see it this month.
The DS hearings won't be until Jan. 2012 at the earliest, but we may see the DS this month.