Only $5.5 billion of those assets materialized during the bk.

$4.3 billion of money on deposit, some accounts receivable and liquidation of WMIIC assetss.

The tax refunds, which were NOT on their books, made up the difference in paying off bonds & H's.

It is an astute observation & shouldn't be taken as insignificant.

APR can't be in place!

Why?

Ps, Ks & TPS weren't litigated prior to the POR being approved. You remember H's were litigated & ruled upon what those were due, by the judge January, 2010.

Ps, Ks & TPS were due similar rulings to address pre-petition interest APR is applicable.

Not person has brought forth an argument refuting this, because it is irrefutable. 75%/25% is absolute.

And they stripped away $24 billion liabilities. Yet somehow WAMU wasn't in bankruptcy months prior to being seized. That sort of funny math can't possibly be workable on paper.

There is nothing to opine or parse out. It is a settled matter, 75/25 absolute. This isn't an opinion, it was signed-off on by a judge & no longer up for debate.

And it doesn't change the fact if they were only to received "...and interest" Preferred were due a hearing to determine pre/post petition interest, prior to the POR being signed-off on. If it were otherwise someone/anyone could cite exactly all pre-petition interest for each Preferred (P, K, TPS). Since there isn't a single person who can do that, it isn't true.

For no particular reason...I am expecting a deal to be announced. I've had a strong feeling this would be so during the final week of this month for quite a while. I don't believe this would be associated with the timing of a shareholder's meeting, because it is not contingent upon it.

I'm fine being wrong, it's part of life. So are feelings and this has been mine.

Here we are again, below my valuation for WMIH (when considering a conversion at $1.75).

I believe it did happen, though under a different POR, maybe 5 or 6. I think it was actually $25/sh, with less than 10 million shares issued and only to holders of $1 million in H's.

I don't believe the CC is for anything other than assuaging concerns WHIM's NOLs and its usage was undermined.

BBB, (I wrote this before.) Using my valuation calculation. I put WMIH's value to be around $280-300 million, when I factor in the Preferred shares and without any NOLs.

That's right, WMIH has been trading below my valuation projections with this company being a Leveraged Buyout firm without a tax advantage.


http://investorshub.advfn.com/boards/read_msg.aspx?message_id=126457848

Argh (EOM)

And it doesn't change the fact if they were only to received "...and interest" they were due a hearing to determine pre/post petition interest. If it were otherwise someone/anyone could cite exactly all pre-petition interest for each Preferred stock. Since there isn't a single person who can do that, it isn't true.

There is nothing to opine or parse out. It is a settled matter, 75/25 absolute. This isn't an opinion, it was signed-off on by a judge & no longer up for debate.

***Not all directed to you BBB, as I included supplemental reasoning for all.

Has this been posted previously? If so, why is it flying under the radar?

This isn't new. I was publicized in 2012. In the press and on Susman's website.

There is no revelation.

I would like to point out from the GSA, the tax sharing agreement stipulated JPM receive/d about 80-83% of tax refunds.

It stands to reason, using the GSA number, JPM only purchased that same percentage of assets.

Take their 'advice' and weep.

...and again the market proclaims NOLs worthless.

Published PRL's, to insure there is public scrutiny & no backdoor dealing to tax avoidance. Just the recipient's name is withheld.

It seems subject to change, based upon this excerpt from the conclusion.

"The rulings contained in this letter are based on facts and representations submitted by the taxpayer and accompanied by a penalty of perjury statement executed by an appropriate party. This office has not verified any of the materials submitted in support of the request for rulings. Verification of the information, representations, and other data may be required as part of the audit process."

Has anyone posted the suspected PLR?

Are we going up today?

That should mean other companies with NOLs have taken a hit. Is anyone tracking NOL rich companies to confirm this?

I've never believed the NOLs were absolute. They've always stated "we believe" with regards to the NOLs. The NOLs are based on what was known during the bk and the IRS provided an estimated based on that.

I believe the amount of NOLs would have to be restated if there were assets in bk estate, found or otherwise. Depending on the amount, they could wipe out the NOLs.

I don't think I've discussed it, because I don't recall anyone discussing it for a long time.

I've publically discussed valuations previously, but have limited myself to what WHIM would be, based on other peoples' numbers. For instance, when people were speculating on escrows and if there were non-cash assets which could be liquidated by WMIH purchasing them with shares.

At this share price, we are suspiciously close to my valuation projections of this company with zero NOLs and considering the Preferred conversion purchase of a qualifying company. Which would make WMIH a leverage buyout firm without a tax advantage.

JB you are correct & spot on.

Patience is for suckers.

A virtue would be: Not being a burden to others.

Why?

Everybody who released got it in the mail and should have already read it.

or, do you mean to highlight some particular passages?

Your share count is incorrect.

March 2008 when JPMsux made its offer there were far fewer shares. TPG (& partners) invested about $8 billion, after the JPMsux offer, in convertible preferred and those were converted prior to seizure.

I do not have the dates & number of converted shares readily available, just wanted to throw out a correct narrative.

I can't rationalize Sn. Note holders accepting pro rata with unsecured creditors.

Someone is going to need to help me with priority, because if I were a Jr. Note holder I would expect unsecured creditors to fall below that class too.

$25 billion (or thereabouts) in real tangible assets. In addition to the real tangible backing $13 billion in bonds.

I feel the single best day to drop a WaMu news story, as bad as most here imagine, would be the day after the election (Wednesday, November 9th).

I believe somewhere in all the insanity, he did say the recovery will be in the tens of millions range.

Dude, you have a copy of it. When you voted for the GSA (plan 7), that document they mailed to you. Didn't you read it?

You fail to realize, time isn't the determining factor of whether or not Escrows get paid. Besides FDIC has 10 years to wrap this up, so the clock isn't yet 10 o'clock.

The determining factor is a full accounting of WMI's balance sheet. Until those records are vetted and published, people are lying when they say, with certainty, there will be no recovery.

You know...IF there is to be $34 billion / $36 billion returned. That would be about $8/share, like you wrote. And if it were to happen sometime in the near future. The new metric the preferred would make out to about X3 w/interest.

By accounting for the full 1.7 billion shares, $7.75 billion in preferred w/ interest and restoring original equity priority. The 2X would have applied for Q's.