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That is probably why within my brokerage account under the activity tab it shows "merger" when zeroing out my escrow holdings. I contacted my broker to ask who was merged with and the representative said Mr. Cooper.
Short interest is up approximately 2 million.
CNBC reporting stock market down due to a proposed plan by Senate Republicans to push tax reform back to 2019, CNBC has learned through a source. The Washington Post first reported the news.
True, however yesterday it was erroneously being reported that they increase their position by 1,980,000 shares. That has now been corrected by Whale Wisdom to read they have sold 110,000 shares... A significant difference.
Whale Wisdom now reporting Cheyne Capital Management sold half their position in WMIH, going from 220,000 to 110,000 shares, which is in line with the market value reporting of $102,000
I noticed that as well, however even if it is 220,000 shares, which they reported previously, the market value still does not work.
That is an interesting distinction. They could have just said remaining assets. Kind of funny wording "remaining total current assets". Could be nothing, just symantecs. Or it could mean the assets currently remaining, leaving the door open for future assets.
I was referencing Wells Fargo's bond issue.
That is not what I said. Read the link to my previous post. The Fed has raised the capital requirements for large Banks. I just suggested that is what the bond issue represents.
My thought was they were issuing debt to meet new capital requirements.
Think it might coincide with this:
http://www.google.com/search?q=wells+Fargo+to+raise+capital&ie=UTF-8&oe=UTF-8&hl=en&client=safari
New Fed capital requirements.
Short interest has been increasing:
http://zolmax.com/investing/wmih-corporation-wmih-sees-significant-growth-in-short-interest/316652/
From Google finance.
Well at least they are predicting 2015 to be another good year for M&A's.
Unfortunately, no sign of WMIH being mentioned:
http://www.foxbusiness.com/markets/2014/12/08/merger-momentum-to-continue-in-2015-after-best-year-since-financial-crisis-ey/
Might have to cut and paste.
Could be the news you are looking for:
http://www.recyclingtoday.com/Exide-Technologies-DIP-credit-agreement-amendment.aspx
A trustee for a bankrupt company can continue a lawsuit even after unsecured creditors are paid in full, the U.S. Court of Appeals in New Orleans ruled on March 20, 2012, allowing trustee lawsuits to benefit equity.
The case involved Mirant Corp., a power producer that confirmed a Chapter 11 plan paying creditors in full. The plan also created a trust to bring lawsuits.
After confirmation, the trust sued several banks for preferences received before bankruptcy. The district court dismissed the suit, saying the trustee lost standing to sue once creditors were fully paid.
U.S. District Judge Micaela Alvarez, sitting by designation on the appellate panel of three judges, reversed, in the process taking sides with the U.S. Court of Appeals in San Francisco on the same issue.
She ruled that “a bankruptcy trustee may still have standing to avoid a fraudulent transfer after the unsecured creditors are paid in full.” She disagreed with a New York district judge’s decision in 2008 finding no standing for a trust to sue in the liquidation of Adelphia Communications Corp.
If there are priority claims remaining to be paid, such as the fees of lawyers in bringing suits, the estate still can benefit even though unsecured creditors are fully paid, Alvarez said.
The case is MC Asset Recovery LLC v. Commerzbank AG (In re Mirant Corp.), 11-10070, 5th U.S. Circuit Court of Appeals (New Orleans).
Interesting ruling concerning estate lawsuites:
http://chapter11.saibottechnologies.com/estate-lawsuits-may-benefit-equity/
You may need to cut and paste to view.
I did say conceptually.
Provides for a juicy piece of conspiracy theory. GS buys reinsurance co. in April of 2012, hot off the heals of WMIH coming out of bankruptcy. Then they decide that because of Basell III capitalization requirements (for which they should have already known about), they need to sell a majority stake just months later.
Could be nothing, but sure sounds interesting.
Goldman Sachs acquired Ariel in April 2012 - It is wierd that they would sell so soon after purchasing.
Thanks for the follow-up iPrelude.
Thanks cents2ks. The flow of information and exchange of thought is what this board should be about. Sometimes that gets lost in the static, however.
My apologies, this is the balance sheet for WM MORTGAGE REINSURANCE COMPANY INC. They are a subsidiary of WMIH though, right? I get confused with all the inter workings sometimes.
~$150M in stockholder equity divided by ~201M in common stock outstanding gets us to around where we have been trading at recently (i.e. $.75 PPS).
Still waiting for "the Dude" to come through for us.
Didn't WMIH retain an equity interest in WMMRC as part of the reorg. plan?
Personally I was expecting to see a bit of a bump in PPS from this news. I guess maybe it won't happen until the money has actually changed hands.
Uz is making a good point. Wellstrade would not allow trading in this stock for the longest time because they felt it to risky. But with the upgrade, they have made it posible to trade again.
If nothing else, the updated SEC filings have made it possible to trade through Wellstrade again.
Thank's for clearing that up WithCatz.
We had significantly more capital to invest after the purchase of WAMU......I assume you guys wanted us to purchase WAMU.
Doesn't appear you received any replies. My investment account does not assign an original cost basis for any of my holdings (WMIH or Escrow accounts).
Does anyone have a handle on what the cost basis is for our new shares with respect to income tax liability purposes? That is, is the initial cost of shares being held by an individual still the starting point. Say if I paid xx number of dollars pre conversion for my shares, is that still my cost basis for income reporting purposes? (assuming some day there is income to be reported).
What about payouts received for pre conversion (reorganization) shares (i.e. escrowed shares)?
I called them about it one time and the service rep seemed to think it had something to do with their (Wamu's) financial reporting. Maybe the upcoming audit will change that.
My WellsTrade shares indicate a value. However, I did find out yesterday when I tried to purchase more shares that they will not complete your transaction. They typically won't let their investors trade in pinksheet stocks. Hope they will let me trade them when I am ready to sell (which from the looks of it won't be for a while).
Anybody know if the exchange date for the new stock shares will be considered the date of purchase? Will they be considered a short term investment for the first 12 months of ownership or do our original purchase dates (of WAMUQ, etc.) get grandfathered in somehow?
My thinking on this is, since they basically let TPS change their voting preference by way of the settlement that occured during the confirmation hearing, they need to provide the same opportunity to retail shareholders. I am sure some of those shareholders where counting on TPS's original opposition to the POR's confirmation when they initially voted.
I called Wellstrade and received these instructions. I noticed it was the same address as the clearing house and just wanted to make sure that was right. What do you think?
Wells Fargo is telling me to send my ballots to:
First Clearing LLC
Reorganization Department
Mail Code: H0006-088
2801 Market Street
St. Louis MO, 63103
Does this sound right?
Response from my broker:
"I just spoke with the office that will be handling this and they informed me that the vote for the Washington Mutual bankruptcy will be due around February 6th. We just received preliminary information on the bankruptcy elections and will be researching and then announcing the offer. Once we announce the offer, you will receive further notification on what to do. Most likely you will have to complete a beneficial holder election ballot for each cusip by the voting deadline. They will let me know more info in the next week or so and I will let you know".
Looks like we will be cutting things a little bit close.
BTW - Your follow-up point about being "in a rational market" is the exactly point I was trying to make. Right now they are trading at about the same rate (pps wise) with respect to their face. Thanks.