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My wifes surgery
Well, LuAnn made it through the surgery. Having problems breathing, will have to stay on the incubator over night. We did not get to speak with each other but she could write to me. Ended up having a triple bypass. Doc said her heart is strong and will pull thru fine. Thank you all for the prayers, I know it helps.
Her surgery is Monday morning at 5am
This is like wayyyy off topic but here goes anyway's . On the day that WMIH finally gets on the NASDAQ my wife is going in for open heart surgery. So this is a request to say a prayer for her. She is also an owner of WMIH and has escrow too.
WMI Holdings Corp.
To our shareholders:
Over the last year, the Board of Directors and management of WMI Holdings Corp. continued to focus on our
primary strategic objective of identifying, considering and evaluating potential mergers, acquisitions, business
combinations and other strategic opportunities. As you know, the Company has not yet consummated a
transaction, but identifying viable strategic opportunities remains the key focus of the Board of Directors and
management.
During 2014, we significantly improved the Company’s capital structure. These efforts included an $11 million
investment by KKR & Co. L.P. and affiliates in January 2014 and we were pleased to announce in December the
sale of 600,000 shares of a newly created series of convertible preferred stock designated as 3.00% Series B
Convertible Preferred Stock. This offering, which included an anchor investment by an affiliate of KKR and
raised $600 million in gross proceeds for the Company, provides the Company with additional capital to explore
and fund, in whole or in part, acquisitions. We believe having this additional capital should enhance the
Company’s ability to execute on its strategic objectives as we continue to explore acquisition opportunities.
As part of the offering of the Series B Convertible Preferred Stock, we also announced that, upon approval of our
shareholders, the Company intends, among other things, to reincorporate as a Delaware corporation and expand
the membership of our Board of Directors. Such expansion will include adding two representatives from KKR.
KKR’s global network of relationships, deep expertise in transaction execution, portfolio management, capitalraising
and operational improvement should augment our ability to execute on our acquisition strategy. Upon
reincorporation we also will be adding two executive directors – William Gallagher and Thomas Fairfield – to the
Board of Directors. Messrs. Gallagher and Fairfield will dedicate their efforts on behalf of the Company to
developing and executing on the Company’s acquisition strategy. We believe these actions, taken together, will
enhance our ability to build shareholder value.
During 2014, management achieved significant financial savings in our capital structure, specifically as it relates
to the Company’s debt profile. Of particular importance, during 2014, we reduced the $110 million original
principal amount of Senior First Lien Runoff Notes from approximately $80.6 million to $3.0 million and we
expect to payoff all of the Senior First Lien Runoff Notes on or about April 15, 2015. Since emerging from the
Company’s Chapter 11 proceedings, the reduction of outstanding principal on Senior First Lien Runoff Notes has
resulted in significant interest expense savings for the Company totaling approximately $18 million. And, for the
second consecutive year, the Company has realized an operating profit. The operating profit for the year ended
December 31, 2014 totaled $3.1 million as compared to an operating profit of $0.3 million for the year ended
December 31, 2013.
In closing, the Company’s transition to a robust platform for delivering significant shareholder value is ongoing.
We believe the actions we have taken, and will continue to take, underscore our continuing commitment to
achieving the Company’s strategic objectives and we thank you for your ongoing support.
Sincerely,
Michael Willingham, Chairman
Charles Edward Smith, Interim CEO & Secretary
WMI Holdings Corp. WMI Holdings Corp.
=================
This was included in the shareholder meeting email I just received
There is no cap on our escrow shares...
1 million shares in one trade?
Wmih is up in Germany 14% presently
http://www.ariva.de/wmi_holdings-aktie/kurs
Just for fun:
In a few hours the Germany markets will open.
http://quotes.wsj.com/DE/XMUN/07W?mod=DNH_S_cq
http://quotes.wsj.com/DE/XBER/07W
ought to be interesting...
Hedge Funder Sees KKR's Next Deal in Washington Mutual's Shell
http://www.thestreet.com/story/12359970/1/hedge-funder-sees-kkrs-next-deal-in-washington-mutuals-shell.html
Listing Obligation
The Common Stock of the Company is currently listed on OTC Markets OTCQB electronic quotation system (“OTCQB”) under the symbol “WMIH”. The Company has agreed to use its reasonable efforts to list its Common Stock on a national securities exchange after becoming eligible to do so and upon approval of the Board, but there can be no assurance of whether or at what time such listing will occur. The Company does not intend to list the Series B Preferred Stock on any securities exchange.
I feel like such a small time investor here as I have just 197 "P" markers.
Original stock certs. $80
http://scripophily.net/wamuwa.html
https://www.fdic.gov/buying/historical/structured/
"These transactions are the sale of assets through the use of private/public partnership transactions. These structured sales utilize the asset management expertise of the private sector, while retaining for the FDIC a participation interest in all future cash flows generated by the workout of the assets over time. The future expenses and income will be shared on the percentage ownership to the purchaser and the FDIC."
I wonder what happens to the money the FDIC gets?
This is interesting:
Did you know that the FDIC is about to start issuing securitized mortgages as an investment instrument?
http://www.ritholtz.com/blog/2010/07/fdic-pilot-securitization-program/
So far, the FDIC has closed over 300 failed banks, draining its cash reserves. For their troubles, the FDIC now owns over $37 billion of bad-bank assets, worth, well, whatever someone else is willing to buy ‘em for. Best guess is from 10 to 50 cents on the dollar.
Just for review
http://www.docstoc.com/docs/87406652/Purchase-and-Assumption-Agreement-Washington-Mutual.
Especially 3.2
Annual Report and 10k
https://materials.proxyvote.com/Approved/92936P/20140415/AR_205028.PDF
Better volume happening this morning...
I officially went green at $2.90. I am actually up enough now to cover all my loses on other not so good investments. :o) I try really hard to put that day out of my mind….3/10….
You really should only buy/spend what you can afford to lose.
I broke evan today and then some...
I don't know about you but ,I have a lot more grey hair than I had six years ago. I also retired 2 months ago Dec 19th. Life is good….
They own a lot more than what you posted. Check here: http://archive.fast-edgar.com//20140214/AD22Q22CN222M2Z2222W22NZ6AL9W2926262/
There are 14 pages so I think you need to add them up?
Green???
I am still in the red but now I am so close I can taste it. I actually got $3k worth this morning The 1st time I have bought since we came out with the new wmih. My last day of work is tomorrow. this has really added quite a bit to my 401k. What a retirement present the last few day's have been. Now if we could just get $1 for my wamuq's, my kq's and pq's would probably put me in the hospital if I lived through it. Merry Christmas everyone!
Ghost of WAMU
http://seattletimes.com/html/businesstechnology/2022458331_sundaybuzz15xml.html
Interesting article
The J.P. Morgan Settlement: Misconceptions Debunked
http://blogs.wsj.com/moneybeat/2013/11/25/the-j-p-morgan-settlement-misconceptions-debunked/?mod=yahoo_hs
What a crock...
J.P. Morgan Won’t Back Down From FDIC Fight
http://blogs.wsj.com/moneybeat/2013/11/20/j-p-morgan-wont-back-down-from-fdic-fight/?mod=yahoo_hs
In its $13 billion settlement with the Department of Justice, J.P. Morgan was willing to take financial responsibility for mortgages underwritten by Washington MutualWMIH -0.88% before J.P. Morgan’s 2008 acquisition of the failed bank.
But CEO Jamie Dimon hasn’t given up the fight over who should cover these costs going forward.
On a conference call Tuesday evening, Dimon said that in future litigation, the bank plans to tangle with the Federal Deposit Insurance Corp. over roughly $2.7 billion the regulator is holding in receivership for Washington Mutual creditors.
The question of who bears responsibility for Washington Mutual’s legal liabilities was a major snag during the settlement talks with the DoJ. J.P. Morgan had previously said the FDIC receivership should absorb any claims, but ultimately backed down against the DoJ.
The majority of the $2.7 billion held by the receivership — $1.888 billion – is what J.P. Morgan paid to buy the banking operations of WaMu in 2008 after it was seized by the FDIC. The rest is a hodge podge of assets that J.P. Morgan didn’t purchase when it bought the bank.
J.P. Morgan wants to pursue those funds to pay any portion of future settlements stemming from WaMu lawsuits.
Dimon noted on the conference call that most of Washington Mutual’s creditors are hedge funds. In court documents from 2012, Anchorage Capital, Marathon, and Silver Point were cited as bondholders battling J.P. Morgan for control over the $2.7 billion in the FDIC receivership. A source close to the creditor’s committee said many of those hedge funds have sold their positions, but declined to comment on the current slate of bondholders.
As our colleagues Dan Fitzpatrick and Ryan Tracy noted in an October 31, 2013 article, there were unprecedented ambiguities in the wording over who was responsible for WaMu’s past sins when J.P. Morgan agreed to purchase the banking assets.
For J.P. Morgan any chance to reclaim funds from the receivership would at least provide some cushion on its outstanding legal liabilities. The $13 billion DOJ settlement cut down the remaining legal liabilities but some big ticket items remain, including a $10 billion lawsuit that Deutsche BankDBK.XE -0.28% has brought against J.P. Morgan. Deutsche Bank as trustee is seeking funds to pay back its investor clients who lost money on troubled mortgages sold by Washington Mutual .
Dimon said the bank is willing to keep up the fight for the long haul. “We’re very patient. If it takes five years, we’re fine with that.”
J.P. Morgan Settlement Puts U.S. in Tight Spot http://blogs.wsj.com/moneybeat/2013/10/27/j-p-morgan-settlement-puts-government-in-tight-spot/?mod=yahoo_hs
The comments are interesting...
From Catz:"And all of that also leads to "when" -- which is not clear either."
Hopefully before I die....
I will be a grandpa again in two weeks, that will make 4,all under 5 years of age. To top that off, I am retiring this month on the 24th. Yea for grandpa's.....
It looks like JB is getting ready to party...
As long as they don't pull the rug out until after $25/sh :o)