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Well she miscalculated that 188b of the liabilities were deposits... jpm was forced to accept that risk as part of the deal with the fdic...
The real beauty of it all is WMI was able to keep funds that originated from depositors off the banks books...
Now perhaps it was only companies they acquired were they able to securitize off the books, but I’m thinking if they did it for anything they did it for everything... also this is also the fdic’s dismay and outrage about holding companies a year or so after the seizure ...
WaMu's Credit Default Swaps Price at 57 Cents
Mary Thompson | @MThompsonCNBC
Thursday, 19 Nov 2009 | 3:29 PM ET
A little old, and JPM found the profile to perform better than expected
Bonderman and Dimon have a history together...
I always thought this was a feud, but perhaps it was collusion.
I think if JPM parts ways with WaMu with all the deposits and credit card business and forfeits the WMB loan profile to WMILT both Bonderman and Dimon got a steal of a deal.
Which makes me think there was collusion between the two to seize the bank and gut it from investors...
The most ideal situation for all would be WMIH receives cash... and WMIH and WMILT issues common shares to escrows in exchange for cash. WMIH, KRR, and all the hedges can leverage that kind of cash in a vehicle like WMIH quite well.
If this is even any possibility for escrows, it would be a colossal waste to give that cash to investors, instead of giving them certificates for it.
Giving escrows any money is one thing...
Giving an investment vehicle that kind of money will increase it's value
Giving escrow owners shares for their money would essentially double it as far as the economy and stock market is concerned.(600 Billion total: 300 billion in the investors hands and 300 billion for WMIH to invest, even though it's the same money)
If a company emerged with 300 billion in book value/cash/assets whatever... it could easily be multiplied by that value once it's market capitalization stabilized... And it would continue to grow depending on the income those kind of assets can generate.
Probably some very good shorting/profiting from anyone who knows what WMIH's agenda might be once they receive any monies.
This seems like their is room to legally find a new Trustee based on this.
It seems plausible that the financial interests at hand would be interest in a controlling interest.
After failing in the 6th GSA to retain assets and public exposure wish to buy out the Trustee with "plausible deniability". By Acquiring Delaware Trust an outsider could essentially replace the Trustee very quietly.
... even "Project West" doesnt include any numbers like 365 Billion
I'd like to see a document that support your "fact" and I'll happily stfu
According to the Bankruptcy filing WMI had 32B in assets and 8 Billion in liabilities... the 32 billion was essentailly an equity in WMB.
OTS Jun 2008 Summary states WMB had assets of "Total assets as of June 30, 2008: $307.02 billion"
I've never seen book value that high for the company, a hair of 300 Billion but not much... perhaps market value, but I doubt that as well...
However, WMI/WMB had real estate from 100 years ago on their books, likely without any increase in appraisal. It is possible that their assets far exceeded book value, but if we are talking about facts...
365 is a bogus number
In this CFO from the FDIC published in 2015... was talking about assets in 2008
https://www.fdic.gov/about/strategic/corporate/cfo_report_2ndqtr_15/0615_CFO_Report.pdf
They said they seized 361 billion dollars worth of assets, and they substantiated 299 belonged to Wamu seizure.
Nothing really noteworthy, they are likely using WMB's book value
Was there a meeting / courtroom activity that happened between 1030-1130?
has never traded at 3.80
I agree, disregard
I'll say it again, I think you didn't read my post well the first time...
WMB was never insolvent...
WMB was never insolvent, and the OTS under the direction of the FDIC seized the thrift
Perhaps the rest of the world has a better view of him than WMB investors..
I'm not a stock expert or understand all of SEC requirements...
But I would say it is good faith of a management team to address a 33% loss in stock value in 1 month...
However, I've seen bigger swings in this guy since 2008
I mean the escrows...
you can't tell me that all these hedge funds are holding on to WMIH because of some NOL's and some promise of an awesome merger...
The shell is not going to provide +10% average annual yields for the time they've been invested here, regardless of a leveraged buyout, merger, or acquisition.
Most of these hedge funds have been holding this bag for 8 years, I promise you they are in it until the payday or at least the info on how much, how, who, and when is discussed... once the details are hashed out, they will likely sell their WMIH shares because its a shitty business at best
two things... leveraged conversion of Series B shares... or
Hedge funds understand resolution of estate and realize it doesnt matter to hold on to WMIH
I am still a firm believer that subsidiaries or trusts are not considered assets...
Just a thought, but does Tepper's move have anything to do with Pretrail Conference?
And could he have done it because of something that came out during the conference.
If I understand WMIIC it's a shell... it owns a bunch of subsidiary companies, but it shouldnt have any Assets or liabilities at the actual Investment Company. And all other subsidiary companies will have unaudited financial reports
I thought there was only a few claims left...
I thought in june or so a long list of claims had been denied/approved/settled and left only a handful remained...
I was always under the impression that WMIIC's role in filing the bankruptcy in Delaware was because WMI was not a Delaware company.
Since there was already a bankruptcy proceeding, WMI was allowed to continue in a state that it was not incorporated.
Although that may have been the public reason.
I would expect some major naked shorting prior to any deal that converts their shares
It is in KKR's best interest to have the share price be as low as possible for merger. The lower the share price the better conversion rate they get on WMIH with the 600 million in convertible shares.
I don't know what you find interesting about those...
Accumulation/Distribution chart looks very interesting... very strong shift, we've seen large transactions in succession before, but they typically haven't had such an affect on accumulation...
bank deposits are a liability, not cash...
The theory of banking allows them to leverage those liabilities, but they are liabilities none the less... and by the time JPM inherited them, they had already been leveraged.
LOL... DB has enough losses on it's own, the NOL's are worthless for them...
NOW WMIH bank charter might be worth something, but i doubt it
No there was a single trade for 14.5 million shares
Required... probably none...
but there is obviously russell index itself, ishares, vangaurd, proshares, one in london, probably more...
Google gives 62 tickers that have 'Russell 3000' in the title...
It makes me smile a bit that WMIH did better than the S&P, DOW or Nasdaq for that matter with regard to uncertainty in the market. Seems like WMIH has some solid foundation for having no business plan or income
20 million shares is a ~10% ownership...
Seems like some filings are in order... Also I thought maintaining the NOL's forbid such a large transaction?
Would be a perfect time to sweep some "news" under the rug...
JPM could talk about how it has to cut jobs in UK as brexit, and the banks are undergoing stress tests, what better time to clear off the "off balance sheet" stuff... lol
The preferred shares must be converted first, which should be triggered by a merger
Seems inappropriate to me that a "list" can have such an outcome... seems like blackrock or KKR can manipulate those lists for some dramatic leverage.
Just as rating services are manipulated to encorage Sub Prime mortgages or stock picks the day before enron collapsed...
If only one company was added to the list that was undeserving(bribery or otherwise) at the time, yet because of the addition made a great acquisition, Russell list would still look unblemished.
This filing cost 17 million... Thats a lot for a "offered from time to time" for any company...
On top of that only a hand full of companies possess the market value to even suggest an offering of this magnitude.
I would not hold a short in this company overnight...
Whoever owns the preferred shares has zero risk in naked shorting commons.
As the preferred share holders conversation price is capped @ 2.25, they benefit from lower share price at time of conversation.
On top of that as Jpm/fdic issues are resolved it has a possibility of affecting share price positively... eiter way too many insiders for my comfort zone
I remember that same mentality a year ago on grexit...
should be in the 7th GSA... where it talks about what each class gets...