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Just happened to check. This wouldn't include the big short day in January but still a decent trend.
Short interest down to 4.9 million. 700k reduction
I agree. Was surprised by the volume seems like bet on temporary pull back but who the heck knows. It goes up and down and up again so probably a good bet for now.
Judging by the large short bet placed Friday, the smart money is not at all afraid of a M&A event at least short term and this will likely get back to $.70 - $80 quickly.
Over 400k volume today are new short positions. Check volumebot.com. Very high volume versus last week daily avg.
Daily short % was very low yesterday around 20%. FYI
I bought more in the $.70s and low $.80s. Hope we keep the mo !
I think shorts must be getting a little scared.
Sure seems that way or someone knows something!
Short interest down another 400k to 6.1 million.
IMO the 10q will be the same old same old no news event.
10q will be out soon.
yes doesn't seem like a desperation move to me. More like pre-emptive.
What's your take on the redemption of the run off notes? If I remember correctly, WMIH could not access the cash of the subsidiary unless the notes were paid. Makes you wonder what is going on.
What is level 2 telling you?
Looks like the shares short come down about 200K+ to 6.5 million as of 10/13.
I agree. I wish these CEOs would keep their idiotic social justice causes to themselves.
Stock is looking good relative to fundamentals though. They own 95% of their stores so the financial position is way better than their competitors.
http://www.hedgerelations.com/articles/Pershing%20Square%20to%20Target%20Shareholders%20regarding%20real%20estate%20spinoff.pdf
Best play is to monetize the real estate value IMO.
The chances of positive news is near zero IMO. Best news would be some news on modification of preferred terms.
Too bad the short interest gets posted after the conference call
KKR is good at finding deals for itself. Not so good at finding deals for WMIH.
What's with the ummmm?? They are required to file an 8k for an acquisition and for a myriad of other reasons. Pretty black and white.
https://www.sec.gov/fast-answers/answersform8khtm.html
Companies announce letters of intent all the time prior to def agreement. I suppose it could be that, don't want to be a debby downer but I have my doubts. I think the 9 month redemption window is making it very difficult for them. If you were selling your multi billion company, wouldn't you want assurance the cash would be there as opposed to being used for redeeming preferred in 9 months?
Normally, when there is a significant transaction to report, it is disclosed immediately through an 8k. Similarly, if they were about to take this private, there would be a filing outside of the 10k. Both major events are reported immediately. What could they be thinking with this conference call other than provided some additional "background" as to what they have been doing all year?
There needs to be some discussion of a re-finance or re-negotiation of terms of the preferred at the conference call else this will tank further. Each day that goes buy we lose value due to combination of interest expense and getting closer to the redemption date.
Of course I'm assuming there is no deal on the table (M&A) which would have been mentioned in 10k anyway.
IMO, this is being done as a CYA maneuver. I think they are hamstrung by the redemption provision on the preferred. Why would any seller accept an offer knowing that in 9 months, the cash could be gone? They will be forced to re-negotiate the terms on the preferred or buy out the preferred holders that want the money back.
No. Purely GAAP accounting change in derivative liability which has no cash impact. Liability goes up and down depending on the underlying stock price. Really has no meaning other than GAAP accounting.
Looks like PCO redeemed 2.4 million shares @ $6.55 from an investor and will be doing a 1 for 100 reverse split.
I agree. Along with the sales, someone is buying. My take is they simply can't outbid the strategic buyers and this is taking longer than anticipated. If that is the case, what is everyone's opinion on realistic scenarios regarding the mandatory redemption provision of preferred Jan 2018? Seems like the only scenario people are talking about is redemption of $600 million leaving almost nothing for common.
Given there is a $6 billion NOL on the table, seems to me there might be some room for negotiation in terms of recapitalizing, changing terms of preferred, etc. Makes no sense to me that they would let this implode. Any thoughts?
I think we will see language that extends the likely date another 6 months IMO.
Short interest dropped a little to 6.1 million.
Isn't the 10k due soon?
I assumed from the lifting of the shorting provision that they could start shorting but I see your point. That does smack of insider trading.
Smart play would be to short and close position every week or so all the way down.
Is there any doubt KKR is now shorting this on a weekly basis to grab some profits prior to any M&A?
There seems to be nothing supporting the value of this stock at the moment. Bear raid/short seller dream right now.
I believe the 2/15 short interest decreased slightly around 6.3 million shares.
Anyone here actually try to contact the company?
I predicted $1.29 a few months ago and now we are there. Actually hit $1.25. Lots of shares on the ask. Can't these guys buy some apartments or something. Geez...
Won't they need to address the preferred stock redemption date January 2018?
What happened to WMIH? Nothing more to be said?