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Tuesday, December 09, 2014 4:42:37 PM
Absolutely correct quote.
the three-year testing period is reset and a new testing period begins
Those that portend that, at 3/19/2015 (or alternately 1/1/2015) the 3-year period is over are simply incorrect. The 3-year period, i.e., the "testing period upon trigger by an ownership change," does not end on either date and the requirement does not go away.
Why?
Look at the quote per your reference.
the three-year testing period is reset and a new testing period begins
It is as it states. WMIH cannot "sell the NOLs" when we move beyond 3/19/2015 (or alternately 1/1/2015). WMIH cannot be acquired or allow more than 50% change in ownership of 5% holders, including new holders that qualify. That is why KKR is limited at 42.5% in total.
Again, actually a great reference in the quote that all should read. The 3-year testing period never goes away (under current laws and regulations), it is triggered every time there is an ownership change that must be measured in each "testing period."
And, really, doesn't that make sense?
If WMIH could, as of 3/19/2015 (or alternately 1/1/2015), be bought lock, stock and barrel in order to "get" the $6 BILLION of NOLs, wouldn't WMIH's PPS be reflective of the impending value in just a few months at 35% of the $6 BILLION?
It would, if it could.
It doesn't, because it can't.
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