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Re: fsshon post# 420761

Wednesday, 04/22/2015 1:19:08 PM

Wednesday, April 22, 2015 1:19:08 PM

Post# of 733173
Sorry Blue, but 11. and 12. are wrong (I assume you mean 2015)!

11. Uplisting required by July 5.
12. Preferred converted by July 5. That means first M&A must be completed by July 5.



The only thing that SHALL happen within 180 days from Jan. 5 is the reincorporation in Delaware. But neither uplisting nor conversion of B-pref on or before July 5, 2015 is a MUST.

You can find it here:
http://www.sec.gov/Archives/edgar/data/933136/000119312515001790/d845621dex31.htm

The B-Prefs have a lifetime of 3.5 years after which WMIH must repurchase them if they don't get converted.

SECTION 6. Mandatory Redemption. (a) Except as described in Section 6(b), the Corporation shall be required to redeem all outstanding shares of the Series B Preferred Stock

9
(including unconverted shares of the Series B Preferred Stock remaining after any Mandatory Conversion, including Unconverted Shares), if any, unless such shares of the Series B Preferred Stock have been previously repurchased at the option of the Holder pursuant to a Put Event or mandatorily converted (including in a Partial Conversion), on the third anniversary of the Issue Date (the “Mandatory Redemption Date”), out of funds lawfully available for payment, at a price equal to $1,000 per share of the Series B Preferred Stock, plus an amount equal to accrued and unpaid dividends, if any, whether or not declared (the “Mandatory Redemption Price”).
(b) If, prior to the Mandatory Redemption Date, the Corporation has publicly announced that it has entered into a definitive agreement for an Acquisition, the Mandatory Redemption Date shall be extended to the earlier to occur of:
(i) July 5, 2018; and
(ii) the day immediately following (x) the date such definitive agreement is terminated or (y) the date such Acquisition is closed.



But although it is not a MUST, I think it is very likely that an M&A will be announced on or before July 5, 2015, because of many reasons!
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