***The Future***Some Thoughts
March 19, 2015 was three years WMIH has been on its own and free of bankruptcy. I have always spoken about how WMIH, WMILT, Escrow Shares, mergers and/or assets purchases has always been directly and indirectly related. Oh, yes, I caught much flack from that thought process several years ago.
Yes, I know WMIH, WMILT and the rest is legally separated but I still maintain they are directly tied together and when we finally see what WMIH purchases most questions will be answered. We all know that JPM/FDIC did not get everything as it even tells us this in POR 7. I know there will be investors who are not properly aligned that will want to challenge this but I will not argue as I will let the results speak for themselves. Yes, we will have to wait until WMIH is ready for this to be announced via an 8K filing. Yes, this too shall pass and it will happen, albeit, not on MY or YOUR timeline.
There are many smaller companies WMIH could have purchased if they were wanting to grow slow and organically by purchasing at least two companies a year from year 2012 until current year 2015, however we now know they were not even interested in purchasing one IMHO. This without disturbing the tax attributes, while valuable if used properly, this certainly is not what POR 6 was all about and certainly not all what it is about now either with equity included in POR 7.
There are many signs that point to rekindling of assets versus just an outright purchase of another company. IMHO, if this were to happen it would have already been announced. Put this together with the two highly compensated Executives whose specialty at Capmark was distressed debt sales and other similar which sizes them up to exactly fit what several of us think WMIH has coming back in the vein of mortgage assets, cash and other.
Now, I will not discount that WMIH may need a "platform" of sorts but since they "cherry-picked" Capmark Executives, this to me is a clear sign they are not purchasing Capmark. If there is a platform purchase, it will more than likely be a non public or private purchase from one of KKR's inventory or similar but I highly doubt the purchase would be a public traded organization.
One sign that I think tells us some form of an announcement is soon is Willingham leaving WMIH's board. To me, this is Willingham's baby and if the deal was still way off into the future he would have never left. Also, WMIH moved up the Shareowner's meeting seven weeks and normally this would not happen UNLESS something very important had to happen within a certain timeline. By him leaving tells me whatever deal is coming is all secured and we shall find out relatively soon.
Obviously, there is a major Holiday coming soon so we shall see if they temper the news of WMIH's purchase, especially if it involves former assets like I suspect with the long Holiday weekend, but only time will tell if this will be the case. Should something not happen during this Holiday, at some point WMIH will announce their plans via an 8K filing but it will be on their terms and timeline, certainly and unfortunately, NOT ours.
