... Regarding the Rights Offering ? ...
Just define the 1/5/2015, Rights Offering, and consider it to be what it is at this current point in time' ... all publically traded company's without serious amounts of cash or asset value backing need a financial backing participant ... currently' / today' WMIH-Corp is merely a shell corporation -
The 1/5/2015 Rights Offering, replaced the in place Financing Agreement provided by AAOC at the reorganization ...
a debt structure, provided to WMIH at reorganization, at $25m available without restriction' and a $100m restricted amount available with a 13% interest rate for repayment if any portion was utilized - the total debt allowed was 125m) ... (IMO? AAOC wanted this financing debt agreement to be utilized ? and hoped for a WMIH failure - gain, my opinion)
The 1/5/2015 Rights Offering, replaced the original financing agreement ~ The current Rights Offering IS the current and in place "financing agreement" as described in much more detail in Note 9 of the most recent WMIH-Corp 10-Q' ...
Now, in our current state' ... WMIH-Corp is able to have immediate access and control the "cash provided" and is has paid transitional fees ? and currently I paying a 3% coupon for this availability' ...
The current Rights Offering stays in effect until 7/5/2018 at which time In My Opinion ? if the company has not progressed ? a new financial agreement will be negotiated' ...
Now' ... again, In My Opinion ? I highly doubt the company will choose to dilute itself to any level, by utilizing the "cash" (B' Preferreds at $1,000.00 face' which immediately transition into common shares of WMIH-Corp and dilute the company according to the equation utilized'
Also, Does anyone believe that a publically traded company would utilize any substantial amount (50% -100% ?) of its current and in place financial backing ? ... leaving the company subject to the existing financial environment ?
Well, I seriously doubt it' ... and ... as we have seen, since Jan 5th, the company appears to be waiting for an alternative event' ... The company does not appear to be interested in "acquisition" to grow generically utilizing a possible NOL value generically out to 2022 (2012 + 20 years)
Nope' ... In My Opinion ? ... we' (WMIIC and it's contents) are the target acquisition ... I'm watching for an 8-K revealing a material event' to occur'
AZ
