The way I read it, Wham takes over 100% of some rather obscure holdings/assets owned by nypp including the tower investors business which is collecting the debt owed to those who lost money with tower investments in the 90's. Wham gives up controling interest to nypp by turning over 55% of outstanding stock in wham to nypp.
Reading up on Hoffenberg and Epstein's past leaves me thinking they can only improve (hard to imagine they could get worse). So Wham is expanding into a few more businesses, getting hooked up with some experienced business folks and giving up control to nypp. Is all this a good thing ? Who knows, time will tell.
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