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Sunday, June 25, 2017 7:58:56 PM
What - we' - currently have going on, is described in a documented prospectus written some 10 years ago' back in 2007' ... the Original WMI' Issued Preferred Securities' Offering' ...
what is happening now, is in preparation for what is referred to as a "10 Year Reset", ... again, which is directly associated with the Original Issue of the WMI Preferred Securities' ... (Trusts activated between, March of 2006 and November of 2007) ... The Original WMI, now after going through a Reorganization, is the newco' ... WMIH-Corp'
The Original WMI Issued Preferreds' actually have an originally assigned fixed rate of return of 9.75%, ... which resets at the predesignated 10 Year Mark, which is 12/15/2017' ... at which time the interest rate of return, will change to be Libor plus 4.723%, readjusted from then on quarterly, for the next ten year period ... 12/15/2017 to 12/15/2027' ...
So let me try to explain what this actually means in real dollars and cents' ...
An Original WMI Issued Preferred Security's value, has a face value of $1,000.00 plus its cumulative dividend returns ... or, as of now approaching the ten year event, ... a value of roughly $2,539.30 ...
However, ... due to all that has occurred, The Seizure', Two BK's, Dual Tracking Litigation, and now, TWO' Settled Results, ... as we approach the 10 Year Reset Time Line, ... WMIH-Corp needs to be prepared for the 10 Year Mark Reset Event, and all things need to be in order prior to the date' ... 12/15/2017' ...
So, In My Opinion' ... YOU (and me) will NOT relinquish our actual ownership' of the actual security, ... however' the dividend will need to be issued' to accommodate the necessary preparation for the "reset event" ... now' having been held cumulative' on your behalf for your submitted class 19 release' ... so basically,
the interest dividend amount of $1539.30 will be returned to you per your released P' share, (and, 1/40 for a K') and, you will maintain ownership of the literal $1,000.00 face value preferred security, going forward to the next defined reset' ...
What I am describing is directly related to the Original WMI Issued Preferred Security's ... (The Releasing Class 19)
This has nothing to do with the WMB Noteholder Program, ... (the Class 17's)
or, does any of this have anything to do with WMI Investment Corp. ... (originally owned by WMI' or now, actually owned by the releasing Class 22 uq' common shareholders) ...
WMI II's (the WMB Action) needed to be "Settled" and then, "Completed", ... and, the timing of these forward moving issues we have been experiencing ?, has NOT been a coincidence' ...
The BOD's for the reorganized WMI, ... the now WMIH-Corp' ? ... also,
... ~ Know What They Own ~ ...
AZ
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