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Sunday, October 01, 2017 7:48:25 PM
I hold large positions in both escrow and WMIH. Unfortunately, against my better judgement, I've let some friends in on my bet on "The Big Long". These friends of mine are late to the escrow party but did get in on some decent size bets on WMIH back in 2015 when it was above $2.50. As you can imagine, I feel terribly responsible for the paper losses they are experiencing right now.
There is currently the possibility that WMIH merger with the returning assets from safe harbor may fail. There is a possibility WMIH may have been outbid by others (potentially JPM) for the merger. Unfortunately, since Trump tax cuts are not finalized yet, any potential merger deals with WMIH would discount the NOLs due to uncertainty of future tax rate.
We escrow holders will do just fine either way but if WMIH merger deal does not materialize in October, I may not be able to face some of my friends again. I really should have kept my mouth quiet but 2015 looked so good with the statute of limitation expiring for FDIC, I really thought we would have seen the merger back then. But I guess Rosen and crew probably wanted to make sure that the POR was also bullet proof so they made us wait until 2017 when statute of limitation for "hidden assets" also expired for the bankruptcy reorg.
Now, here we are 2 years later, me a little red faced, my friends secretly thinking worse of me probably...You bet I'm a little nervous. I just dont need escrow payoff, I also need WMIH payoff.
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