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Sunday, October 08, 2017 7:58:48 AM
For a Qualified Acquisition, then all the Series B preferred stock converts. Currently, WMIH currently has 206M shares, so now add in another 342M shares that converts from preferred B and maybe another 61M (Tranche A and B) and you get over 600M WMIH shares. The price is probably dropping due to dilution.
Possibly, we have gone from roughly 200 hundred million shares to 600 million shares outstanding which also took the price from roughly $3.00 to $1.00. So the math works and now we need to see an 8K showing the (QA) Qualified Acquisition.
On another note, remember when ole Rosie tried to cancel out all of equity when he was ready to announce his plan at the very end of 12/2009 but was caught with Joe McMahon “Exigent Circumstances” in middle of 12/2009 so Rosie postponed his infamous announcement of “no money for equity until 3/12/2010 when the stock plummeted with Rosie’s connection to Kevin Stark.
My thoughts now are now is the same plan in effect where WMIH wants to be as close to the end of year 2017 to formalize a QA if it has to do with maximizing various tax attributes? I am not sure but in principle makes sense.
600,000 shares of Series B Convertible Preferred Stock
10,065,629 Shares of Common Stock issuable upon conversion of the Series A Convertible Preferred Stock
342,857,143 Shares of Common Stock issuable upon conversion of the Series B Convertible Preferred Stock
30,700,000 Shares of Common Stock issued upon exercise of the Tranche A Warrant
30,700,000 Shares of Common Stock issued upon exercise of the Tranche B Warrants
The Series B Preferred Stock is not convertible at the option of holders.
All or a portion of the Series B Preferred Stock automatically converts into our Common Stock upon an Acquisition (as defined below) or a Qualified Acquisition, as the case may be. If an Acquisition does not occur, none of the Series B Preferred Stock will convert into our Common Stock. If an Acquisition occurs but a Qualified Acquisition does not occur, only a portion of the Series B Preferred Stock will not convert into our Common Stock. Holders of the Series B Preferred Stock will have no right to convert their shares of Series B Preferred Stock at their option into Common Stock. Furthermore, if an Acquisition or a Qualified Acquisition does occur, the Series B Preferred Stock will automatically convert into Common Stock at a conversion price no less than the Floor Price even if such conversion is unfavorable because our Common Stock is trading below the Floor Price.
In addition, the market price of our Common Stock could also be affected by possible sales of our Common Stock by investors who view the Series B Preferred Stock as a more attractive means of equity participation in us and by hedging or arbitrage trading activity that we expect to develop involving our Common Stock. The hedging or arbitrage could, in turn, affect the trading price of the Series B Preferred Stock or any Common Stock that holders receive upon conversion of the Series B Preferred Stock.
https://www.sec.gov/Archives/edgar/data/933136/000119312515400186/d29830d424b3.htm
The WaMu 1031 Exchange is Key to Time-frame of WMIH Moving Forward – Hidey Hole of Sorts – Yeah!
• 600 million funding expires-must be returned to investors 1/5/2018 if QA not accomplished
• WMILT – 2nd set of 3-year extension expires 3/19/2018
• If WMILT wants to extend – Court hearing/approval a must
• WMILT must file 6 months prior 3/19/2018 as before-Mid to late Sept-Allow court time
• Currently, only one remaining subsidiary – that is WaMu 1031 Exchange
• This is expected to be dissolved be 12/31/2017
• Please see below what a 1031 Exchange can accomplish
• If JPM receives 645 million 9/19/17 (60 days + 10 business days from Calif Judge Signature) time condenses more
• One can condense timeline due above facts
• Timeline based on previous facts when WMIH files 8K moving forward follows
• That timeline is between 9/20/2017 and 10/31/2017
*WaMu 1031 Exchange*Why Leave One Sub Open hm, hm
Note 9: Investment in Subsidiaries Since the Effective Date, the Trust had five (5) dormant subsidiaries without any active business operations. The subsidiaries adopted a plan of liquidation in October 2012. The assets held by these subsidiaries were comprised solely of cash and cash equivalents. On June 23, 2017, four of the subsidiaries were merged with and into the last remaining subsidiary, WaMu 1031 Exchange. Prior to such mergers, such subsidiaries distributed their remaining cash to the Trust. The Trust received $444,333 on June 27, 2017. The last subsidiary, which no longer has any assets, is expected to be dissolved by December 31, 2017.
From 78 to 93 million in till-No payoff for Piers-Left impaired?
http://www.wmitrust.com/wmitrust/document/8817600170728000000000001
https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=9262133
Consumer Finance
Company Overview of WaMu 1031 Exchange, Inc.
WaMu 1031 Exchange, Inc. operates as an exchange intermediary for 1031 tax-deferred exchanges in the United States. Its services include preparation of exchange agreements and other necessary documentation, management and disbursement of exchange funds, coordination of the exchange with settlement providers, and general exchange assistance to exchangers and their advisors. WaMu 1031 Exchange was formerly known as Lawyers Asset Management, Inc. The company was founded in 1977 and is headquartered in Manhattan Beach, California. WaMu 1031 Exchange, Inc. operates as a subsidiary of Washington Mutual, Inc.
3601 North Aviation Boulevard
Suite 1000
Manhattan Beach, CA 90266
United States
Founded in 1977
Key Executives For WaMu 1031 Exchange, Inc.
WaMu 1031 Exchange, Inc. does not have any Key Executives recorded.
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