~ Tacoma, People Like You' Are Why I Still Post Here ~
So, to your question' ... ? ... I will will refer to a few issues that are revealed in the filings' that may help ...
At the March 2012 Reorganization, as we all remember, AAOC provided a credit facility to the newly reorganized company' WMI Holdings Corp (a Washington Company) ... This Credit Facility was originally designed to be replaced as reasonably quickly as possible (it's documented)
I'm not sure where or who got KKR interested' ... But "Interested" KKR became non the less', ... first with the A series and then with the B's ...
This afternoon I found myself also reading the CITI' Bank "Escrow Agent Agreement" for the Original $598,250,000.00 minus some additional fees' ...
CITI, as the designated "Escrow Agent" for the actual money' front paid' ($600 million ish') was to invest the funds' in interest bearing securities, until called upon to be utilized by WMIH-Corp' ... Which has obviously not happened' ...
So, I found myself curious this afternoon, as to how the invested returns were designed to counterbalance the 3% coupon' payable to KKR, however' I did not see that listed' ... maybe variables' I don't know ... anyway' ...
KKR was brought on to provide the cash' which would allow for the replacement of the Original Credit Facility' ...
I truly believe that KKR' expected WMIH-Corp to actually NEED' to utilize the B" preferred transitional securities with the $600 million (ish)' provided ... But ? ... here we are and so far ? Not yet' ...
If I were to encompass a thought' ? ... I believe that everyone' thought the process was moving forward back in 2015' ... But, Did Not' ...
And Now ? as time has moved forward ? ... The "Settlement"(s) have all now been completed' ... and' ... personally, I do not think that WMIH-Corp will need to be financially dependant on anyone' ...
please refer to my previous posts placed here this afternoon, with the Amendment Point 18.15' which Terminated the Jan 2014 A Series Issue' with the ReIncorporation of WMI Holdings Corp' (a Washington Corp) ... now, ReIncorporated to Delaware' ...
I hope that was helpful'
AZ
