Friday, November 10, 2017 9:00:46 AM
The B' Series Issue' ... (the 01/05/2015' KKR Rights Offering) ... was the replacement credit facility' ... the original AAOC credit facility which was provided to the new company at the 03/2012' reorganization was always to be replaced by the new company as quickly as possible' ...
The B' Series required that WMI Investment Corp. ... was the "Gaurantor" ... in the event of a default ? ... well ? that's not hard to figure out'
The B' Series came with a 3% coupon to be paid in allowance for CITI Bank to maintain control of the associated "Cash" as referred to as the "Escrow Agent" ...
The B' Series - also - came with built in considerations of a strike price ... IF' THE MAJORITY' OF THE CASH WAS EVER USED' ...
However' ... The Strike Price Floor' (@ $1.75) ... came with a much, much, more financially important feature for the new company, while "time" needed to move forward', to accomadate the finalization of ALL of the ongoing litigation' ... (now ? done)
The B' Series provided an embedded feature known as a, "derivative liability" ... or a ... "derivative asset" ... giving the new company the ability to legally' present' either a value or a loss' associated with the existing pps' ...
The lower the new companies pps' is ? at the end of any given reporting period ? ... the greater the allowable and reportable ... "embedded derivative asset" ...
Is this a true, fixed and hard spendable asset ... ? ... the answer is a resounding ... NO' ... is it a slick accounting technique ? ... the answer is ... YES' ...
As of 09/30/2017' ... The new company is reporting an "embedded derivative asset" valuation of some ... $111,877,000.00 ...
... The lower the new companies pps' is ... ? ... the greater the ... "embedded conversion feature" ... allows the company to report a ... "derivative asset" ... as an asset value' ...
... BUT' ... Only factually TRUE' ... IF' ... the full remaining compliment of the remaining ... "CASH" ... ($577,220,000.00) ... is ALL magically utilized between Now ? and 01/05/2018' ...
... WHICH ?, IS NOT GOING TO HAPPEN', IN MY OWN OPINION, as I have presented all the way back, again since way back in 2015'
READ', and ... ~ Know What You Own ~
... WMIH Corp. For the quarterly period ended September 30, 2017 ...
https://www.sec.gov/Archives/edgar/data/933136/000156459017023336/wmih-10q_20170930.htm
AZ
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