~ Irrelevant Of Plan 6 ? or Plan 7 (s) Approval ? ~
One of the extremely relavant' constants in Both' Plans was the Reorganized Company's plans and need' for the ... "Reincorporation to Delaware" ...
The (failed) Plan 6' submission had the newly reorganized company, ... reincorporation to Delaware needing to occur' within' one year' of the new company's reorganization ...
The (approved) Plan 7' submission left the move' or the reincorporation to Delaware timeline, needing to be open ended, due to the fact that' with the approval of Plan 7' ? ... Plan 7's approval also came with, the continuing D.C. Litigation' ...
The (failed) Plan 6' submission came with a minimum participation of $2,000,000.00 with a calculated $25.00 pps with 100,000,000 million shares available' ... or, an immediate market cap' consideration of $2,500,000,000.00 ... financially enough to justify a reincorporation to Delaware as well as an uplist to the Nasdaq in "quick time" ...
The (approved) Plan 7' Approval came with the necessary Class Releases' and Estate Ownership "Tracking Markers" for future use' ... The WMB Bank Notes (Class 17) were NOT a hybrid (part debt / part equity) security' ... a reorganization plan could not end at the WMB Bank Notes' ... WMI's Equity' Owners, needed to be the reorganizations ending Classes' ...
The (failed) Plan 6' submission came with the WMB Bank Noteholders acceptance of the debtors offering of a Class 12 General Unsecured Designation ... The WMB Bank Noteholders' obviously refused' as the D.C. litigation continued' ...
The (approved) Plan 7' submission and ultimate Court Approval' came with the continuation of the WMB Bank Noteholders Litigation in D.C. through to a "Settled Result" ...
The (failed) Plan 6' submission allowed for an immediate market cap of roughly' $2,500,000,000.00 with a ZERO need for either an immediate credit facility ?, or a replacement credit facility, ...
Let alone the need for a replacement credit facility (KKR's 01/05/2015 rights offering) ... that came with an "a derivative embedded conversion feature" ... which gave way to (legal) accounting adjustments to be presented on the companies SEC submissions' ...
The (approved) Plan 7', due to the ongoing D.C. Litigation as well as the uncertainty of the eventual litigated result' ? had a financial need for the accounting features allowed' which came with The B' offerings' "a derivative embedded conversion feature" ...
If one takes a moment to compare the WMIH-Corp' financial reporting for period ending 09/30/2014' ... as compared to the same WMIH-Corp financial reporting for period ending 09/30/2017 ? ... the obvious becomes apparent' ...
With The (approved) Plan 7', WMIH-Corp would not have originally been in a position at the reorganization to financially justify a reincorporation to Delaware or an uplist to the Nasdaq' ... without the accounting manipulative allowances that the "a derivative embedded conversion feature" of the Rights Offering allowed for' ...
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