~ Here, Maybe This Will be Helpful to Everyone ~
Understand that had Plan 6 been approved ?, ... JPMC' was to receive in its sole discretion, full right, title, and complete ownership of the Original WMB Debt Issued, Trust Preferred Securities' ... (documented)
... However, Thankfully' Plan 6 FAILED' ... and within the failure, the new company, WMIH-Corp as the reorganized WMIIC / WMI, became the successor owner' ... (documented)
FIRST; Understand The "Exchange Event"
“Exchange Event" means the occurrence of any one of the following at a time when the WaMu Preferred Securities are issued and outstanding:
(i) WMB becomes undercapitalized under the Prompt Corrective Action Regulations;
(ii) WMB is placed into conservatorship or receivership;
(iii) the OTS, in its sole discretion, directs an exchange of WaMu Preferred Securities into the Series Preferred Stock, in anticipation of WMB becoming undercapitalized under the Prompt Corrective Action Regulations in the near term or of taking any supervisory action that limits the payment of dividends by WMB.
SECOND; Consider and Review The (Original WMB Debt Issued) Trusts Being Referred to'
Washington Mutual Preferred (Cayman) I Ltd. 7.25% Perpetual Non-cumulative Preferred Securities, Series A-1 (to be exchanged into depositary shares representing Series J Perpetual Non-Cumulative Fixed Rate Preferred Stock of WMI);
Washington Mutual Preferred (Cayman) I Ltd. 7.25% Perpetual Non-cumulative Preferred Securities, Series A-2 (to be exchanged into depositary shares representing Series J Perpetual Non-Cumulative Fixed Rate Preferred Stock of WMI);
Washington Mutual Preferred Funding Trust I Fixed-to-Floating Rate Perpetual Non-cumulative Trust Securities (to be exchanged into depositary shares representing Series I Perpetual Non-Cumulative Fixed-to-Floating Rate Preferred Stock of WMI);
Washington Mutual Preferred Funding Trust II Fixed-to-Floating Rate Perpetual Non-cumulative Trust Securities (to be exchanged into depositary shares representing Series L Perpetual Non-Cumulative Fixed Rate Preferred Stock of WMI);
Washington Mutual Preferred Funding Trust III Fixed-to-Floating Rate Perpetual Non-cumulative Trust Securities (to be exchanged into depositary shares representing Series M Perpetual Non-Cumulative Fixed Rate Preferred Stock of WMI); and
Washington Mutual Preferred Funding Trust IV Fixed-to-Floating Rate Perpetual Non-cumulative Trust Securities (to be exchanged into depositary shares representing Series N Perpetual Non-Cumulative Fixed-to-Floating Rate Preferred Stock of WMI).
THIRD; Take The Time To Understand, The Assigned Dividend Distribution Mechanism
Section 4. Dividends.
(a) Holders of shares of Series Preferred Stock shall be entitled to receive, when, as and if declared by the Board of Directors, out of the funds legally available therefor, non-cumulative cash dividends in the amount determined as set forth in Section 4(c), and no more.
(b) Subject to Section 4(a), dividends shall be payable in arrears on March 15, June 15, September 15 and December 15 of each year commencing on the first such day after the issuance of the Series Preferred Stock (each, a “Dividend Payment Date”). Each dividend will be payable to holders of record as they appear on the stock books of the Company on the first day of the month in which the relevant Dividend Payment Date occurs or, if such date is not a Business Day, the first Business Day of such month. If any Dividend Payment Date is not a Business Day, then dividends will be payable on the first Business Day following such Dividend Payment Date with the same force and effect as if payment were made on the Dividend Payment Dates. Each period from and including a Dividend Payment Date (or the date of issuance of the Series
Preferred Stock) to but excluding the following Dividend Payment Date (or the Redemption Date) is herein referred to as a “Dividend Period.”
(c) On a Dividend Payment Date, dividends, if, when and as declared by the Board of Directors, will be, for each outstanding share of Series Preferred Stock, at an annual rate of 7.25% on the per share liquidation preference of the Series Preferred Stock. Dividends payable for any period greater or less than a full Dividend Period will be computed on the basis of twelve 30-day months, a 360-day year, and the actual number of days elapsed in the period. No interest will be paid on any dividend payment of the Series Preferred Stock.
(d) Dividends in the Series Preferred Stock are non-cumulative. If the Board of Directors does not declare a dividend on the Series Preferred Stock or declares less than a full dividend in respect of any Dividend Period, the holders of the Series J Preferred Stock will have no right to receive any dividend or a full dividend, as the case may be, for the Dividend Period, and the Company will have no obligation to pay a dividend or to pay full dividends for that Dividend Period, whether or not dividends are declared and paid for any future Dividend Period with respect to the Series Preferred Stock, the Common Stock or any other class or series of the Company’s preferred stock;
(e) If full dividends on all outstanding shares of the Series Preferred Stock for any Dividend Period have not been declared and paid, the Company shall not declare or pay dividends with respect to, or redeem, purchase or acquire any of, its equity capital securities during the next succeeding Dividend Period, except dividends in connection with the Series Preferred Stock or other shareholders’ rights plan, if any, or dividends in connection with benefit plans.
~ Know What You Own ~
AZ
