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Wednesday, 04/04/2018 3:58:16 PM

Wednesday, April 04, 2018 3:58:16 PM

Post# of 729846
Sharing with you a little food for thoughts in the dull waiting time window:

Major parties involved in the WaMu saga:
A. WMI
B. WMIIC
C. WMIH
D. JPMC
E. AAOC (Insider trading hedge funds)
F. TPS
G. KKR
H. NSM(FORTRESS & SOFTBANK)
I. $2.75B BRIDGE LOAN LENDERS (CS,JEFFRIES,DB,HSBC…)

Material statements (parallel phasing only) from POR7, DS, 8K Merger, 8K/A and other filings:
1. WMILT as the successor in interests to the debtors, WMI, WMIIC, owns all the assets of the debtors.
2. Escrow markers are for escrow wmih shares only. Future final distribution, if any, will be distributed to LTI released to equity beneficiary of former debtors, releasing Class 19 & 22 owners.
3. No assets can be reverted to the debtors,WMI & WMIIC, nor to reorganized debtor, WMIH.

The following is just a reasonable guess:
• 2-12-2018 WMIH 8K merger SEC filing: related to upgrading WMIH to NGSM(Nasdaq Global Select Market )

• 4-2-2018 WMIH 8K/A : amendment after 49 days WMIH listing in Nasdaq only

Was it just a careless mistake? It was “showing” that the merger deal was being cooked for more than a year with term sheets exchanged and studied and researched by attorneys of many parties, mainly from WMIH, KKR, and NSM. Or were they thinking or even planning for WMIH to be listed in NGSM prior to consummation of the merger. They jumped the gun to let NGSM stay which is concurrent with their perception and plans. But someone emailed WMIH to alert them of this issue. So they had to file the amendment.

• Many of the investment funds cannot hold stocks under $5.
• 98% stock holders of NSM are institutional owners. At consummation of the WMIH-NSM merger, many funds will be holding shares of WMIH. That will create an issue for them to sell WMIH.

All the financial predators, esp AAOC & TPS have been fighting for their lion share in the WMI estate. It does not make sense TPS will ask for 75/25 distribution ratio from 70/30 if the major meat is not in the final estate.

Here were some major points I posted on 1-25-2018:
"But "equity interest" as defined in POR7, it is just the equity shares rights of WMI: Former WMI forfeited equity rights of WMIIC, WMMRC and WMB.
And no assets can be reverted to former debtors nor reorganized debtor(WMIH).
What could Creditor Committee and Equity Committee do? What would TPS do? Would they be willing to convert $4B to former WMI Preferred at 8am 9-26-2008, 14 hours and 16 min before WMI bk ?

There could be reasonable degree of serious compromises among the crocodiles, tigers and lions to make everyone willing to yield.

WMILT should get the majority of the estate including SPE Trusts income
while WMIH will get some of the lions share via WMIIC."


• Let me add something vital: WMIH has to pay for what will be receiving from WMILT.

Assuming the above deduction is proper, and WMIH has to be $5 before the merger, what KKR and WMIH have to do?
Options:
A. Additional acquisition news like other mortgage related business by WMIH? But WMIH-NSM agreement did not allow this to happen.
What is allowed is acquisition of WMIH subsidiary only. (Sorry, my brain stuck here.)
B. Using WMIH “stock bank, authorized preferred and common shares” to purchase assets from WMILT.

• I am standing on camp B and waiting for the progress of A&M receiving $2M a year since March 2012 for her job to locate and liquidate the assets which are deemed as enormous. Anxious to see the fee filing by A&M for Dec 2017, Jan-Feb 2018 in mid or late April 2018. Just praying to see it will be low under $200K signaling the job closing .... better be under $100K.
• I expect to see news by WMIH relating to either assets including mortgage and mortgage related assets in SPE Trusts purchased from WMILT, hopefully prior to the WMIH-NSM merger consummation.

One brain is very limited, seeking your brain power to comment and help.
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