Mr Cooper Group Inc fka COOP

[jerrylev]

2,3 years ago, there was a rumor of a failed acquisition of an reinsurance company. Then there was Capmark where most of our current WMIH execs including the CEO came from. I think the mortgage business is something that came up recently when KKR may decide to get in with the rise in interest rate, repatriation of money from overseas, etc.

Remember that our business is determined by KKR business goal which may change with time. WMIH is simply a SPAC for KKR to do its M&A.

IMPORTANT NOTE: WMIH BUSINESS HAS NOTHING TO DO WITH OLD WAMU.

Take a look at the following interesting linkedin:

https://www.linkedin.com/pulse/trillionaire-talks-wmih-banner-corp-umpqua-triple-merger-gabor/

Gabor S. Acs, the world’s only recognized trillionaire, is reaching out to the Board of Directors of WMIH, which is a Special Purpose Acquisition Company (SPAC) controlled by David Petraeus and KKR with $6B of Net Operating Loss Carryforwards (NOLS), in a bid to create a triple banking merger with Umpqua and Banner Corp, two Pacific Northwest Banking institutions, ahead of their impending trouble with federal regulators.

Mr. Acs has proposed to put, via electronic smart contracts and communications, to several global hedge funds, including KKR and Blackstone, enough Preferred Non Convertible stock in Pen Bancorp, a Cayman Islands FinTech Startup, to acquire all the common voting shares of all three companies in an effort to stave off another round of financial collapse in the Pacific Northwest due to the hyper-accelerating use of non bank financial services such as BlockChain, BitCoin, Ethereum and soon InfiniteCoin, among others.

WMIH Corp. (NASDAQ:WMIH), formerly WMI Holdings, represents the reorganized remains of Washington Mutual's holding company following the 2008 seizure of the bank by the FDIC.

In 2012, WMIH emerged from bankruptcy with approximately $75M of cash, $5.97B in NOLs, and ownership of a mortgage reinsurance subsidiary in run-off mode.

Since then, WMIH has successfully executed two private equity raises with Citigroup (NYSE:C) and KKR (NYSE:KKR), raising over $600M to fund strategic acquisitions as a KKR-directed SPAC. In September 2015, the company completed its uplist to the NASDAQ.

In December 2013, KKR & Co. L.P purchased preferred stock and warrants in WMIH that vaulted the company to a $365M valuation and set a floor price on the stock at $1.38/share based on the issued warrants.

Since then, a further $600M capital injection by KKR and Citigroup again raised the company's prospects, to $735M based on 544M shares, and set a floor price of $1.75/share based on the Series B worst case conversion price.

Over the past five years WMIH has slid to a new low within the past twelve months of around $1.10 per share, however, because Mr. Acs has been permanently banned from trading in penny stocks by the SEC, he is proposing that shareholders of WMIH, including KKR and numerous other institutional holders of the penny stock, receive $5.00 per share for each share of WMIH in a new holding company subsidiary of Pen Bancorp to be known as Soap Lake Bancshares, an allusion to washing clean all the dirty money floating around the Pacific Northwest.

Banner Corporation currently has a market cap closing into $2 Billion. Umpqua currently has a market cap closing into $4 Billion. WMIH currently has a market cap approaching $300 Million but at $5.00 per share it would be a buyout closer to $1.5 Billion.

Under the proposal being bandied about, the Infinite Freedom Foundations of Washington State would be granted $10 billion (Ten Thousand Shares of Pen Bancorp Prefered valued at $1,000,000 each) to consolidate all three banking organizations under the banner of Soap Lake Bancshares.

That is not too hefty price to pay for sheltering $6 billion in future revenues at two troubled bank holding companies, one in Oregon and one in Washington.

At those valuations, Mr. Acs must sell at least $7.5 Billion worth of PenBancorp (7,500 Shares) Preferred Cumulative Non Voting Stock, which he is offering at $1 Million per share to institutional investors only via .

Acs is actively soliciting investment funds from such names as Soros Fund Management, BlackStone, KKR, and this list of the world’s largest hedge funds via Hvst.com.