The Following Proves to Me Assets Were Released-Ready to Move Forward
1) Several filings on 12/8/2017 including 1031 exchanges closed & opened (assets recognized but not realized moved tax free)
2) There is also year-end tax attributes as well as beginning of new year tax attribute
3) I do not know how it all works but know enough to realize they play a roll
4) January 17, 2018 JPM raises a total of 4 billion in two separate filings on same day
5) January 18, 2018, WMIIC dissolved (tax attributes in play)
6) To this point, enough proof for me that assets released, allowed to move forward
7) 2/13/2018 WMIH/NSM merger announced
8) 6/29/2018 merger approved by both sides
9) 7/13/2018 Senior Note Offering of 1.7 Billion officially closed
10) Note in 8K on 7/13/2018 discussing Senior Note closing in Section10.17
SECTION 10.17. Asset Sales.
(a) The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, consummate, directly or indirectly, an Asset Sale, other than a Required Asset Sale or any *Legacy Loan Portfolio Sale*,
unless:
(A) the Issuer or such Restricted Subsidiary, as the case may be, receives consideration at the time of such Asset Sale at least equal to the fair market value (measured at the time of contractually agreeing to such Asset Sale) of the assets sold or otherwise disposed of; and
(B) except in the case of a Permitted Asset Swap, at least 75% of the consideration for such Asset Sale (measured at the time of contractually agreeing to such Asset Sale), together with all other Asset Sales since the Completion Date (on a cumulative basis), received by the Issuer or such Restricted Subsidiary, as the case may be, is in the form of cash or Cash Equivalents; provided that the amount of:
11) Waiting on 8K announcing closing of merger which must be at least 8 business days in advance
12) I believe we get shares for our markers simultaneous to merger closing due to maintain very strict IRS Section 382 rules which say MUST maintain 51% ownership or jeopardize NOLs