No, sir, it is not.
Here is why.
1) The value I currently have in WMIH from the shares I owned (P,K,Q) in WMI do not have the value that I invested in them.
2) I have invested in exactly three bankrupt companies. These were Lehman Brothers (which I then sold at a profit), AIG (which I then sold at a profit) and WMI. I expect a profit because I saw too many high powered lawyers fighting over the corpse to believe that there is not still value.
3) (and Most Important) If I don't get my share of the residual value of WMI, then someone else got it for free. That can NEVER be accepted as FAIR.
4) Furthermore, some of the value I owned has been split of and repeatedly diluted by the likes of KKR and NSM. To this date, they have not demonstrably added value. When they do, this may obviate this objection, but they have to DO it.
Often times on this board, people have called the FDIC seizing of WMB as a Bank Heist. I can't argue with that but it is what it is. I can argue with the disappearance of seemingly protected assets that, if they don't come back to the shareholders, will have been stolen and gifted to others.
The market is all about assuming risk to reap rewards. Sometimes you lose... that is risk. On the other hand, until the books of WMI as of the day before the BK become public, I will not be convinced that there was no value there that has not yet been returned to the appropriate parties.
What I will JUST PRETEND is that you are a reasonable human being who it participating in a dialog as a cooperative effort to achieve TRUTH and JUSTICE.
Do I believe Justice will be done? No. The pre BK shareholders of WMI are very unlikely to be made whole and therein lies the real tragedy.
Do I believe Post BK releasing shareholders will get everything they deserve? No. However, there are levels of unfair that are more acceptable than others.
I suspect the 'powers that be' are monitoring forum discussions like this in order to discover how much of a heist they can actually get away with. I will NOT contribute by silence to discussions that say we have gotten enough to be fairly compensated. It is simply NOT TRUE.
If you are an escrow holder, I cannot fathom why you would be satisfied with our stake in WMIH as F&R. Even if all of the spoils go to WMIH (they won't) our portion has been terribly diluted by the shenanigans that have transpired.
As for showing you a list of all that have survived... I can't. I can say this. I believe that this one was different. That is why I invested in the first place. I also, at one point, sold half of my Qs and invested that money in Ps & Ks as a hedge in case commons were wiped out. At this point in time, I am carefully adding to my position in COOP as a hedge to them getting a lion's share of the hidden assets. IMO they shouldn't, but some of the legalese is difficult to parse with clarity.
One last thought on that note, I will bet $10 against a jelly doughnut that before this is over there will be gnashing of teeth by lawyers in front of THJMW claiming that 'but that is not what it meant!" Thus my remarks about the detrimental affects of any possibility of THJMW being unable to continue as judge in this manner.
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