Monday, January 04, 2021 7:32:52 PM
and ....that an arrangement was made in a sense that the 'loan' - the new A&B preferred, ....this debt owed to A&B is to be paid back from the P Preferred trusts? After all, WMIH didn't have much income elsewhere until a future merger was consummated, yet WMIH had
other debts and executives to nurse off the teet meanwhile?
sort of like a cost of doing business? aka, costs of maintaining a life line until a suitable merger partner is found? (eventually NSM)
So once that original debt (collatoral guaranteed by A&B Preferred) is paid back through WMIH income generating Original P Preferred Trusts including retroactively, then the "THANK YOU" for lending to WMIH is Conversion to a boatload of new Common shares (without legacy tracking markers), not to mention being paid back their principal and interest owed from a guaranteed trust income stream.
sweetheart deal - absolutely. but when you're a bankrupt shell with no liquid legacy assets to claim (yet), what choice do you have, other than 'Hard Money Lending'?
IDK, but just trying to apply a bit of logic and personal lending experiences. If you're inbetween a rock and a hard place, you're gonna have to pay interest and then some......title to a Harley (lol), a boat, shares in a newbie company fresh out of technical Bankruptcy.....
But if all this is true, I'd think that back then WAS the deal, and now going forward as we all wait and are in the same boat, then maybe the P Preferred income stream goes back to original intentions.
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