I think you should check out the post on the "new board site"
Post titled
"
ED sargent JUST Recieved from Alverez And Marshall Hope it helps "
"
From: Edgar G. Sargent [mailto:esargent@SusmanGodfrey.com]
Sent: Thursday, March 22, 2012 4:36 PM
To: barry
Subject: RE: Wamu
Here's information I just received from Alvarez showing conversion ratios:
142,500,000 (75% of 190,000,000) are distributed to holders of preferred securities as well as claims subordinated to the level of preferred. Total disputed claims at the preferred level are $106,514,585.09. For those claims, 2,109,051 shares are reserved. The remaining 140,390,949 are distributed evenly by liquidation preference across the $7.5 billion of preferred shares. However, while the TPS are denominated in 1,000s, the Series K has a face amount per share of $25.
For the TPS, 3,729,658.260 shares provided releases and will receive 73,849,406 shares or 19.80058 new shares per old share. This share count is after giving effect to the mandatory exchange.
For Series R, 2,906,421 shares provided releases and will receive 57,548,829 or 19.8005825 new shares per old share.
For Series K, 18,166,565 shares provided releases and will receive 8,992,714 shares or 0.4950146 new shares per old share.
For the common shareholders, they are receiving 47,500,000 shares of which 4,165,750 shares go to the Dime Warrant holders, 2,631,933 shares are reserved for disputed equity claims, 693,806 shares will be distributed to Principal Financial on account of their claims and existing common will get 40,008,511 shares. For each share of existing common granting releases in the total amount of 1,194,340,178 shares, they will receive 0.03349842 shares.
Because no fractional shares are being issued, the percentages for each holder may vary due to rounding. I’m not sure what you are using this information for, but that’s an important point for holders.
Hope this gets you what you need. I'm out until tomorrow so if you have any follow up I will probably respond then.
Edgar "
also another good post:
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Over 90% granted releases for the Ps & Ks.
For the commons, according to Sargent .."" existing common granting releases in the total amount of 1,194,340,178 shares, they will receive 0.03349842 shares"".
That would be apprx. 70% (1,194B / 1,700B) of the commons that granted releases.
That .03349 shares received equates to common holders converting apprx. 30 Us for 1 NewCo.
Note: Any of the reserve that Sargent mentioned ... "2,631,933 shares are reserved for disputed equity claims" .. will go to common holders if not needed for those claims. Don't think Dime or PF will get any of those because they took their percentage off the 25%. The coversion rate could change anywhere from those 30 Us to 28 Us if those shares are added back to commons pool.
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I cannot confirm this information, but if true it is interesting.
AI
