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Conversion Ratios - Old Equity into WMI Holdings Commons

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WithCatz   Thursday, 03/29/12 07:50:55 PM
Re: None
Post # of 646811 
Conversion Ratios - Old Equity into WMI Holdings Commons

It depends on what you held. If you held commons (WAMUQ), Preferreds (WAMPQ and WAMKQ), as to the conversion ratios.

The "announcement" is below...

But the summary is this:

Commons, WAMUQ = 1 old share = 0.03349842 new shares - WMIH ticker, commons

Preferreds, WAMKQ {called Series K below} = 1 old share = 0.4950146 new shares - WMIH ticker, commons

Preferreds, WAMPQ {Called Series R below} = 1 old share = 19.80058 new shares - WMIH ticker, commons

Keep in mind, that there are 200,000,000 "New" WMIH commons... so while you may have ended up with "less shares" it's also a much smaller "pool" of shares.

Additionally, existing Preferreds are no longer "preferred" in the new company -- everything got converted, at differing ratios, into WMIH commons.

*ALSO* You should have an additional "security {escrow}" that "equals" to the number of shares pre-conversion. This is for any "Liquidation/Litigation" proceeds -- well down the line -- that may flow into pre-conversion holders accounts. This escrow is for tracking, it will be ZERO for a long time.

...Catz

P.S. No, I do not have ratios for DimeQ, nor do I have any analysis on WAHUQ's -- both had varying options to elect from, and I don't know answers there.

{Request mod Stickie}


From johnnyiwantsome on BP

From: Edgar G. Sargent
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


.... Please, just call me Catz ;) - - - - - {and the requisite, all IMHO, do your own due diligence, and make your own investments}
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