Friday, March 22, 2013 5:27:54 PM
1. The notations of Appaloosa and Greywolf should give rise to consider that the Hartford funds might be the same, as is for all WMIHC holders. Positions @ 12/31/12 are New in 2012 for everyone. The Greywolf shares are exactly what they disclosed right after emergence (conversion shares), and Appaloosa disclosed at the post-year end due date (conversion shares, filed as a different 'non-group status than Greywolf).
So, since these two disclosed the same amounts at the time, and Morningstar reports them as New Shares/Buyer Shareholders IN 2012, they are simply reporting the conversion shares acquired.
2. Re: 5% discussions, it is actually 4.75% that is in the amended and restated Articles that are known as "Substantial Shareholders." Greywolf aggregated > % and filed as such. Appaloosa aggregated > % and filed under an exception.
3. There is ONE LIMIT on any buyer of WMIHC securities; in total, considering the additions by "substantial holders," the percentage increase cannot be 50% or greater. Existing "substantial holders" can, with the BOD approval under the 15-day rule in the Articles, buy 49% of the outstanding shares (staying under 50% in added percentage). So, in essence, with BOD approval, someone with 7 or 8% could be allowed to buy 49% more. With regard to someone with 0%, they too could buy 49% of the shares, but they must stop at 4.75% first, and get the BOD approval to add any more.
4. It gets a little messy with issuance of the commons and preferreds, but simply math.
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