I think it's ok. WMIH gets more money which gives them more options when it comes to mergers and acquisitions.
I'm wary about the mandatory stock conversion. Stock conversion according to the filing depends largely on the number of available outstanding shares. If there aren't enough, you can definitely expect the board to issue new common shares (stock dilution) which may or may not be a bad thing depending on value. Dilution can also change ownership percentage, which could bring a new set of problems. KKR may be able to completely take over WMIH if they stack Series A conversion, exercise their warrant right to 60 million shares, and mandatory conversion of their Series B shares. (200 mil o/s).
While this is less likely to happen, it can happen - WMIH doing nothing with the money. No mergers, no acquisitions. This will result in a lot of time wasted and money wasted. Around $40 million is already gone based on fees. On top of that, the longer time goes without mergers/acquisitions, the more dividends Series B holders receive (around 3% annually - $18 million a year in dividends) - Series B if not converted can collect dividends til July 2018. 3x$18 million...
Basically starting 2015 with $18 mil in extra expenses.
-----------------------------
With all that being said, the sooner a merger or acquisition is done, the better. WMIH received extra capital in exchange for some pretty heavy liabilities.
---------------------------------------
It's 1am CT and I'm too tired to double check my numbers. If anyone can spot a mistake, please do correct me.
News 
Market Data 
Discover 
