Exactly. Bbob you need to settle down, the POR forbids the company from being taken private. It is also illegal for a corporation to force shareholders to tender their shares and not force others. i.e. private... If you are to require shareholders of a "publicly held" corporation to tender shares, you have to do all 100% shares, not 10% and the Hedge funds get to keep theirs, that is not how it works.
Just because KKR/Citi are on board, does not mean they can or will be able to force shareholders to do anything, without it applying to them also. In the POR, it was forbidden for WMIH to be taken private anyway, so we are safe there. Also, the IRS under Section 382 lumps the retail shareholders who assumed control of WMIH into their own group for purposes of the "testing event" for the NOL's. So, even if the new investors wanted to jetison retailers, they can not. This is why there is a limit on the amount of shares that are traded on a 5-day basis over the years now. We are a group within ourselves. Now, we just passed the 3-year mark for "NOL Lock" and that locked in the 5.95 Billion, and made us much more funds in the future, because that NOL has value and you can not be forced to surrender shares without "true value of NOl's paid to you." It they forced us to surrender.....(which the POR forbids anyway, we are still under the BK court eyes)
They would lose the 5.95 Billion NOL (the shell's largest asset). Also, in Rule 382 they also discuss the buyout of the company for the NOL's. 382 was enacted by Congress, to prevent the "trafficking of NOL's." The rules are plain and easy to read, I have wrote countless posts on here with the info. You and I as retail shareholders who were the original shareholders when we exited bankruptcy are lumped into a group and that group controls the NOL's. If all retailers sold out their positions, we would trigger an ownership change, that would most likely wipe out the 5.95 Billion NOL. This is why they waited 3 "tax years" to sell more stock, because they did not want to trigger an ownership change and encumber the largest asset of this shell.
March 20, 2012 when the Bankruptcy court took all equity shareholders and gave them new stock in the newco, it created a group of original WMI equity onwers. In March 20, 2012, when the BK court took all preferred holders and gave them stock in the new co, it created a 2nd group (who were not original equity owners). WAMKQ was the 3rd group. Creating 3 groups of shareholders. Under 382, each one of these groups is considered a "testing group" for 382 purposes.
So, your NOL's are governed by 3 groups of shareholders for "testing period purposes." You are in all groups if you owned. WAMUQ, WAMPQ and WAMKQ. I am in all groups. The corporation enacted a "poison pill" to protect the NOL's that was given to exit shareholders. YOU, I and all other shareholders of WMIH own the NOL's. Now, that we will be issuing new stock of WMIH to the preferred holders, we will experience an "ownership change." This is OK, because we have passed the 3-year "testing period" our NOL's were originally locked in after we passed the 2-year "continuity of business" requirement that WMMRC gave us. WMIH locked in its largest asset. All it had to do was wait one more "tax year" and it would book 5.95 Billion in tax attributes on it's sheet. It did! and now it is "locked in and not restricted." Remember we can not experience another ownership change for 3 years. We are now in a new testing period for 382 purposes. When you issue convertible preferred stock for 382 purposes, the IRS considers you issuing stock. So, that will trigger a new "testing event." date.period.exemption. Until NOL's are used up, this is your protection./
In 2008, the Treasury Dept (without the approval of the US Congress) enacted.... this new rule costs taxpayers 100 plus billion in lost tax rev, because it was specifically designed to give "unrestricted NOL's" to the acquiring entity of banks for the "worthless bank stocks" that were created by the financial crisis. In 2009, Congress passed .... that rescinded this, but they had to honor the treasury rule, because it was a main reason "banking institutions stepped up and acquired banks in trouble."
WMIH owns 5.95 Billion in "UNRESTRICTED NOL'S." Because of this...
Here is a good article, that actually details the real benefits of bank mergers in 2008. Especially for Wells Fargo. Read page 3...
News 
Market Data 
Discover 
