- - - - - Gene Davis, Real Deal?
He was the AAOC designee.
He was to exit after the financing arrangement expired.
He was reclaimed for his own seat.
He is on the strings of Tepper.
Michael Willingham no longer has control of the Board.
The Tepper funds did not vote for him.
KKR, Tepper, Greywolf et al have 68% voting (then ownership) control.
They did it through "the power to issue stock."
Preferred, convertible stock.
They've diluted our holdings "without paying for it."
The Series B preferreds are for "future acquisitions;" ZERO was valued for the NOLs.
They OWN 68% of the $6B in NOLs, at 35%, worth $2.1B in total.
They paid (over the net book value of WMIH) less than 5% of the NOL value for such.
One "could not buy into the Series B preferreds" regardless of willingness.
The new executives have compensation plans with 'protection of the $2.25 floor (i.e., more shares).
Why?
Gene Davis is not retail equity's savior.
He is the equivalent to the terminator.
Another round with a Series C convertible preferreds and they have "in substance" performed a reverse split without doing one.
Not a good long-term sign at all.
SHORT-TERM; I hope news on an M&A really pops the PPS. At that point, I think I might take that as the exit point.
These SOB's need to punish retail to make our victory distasteful.
IMO.
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