Replies to post #7623 on Dime Bancorp Inc (fka DIMEQ)

[dsstyle1]

"However, both JOconner and dsstyle1 have the US Court of claims statement indicating 25-30% are still outstanding."


I think my comments may have been misinterpreted. I do not believe there are 25% to 30% outstanding LTWs. I believe the number is close to 15%.

The number you're referring to is the percentage of the Reorganized WMI shares that the Common Equity Interests were allocated, collectively, as per the POR. So the parties deemed to have equity interests in the bankruptcy, or as they call it, "Common Equity Interests," would share in a pool of new stock of the reorganized company. The size of the pool they would share in is about 25% to 30% of the new company's shares. Since the new company issued 200mm shares, the pool is 50mm to 60mm of new shares, which they would somehow split among themselves.

This is where the "LTW Stipulation" comes in, which outlines how much of this pool would be allocated to the LTW holders. It says, in a rather confusing way, that the LTW holders will receive 8.77% of this pool of 50mm to 60mm shares. So that's equates to about 4.385mm to 5.262mm shares.

And we know, according to the 8k, that 4,486,672 shares were issued to LTW holders. So that is a huge percentage and that's why I believe that about 85% of the LTW holders "opted-in" and signed releases.