Yeah but NSM is already listed on NYSE and after the merger, the combined company will have revenue and income and so the $4 stock price is a no brainer. I think that condition is to imply that WMIH will get its deal whatever it is and it can go to 4 on its own.
I am just daydreaming these possible news:
- JPM will return WAMU loans and assets it didn't buy - With all the troubles that JPM got for servicing WAMU loans, it may farm out everything to WMIH/NSM to service, even for the loans that it owns. - JPM will sign an exclusive deal for WMIH/WMMRC to insure all of its mortgages.