gg4, to answer your question, I posted this a long time ago. Since this is a public traded company and can be taken over the following written months ago could also still apply after this merger. But at that point there will be around 1.2 billion shares outstanding however, the principle about being taken over could still happen.
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There has been a lot of discussion on the outcome of WMIH such as whether it does a reverse split, taken private, merging or other. So, I thought I would posit what the evil MAY try to do to retail without hurting themselves. This since they are so greedy and can never have enough, especially since they tried so very hard to zero Equity out in the first place.
The following are figures from Edgar Sargent concerning those investors who signed timely releases.
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142,500,000 (75% of 190,000,000) are distributed to holders of preferred securities as well as claims subordinated to the level of preferred. Total disputed claims at the preferred level are $106,514,585.09. For those claims, 2,109,051 shares are reserved. The remaining 140,390,949 are distributed evenly by liquidation preference across the $7.5 billion of preferred shares. However, while the TPS are denominated in 1,000s, the Series K has a face amount per share of $25.
For the TPS, 3,729,658.260 shares provided releases and will receive 73,849,406 shares or 19.80058 new shares per old share. This share count is after giving effect to the mandatory exchange.
For Series R, 2,906,421 shares provided releases and will receive 57,548,829 or 19.8005825 new shares per old share.
For Series K, 18,166,565 shares provided releases and will receive 8,992,714 shares or 0.4950146 new shares per old share.
For the common shareholders, they are receiving 47,500,000 shares of which 4,165,750 shares go to the Dime Warrant holders, 2,631,933 shares are reserved for disputed equity claims, 693,806 shares will be distributed to Principal Financial on account of their claims and existing common will get 40,008,511 shares. For each share of existing common granting releases in the total amount of 1,194,340,178 shares, they will receive 0.03349842 shares.
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In the past, I have always discussed the mysterious trading in late Jan/2012 shortly after TPS was granted court approval to do discovery on Equity in Susman’s Houston offices in mid Jan/2012. They got a legal “peek behind the curtain” then signed on to the final POR 7 with 5% more within 4 business days.
I discussed many times the amount of old common WaMu shares being purchased when everybody knew the trading on these old securities was subject to halt any day and be removed from the market. Why were these old commons being swept up – possibly parties knew after recent discovery, there would be markers issued and the players may need to have a majority of shares to take the yet to be released NewCo/WMIH private down the road.
I also always wondered why Susman put out in writing prior to the deadline (around 3/2012) to exchange the math formula showing what one would receive in NewCo/WMIH for former preferred and common. The math was obvious that one should own Preferred based on this formula. There were strange postings/discussions on the message boards during this time frame as well concerning this very issue.
So, now here we are with NewCo/WMIH sitting with 200 hundred million plus outstanding shares and here is how it could go down if big money players try to separate most of equity.
• 1.2 billion released WaMu common Escrow ShareMarkers at $3.00 a share equals 3.6 billion
• 200 million plus outstanding NewCo/WMIH shares at $3.00 equals $600.00 million dollars
• Take NewCo/WMIH private for a total of 4.2 billion dollars
• There would have to be a Shareholder’s vote, but big money controls the majority so no issue in approving by majority
• Since big money players own the majority of former Preferred, they take company and former Preferred private due to greed
• Former WMIH-Corp as it was known is now a private company minus common equity
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