Remember that this merger is not dilutive. Per my calculations, the PE of the future merger will be 5, a drop from 10 with NSM. Everything is relative to the price per share.
The reason that management forces some NSM SH to take cash is to limit the final share count but nothing forces them not to buy back WMIH shares on the open market on their own, which I think they are doing right now.
So retail better gets in and buys the stock before the Street discovers that this is a PE of 5 stock with growth. In fact, WMIH provides the liquidity with 1.2B shares albeit at a lower price per share. The Street does not like to buy a thinly traded stock like NSM is right now.
The stock will at least double in the short term assuming that there is no news, because it simply regain a PE of 10 with even better earnings due to the tax saving from the NOL.
We will not have a boring stock like WMIH used to be in 6 years with no operation but has a NOL that it cannot used. The stock used to trade up to almost 4 based on KKR investment speculation. Now it is the real thing and not fake news anymore.
As the stock will get more than 3 then 5, more institutions will be allowed to buy and the stock will get more coverage, not just as a stock but also as a company product such as Mr Cooper and Xome. You cannot rule out that Amazon may get a stake in this company. There is no point to buy it but let it grow as an independent company and Amazon simply does the finance. And don't count out KKR and JPM. They want of course to dominate the mortgage business and kick Amazon to the curb.
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