There are two ways to look at it:
1: Every shareholder was given a marker in their accounts. If you look in your account there is number instead of wmi shares however still tells you how many shares you had.
1: When we settled: we were given the New Company: shares were converted to commons of WMIH. done that was the conversion......However we still have markers. These Markers are NOT able to be traded. You still have markers for the shares and class you were in. P's and U's
This was not the end for the shareholders:
Cash.......As the SN underwriters etc all became part of the P's, so yes they may have shares in WMIH as well. They will now be commons.
Class 19 three categories of P's they are all part of the 75
Class 22 is commons
Cash: So far everyone said there is no waterfall to shareholders, however there is money and the SN knew it, the Judge stated it and their is a minimum of 10b that will be distributed both to class 19 and 22........
There are no more conversion on shares forget about this.....We all receive the percentage 75/25........P's will receive their face value plus interest.
Commons 20%/WMIH/Coop5% will received what is left.
That is it....The trusts will be converted to cash and distributed at the value of the stock when it was on the market. P's for every share you own you will get 1 at 1000+interest
Common unknown........21 cents to 84 or more.....no one knows.
All we need to be concerned with is How much cash is coming back......it will all work out in the end...
We all win.....
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