~ Hex, The $1,150,000,000.00 Billion' of the WMI Capital Trusts "Debentures" Was The PIERS Debt Offering Support', a 2% Debt Offering of $23,000,000.00 ~
The following is important to understand, as WE' follow "COOP" forward, and the entire companies, "WMIH" ability to profit as the future unfolds;
... So, That portion, or the $1,150,000,000.00 Billion Dollars of WMI's Capital Trust "Debenture's", or, the PIERS Offering Debt Support, ... again, 2% of the Debenture 1.15 billion in support, or a debt offering of the PIERS $23,000,000.00) ... So basically' the PIERS debt offering', restricted that amount of the Cap Trusts "Debentures", ... of which the total amount of the WMI Cap Trusts Functioning "Debentures" was $4,000,000,000.00 earning an annual yield of .0537 percent interest ...
So, in order for a WMI Plan of Reorganization to be able to be properly approved, ... that group of Court determined creditors, the PIERS, needed to be addressed ...
The debtor' had been attempting to initiate a Private Rights Offering', with an attempt at ending the plan of reorganization at the PIERS creditors', and excluding all equity classes' ... the 2 failed 6's ...
Beginning in 2010, the Trustee' (of which their were 2) stepped in, filed and notified the Court of the serious flaws in the debtors attempts at a private rights offering, ... (within those filings submitted by the Trustee are the numbers) ...
Judge Walrath', obviously denied' these debtor attempts at the flawed plans, ... she ultimately CAPPED The PIERS, ... and allowed the PIERS to be paid off with CASH', CASH held by the WMI Holding Companies WMI-LT' ... That Completed the PIERS (the last plan 7 creditor class) in February of 2018' ...
Within the Payment or PayOff', of the PIERS in February of 2018, this also released the debt offerings restrictions that had been placed upon a segment of the WMI Capital Trusts "Debentures" ... or, the 1.15 billion of the 4 billion dollar entire value' ... again, earning the .05375 annual yield' ...
With Judge Walrath's actions and decisions, she made the WMI Plan of Reorganization "Fair and Equitable" for ALL', for ALL' that followed Plan 7's directives to "Participate" ... which lead to the need for you (and me) to be issued our DTC Issued ESC Cusips', ... separated by our choice of WMI's ownership' ... while WMI, now of course, "WMIH and its Subsidiaries" remained restricted until the BK's would be Closed' on 12/20/2019 ...
Basically, the debtor and the restructuring component, ... "Failed Miserably" ... and multiple times, within their attempts to keep the Great WaMu's Asset Values, ... now, ... "WMIH and its Subsidiaries" ... Private' ...
So, after the WMI Reorganization, ... A Second Private Rights Offering, was initiated' ... the sponsor of course being KKR, and the LEAD ARRANGERS and their Affiliates' ... All' activated in February of 2018 as well, once they were assured that the PIERS were actually paid off in full by the WMI-LT, releasing any original restrictions placed upon the WMI Capital Trust's $4,000,000,000.00 in interest earning "Debenture's"
The 2nd Private Rights Offering, initiated in February of 2018', ... refers specifically to the asset values of' ... "WMIH and its Subsidiaries" ... ALL OF THEM' ...
I hoped that helped,
AZ
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