For the naysayers this is public information and today March 11th is the final day of the 30 day filing :) GLTA
Quote from: CSNY/Alice - This the end. No further appeal. However, there is a waiting period until this ruling becomes final. That's just a formality.
Once the 3rd Cir.'s order is final (I think it's 30 days but haven't checked) we'll learn the true financial consequences. If WMI assets are recovered I believe Class 19 will receive new preferred (perhaps convertible) in some entity or entities, and my opinion is at least one of them will be revealed to be Mr. Cooper. I'll reveal now that a source connected to the beneficiaries of today's ruling made it very clear to me that those beneficiaries did not want to be in Class 22.
"Quote CSNY
Thanks for the support. I'm a big girl and can take my lumps.
My real outrage is about the $25 or so each P has lost. I believe the Underwriters demanded and received Ps rather than Ks. (Again, I don't believe Kurzman Carson gave them any TPS as KCC wouldn't anger the hedge funds by diluting them.) I believe Rosen lied to me when I spoke to him two years ago and he tried to assure me that the $72 million was disbursed pro rata amongst Class 19 (i.e., 53% to TPS, 40% to Ps, and 7% to Ks).
Once the 3rd Cir.'s order is final (I think it's 30 days but haven't checked) we'll learn the true financial consequences. If WMI assets are recovered I believe Class 19 will receive new preferred (perhaps convertible) in some entity or entities, and my opinion is at least one of them will be revealed to be Mr. Cooper. I'll reveal now that a source connected to the beneficiaries of today's ruling made it very clear to me that those beneficiaries did not want to be in Class 22. The only conceivable reason for that preference is the Underwriters believed Class 19 will receive some benefit that will not be shared with Class 22. If Class 19 gets preferred, there will be a coupon on the new principal (i.e., dependent on the scale of the recovery), and that could be quite a bit of income. To say the Underwriters made out well is a gross understatement. I believe we won't know how well for at least five years, and the ultimate value will shock many.
In this vein, I've said for at least seven years that if there is a recovery it will not be disbursed -- it will be capitalized -- and I stand by that. That belief is buttressed by Bill Kosturos' admission (reflected in the EC's slides) that the Settlement Noteholders planned to recapitalize WMMIC. I think they will, but I suspect they'll take a stake in Coop, too. If Fannie and Freddie are privatized I believe your money will be involved.
I've also said I think Class 22 will be bought out (if bought out by Class 19, Class 19 interests swell by a third, albeit subject to leverage). This would be another reason why the Underwriters would not want common equity.
Nothing of moment happens on Wall Street without Morgan Stanley (who holds 43% of the $72 million in Class 19) and whatever is going on in the background has been in the works for some time. If money is headed our way the acquisition of E*Trade (which holds 16% of retail legacy interests) wasn't a coincidence (interestingly, the acquisition closed on or about the same day as Schwab's acquisition of TD Ameritrade, giving Schwab over 60% of legacy retail and about 18% of the total $10B par; Fidelity brings up the rear with about 12% of retail holdings). Remember: Schwab and Fidelity aren't among the Underwriters and therefore haven't stolen from Class 19 retail -- yet. Keep that in mind when Morgan Stanley and the wealth managers at the other Underwriters fete you.
I fear the $25 loss per P is capital, and therefore substantially greater than it appears.
We should know in a month or so whether the Underwriters' 72,000 Ps are worthless. Somehow, I doubt it."
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