Maybe TPG knew by giving up the protections and being issued common shares that they would then be the largest shareholders in the company and be able to direct the actions of the board. Bonderman is no idiot and he is definitely not going to be outwitted by Jamie and his crooks. So convert to commons, control the company and the board on a condition that Killinger be replaced. TPG is the largest shareholder in WMI and now has the controls. It is most likely their worst case scenario come to light, but it may turn out better than selling the bank, which is the reason they dedcided to allow conversion. They did it so WAMU could be sold, Bonderman would have been privy to the transaction. I wonder how he felt on the 23rd when all the employees from the other companies that were looking to buy WAMU suddenly left the building. I wonder if he was secretly putting a bid together along with all his buddies to BUY WAMU! I wonder if he was almost ready to bid and the FDIC found out through good ole HANK and reacted. I wonder I wonder I wonder!
Bonderman is a self-made billioniare Texas man and you don't mess with TEXAS! He personally knows the CEO of Carlyle Group (Former Presidents Bush, Ford members) Blackstone, Oak Hill, Basswood, Apollo, Cerebus, and many other private -equity firms, so believe me if he needs ears to talk into, he has them. Recent reports have put a conglomerate of them pursuing bank deals. I am not in the room, but I can read the reports. Just google these names. TPG has plenty of capital and what if they decided to buy out WMI after it emerges from BK. Think what would it take for Bonderman and Co. to deal out WMI? What is TPG willing to acept for a PPS? Would they just write-off the loss? This site can give you a good idea of who they know, how they do deals and what kind of outcome they expect. They have more $$$$ available than most here on this board can imagine. If Bonderman approached THJMW after she rules on the summary and gives us back the 4.4 billion and says your honor we have a reorganization plan here that will allow a merger of our recently acquired banks into WMI (for NOL's right) and we would like to tender an offer to the court for all common shares to be paid $4 pps. We will renegotiate with the bondholders, noteholders and convert the preferred shares to common shares. We will be responsible for creditor payments once your honor has negotiated those debts using the power of the court. This is our reorganization plan, how does your honor feel about this.
In the meantime they go on with the suing business. Holding the FDIC to higher standards and threatening to prove bias, so they can get the FDIC operated banks back and more uner the table deals. If they control the suits, they control the outcome or whne they will settle. They don't have 51% NOW, but would if the court allowed the buyout. We would be paid-off and everything would move along the way TPG wants it to. IMO I wonder if Jamie would then bid more, to save JPM's arse in court. I wonder if Bonderman would be bluffing just to get Jamie to act. I wonder if the largest shareholder from this ihub board is going to get an invitation to the sit on the board because they made a smart investment when the bank was in BK. I wonder I wonder I wonder! Don't under estimate smart money!
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