That means that all the news articles and all the reposrters back in Sept 08 did not know that it was WMI for sale. I remember they were saying WMB WAMU was on the auction block, I don't remmeber anything about WMI. Enlighten me please!
Wrong again. You can't claim to know what Bonderman thinks or thought about anything.
The issue in front of THJC, has to do with damages to WMI from the unlawful seizure and sale of their subsidiary. If JPM owns the banks now, then they also own the debt. That is part of the essence of this whole case, this was not a transaction, it was a smash-and-grab, you can't seize a bank and then cherry-pick, taking all assets and deposits, and not assume the debt as well.
WMB in fact, owes WMI big time, which means JPM owes WMI big-time.
There are substantial damages being asked for here, there are multiple suits, trademark infringement, torts, and all sorts of claims of even illegal activity by JPM, and since they didn't even bother to argue when accused of bribery in Alabama, and instead shelled out 700 million, I think that shows a tendency. And claims of more illegal activity are not at all baseless.
Bottom line: They should have settled when it might have been cheap, after the Alabama debacle, and with the public's mood regarding these types of matters, they could be made an example of.
And JPM's "fortress" balance sheet, will burn while we Wamuers fiddle.
The conversion of the series S & T preferred shares on June 30th 2008 was mandatory/(part of the funding agreement) and voted on at a special shareholders meeting June 24th 2008. The S&T preferred,along with warrants, were created for the April 2008 TPG funding. Voting results were reported in the 2nd qtr 10Q pg 94.
Bonderman and the others converted because this is what was expected,and it was mandatory. If the S&T preferred weren't converted they would be in the same pecking order for payout with the other preferred issues above common shares(as per the funding agreement),but with a potential 14-17% dividend rate.imho.
========================================================= Def 14A ..."In the event that our shareholders approve Proposal 1 but do not approve Proposal 2, the mandatory conversion of the Preferred Stock into common stock cannot be completed and the holders of the Warrants will not be able to exercise the Warrants to purchase shares of common stock. The holders would, however, retain the ability to exchange their Warrants for Preferred Stock as described below under “Description of the Warrants — Exchange for Preferred Stock.” ....
1. Series T Contingent Convertible Perpetual Non-Cumulative Preferred Stock ("Series T Preferred Stock") of Washington Mutual, Inc. ("Issuer") automatically converted into shares of Issuer's Common Stock at a conversion price of $8.75 per share on June 30, 2008, pursuant to its terms and conditions specified in the relevant Articles of Amendment to Issuer's Amended and Restated Articles of Incorporation. As a result, 28 shares of Series T Preferred Stock directly held by TPG Partners VI, L.P. ("Partners VI") were converted into 320,000 shares of Issuers' Common Stock and 19,900 shares of Series T Preferred Stock directly held by Olympic Investment Partners, L.P. ("Olympic Partners") were converted into 227,428,571 shares of Issuers' Common Stock (collectively, the "Securities"). Series T Preferred Stock had no expiration date.
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