Caution - This is WMI BK
I haven't posted in a while, and I have liquidated a large number of shares at almost $0.80, but I was and am concerned that the variables of the WMI BK will spill over to the DIMEQ.
DIMEQ's counsel is the best.
DIMEQ's LTW appears solid.
DIMEQ's are part of WMI's bankruptcy. Caution flag for me based upon pavlovian experience with the debtor, the debtor coaltion of the FDIC, JPM and the WMI noteholders and JMW.
I've always believed DIMEQ was the best hedge for WMI equities. It was. But, I was and am concerned that the DIMEQ "reserve" is an attractive prize for the debtor coalition should it choose to free up $300M+ for "other settlement matters."
JMW will make a determination of whether DIME LTW is a contract liability of WMI as a trigger event; and if such result is either a dollar claim or an equity claim.
JMW has not ruled favorably on such matters; ask TPS.
Also, the US Court of Federal Appeals continues as the US DOJ continues to claim that JPM is not the successor to WMB and is not the owner. That's a tough opponent. That dampens the "we'll get JPM shares" quite a bit.
It has been a great run from the upper 20's to today. There really should be caution as in this BK the WMI Ps once priced well over $100 only to be brought back to earth.
Just IMO. I continue to believe that the DIMEQ are directly tied to the award; but I don't trust this BK, the debtor, the coalition or JMW.
GLTA.
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