Mostly Agree...But SOP
I will say that there has been some meaningful posts on the topic of staying public versus private, the hints in the 10-K and related.
The basic understanding of what could happen is of interest to me and I want others to keep an open mind about. As 'Catz indicates, and estimates as not likely, my probability shifts a little bit more towards 'it is contingent. The control of the BOD is the key; whether by control shareholder takeover or 'deal making. Control of the BOD by 'deal making would be really unfortunate if it resulted in the reverse split scenario. Control of the BOD by takeover by annual shareholder's vote would result in the same unfortunate outcome, but at least we would know that the BOD didn't yield on bended knee. That is important to me.
You quote one of the many safe harbor disclosures that are made in 10-Ks. They are all over the place in 10-Ks; not just WMIHC, but everyone. Call it the 'success of the lawyers over the auditors; the one's left. So over regulated, the narrative becomes template, boilerplate CYA.
Looking at the extremes, one needs only to GOOGLE words like 'going private 'going dark 'sox costs 'reverse split etc., and you will see the extent of this activity across the boards. For WMIHC, they can't make a return on WMMRC, and they can't make a return on cash; with a burn rate of costs to comply with SEC requirements (administration is heavily covered by the WMMRC fee agreement). Blackstone might help, but the fees will be expensed if not capitalized in an executed 'deal. Heck, at this point with the two worst reinsurance trust loss funds commuted, it almost looks like 13% can be made on merely paying down the RN's is more than what an acquisition could currently bring.
I still hang my hat on the control hedge funds actions as the driver of what happens. I have no idea what they want, or when. For me, the next event is the pre-shareholder meeting information, the proxy, and what it contains. That will tell us where we might be going, and whether or not control has been negotiated with the BOD or planned to be taken. It might be that the in-place hedge funds do not want to do it at this time ('yet) and they will let it roll another year without providing the fuel to make the engine work. 8,028 shareholders, other than the 2 declared, creates a problem for them.
We'll have to wait and see, I guess.
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