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Mr_Simpson 07/08/15 21:37
Ha respondido al tema Washington Mutual demanda a la FDIC por 17 billones US$ + daños
Si este debe ser el mínimo que deberían dar. Se han repartido 1.4 millones acciones y faltan aun 2.7 millones acciones. Los Piers están a $66 Millones de liquidarse y todo parece que luego vendrá equity. Los Escrows se canjearán por LTIs y se descubrirá si los ejecutivos Gallagher y Fairfield han sido contratados para liquidar el pool de activos con gran cantidad de hipotecas que serían abonados trimestralmente como ocurriera con KMart hace años. Nada puede ocurrir hasta que la Juez Collyer no liquide la apelación de DB vs FDIC. Hay razones para tener optimismo. Opino que antes de fin año WMIH puede alcanzar ese M&A que nos lleve a nuevos máximos.
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Mr_Simpson 04/08/15 08:45
Ha respondido al tema Washington Mutual demanda a la FDIC por 17 billones US$ + daños
En USA ya estan pagando a todos normalmente desde España se trabaja con el Subdepositario Internacional con una cuenta unica a nombre del Broker así que ellos os deben entregar las acciones. Estos son los calculos por cada tipo de acción Escrow que tengais desde la Conversión: WAMPQ 08/03/2015 1ST DISTRIBUTION 0.09556289 :1 TO 92936P100 (WMIH) WAMKQ 08/03/2015 0.00238911: 1 EXCHANGE TO WMIH CORP 92936P100 Auto Reorg#271257|STOCK PAYMENT (WMIH) WAMUQ 08/03/2015 0.00056842:1 EXCHANGE TO WMIH CORP 92936P100 Auto Reorg#271254|STOCK PAYMENT (WMIH)
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Mr_Simpson 03/08/15 18:53
Ha respondido al tema Washington Mutual demanda a la FDIC por 17 billones US$ + daños
Ali Meshkati July Newsletter (WMIH Highlights) The exploitation of NOLs as a form of leveraged profits allowing for rapid growth within a corporation is by no means a new strategy. NOLs have been exploited by financial luminaries like Sam Zell and Carl Icahn since the early 80s. More recently, David Einhorn and Phil Falcone have joined in through separate investment vehicles both structured exclusively as a means of turbo charging growth through the reinvestment of tax savings provided by NOLs into further acquisitions. What is interesting in the case of the courtship between KKR and WMIH is that KKR has no experience in the field of NOL cultivation. Now I'm sure they have utilized NOLs in the past to offset profits, but they have never expressly purchased a corporation purely for the exploitation of its NOLs as they seem to have done with WMIH. In fact, if you look into the recent history of KKR's M&A activity they have actually sidestepped NOLs when they are available, preferring to carve them out into a separate entity that KKR itself has no further interest in. The most likely reason for this is that Section 382 restrictions would restrict or void the NOLs, making them useless following the acquisition. KKR, however, has never worked around Section 382 restrictions through creative financing and timelines in the manner they are with WMIH. Take the case of KANA Software, for example. After some period of suffering as an independent company, KANA executives decided to sell the company to KKR in 2009 for $48.9 million in cash. KKR decided at the onset that they only wanted KANA's operating business, including software, services and licensing that would then operate privately under the KANA label, with KKR, of course, being the final decision maker. KANA would go on to make numerous acquisitions through the strategy that KKR developed for the company. Eventually, KKR led KANA would be sold to Verint in 2014 for $514 million or a better than 1000% return for KKR in a short five year time span. In the meantime, a company trading on the pink sheets under the symbol SWKH remained inactive and barely noticed by investors. SWKH was the remnants of KANA, trading under a new symbol with NOLs and some cash attached. The mission: To find a viable merger candidate to exploit the NOLs. KKR had no stake in this venture, seemingly disinterested in the vehicle altogether. Why then has KKR recently taken an interest in what is a pure NOL shell? I can come up with three reasons: 1. The size of the NOLs create such a substantial offset of future profits that it was worth KKR's time and effort to creatively exploit the tax asset. 2. KKR wants to utilize WMIH as an exit vehicle. In this scenario, a deal similar to what David Einhorn, Biofuel and what is now GRBK would take place. KKR would exit a current investment by selling it to WMIH, while providing the financing at the same time. KKR would then retain a substantial equity stake in WMIH, essentially controlling a business that has enhanced profitability due to the tax advantaged profits. This type of deal provides KKR with three separate avenues of profit: a) selling an existing business to WMIH b) providing financing to WMIH c) retaining a substantial equity interest in the new company. 3. The value of WMMRC (reinsurance) or WMIIC (investment corporation) is greater than what we are being led to believe. This is the hidden asset scenario. I am aware of the ongoing escrow discussion taking place among long-time investors in Washington Mutual. Since I am not an escrow holder, investing in WMIH after its reemergence, I have not researched this scenario thoroughly to decide where it is I stand. I do believe that given the speed, nature and size of the bankruptcy that took place, it is only natural that certain assets could be leftover. Whether the board, management and partners that we have in place are resourceful or have been timely enough to rescue these assets is another issue entirely. During their Q2 conference call, KKR did mention WMIH explicitly for the first time outside of press releases that accompany specific WMIH related news. As an investment manager that comments to investors regarding various investments on a monthly basis, I can only assume that highlighting WMIH as not just a current investment but one that they invested an additional $200 million into recently is not without reason. The commentary in and of itself tells of the optimistic nature of their investment. Here is the actual commentary during the recent Q2 conference call: “On the right-hand side of the page, you can see how we are using the freed up balance sheet capital. We listed 3 of the larger uses of funds, including an additional $200 million investment we made in WMI Holdings, the former holding company for Washington Mutual. We made this investment opportunistically, as we think WMI is a great vehicle through which to facilitate acquisitions. WMI's stock is up 27% through June 30, so our investment is performing well so far.” NOL shells provide an inherent margin of safety due to the fact that Wall Street cannot properly factor in future growth, consistently undervaluing the NOLs as they pertain to a future operating business. WMIH certainly possesses the inherent margin of safety that nearly all pre-revenue NOL shells have been party to. The enhancement in WMIH versus current and former shells comes with the fact that it is better capitalized, with non-dilutive debt capitalization to come with the announcement of M&A in addition to the current cash; possesses more substantial partnerships through its relationship with KKR; and has the possibility of hidden assets working through the shell at some point in the future. The size of the NOL along with the capitalization provided, partnerships and executives involved continues to point to a multi-billion dollar deal in the pipeline that I expect to be announced before year end.
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Mr_Simpson 03/08/15 17:19
Ha respondido al tema Washington Mutual demanda a la FDIC por 17 billones US$ + daños
Buenas tardes: Antes que nada pedir disculpas sino he escrito en mucho tiempo pero he estado más activo en Facebook donde hay 350 miembros al ver la inactividad que tenia este hilo donde yo he posteado mayoritariamente. http://www.wmitrust.com/WMITrust Special Announcement 07/30/2015: A Cash distribution of $53 Million will be made to T4 LTI holders on Aug 3, 2015. 1.4 Million shares of WMIH will be redist from the disputed equity escrow to former shareholders who provided releqases per POR7. Enhorabuena a los que llevan WAHUQ cobraran $2.10 por acción y aun les falta cobrar $2.40 (si llega el dinero) Faltan $66 Millones para llegar al Equity (Preferentes y comunes) Los accionistas que dieron releases recibiran la cantidad de acciones que tenian en fecha conversion x 0.007 Enhorabuena a tod@s!
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Mr_Simpson 20/06/15 18:56
Ha respondido al tema Washington Mutual demanda a la FDIC por 17 billones US$ + daños
Quote from: CSNY on Today at 09:54:38 AM If AZ is on the right track about LT assets being in WMIH's future, I think KKR's $10MM initial commitment (announced 12/9/13 and consummated on 1/31/14) was an option purchase because the recovery value of illiquid assets was speculative. (There was a precursor to the 2014 R-203 in JPM's 2013 10-K which similar numbers.) Coincidentally the $600MM deal was announced in late December 2014 three months after the PAA expired, and consummated five days after the end of JPM's reporting period, on 1/5/15, which suggests the LT got more information after the PAA's expiration. If illiquid property was forthcoming the date of reckoning (i.e., receiving whatever was to be received) was closer and worth a larger investment, which for KKR got magnified 20x to $200MM and attracted Citi's $400MM. Ron asserts that when the 3/25/15 press release was issued the LT knew $ and illiquid property would arrive on or around 4/1/15 (i.e., after the first quarter). We haven't heard a peep but the LT will have no justification for keeping silent after 6/30/15. Moreover, roughly 90 days will have passed for review of any illiquid assets by both sides to a LT/WMIH transaction, and any cash will have to be disbursed by late June - early August. Finally, 6/30 will be five days before the 7/5/15 drop dead date which became obsolete after the SM in April. Perhaps that date has greater significance. As time passes I become increasingly convinced that, yes, that $10MM was just throw away money KKR was willing to risk to get first dibs on exploiting a potential bonanza. As for the $568MM, that's liquidity to set up a structure and peanuts compared to what KKR and Citi expect to gain. Well, ... obviously, ol' AZ believes he is on the right track, post reorganization and after three years of serious study and research of the filings and the document dissections, are the reasons that ol' AZ remains heavily invested' ... the sequence of events and time lines are just not coincidental' ... again' ... in its simplest form ? This is what Plan 6 had designed' ... except, now with the adjustments to include class 19 and class 22 ~ equity ~ The now approved' Plan 7 I believe you to be correct, when you mention the KKR' initial commitment (12/9/2013) ... at that point in time' ... the Purchase and Assumption Agreement was still an open contract' between the FDIC and JPMorgan' ... anything was possible' up to and until the contracts termination ... the final calculations would have merely been speculative at that current point in time' ... legally, everything is determinative to, "current point in time" ... a presenter can only speculate regarding the future' Now, here we are at this current point in time' ... The Liquidating Trust does not publically trade, so it is under no legal obligation to file 8-K's ... it can if it chooses to' ... but that is all ... regarding the silence ? ~ I believe the silence regarding both' the LT and WMIH to obviously be connected regarding a future event' it should now be obvious to all' that WMIH was never merely a shell corporation with only the utilization of some net operating loss tax advantages against future possible earnings, ... that ship sailed quite awhile ago' ... This whole deal is much, much larger' as I have been saying since mid 2012' Regarding the FDIC ? ... well according to their own disclosures' stated within their own public site' ... cash ... in excess of $25.00 being held must be returned to an original debtors estate in a timely fashion'' So' ... Yes' ... in my opinion ? ... there will be cash returns first, which are, obviously an easy distribution' ... followed by the return of all' illiquid assets' ... to be also returned to the liquidating trust' ... continuing, ... the illiquid assets being returned to the LT, ... is what our new company WMIH' ... is currently in stand by mode, and at the ready to help out ... "everybody wins financially" ... AZ My one qualifier is that WMB property will remain in R until procedures are completed (with DB still illiquid it could be quite a wait); non-WMB property (liquid and illiquid) will be released.
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Mr_Simpson 17/06/15 12:02
Ha respondido al tema Washington Mutual demanda a la FDIC por 17 billones US$ + daños
http://finance.yahoo.com/q?s=wmih Os paso los datos de WMIH (WMI Holdings) una empresa que está en fase de despegue tras la entrada de KKR que es una de la mayores empresas de Private Equity del mundo. Han invertido $700 Millones en el último año y espero noticias durante este verano que la lleven a niveles de revalorización importantes. Se dedican a la compra de paquetes de hipotecas comprados a precio muy bajo y revendidos por ellos mismos con una bolsa de beneficios fiscales para minimizar el pago de impuestos de $5970 Millones de dólares. Ayer cerró la cotización a $2.77 y preveo ganancias con el valor y también en la depreciación del euro por el tema Grecia. El 5 de enero se publicó esta noticia en la que KKR (Top 1 Private Equity mundial) y Citigroup invertían $600 Millones dólares (100.000 millones de las antiguas pesetas) Por una empresa salida de la Bancarrota hace 3 años. Si estos peces gordos han entrado solo puede ser por un motivo $$$$$$$$$$$$$$. Noticia: Inyección $600 Millones en Preferentes en WMIH. Citigroup $400 Millones y KKR $200 Millones http://www.prnewswire.com/news-releases/wmi-holdings-announces-completion-of-private-offering-of-600000-shares-of-300-series-b-convertible-preferred-stock-300015881.html Aquí los formularios SEC que lo demuestran: http://www.sec.gov/Archives/edgar/data/933136/000110465915001045/0001104659-15-001045-index.htm http://www.sec.gov/Archives/edgar/data/933136/000110465915001040/0001104659-15-001040-index.htm http://www.sec.gov/Archives/edgar/data/933136/000110465915001042/0001104659-15-001042-index.htm Noticia viernes 27 febrero 2015: http://ih.advfn.com/p.php?pid=nmona&article=65667428 Crearan hacer una primera M&A (Merger or Acquisition) durante el verano de 2015. Pienso hay que posicionar se YA puesto que el anuncio o PR ocurrirá muy pronto que haga despegar el valor. ¿Quién es KKR? Os paso un Video de Henry Kravis… https://www.youtube.com/watch?v=OtKizreanP0 http://www.sec.gov/Archives/edgar/data/933136/000119312515186101/0001193125-15-186101-index.htm 8-K: WMIH DELAWARE HERE WE COME... The following key points & the 8-K provides news to pull the trigger because all the BOD members have their portion allocated. So from this point we move higher before listing. WMIH Delaware: Check ! More than 700 Million capitalization series "A" and "B" P's) Check ! 3 years required for section 382 limitation of the IRS : Check ! New CEO: Check! New BOD Members: Check! Bonus Plan for CEO: Check! KKR http://www.bloomberg.com/news/articles/2015-05-11/kkr-said-to-seek-up-to-12-billion-for-north-america-buyout-fund http://whalewisdom.com/stock/wmih ¿Quién ha comprado WMIH? Lista de peces gordos o ballenas como se conocen en el mundillo de la bolsa. Hedge Funds posicionados en WMIH
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Mr_Simpson 06/06/15 08:52
Ha respondido al tema Washington Mutual demanda a la FDIC por 17 billones US$ + daños
Very Interesting Filing! WaMu Executives voluntarily DISMISS APPEAL of "golden parachute" denial ruling! ... PLOT QUICKENS: former WaMu Executives voluntarily DISMISS APPEAL of "golden parachute" denial ruling... The pace to "post to close" is moving at "speed of light" (relatively) now... Don't be left out in the cold not holding any WMIH... those investors holding Escrows will be afforded room next to the fireplace! 6/5 Joint Stipulation of Voluntary Dismissal of Appeal with Prejudice (OUCH - lol, "Each of the parties shall bear its own costs) http://www.kccllc.net/wamu/document/0812229150605000000000001
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Mr_Simpson 04/06/15 14:49
Ha respondido al tema Washington Mutual demanda a la FDIC por 17 billones US$ + daños
http://www.marketwatch.com/story/jp-morgan-wins-legal-battle-in-washington-mutual-case-2015-06-03?mod=mw_share_facebook JPMorgan wins legal battle in Washington Mutual case that could ease burden by billions AAhaaa. Yes! REMIC trust liabilities that DB is claiming, are associated with the 'receivership interrupted' swapping in/out duties of the entity in custody of the pledged mortgage assets.... remember? swap out the non-performing for the performing. JPM is servicer of WAMU loans, not in possession of. The swap liabilities per the prospectus' are the sole liability to the owner/custodial pledge of these mortgage assets. I believe, the FDIC receivership interrupted WAMU as servicer and custodial, so that DB's REMIC 'income conduit' stream was affected when the owner of the notes (WAMU entities) couldn't perform its swap out duties due to the receivership. DB needed to sue and claim for worst case scenario, to recover any lost revenue from the receiverships impact, on their REMIC income conduit. This is excellent confirmation to me as to the ownership of these loans, if the FDIC is liable. If JPM bought ALL the loans as some claim, JPM would have the swap liabilities!!! So, OK Mr FDIC, take something out for ol DB, I doubt the claims are as high as they had to guesstimate years ago..........any way, there are less than $25 Billion in claims against WMB entities, (WMB, WMBfsb, Thackeray, WAAC, WMMSC, etc) subtracted from the massive $240 Billion mortgages 'held in portfolio'. Great news to me!!! IMO Niceee! This seems good news. Another roadblock gone. This was the event we waited so long for to happen. Why do you think they stretched this one out for so long? For as long as I recall since reorganization of WMIH JPM and FDIC have been fighting over this issue. Timing is lining up here folks: - First the D&O Settlement announcement - WaMu assets on JPM's 10k of 2014 - Then the March WMI LT PR - Then reincorporation in Delaware - Then the golden parachute ruling - Then expungement of practically all FDIC and JPM unsecured claims, of which the FDIC is 27 billion. It's actually mindblowing how much progress there is made since the 3 year mark (19th of March 2015). Think about what the hell happened since then and where we are heading next. This decision by Collyer is IMO big news. It says to me JPM was never liable for these assets because they've never owned them OR they were liable BUT had to return the assets to FDIC Receiver for whatever reason (which can have a multitude of reasons BTW). The good news is JPM is not liable so the REMIC trusts are not JPM's after all. And FDIC is not gonna appeal anything. Excited how much cash there is left in receivership after the settlement with Deutsche Bank!
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