http://www.sec.gov/cgi-bin/browse-edgar?company=WMI+Holdings+Corp+&match=contains&action=getcompany
165,154
X 6
------------
990,992 shares
@.48 (165,154sh) =$79,273.92 each x 6=$475,643.52
Esperemos que esto signifique que lo van a hacer revalorizar para generar muchos beneficios
y vamos a recibir la Capitalización que explico Bopfan hace 2 meses.
WMIH Board of Directors
Mike Willingham << appointed by Equity
Mark Holliday << appointed by Equity
Timothy Graham << appointed by Equity
Diane Glossman << appointed by Equity
Steve Scheiwe << appointed by Equity
Michael Renhoff << appointed by TPS
Eugene Davis << appointed by AAOC
Trust Advisory Board Members
Wells Fargo Bank, N.A. {for PIERS} - Creditors Committee {Filled by Thomas Korsman}
Arnold Kastenbaum - Creditors Committee
Marc S. Kirschner - Creditors Committee
Joel Klein - Equity {Appointed by, but associated with a WMB bondholder group, appointment by agreement}
Michael Willingham - Equity
Hon. Douglas Southard - Equity
Joe McInnis - Equity (TPS Member)
Matthew Cantor - Joint CC/EC appointee
Misha Zaitzeff - Holdco
Mayur Lakhani - Tricadia
Litigation Sub-committee
Hon. Douglas Southard - Equity
Michael Willingham - Equity
Marc S. Kirschner - Creditors Committee
Joel Klein - Equity {Appointed by, but associated with a WMB bondholder group, appointment by agreement}
Joe McInnis - Equity (TPS)
And as noted, once a given "constituency" is paid off by the LT -- they resign automatically from the WMI Trust.
Capitalization wasn't going to happen before management/BOD received its incentives. I've already said that capitalization will impact the stock price, so I won't reiterate. I don't believe Blackstone was brought in to raise some paltry amount. If it succeeds in raising even a couple of billion dollars the $10 - $12 figure will become reality, and I consider that number conservative. People reading these boards may think $10, $20, or $30 a share is fanciful, but the people on the board are in it for the money. In the world in which people like those on the BOD work/live, $1MM, $2MM, or $3MM is a nice payday, but more commonplace than what most retailers here (some of whom have never made six figures) have experienced. The BOD members joined for millions and the stock grant is the first step in their road to a payoff.
let me try to explain the win-win-win-win situation for our hedgefunds with an example.
lets assume, tepper and the other crooks own a majority of say coke.
now, if they sell the coke shares to wmih in 2012, they would make more gains then in 2013, because of the new taxrules. the first incentive to sell.
but, they own alos the majority of wmih, so they would "own" with wmih as holding the sub "coke". so they would gain with very gain of coke, nut not only.
because if they own wmih preferreds, they would get money even when coke makes no gains. that would be the second incentive.
now, if coke makes gains, and pays dividends to wmih, they would gain with the commons too. the third incentive.
but, dont`t forget the wmih taxcarryforwards, so if coke would make gains, our hedgefunds would also gain with the use of the taxcarryforwards. the fourth incentive.
maybe they would have to share it with some zombie small retail investor :-))
i don`t know, which financial companies are owned at the time by appaloosa, centerbridge or one of the other hedgefunds, but if, try to insert the name for "coke", and look at the gain, this company makes (look especially for the insurance and reinsurance companies, they have bought in the last years).
Resumen: Se han reducido $700 Millones de los Claims y aun faltan por resolver $260 Millones
http://www.kccllc.net/documents/0812229/0812229121022000000000005.pdf
Professional fees for 6/1/12 - 8/31/12 for Susman Godfrey: $ 251,520.64.
Just want to preface this with "I hate the high legal fees to WGM, too". But right now they are the ones doing the bulk of the work fighting all the claims against WMILT. There are hundreds of employee claims, the Oregon Tax claim and the California Tax Claim, as well as any other small ones that are in that Disputed Claims Reserve pool. WGM are the ones preparing and going to court every couple of weeks or so to keep LT from paying those claims.
Added: No one seems to have a problem when WGM gets hundreds of millions in claims disallowed and moved into the cash to pay the claims ahead of PIERS & Equity. That $3MM payment to WGM was for the past 5 or 6 months and getting that disputed claim reserve lowered from $960MM to $260MM. So think about what we got for the money!!
For right now, Klee is working with the 2008-2009 D&O claim, so their billings are lower because they've not put in extensive hours/filings like WGM. Not sure what S&G is working on but it must be lawsuit research for them to bill that much. S&G don't usually bill excessively high.
For those raggin' about the legal fees .... IT'S A FACT OF LIFE when you are doing this business!! So can you just quit with the raggin'!! Legal bills are going to be there until this entire LT process is done!!
http://www.sec.gov/Archives/edgar/data/933136/000119312512258799/d362049d8k.htm
Effective May 28, 2012, 20-25 hours per week work. Agreement effective for 6 months (November 28, 2012)
Effective October 23, 2012, 35-45 hours per week work, retroactive to October 1, 2012 and effective until March 31, 2013.
I guess something must be going on around October 1, 2012 to increase the work hours an extra 15-20 hours per week. Good deal for us. An extra 33% increase in pay (15k to 20k per month) for an extra 75-80% of hours worked per week.
Item 5.02 – Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensation Arrangements of Certain Officers
Effective May 28, 2012, WMI Holdings Corp. (the “Company”) retained Timothy Jaeger to serve as interim Chief Accounting Officer of the Company. Mr. Jaeger is a principal of CXO Consulting Group, LLC (“CXO”). The services of Mr. Jaeger were retained through an Engagement Agreement, entered into by and between the Company and CXO (the “Engagement Agreement”). A copy of the Engagement Agreement is attached hereto as Exhibit 99.2.
Under the Engagement Agreement CXO will be compensated for providing the services of Mr. Jaeger at the rate of $15,000 per month, based on an average of 20-25 hours per week. In addition, CXO will be reimbursed for its pre-approved out-of-pocket expenses incurred on a reasonable basis. Pursuant to the Engagement Agreement, Mr. Jaeger will serve as an independent contractor. The initial term of the Engagement Agreement is for 6 months and is subject to automatic renewal for successive three (3) month terms, unless either party provides 30 days notice to the other party prior to either the termination of the initial term or any renewal terms.
Mr. Jaeger, age 53, is a Certified Public Accountant and has more than 25 years of accounting experience. Most recently, from December 2006 to March 2012, Mr. Jaeger served as Senior Vice President-Chief Accounting Officer/CFO of Macqurie AirFinance, Ltd., a global aviation lessor providing aircraft and capital to the world’s airlines. While at Macqurie, Mr. Jaeger helped manage over $5 billion in assets and managed over $3 billion of financing commitments from banking sources and over $500 million of equity like instruments. From November 2006 to December 2009, Mr. Jaeger was a partner of Tatum Partners, LLC., an executive services and consulting firm in the U.S. From June 2005 to October 2006, Mr. Jaeger was Interim Controller/Sarbanes Oxley Coordinator at ICON Estates/Robert Mondavi Winery/Constellation Brands.
http://www.kccllc.net/documents/0812229/0812229121026000000000033.pdf
http://www.kccllc.net/documents/0812229/0812229121026000000000032.pdf
http://www.kccllc.net/documents/0812229/0812229121026000000000031.pdf
Also, October 30, 2012 hearing cancelled
http://www.kccllc.net/documents/0812229/0812229121026000000000043.pdf
So Aurelius , Centerbridge and others had claims for Trust preferred securities too and about 3.25 billion by Wilmington Trust as the indenture trustee. I presume these are trust preferred also owned by TPS. So what are the implications on WMILT apart from house keeping and cleaning?
Did AAOC grant release and given the shares in WMIH?
Esto es el certificado que dice la cantidad de Preferentes WAMPQ, WAMKQ y Comunes WAMUQ que teniais antes del intercambio por WMIH.
Será fundamental tenerlo cuando suenen los fuegos artificiales...
