http://www.kccllc.net/documents/0812229/0812229121219000000000003.pdf
http://www.kccllc.net/documents/0812229/0812229121219000000000002.pdf
Tic tac :)
Santa Claus va a traer regalitos esta Navidad...
http://www.kccllc.net/documents/0812229/0812229111212000000000003.pdf
pages vii and top of viii (definitions as per document are in pages before these.)
"ARTICLE IV CLASSIFICATION OF CLAIMS AND EQUITY INTERESTS
4.1 Class 1 Priority Non-Tax Claims.......
4.2 Class 2 Senior Notes Claims............
4.3 Class 3 Senior Subordinated Notes Claims
4.4 Class 4 WMI Medical Plan Claims
4.5 Class 5 JPMC Rabbi Trust/Policy Claims
4.6 Class 6 Other Benefit Plan Claims
4.7 Class 7 Qualified Plan Claims
4.8 Class 8 WMB Vendor Claims..... 39
4.9 Class 9 Visa Claims
4.10 Class 10 Bond Claims
4.11 Class 11 WMI Vendor Claims
4.12 Class 12 General Unsecured Claims Class 12A Late-Filed Claims
4.13 Class 13 Convenience Claims
4.14 Class 14 CCB-1 Guarantees Claims
4.15 Class 15 CCB-2 Guarantees Claims
************* ESTAMOS AQUI ********** :) :) :)
4.16 Class 16 PIERS Claims
4.17 Class 17A WMB Senior Notes Claims Class 17B WMB Subordinated
Notes Claims
4.18 Class 18 Subordinated Claims
4.19 Class 19 Preferred Equity Interests
4.20 Class 20 Intentionally Left Blank
4.21 Class 21 Dime Warrants
4.22 Class 22 Common Equity Interests
Quote from: florin.matach3 on December 19, 2012, 07:25:35 PM
Right, the DCR won't be reduced from this. (That's good).
Then I wonder if they will move the portion from the Tax Escrow held for the OR claim and distribute to JPM & LT. If so, then that means apprx. $6MM will go into the general cash account based on this ruling. Not much cash but it's okay; it's resolved.
Yes, I'd also like to see the majority of that $165MM DCR resolved and transferred to LT Cash. Not to mention, there's still apprx. $50MM in restricted cash from NON-released creditors that goes to LT cash at mid-March if it hasn't been released and claimed.
IF a majority of those two reserved/restricted cash is ruled for LT and with the IRS refund ((if that ever gets received on the books)), that should be more than enough to pay off all remaining creditors interest, GUCs and PIERS. I expect the 1Q13 to be very busy and, hopefully, productive for the LT claimants.
With Blackstone on our team things are going to brighten up, I see a reverse merger coming and a huge preffered share offering coming, There is no way that they are going to throw away 5 billion in nols, we should see something fast and quick, A reverse merger is just like and ipo offering, but if an aquiring company merges with company on the pink, as long as there filing 8K there can be a reverse merger, this way the company stays in tact and there is no ownership change, so this way they can fully utilize these nols. This also cost 80 percent less and requires minimal paperwork, and also can be possibly listed on a better exchange, nasdeq works with otcbb when a reverse merger happens. This thing can all turn around in less than 2 weeks. Big companys will start a bidding war for this or there is a merger with a company and it will be done quick and swiftly behind closed doors. Wmih share price will be through the roof, with 5 billion in preffered share offering and 5 billion in nols, this company will be worth over 100+ per share, longs have survived this long what another few month.
they were all working together to bring us into the situation that we are in. tps and all the hedgies are the same they used there tactics to keep retail out of the picture. until the end we did not have any say, and if it were up to them they would have given us the shaft, but mary walrath would not confirm a plan that did not include retail, when they tried to get us out and they couldn't they new that tps would stand in there way and our way to confirm the plan, once they were in the plan got confirmed. there are 200 million new shares of wmih, which were given to the old shareholders of wamu, hedgies and retail. but by than they controlled all the shares, hedgies owned mor than 80% of preferreds which was split 75/25 so now they own more than 70-80 percent of the new company. all they have to do is a reverse merger and they can capitalize wmih and preserve the nols
While $55 is possible in the long run if we have perfect conditions such as excellent management and a continuous profitable business (if it is a steady insurance company, we might even have some dividends later), but to just get $55 because of having a usable NOLs of $6 Bil and $5 Bil Preferred issue (that's not a sure thing either), I am 95% certain it is way too high.
The combination of the capitalization and acquisition might get us to $2-$10, maybe even but the real appreciation will come later as the business reports of income AFTER we started using the NOLs. Short of that, a sudden increase will be a certain buyout after the two years period and I doubt we will get buyout at $55 a share. If we are aiming for $55, it will be a long long wait. We will see what the near developments tell us if it is worth it to wait that long.
I would humbly suggest that it is high time you take retirement from active discussion and be a meditative observer as you were before. Your prophetic interpretation of tax laws and reverse merger can not be easily fathomed by ordinary mortals; although I am daring to reveal the following divine scripture without your permission.
http://www.steptoe.com/assets/attachments/3359.pdf
I think it leads to a deeper mystery when one asks why you selectively lifted certain sections to focus on reverse merger truths. All the mortal experts of this world would certainly read the document in conjunction with other relevant sections and their limitations as detailed in related sections. I think you are freeing this board from "analysis" and giving them the gift of easily and fastly achievable "truth".
Your company and NOL valuations are also out of this world; here again your sermon is simple; any capitalization and NOL contribute dollar to dollar to the value of the company. The law of physics, accounting and finance can be changed if you follow the "leader" and dare to dream.
Peter the great, please be a silent observer again and give us a prophetic vision in a year or two.
If WMIH has 6b in NOLs, that equates to around 2.1b in actual tax savings (at best) using a 35% tax bracket. This is an immediate value. Figuring it will take several years to create 6b in profits to shelter from taxes, you must figure the present value of those NOLs. Now, you are down to about 1.4b or even less. Next, nobody (and I mean NOBODY) is going to pay full value for those NOLs - otherwise, why buy them. Figuring on a 50/50 value sharing plan, that would mean those 6b in NOLs are really worth, maybe, 700m. If you can figure on the rest of WMIH being worth another 100m, that gives, what looks like the BEST CASE SCENARIO, a value of 800m for 200m shares outstanding. This would mean $4 per share and not your dream number of $15 per share.
Now, this $4 could actually be more because stock price would be valued based on value of WMIH and its future profits based on the merger/acquisition and could produce a higher market valuation that may be several dollars higher.
Anyway, I have been here since before the seizure and you are completely wrong with your numbers. Don't forget another big problem. WMIH has to create large profits via merger/acquisition that still allow use of those NOLs. That, in itself, is another large hill to climb which is why my premise above is likely the best case scenario.
