Washington Mutual demanda a la FDIC por 17 billones US$ + daños

Hartford es una de las top insurance en USA. David Tepper (Appaloosa) es el accionista con mayor número de acciones 17 millones en WMIH.

This is very interesting. Hartford is one of the oldest insurance companies in the country, and there is no reason in the world for them to be buying this little WMIH stock. Insurance companies constantly search for places to grow their excess money [premiums], but WMIH?

It's important to take a broad view of insurance industry movements, as they all tend to scramble when M&A activities begin--creating a domino effect as they all accelerate plans to grab smaller companies before competitors can, as mentioned in my earlier post re Blackstone's insurance activities [below].

Also very interesting that Appaloosa just boosted its Hartford stake by 38% [symbol HIG].

Now here's a thought--Anico could use some NOLS, where does their lawsuit stand? Are they still mad? Where might they fit into all this?

symbol - HIG
Appaloosa connection, yahoo post on HIG:

rpschom • Feb 14, 2013 4:32 PM
Appaloosa Management
Increased their shares of Hartford Financial by 38% in the fourth quarter to 5 million shares.
Reuters

Post re Blackstone's insurance activities:
https://www.boardpost.net/forum/index.php?topic=2345.msg24801#msg24801

HIG
Hartford exiting some of its life insurance businesses, article:
"Ratings Agencies Respond to The Hartford’s Plan to Exit Life Insurance"
"...S&P said its rating actions reflect a change in its view of Hartford Life’s group status, given that its ultimate parent, HIG, intends to withdraw sales of individual annuities while seeking to sell its individual life and retirement plan businesses. The revised ratings are based on each subsidiaries’ stand-alone credit characteristics and the reduced implied support from the parent, S&P said."
"...The Hartford’s P/C Insurance Group are based on the group’s “significant market presence, strong brand name recognition, excellent product and geographic diversification, historically conservative underwriting standards, and reasonably positioned investment portfolio.”
Source -
http://www.insurancejournal.com/news/national/2012/03/21/240249.htm

Artículo 5.02 – salida de directores o algunos oficiales; Elección de la Directiva; Nombramiento de ciertos oficiales; Compensación arreglos de ciertos agentes eficaces 23 de octubre de 2012, WMI Holdings Corp (la "compañía") entró en una enmienda al acuerdo de compromiso entre la empresa y CXO Consulting Group, LLC ("CXO") bajo que Timothy Jaeger continuará actuando como funcionario jefe provisional de la contabilidad y provisional Chief Financial Officer de la compañía ("enmienda a la carta de compromiso"). La enmienda a la carta de compromiso extiende el término a través de 31 de marzo de 2013 y 01 de octubre de 2012 efectiva aumenta la cuota mensual por pagar a directores ejecutivos a $20, 000 mensuales, basado en un promedio de 35-45 horas trabajadas por semana. Una copia de la enmienda al acuerdo de participación se adjunta a la presente como exposición 99.1. El acuerdo de compromiso original fue presentado anteriormente como exhibición 99.2 a formulario 8-K presentado el 04 de junio de 2012

http://mobile.bloomberg.com/news/2013-03-31/michael-dell-said-to-consider-blackstone-lbo-with-ceo-guarantee.html

Las espadas están en todo lo alto. Una operación entre 3.5 y 4.5 Billones.
WMIH necesita capitalizar vía preferentes

http://blogs.wsj.com/deals/2013/03/29/ge-talked-with-dell-about-buying-finance-unit/

Facebook: http://www.facebook.com/photo.php?fbid=559612630727231&set=o.472762239443764&type=1&theater

Monday, April 1, 6:40 AM ET

Previously seen as hostile to the Blackstone bid for Dell (DELL), Michael Dell will reportedly consider joining if the P-E firm guarantees he will stay on as CEO. Dell - of course - has some leverage, as he could cash in his $4.5B in stock and walk away, leaving any buyer with a large financing hole.

Los beneficios de estas Captive Insurance Companies son...

http://www.journalofaccountancy.com/Issues/2013/Mar/20126102.htm

http://www.faqs.org/sec-filings/130401/WMI-Liquidating-Trust_10-K/

"On March 28, 2013, the Trust entered into a stipulation (the “Underwriter Stipulation”) with certain underwriters (including Morgan Stanley, Credit Suisse, and Goldman Sachs, and collectively referred to herein as the “Underwriters”) who had filed indemnification claims totaling $96.0 million against the Debtors for legal fees and settlement costs incurred in defending securities fraud action claims brought against the Underwriters in connection with their role underwriting various security issuances by the Debtors. During the course of the Debtors’ chapter 11 cases, the Debtors objected to the indemnification claims and the claims were subordinated to Class 18 and Class 19 (as defined in the Plan). Pursuant to the terms of the Underwriter Stipulation, the parties have agreed that (a) the Underwriters’ $24.0 million Class 18 claim will be disallowed in full, and (b) the Underwriters’ $72.0 million Class 19 will be allowed in full. Accordingly, pursuant to the Plan, the Underwriters, as the holders of Allowed Claims in Class 19, will receive a distribution of approximately 1.4 million shares of common stock of Reorganized WMI from the Disputed Equity Escrow, such amount having been calculated in accordance with the Plan. The Underwriters have also reserved any rights they may have to defend against claims brought against them by the Trust and have released the Trust from any possible affirmative claims.

$72 million claim / $1000 (face value of Ps) = 72,000 "P" shares. after conversion to WMIH, 72,000 X 19.80(wmih shares per 1 "P" share) = ~1.4 millon acciones de WMIH.
¿para que querrian acciones de WMIH si no creyeran que fueran a subir? :) :)

Goldman Investigation

In December 2012, the Trust filed a motion before the Court seeking discovery of documents and a deposition from Goldman Sachs. The motion seeks information from Goldman Sachs related to its trading and lending activity with respect to WMI securities in the period prior to WMI’s bankruptcy. The motion indicates that such documents may be relevant to potential claims against Goldman Sachs for breach of contract and other causes of action. Goldman Sachs and the Trust have agreed to postpone judicial resolution of this motion and the parties are currently attempting to negotiate the terms of a voluntary production of material by Goldman Sachs that would eliminate the need for a ruling on the motion.

Thanks! This is good news for all LTI holders (current and potential), but especially for PIERS as it moves them closer to a distribution, and hopefully closer to a distribution of all cash and not cash + Runoff Notes.

"$42.4 million [] related to claims for which the Trust had not received releases as of December 31, 2012."

"The deadline for providing a release was March 19, 2013... as of March 19, 2013, the Trust estimates that the cash which may become available as a result of the expiration of the March 19, 2013 deadline will be $15.8 million."

So holders of $15.8M of allowed claims did not bother to grant releases. Would have been better if this had been in the hundreds of millions, but...

There was apprx. $24MM transferred to WMILT as payment on RONs about a month ago. With this apprx. $16MM, it appears there should be almost enough to pay off Tranche 3.

In the next few weeks, there are mediation meetings in attempt to resolve a bulk of employee claims. Believe Florin posted there is apprx. $130MM in DCR for those. Any of those funds that are freed up should then be paid to the Tranche 4 level, which includes PIERS.

Inch by inch it looks like some funds are moving on down!!

Eso es lo que opinan Morgan Stanley, Credit Suisse, and Goldman Sachs.

Underwriters_accepting 1.4 million WMIH instead of $72 million_cash as claim settlement, per recent 10-k SEC filing (see below)

Morgan Stanley, Credit Suisse, and Goldman Sachs must see some future value & advantage to accept shares of WMIH in lieu of cash..... Hmmmmmm

Underwriters claim
"On March 28, 2013, the Trust entered into a stipulation (the “Underwriter Stipulation”) with certain underwriters (including Morgan Stanley, Credit Suisse, and Goldman Sachs, and collectively referred to herein as the “Underwriters”) who had filed indemnification claims totaling $96.0 million against the Debtors for legal fees and settlement costs incurred in defending securities fraud action claims brought against the Underwriters in connection with their role underwriting various security issuances by the Debtors. During the course of the Debtors’ chapter 11 cases, the Debtors objected to the indemnification claims and the claims were subordinated to Class 18 and Class 19 (as defined in the Plan). Pursuant to the terms of the Underwriter Stipulation, the parties have agreed that (a) the Underwriters’ $24.0 million Class 18 claim will be disallowed in full, and (b) the Underwriters’ $72.0 million Class 19 will be allowed in full. Accordingly, pursuant to the Plan, the Underwriters, as the holders of Allowed Claims in Class 19, will receive a distribution of approximately 1.4 million shares of common stock of Reorganized WMI from the Disputed Equity Escrow, such amount having been calculated in accordance with the Plan. The Underwriters have also reserved any rights they may have to defend against claims brought against them by the Trust and have released the Trust from any possible affirmative claims."

www.faqs.org/sec-filings/130401/WMI-Liquidating-Trust_10-K/