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

http://www.marketwatch.com/story/scary-1929-market-chart-gains-traction-2014-02-11

Eugenne Davies: 100.000 acciones y ya tiene un total de 363.193 acciones WMIH
http://www.sec.gov/Archives/edgar/data/933136/000120919114009585/xslF345X03/doc4.xml

Mike Willingham 50.000 y ya tiene un total de 347.696 acciones WMIH
http://www.sec.gov/Archives/edgar/data/933136/000120919114009603/xslF345X03/doc4.xml

Diane Glosman 50.000 y ya tiene un total de 313.193 acciones WMIH
http://www.sec.gov/Archives/edgar/data/933136/000120919114009583/xslF345X03/doc4.xml

Michael Renoff 50.000 y ya tiene un total de 313.193 acciones WMIH
http://www.sec.gov/Archives/edgar/data/933136/000120919114009581/xslF345X03/doc4.xml

Esto son grandes noticias muy probablemente por lograr la entrada de KKR.

By way of review, all board members got 98,039 in stock awards on 8/13/13. On that date the closing price was 1.02 making the value $100,000. What I didn't realize at the time was that the 1/3 vesting provision was included with dates of March 19, 2014, 2015 and 2016. Is that a coincidence that each BOD member has 32,700 shares vested and freed up on that magical 3/19/14 date?

The current award of 100,000 to Davis and 50,000 to the others has the same vesting 1/3 but dates starting in a year (February 10, 2015, 2016 and 2017).

Why was the August award only 6 months until vesting and the February award 1 year until vesting? Think the Board knew in August about KKR and when things would kick in so they get some vesting on March 19, 2014. Seems likely.

As it relates to the known structure of the KKR deal:

Subordinated PIK notes
(1) The subordinated notes provide for an immediate infusion of capital.
(2) The notes have a specific provision that provides for WMIH to buy out the debt early.

Convertible Preferred Stock
(3) The CPS provide an immediate infusion of capital.
(4) The CPS provide risk mitigation for KKR should the roadmap (unknown) fail
(4a) KKR receives management authority on BOD
(5) The CPS provide KKR a valuable contingency to make the roadmap (unknown) work
(6) Once converted to common stock KKR is intrinsically enjoined to the future of current shareholders (us) :)

Future Equity Offerings & Warrants
(7) KKR (fund) can participate in up to 50% of future equity offerings
(8.) Warrants provide for 61.4MM shares of WMIH common stock at a discount to current mkt prices.
(9) Provides for perceived floor for WMIH PPS (real or not)
(10) Provides further conjoining of KKR with current shareholders
(11) Provides instant profit for KKR based on current PPS

AAOC Credit Facility
(12) AAOC has committed to making available a line-of credit
(13) WMIH is under no obligation to use the AAOC credit facility
(14) AAOC are currently highly invested in WMIH as common holders

Given the above to be true premises the following would be my conclusions that, In my opinion can be reasonably inferred:

My chronology that gets me to my exit:
1) I see the SD PIK notes as a stop gap short term debt obligation to get working capital to make acquisition #1 “AQ1” (I actually think this first acquisition will be primarily financed with equity.
2) WMIH will commence with an equity offering as soon as legally possible to raise 1BB from KKR and 1BB from outside sources or could be used in paper acquisition of AQ1.
3) Given 2, WMIH will buy back the PIK with small penalty.
4) Assuming AQ1 is cash flowing, is profitable, and is an asset based business (this goes with my prediction that AQ1 will have undervalued assets). WMIH will monetize the undervalued assets (one time income tax free).
5) Assuming cash position to be >2BB WMIH will have an ongoing business and the ability to leverage its cash and business to further capitalize with KKR (or 3rd party) through mezz financing.

Defeaters for AAOC credit facility moving forward
1) I see the AAOC credit as a bone that was given to the AAOC to confirm the plan.
2) With KKR and WMIH board generally comprised of non AAOC members, I see that CF dying on the vine and only being used as a last resort.
3) WMIH doesn’t owe anything to the AAOC, they are equity holders and will make their return based on this primarily.

General Assumptions
1) KKR has a history of making money through equity, not-debt financing.
2) KKR has the ability to raise huge amounts of capital and usually takes a long term horizon position with partners.
3) An interesting parallel can be seen with what KKR did with KANA.
a. KKR purchased their assets out of BK, leaving them with 400MM in NOLs and shell.
b. Over 2.5 years KANA reentered the market through acquisition slowly realizing the NOLs
c. KANA got bought last week for half a billion by Verint making those who stuck with it fairly wealthy.
4) KKR sees more in WMIH than the KANA example and has signed on as a partner.

Final Words
So team this is how I would analyze our position. I think Fanillo’s work is admirable, just directionally challenged. I reserve the right to make changes to my predictions, assumptions, and analysis and new information becomes available. This is how valuation and analysis is done and how one can sleep at night if some minute detail doesn’t transpire as you would have liked or hoped.

very interesting MNLONG !

here's some info on KANA... I see multiple purchases...

http://en.wikipedia.org/wiki/Kana_Software

In 2010, Accel-KKR acquired KANA's assets and liabilities for approximately $40.82 million.[7] The same year, KANA acquired Lagan Technologies, a government-to-citizen customer relationship management company based in Ireland.[8] The software was rebranded as KANA Lagan CRM system, a package that compiles information from sources such as 311 calls and map overlays to improve resource management.[9]

In 2011, KANA purchased Overtone, which allowed companies to monitor social media outlets like Facebook, Twitter and LinkedIn.[10] The software was rebranded as Kana Experience Analytics.[11]

In 2012, KANA bought Trinicom, a Dutch company that makes mid-market customer service multichannel ecommerce, especially in the BeNeLux region.[12] Less than three months later, KANA purchased Sword Ciboodle, a company that specializes in contact center software.[13] Industry analysts generally looked favorably on the acquisition; Ciboodle's established business process management gave KANA products for a full-featured CRM package for customer service with social media marketing.[11][14] "Between the two companies, almost every aspect of customer relationship experience... is covered."[15][16][17] The combined organization operates under the KANA brand. Ciboodle's CEO, Mike Hughes, who had led the company prior to its purchase by Sword, left the company after KANA's purchase was finalized. He was replaced by KANA executives.[18]

In 2013, KANA announced KANA Enterprise. A combination of the acquired technology, it promised an end-to-end customer service suite - progressing from multichannel to omni-channel in what the company marketed as "a unified platform supporting both agent-based and customer self-service scenarios".[19][20]

In 2014, Verint acquired Kana for $514 million.[21]

http://www.thestreet.com/story/12359970/1/hedge-funder-sees-kkrs-next-deal-in-washington-mutuals-shell.html?puc=yahoo&cm_ven=YAHOO

Jim Cramer está bombeando KKR & WMIH :)

http://ih.advfn.com/p.php?pid=nmona&article=61061745

Estamos a pocos días de explotar señores... :) :) :)

http://www.sec.gov/Archives/edgar/data/933136/000142210714000033/wmiholdings13gamendment.htm

Gran noticia...Jonathan Savitz is in the house !!!

:) :) :)

Cerramos una nueva semana con un precio de $2.70 recuperando terreno para conquistar los dichosos $3 que se nos resisten pero que superaremos en próximas fechas. Al margen de esta anecdota hay un dato irrefutable WMIH está en todos los ojos de Hedge Funds y es solo cuestion de tiempo hasta que lleguen las noticias que catapulten el valor hasta nuevos máximos.

El impresionante vehículo fiscal con $6 Billones en NOLs va a permitir que KKR nos presente con una serie de adquisiciones en próximos meses/años que permitan generar el tipo de rentabilidades que una firma de este calibre busca.

La fecha clave es el 19 de marzo... es probable que sepamos algo mucho antes. El próximo lunes es Presidents Day así que Wall Street estará cerrado.

Para más info: https://www.facebook.com/groups/472762239443764/

Ya somos 275! Estoy más optimista que nunca... las cosas buenas se logran con paciencia, esfuerzo y mucho sacrificio. Buen finde a todos.

Ya te vale, nuevo hito, cuando se derrumben hablaremos lumbreras. Jaja