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

Puede que el POR 7 no sea aprobado si TPS presiona con fuerza a la Juez Walrath.
Esto tiene mas vueltas que un circuito de F1.

Mientras los accionistas esperan el Q & A.

Mientras los accionistas esperan, las cotizaciones se desploman.

Los volumenes de todas son pequeños, llegará un momemto que no bajarán mas y comenzará el rebote, estamos muy cerca si no es ahora mismo.

If you own equity (common or preferred), you should support POR v7 for the following reasons:

a) This is the first Plan of Reorganization that provides a real distribution to common and preferred shares. All previous PORs gave nothing to common and preferred and cancelled their shares.

b) There will not be a 'better' POR for equity unless there is a source of new cash resulting from some sort of extremely unlikely event such as: 1) JPM agrees to forgo its portion of the tax refunds, 2) FDIC agrees to forgo its share of the tax refunds, 3) JPM decides to give shareholders cash, or 4) the unsecured creditors decide to give shareholders cash.

c) POR v7 gives equity shares immediately in the reorganized company that will have some sort of real value rather than the speculative value that current WMI equity shares have.

d) POR v7 also gives equity the ability to share in future recoveries obtained from the litigation subcommittee of the liquidation trust.

e) POR v7 also gives equity the potential to benefit from cash flowing to the reorganized company that results from tax benefits accruing to the old WMI that transfer to the reorganized company if there has not been an ownership change.

If you own equity and support POR v7, vote accordingly on the ballot that you may receive in January. If you do NOT support POR v7 or if you believe it has no chance of being confirmed by the bankruptcy court, you should sell your shares as they are unlikely to ever again be as high as they are right at this very minute since, if POR v7 flops, it is extremely unlikely that there will ever be a POR v8 that distributes anything whatsoever to equity unless one of the events in a) above were to occur.

vaya sangria, caen diariamente sin parar, ya no hay soportes ni nada, sin noticias esto es una debacle

If she rules anywhere, the plan is going to be a mess.

Class 12, the Hs are crushed, and if there is no meaningful recovery, may be deemed to reject. Additionally, the CCBs will be hit to the tune of 50-100M dollars.

If either class rejects, this plan fails.

Class 18 and the DIME holders will almost undoubtedly block the plan as this class is not remotely paid in full.

Class 21 (really 22) and the antidilution provision comes into play--how do you get 337M in value (and make no mistake, there was no equity risk in these) from a 75M dollar company.

Messy messy

But this is not to discount the risk- if she deems class 21 (and to a lesser extent 18) the DIME will be crushed.

But if she deems 12, they are worth four times present value.

The best for H holders is 18 or 21
The best for preferred and common holders is 12.

Deberíamos tener respuestas mañana...

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Xxxxxxx, we are working on a document intended to answer many shareholder questions and we plan to release that publicly later this week.

Parker Folse

____________________________________
From: [email protected]
Sent: Monday, December 26, 2011 4:35 PM
To: Parker Folse
Subject: Washington Mutual Bankruptcy

Dear Mr. Folse:

A quick review of the proposed settlement(POR 7) on the surface seems less than satisfactory. It seems that equity is giving up a lot in terms of releases in return for very little....especially from JPM and the FDIC. Also, is the equity committee planning on giving up their options to pursue litigation against all parties in an Article III court as recently affirmed by the Stern ruling.

I would also encourage the equity committee to be a little more open with the
prospects for the newly reorganized company. I think more than anything the lack of information is starting to become a problem.

Sincerely
Xxxxxxxxx
Shareholder in WMI Securities

Bopfan dice:

This may be the most valuable post on this board in a long time.

As of 3/12/10 the Hs were going to get Newco and the Hs were in the hands of the SNs. With 25MM shares trading at $34 the option on Newco was valued at $850MM. Nothing's changed with respect to Newco's value; the only thing that's changed is now the options on Newco are held by Seniors, SNs, TPS, Ps, Ks, and Qs, rather than by SNs alone.

Right now, 5% of Newco is reserved, so the other 95% is divided up, with Ps getting 38% ($3B/$7.5B = .4; .4 x .95 = .38), so $850MM x .38 = $323MM, and $323MM/3M = $107.67 per P.

Why are Ps trading at $17 or only 9.4% of $108? Well, when everyone thought the Hs were getting Newco there was no need for price manipulation because sales were retail to retail and retail to SNs, NOT SNs to retail because SNs were definitely not selling their holdings. The situation with the Ps is markedly different, because Ps and Ks are in retail hands, and whales don't want retail to have any idea that the minimum value for Ps is $108.

Someone here posted that the MORs currently value WMI Investments at $1B, and WMMRC at $400MM or so. WMI Investment's value is REAL money, and if it is coming with Newco is in addition to the valuable NOLs, and hedge funds don't get rich paying full value (a 100% return is paltry for the likes of a Tepper) so that $850MM is definitely just a floor.