España
Hola Simpson me das tu punto de vista de esta nota que creo que suena a benefica para la causa.!
http://www.americanbanker.com/syndication/washington-mutual-approval-settlement-lawsuit-1045269-1.html
Lo único que te puede beneficiar ahora mismo es que el POR 7 no se apruebe o haya cambios de ultima hora tras las aclaraciones del EC.
1. The 7POR/DS says that NEWCO is valued as per 6POR/DS at $210M. Is that true? No. WMMRC has been stripped of the $140M valuation of the income stream by the runoff notes. With that $140M of stripped profits, the $20M WMMRC NOLs are not required and therefore have no value. What is left is $50M of NOL intangible value for NEWCO with $75M and a $125M Credit Facility that limits the permitted acquisitions very, very narrow, requires 20% equity or cash match, has short term maturities non-renewable, and defacto covenants. What value would Blackstone provide on that? They didn't provide any.
In sum, the DS valuation of WMMRC at $210M is incorrect and has not been updated by Blackstone. It will be zero. The WMI NEWCO parent will have $75M of cash.
2. Yes, there is more and more in it. Just like (1).
3. The litigation subcommittee upstreams to the Liquidation Trustee and LT Advisory Board. 3 Creditors 1 Middle and 3 EC seats. The 1 Middle is a former Weil Partner, Calpine Debtor Counsel against EC consultant MW and EC counsel Fried Frank. Giving up the 1 mid-seat is tough, but now the EC admits that one of the 3 EC seats goes to a WMB representative as part of the deal. So the LTAB is 5-2 out of the gate. Of the 2 is MW, who negotatiated this arrangement. Makes you feel all warm and fuzzy doesn't it?
3. Exiting "on the other side," the fresh start balance sheet will show net assets of $75M, 36% of the $210M valuation per 7POR/DS and certainly not $1 a converted share. Do the math. The 7POR/DS doesn't show the math.
4. The EC appointed BOD is 4 EC 1 SNH. That BOD will be around for 6 months, maybe one year. Then, the majority owners of NEWCO, the shareholders, will elect the permanent BOD. EC control lost, how do you think the SNHs and NHs will treat retail?
5. Read the DS and do the math. Do the math. Do the math.
6. It is not a happy 2012. Retail equity called out the trading of the SNHs and stopped the SNHs from getting NEWCO and the $210M WMMRC and the NOLs. Since then, the settlement no longer includes $210M WMMRC, but we get $75M in return; I guess all the releases were valued at this amount by PJS. The SNHs have merely "adjusted," and will get NEWCO based on the current MKT CAP of the classes, about $140M. Wow, isn't that the amount of WMMRC income/dividends we just stripped to them via the runoff notes? Simple math.
Solo hay 2 opciones que pueden hacer que este acuerdo tenga sentido, de momento parece como si Mike Willigham nos hubiera vendido para satisfacer sus intereses.
1) MW tiene en mente la linea de negocio a desarrollar y un partner para comprar la NEWCO dispuesto a adquirirnos para beneficiarse de los NOL´s
2) Susman está convencido que el litigio futuro traerá Billones de $$$ a la NEWCO.
Al margen de todo eso, NEWCO solo es un shell con poco Cash y NOL que no puede usarse.
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Seguimos esperando las dichosas noticias del Q&A del EC que deberían llegar hoy...
UHHHH pues mas triste ...
se acaba el año y la declaracion prometida del EC no sale por ningun sitio." Ay,ay,ay, no me gusta como caza la perrina",decimos en mi tierra.
Jajaja que chistosos dichos tienes manzanita.!
Cuando esos 2 esten resueltos (Martes 3) entonces creo que sabremos algo más del EC.
Espero que el POR 7 sea modificado y que empiece a cambiar nuestra suerte.
Feliz 2012 a todos!!
PD: Provisión DS sobre JPM
(ii) JPMC will
(a) assume all obligations of WMB, WMB’s subsidiaries or JPMC to subsidiaries of WMI pursuant to certain intercompany notes,
resulting in a net amount of approximately {{{$180 million of principal and interest which will be paid by JPMC to WMI,}}}
charlien,
A new Delaware company will be opened and wwmrc ,wmi and other assets will be merged with this.That means a 25Billion (imho) worth company as per ch11 filings which includes wmb stock interests and its subs.In this company will have a liquidation trust,litigation trust and trust advisory board will be there.
Did you see page 258 where they talk about alternative Ch11 plans if this one is not approved?
"If the Seventh Amended Plan is not confirmed, the Debtors (or, because the Debtors’ exclusive period in which to file a chapter 11 plan expired on March 26, 2010, any other party in interest) could attempt to formulate a different chapter 11 plan. Such a plan might involve either a reorganization and continuation of the Debtors’ business or an orderly liquidation under chapter 11, which would include the reconciliation of pending Claims and the prosecution of all outstanding litigation against the Debtors. ..."
I wonder if TPS/DIME will come up with a plan? Maybe just get a ruling on the $4B, get some cash in, and then prosecute! Could generate a nice bit of "profit", and then those NOLs would get used...
El EC HA PERDIDO la poca credibilidad que le quedaba, ¿no creeis?.
¿Donde esta la nota que iban a sacar antes del viernes? Esta gente se esta riendo de todos los accionistas, en beneficio propio, dando largas a todos y alargando las declaraciones para qeu cuando este todo firmado los accionistas ya no puedan hacer nada, con los bolsillos vacios y con los mienbros del EC tendiendo la vida solucionada con el dinero que les habran dado en plan de soborno.