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

There were 1.7B WMI common outstanding, and 47.5MM to satisfy them. Therefore it takes about 36 common to equal 1 Newco share assuming EVERY share of common opts in. If each share of Newco gets $10, then each old Q will get about $.28. (Old Ps and Ks fare much better, at about a 20% recovery.)

Further, Art Steinberg's clients are getting 4MM shares of Newco to satisfy an original obligation in the area of $337MM. If each Newco share gets $10, Art gets about $40MM for his clients. I don't think he would have accepted that.
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The timeline probably won't involve retail since the SNs can't make that money under the public gaze, so unless we're acquired by/merged into a 3rd party, I expect the SNs to buy us out. That is the most likely scenario. As to timing, if it's the SNs they want to be rid of us asap. So doing is the only way to really kill the scandalous WMI IT allegations.

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"If the company is not public the board can accept an offer on behalf of the shareholders."

True.

Also true is that if the company is not public, the consent of a majority of shareholders,
any corporate action that the board may take may be taken by the majority consent.
[corporate action not limited to formal merger offers, but also to tender offers hybrids,
reverse splits, etc.].

By-Laws [Restated, Amended]

[Agreed to by all parties "including equity advised by SG." There is no 18 month confirmation
protective provision against reverse splits as there was in other companies exiting bankruptcy].

2.12 Approval of Corporate Action by Shareholders Without Meeting. Any corporate action that
may or is required to be approved at a meeting of the shareholders may be approved without a meeting
or a vote, pursuant to the provisions of this Section 2.12.

(a) Unanimous Written Consent. If the Corporation is a public company (as
defined in the WBCA), corporate action may be approved by means of execution of a single
consent or multiple counterpart consents by all shareholders entitled to vote on the corporate
action.

(b) Less Than Unanimous Written Consent. If the Corporation is not a public
company (as defined in the WBCA), and if authorized by a general or limited authorization in
the Charter, corporate action may be approved by means of execution of a single consent or
multiple counterpart consents by shareholders holding of record or otherwise entitled to vote in
the aggregate not less than the minimum number of votes that would be necessary to approve the
corporate action at a meeting at which all shares entitled to vote on the corporate action were
present and voted.

I guess we're saying the same thing differently. Their claim may be the equivalent of one (1) Q with the assigned value of $1.69, but they're not getting that much (i.e., they're not getting 100%).

Their original claim was $337MM and they're getting 4.25MM shares of Newco (i.e., 8.8% of the 47.5MM Newco shares allocated to common), each of which would have to be worth about $84.25 to give them $337MM. I contend they'll get at least $30, which would give them about a 38% return (it's a little more (43%) if you add in the cash they got for legal expenses).

How this affects the 'real' Qs depends on the exchange ratio. If Q:Newco is 25:1, then $30/25 is $1.20. If it is 30:1 then they get $1.

Mr Simpson se nota que te estan jugando un paston en estas acciones, por como posteas desesperadamente, tu tambien has caido en tu propia trampa,¿ como te sientes despues de haberte bajado la ganancia un 80%? pues imagina a los pobres que has enredado y que en vez de ganarlo y despues perderlo resulta que lo han perdido de su capital directamente. Lamentable, el karma llega para todos tu mismo lo dijiste. Ya avise queestas acciones eran para especular corto, largo, entrar y salir y no tu sabios consejos de siempre largo, al final cada uno queda retratado con los resultados.

That response deals primarily with the scenario that the board will even have a say in the matter. The second aspect of my point was that, due to lack of a provision in the settlement agreement and the confirmed plan, if it is not a public company the control shareholder majority can consent to "anything" and those who don't like it [valuation, price] will have to litigate "after the fact."

This weakness in the settlement agreement, that carried through to the support for the confirmed plan and disclosure of the restated and amended by-laws, exists. It has nothing to do with the board being "hostile" to retail; they simple would be, as you've said, mooted. This weakness, if not a public company, and if a coporate action by control majority shareholders is taken, falls squarely at the feet of MW and SG.

Your faith, hope and trust in MW is fine. I just don't have the same. Nothing personal, just based on performance. You note he selected the current majority of the board; he also selected SG, AG and PJS.

Finally, attribution that his experience to know when getting in or out is good, I agree, but from his perspective.

"Having faced these guys when he had no cards" is 180 contradiction of what you, me and everyone in equity's camp have asserted; we all said that equity had so many cards. MW had free, unlimited resources at his disposal, he chose instead to not use them. Same can be said for SG. Look at the resources in the firm and then look at the attorneys that worked on the case. That is a decision someone made to not utilize all of the resources.

Nothing personal at all in your direction, but "we're holding back and waiting for the right moment" accolades for MW, SG and PJS still echos after years of hearing, never seeing it, and now it being over at that venue.

I can't simply ignore performance and assert meritless faith, hope and trust again. First time, shame on me.

¿Buscando responsables del desplome?

8-K filed in conjunction with emergence     11-Mar-12 02:40 pm    
Was in contact with Edgar Sargent recently, and wanted to share this information from him:

"It is my understanding that there will be public filings for both entities of some sort and also ongoing use of the KCC website for the trust. These disclosures will be described in the 8-K filed in conjunction withemergence, so you should be able to get more detail there."

Besugo nunca inviertas dinero que no estés dispuesto a perder.
Mi jugada saldrá bien así que me importa absolutamente cero tus comentarios