España
http://weissratings.com/news/articles/washington-mutual-settlement-some-shareholders-get-nothing/
Esto disminuye el ratio de 1 New Co por cada 39 comunes a 1 New Co por cada 24 comunes.
Ahora falta por ver el resultado en Preferentes.
¿Sabes el ratio de los que pierden en Rankia siguiendo tus recomendaciones? 9 de cada 10. Ya no esperan ganar, que suene la flauta y al menos recuperar. Eres la joya del foro.
1 WAMPQ recibirá 19.80 acciones de la New Co
1 WAMKQ recibirá 0.495 acciones de la New Co
30 WAMUQ recibirá 1 acción New Co
From: Edgar G. Sargent [mailto:[email protected]]
Sent: Thursday, March 22, 2012 4:36 PM
Subject: RE: Wamu
Here's information I just received from Alvarez showing conversion ratios:
142,500,000 (75% of 190,000,000) are distributed to holders of preferred securities as well as claims subordinated to the level of preferred. Total disputed claims at the preferred level are $106,514,585.09. For those claims, 2,109,051 shares are reserved. The remaining 140,390,949 are distributed evenly by liquidation preference across the $7.5 billion of preferred shares. However, while the TPS are denominated in 1,000s, the Series K has a face amount per share of $25.
For the TPS, 3,729,658.260 shares provided releases and will receive 73,849,406 shares or 19.80058 new shares per old share. This share count is after giving effect to the mandatory exchange.
For Series R, 2,906,421 shares provided releases and will receive 57,548,829 or 19.8005825 new shares per old share.
For Series K, 18,166,565 shares provided releases and will receive 8,992,714 shares or 0.4950146 new shares per old share.
For the common shareholders, they are receiving 47,500,000 shares of which 4,165,750 shares go to the Dime Warrant holders, 2,631,933 shares are reserved for disputed equity claims, 693,806 shares will be distributed to Principal Financial on account of their claims and existing common will get 40,008,511 shares. For each share of existing common granting releases in the total amount of 1,194,340,178 shares, they will receive 0.03349842 shares.
Because no fractional shares are being issued, the percentages for each holder may vary due to rounding. I’m not sure what you are using this information for, but that’s an important point for holders.
Hope this gets you what you need. I'm out until tomorrow so if you have any follow up I will probably respond then.
Edgar
It's great to have this confirmation of our numbers.
Each Q is worth 1/29.85, so you need a recovery of $29.85 per Newco to get a Q $1.
Each P gets you 19.8 Newco shares (slightly higher than we anticipated), so you need a $50 recovery to get $1,000 par.
Each K gets you .495 Newco shares, so, like Ps, you need $50 to come to a Newco share to get the old $25 par.
If each Newco share gets $29.85, then common gets its $1, each old P gets $591.03, and each K gets $14.78 (a 59.1% return on par).
This is math, not a prediction, but it's lovely to see things add up.
If, IF, there's some kind of offer, as I've said for weeks, to get common to a $.75 per Q or even $1 per Q return, preferreds will do very well indeed. You simply can't give commons a return of $1 without giving preferreds 60% of old par.
Moreover, if commons 'needs' (for whatever reason) to get $1.25, for example, then that's $37.31 per share, and preferreds get 73.88% on their respective old pars.
The foregoing is NOT news; we've been crunching these numbers for weeks and they give the same result whether a recovery comes through a buyout or organic growth.
Finally, if anyone thinks that the SNs and the TPSC did not crunch similar numbers when they decided on the 75/25 apportionment, they're fooling themselves. The only thing we don't know is exactly how many Newco shares are in retail hands, because once we know that we simply multiply that number by what each Newco recovery would need to get each old Q a 'satisfactory' recovery.
If it is $.75 per old Q, the number is $22.38 per Newco share.
If it is $1 per old Q, see above.
If it is $1.25 per old Q, see above.
1 WAMPQ vale 7´81 $. O sea que los que compraron a 80 deberian esperar a que se multiplicaran por 10 solo para compensar el capital invertido.
Fantastico mr simpson, la compra del siglo, podría ser del siglo próximo.
Me parece que lo tuyo no son los números... :) :) ¿de donde sacas el valor de lo que van a valer las acciones de la NewCo o de las antiguas WAMPQ si ese valor se desconoce?
Asumiendo que el valor de la acción fuera $1 ... ahora mismo el valor de las viejas WAMPQ sería $19.80...si empieza a multiplicar pues ni te cuento.
Te noto un poquito cabreadito jajajajajaja ayyyyyy señor ¿y si al final suena la flauta y te quedas con cara de Poker?
Da igual las acciones que den, Lo que importa es el valor de la nueva.
De que valen que den 500 acciones de newco sí la valoran cada una por ejemplo en 0.01$?
Manzana de verdad crees que las acciones van a valer eso? Los Hedge Funds no se pasan 4 años en una BK para conseguir eso hombre... estos buscan maximizar la pasta. Lo vuestro es para hacerselo mirar...aunque lo vieras blanco tu siempre dirias que es negro.
En fin... ya queda menos