España
Besugo debe estar de vacaciones pues no escribe desde el 9 de Julio. Pronto volverá para infundir TERROR en los mercados... :)
WMIH empieza a coger ritmo y eso me gusta... agosto, septiembre, octubre, noviembre hasta 31 diciembre van a ser muy interesantes para el valor le pese a quien le pese.
Saber esperar 4 años debe tener sus frutos.
Os dejo con la info mas importante para los que les guste el valor
WMIH...Vegas
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Me gusta todo lo que veo últimamente en WMIH sobre todo tener a www.ppmamerica.com como partner en WMI LT. Una empresa que gestiona $89 Billones en activos... :) :)
Major Investor. PPM America, Inc. and its affiliates manage approximately $89 billion of assets in the United States. PPM America is registered with the SEC under the Investment Advisers Act of 1940.
Strong Owner. PPM America is an indirect subsidiary of Prudential plc, a company incorporated in the United Kingdom which is a publicly traded holding company ("UK Parent").* Our UK Parent and its affiliated companies constitute one of the world's leading financial services groups. It provides insurance and financial services directly and through its subsidiaries and affiliates throughout the world. It has been in existence for over 160 years and has $546 billion in assets under management as of December 31, 2011.
Focused Service. PPM America and its affiliates provide investment advisory services to a variety of portfolio product types originated by affiliates of our UK Parent including Jackson National Life Insurance Company (JacksonSM) in the US, a number of UK affiliates and Asian affiliates. PPM also provides services to other affiliated and unaffiliated institutional clients, including collateralized debt obligations (CDOs), private investment funds, institutional accounts, and mutual funds.
8K: Entry into a Material Definitive Agreement, Financial Statements and Exhibits
http://biz.yahoo.com/e/120807/wmih8-k.html
Preferentes y Comunes:
� Annex C to the Agreement was revised to clarify that holders of Preferred Equity Interests and Common Equity Interests will be issued Liquidating Trust Interests in Tranche 6 on account of those interests when Tranche 2 through Tranche 5 Liquidating Trust Interests have been satisfied in full, and that the distribution to Tranche 6 will be shared 75% and 25% pro rata between claims on account of Preferred Equity Interests and Common Equity Interests, respectively.
http://www.sec.gov/Archives/edgar/data/933136/000119312512344418/d392232d8ka.htm
NOL:
On March 19, 2012, WMIHC emerged from bankruptcy. Prior to emergence, WMI abandoned the stock of WMB, thereby generating a worthless stock deduction of approximately $8.37 billion which gives rise to an NOL for the current year. Under Section 382 of the Internal Revenue Code, and based on our analysis, we believe that the Company experienced an “ownership change” (generally defined as a greater than 50 percent change (by value) in our equity ownership over a three-year period) on March 19, 2012, and our ability to use our pre-change of control NOLs and other pre-change tax attributes against our post-change income was limited. The Section 382 limitation is applied annually so as to limit the use of our pre-change NOLs to an amount that generally equals the value of our stock immediately before the ownership change multiplied by a designated federal long-term tax-exempt rate. Due to applicable limitations under IRC Section 382 and a reduction of tax attributes due to cancellation of indebtedness, a portion of these NOLs were limited and will expire unused. We believe the total available and utilizable NOL carry forward at March 19, 2012 is expected to be approximately $5.96 billion. These NOLs will begin to expire in 2030. The Company’s ability to utilize the NOLs or realize any benefits related to the NOLs is subject to a number of risks.
I was never worried about the audit or the tax benefits. What has always concerned me were the identities of our partners (i.e., hedge funds) and the capitalization. As probably the only person on this board who has actually set up a hedge fund or done other legal work for one I'm not concerned because I understand how they operate. The fact is that whether the tax savings is $2B or $10B, distress hedge funds can do things with those savings that yield spectacular returns, e.g., the relatively small investments (pennies on the dollar) that yielded $3B on the WMI bonds. With small investments plus leverage they can do things retail can't imagine. That's how David Tepper makes billion$ annually. The fact that retail nobodies are in cahoots with someone like him is unusual to say the least.
The audit (which certainly was substantially completed months ago) is done and the confirmation order will be irrevocable in two weeks. After that there will be capitalization, so retails who want to exit can leave or stay for the ride -- if that's part of MW's deal with the SNs. Either there will be a buyout by the SNs et al. or if retail is allowed to stay the company will probably merge into a NYSE-listed entity and there will be additional upside from this elevation.
Hola Simpson:
Muy interesantes tus comentarios,si me pudieras ilustrar que es 8K Gracias.!