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

Y donde esta glfe, no la veo?

" WMIH managed to finish the month of August with a 13% gain. The most important aspect of this gain was the fact that WMIH is now trading above $1 per share. In fact, the break of $1 came early in the month, with WMIH barely looking back since retaking this important technical milestone.

Typically, when a stock breaks out over an important number, such as 1, 10 or 100, there is an increased level of attention from sellers. These numbers represent an area where individuals feel comfortable tapering off positions a bit. This is why you see increased volatility around these numbers, as traders step up their activity.

The interesting and bullish part about WMIH’s break of $1 is that volatility has actually decreased since the break took place. The stock is now simply hovering above $1 in what is the narrowest one month range we have seen in sometime. Furthermore, there was a noticeable uptick in volume throughout the trading month as this contraction in the daily range for the stock took place.

From a technical point of view, this is extremely bullish behavior, suggesting higher prices in the months ahead"

http://www.zenpenny.com/august-performance-summary-and-looking-ahead-to-september/

http://seekingalpha.com/article/1681012-signs-of-life-for-wamu?source=email_rt_article_readmore

Eighteen months after emerging from chapter eleven bankruptcy, puffs of smoke are beginning to rise from the ashes of the former banking giant. On September 1, the reorganized remnant company, WMI Holdings Incorporated (WMIH.PK), made another $15M payment to creditors from dividends generated by its mortgage reinsurance arm WMMRC currently idling in run off mode. The payment reduces WMMRC's total debt load by 9.6% to $105.2M. More importantly this reduces the burden of the 13% interest rate it carries by 9.6%, saving the subsidiary $1.4M annually. The $15M payment may very well be joined with another $67M pending release from the WMI Liquidating Trust's disputed claim reserves in response to the settling of claims by former employees of the company. Together the $82M distribution will mean that Washington Mutual's junior-most debtholders will finally receive their first payment.

WMI's junior subordinated debt, which formerly traded under the symbol WAHUQ, has been waiting patiently for a payment. Of the $82M distribution, the debtholders are expected to receive approximately $61M or a 26% payment of their overall claim. This works out to be approximately $2.60/share of a security that last traded for $3.30/share prior to delisting. Junior creditors are expected to be eventually paid in full, or $10.40/share, after the $67M reduction of disputed claims results in a total of $309M of net assets to pay approximately $311M of liquidating trust interests. The recovery represents only a fraction of the subordinated debt's original face value after senior debtholders won a battle over federal judgment rates and subordination clauses that paid them up to 124 cents on the dollar but stuck the junior issues footing the bill. Meanwhile WaMu's shareholders were left with the reorganized company's reinsurance arm and potential tax assets in the form of NOLs.

Recovery for Shareholders?

The $67M reduction in claims means that WaMu's preferred shareholders move $67M closer to the goal line, which now is currently estimated at being $39M out of reach. The main snag for preferred shareholders are the Class 18 claimants, who they are, and how much they are due, all of which the liquidating trust has not fully disclosed under the impression that it will cross that bridge when it gets there. The currently known bulk of Class 18 is $25M due to Washington Mutual Bank bondholders in a settlement hammered out between them and WaMu's equity committee and $12M of legal fees for holders of the company's Trust Preferred Securities. With $113M of liquidating trust assets still tied up in disputed claims, there could very well be some recovery for the company's preferred shareholders, albeit small. Additionally it is projected that the trust's runoff notes held against WMMRC could generate up to an additional $51M in interest that eventually may wind up with preferred shareholders. However, with future employee settlements that must be paid, continuing professional fees, and ongoing trust operating expenses, it is too hard to predict any payment at this time. If one should come, it could be up to five years out based on WMMRC's repayment schedule.

Upwards Spiral

Since last reporting on WMI Holdings, which at the time traded at 46% of its bankruptcy court assigned book value, shares have steadily climbed upwards, with a return of 116% over the past fourteen months. This bodes well for WaMu, whose ability to use its NOL assets hinges heavily upon M&A activities and capitalization, both of which are strongly dictated by market cap. Consequently the higher the stock moves the easier it becomes for WaMu to "cash in" on its NOLs, thereby making them worth more, which in turn increases share price.

The NOLs, estimated to be $5.97B, is the company's most significant asset. At a 35% corporate tax rate the short answer is that WaMu's NOLs could be worth up to $10.38/share in tax savings. The long answer is that it is much more complicated than that. As testified in court, the NOLs would likely be discounted by 25% to 35% for transaction risk if WaMu merged in an all-stock transaction with another entity. Further reduction would come in the form of discounted cash flow, namely a reduction of the NOLs value based upon how long it would take to use them up, a likely period of several to many years. Consequently a value of $5.19/share seems a much more reasonable valuation, though the court assigned the NOLs a value of only $.25/share based in part on a $.13/share "worst case" ongoing operations only situation. Fortunately, an improving economy and rising corporate profits is putting a "worst case" scenario further out of the picture. Rising housing prices are also increasing the chance for eventual profitability from WaMu's run off reinsurance arm, up to $.20/share by its conclusion.

Why So Long?

A common question many shareholders have asked is why has so little happened with WaMu in the last eighteen months. The answer is IRS Section 382 limitations on the carryforward of NOLs. First, if a corporation making a "(1)(5)" bankruptcy election experiences a second ownership change within two years of the bankruptcy ownership change, then any existing NOLs will be extinguished. Second, if the continuity of the business is violated within two years of change, that is, WaMu changes from a financial to non-financial enterprise, then that too will eliminate its NOLs. This severely limits WaMu's ability to find a merging partner. Lastly, any capital contributions made within two years of ownership change face additional IRS scrutiny. Consequently, it makes sense for WaMu to delay for two years before getting anything done. The question though is if shareholders are willing to wait that long. At the last annual meeting, the company's board of directors faced significant resistance to their lack of action with a 33% vote for an across-the-board rejection of all members, save one. Should the board force shareholders to wither a second year without any sign of NOL utilization or M&A activity, they may find themselves out of a job.

Looking Forward

With shares currently trading par to its court assigned book value and riding on a 108% 12-month return, is WaMu still a buy? Yes. The current trading price of $1.04 represents a "worst case" valuation developed by a bankruptcy court during harsh economic conditions. While in the short term shares may continue to drift in the $1.02 to $1.05 range as they have for the past month, expect upward pressure in the form of retail buying on November 1 when junior subordinated debt holders receive their first payments. With WaMu's junior subordinated debt the only easily tradable form of WaMu's bonds, the $61M released will put powder back in shareholders hands, many of whom remain faithful to the company. At even a 5% reinvestment, or $3.1M, with WaMu's low volume, prices could pitch upwards dramatically. Should that occur, expect the same on February 3, the following distribution date. Additionally, WaMu's NOLs are still trading at essentially 2.4 cents on the dollar. Should WaMu's board announce any M&A activity or capitalization efforts that better utilize its NOLs, prices would move upwards accordingly and quickly. Investors interested in WMIH are better off getting in before either of these events occur though they must be willing to wait a while for a significant ROI given the glacial pace set so far by WaMu's BOD.

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=91830300

tz -- I suggest you read the motion. It was a motion to produce, and if GS had refused or not complied to the satisfaction of the WMILT, we certainly would have seen the WMILT push forward for the 'court' to compel GS to comply.

Keep in mind, the court would prefer the parties to 'not fight things in the court room' -- that is, the court is used when there is an impasse, not agreement.

So it is reasonable to assume (and more) that the WMILT is satisified with what they received from GS. And obtained it, so far, without having to push forward with the 'motion'.

Enhorabuena a los que estais dentro :-)

Gracias Manzana... Esto es solo el inicio.
Estamos solamente estirando para la maratón.
Cuando el $$$$$ fluya en la cascada vamos a ver un buen subidon

:) :) :)... WMILT será la gran sorpresa.

Ya son varios años que estamos a la espera,mucha gente tiro la toalla,aqui PASAMOS NO SOLO UNA MARATON ES UNA ODISEA, estaremos ya cerca del objetivo? espero que no pase de Noviembre

Pptrueno: Good things come to those who wait!!!

Entre octubre y abril vamos a pasar a Champions.
Ojalá empecemos por cambiar de Índice y entraR en NASDAQ Global Exchange.
Las nuevas normas dicen que cualquier valor que este más de 30 días consecutivos superior a $1
Y tenga al menos 750.000 acciones, 400 accionistas y una capitalización de $10millones cuyo valor de mercado no puede ser inferior a $ 5 millones. Si cumplimos todos esos criterios podemos aplicar para el NASDAQ.
Eso sería el 16 de septiembre a nivel de cumplimos todos los criterios. Ahora a esperar.
Despertaría a muchos más inversores y fondos a los que no se les permite invertir en OTC