Large Green Friday, 04/04/14 12:35:26 AM
Re: None
Post # of 397698
WMIH and Escrow Shares - Some Thoughts Since Sept/2008
Toward the end and before it was to late to exchange former WAMUQ, WAMPQ and WAMKQ for escrow shares along with new shares in NEWCO (WMIH) of the former 350 billion dollar plus organization of WaMu, many were trying to convince equity holders that owning the former WAHUQs or Piers was the way to go. Many individuals had a mutual distrust for Willingham and the Susman legal team. There was a huge thought process about the NEWCO (WMIH) not being able to use the tax attributes, WMIH would fail, and NOLs are virtually worthless. This has gone on for years now and WMIH is now proving that it will be extremely successful with the recent 8Ks filed but there are still some are still downplaying this. I will post an older link discussing the former Piers. The former Piers had an original face value of $50.00 dollars and then reduced to a little over thirty dollars then in the waning minutes before plan confirmation the Piers figured on getting at the most a capped amount of around $10.51 with an expedited payment expected by many. Now, over two years past the plan confirmation and still no payment to Piers except for claims of $500.00 or less.
Now the former Piers owners have been saying there will be nothing for escrow shares and although no concrete proof, there is, no doubt IMHO, there will be a large amount of money coming (YET) for the escrow shares owners before year end 2014 once tranches 5/6 are worked through or before the P&A is oficially closed. Many individuals condemned Willingham and Susman when in fact they had worked for equity without any doubt. Why would Willingham be on the WMILT board along with WMIH? This tells me that he wanted to be sure that the Piers were not paid until and at least the escrow shares were going to see something. There has been money to pay Piers all along but they keep pushing this out until time is closer to pay the escrow shares but tranches 5/6 must be worked through IMHO. It shows there has been a division between the former Piers holders and equity and this action to me shows Willingham and Susman has made sure that escrow share owners see something as the continued delays in paying Piers anything. Let us look at the actions and in most cases actions tell the real truth.
If people really want to see the thought process put on here by some who have been around for a very long time, go to IHUB post number 391312 and you will see what I mean. There was a large push at the very end to sell out of their positions and take Piers or the former WAHUQs over the preferred and common shares. By doing this, many will never have the opportunity for escrow shares that very well may turn hugely golden during year 2014. One cannot trade, barter, buy or sell escrow shares and if you do not have them you cannot get them.
http://www.bloomberg.com/news/2011-09-13/...es-with-shareholders.html There are some real important dates that have come to pass. The four year anniversary of the term sheet that was signed agreeing on March 11th, 2014 regarding the deal the Piers holders made with JPM/FDIC. The two year anniversary of WMIH being out of bankruptcy will be March 19th, 2014. What the former Piers holders did was make a deal with JPM and then they had the waterfall end exactly right after Piers, thus their original intention was to zero out all preferred and equity shareowners. This almost worked but fortunately equity had Willingham and Susman working for us. The people who owned Piers were caught and then insider trading was tagged on them as “colorable” by the court so they had to make a deal. Basically, what has happened is during mediation and/or other, equity with Willingham/Susman at the helm kicked Piers out of their original position and their claims capped at $10.51 but could be much less. Once tranches five/six are workedm, we may very well see what the former Piers holders were really wanting when they risked their careers, licenses, prison time and standing in society to get what we are about to receive this year. There are claims considered as assets, overfunded claims and more in tranche five/six. This will get very interesting once these claims are worked, because original Piers holders never figured on getting caught and were kicked out of their position and replaced by equity.
This will be like the mafia movie with the corrupt Judge when they switched courtrooms on the case and turned the Judge and mafia upside down when the case could NOT be fixed. Equity was able to do this very similar action with the former architects (Piers) when they constructed the waterfall to magically end exactly after Piers then zeroing out all of equity. Doing this preserved the HUGE POTENTIAL that will flow to escrow share owners sometime before the end of year 2014 or before the P&A is oficially closed and of course all in my humble opinion. I sure do love my escrow shares. Sure, until we receive what is coming by the end of year 2014 or before the P&A is officially closed, it is possible we still see nothing for escrow share owners, but I HIGHLY doubt this. I have said for well over two years that Piers would never be paid before WMIH is capitalized and there would never be any third party suits besides the Directors & Officers that was already in play. Since I have been correct about no third party suits and Piers would not be paid before WMIH is capitalized, I feel very strongly that I will also be correct with billions flowing to escrow share owners in time. There is no reason arguing, as only time will tell. But by reading the documents and connecting the dots will help lead one to this conclusion as opposed listening to people on message boards push agendas especially those who pushed the Piers and are now HOSED!. One cannot sell or trade these escrow shares anyway. Even if ones considers this remote, I am sure happy I have escrow shares versus Piers that are frozen and may never see their capped rate of only $10.51 per share.
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