it could be very interesting for us, the next court hearings. why?
look at some numbers from the (search for)
PRESS RELEASE
July 30, 2012, 4:05 p.m. EDT
WMI Liquidating Trust Announces Distribution From Disputed Equity Escrow To Class 22 Claimants
remember, wmih issued 200 mio new common shares?
now let`s look at this:
Security Description Class WMI Holdings Corp. Shares Issued Conversion Ratio [1]
REIT Series Class 19 73,849,313 19.80058
Series K Class 19 8,992,818 0.4950145
Preferred Stock
Series R Class 19 57,548,706 19.8005825
Preferred Stock
Dime Warrants Class 21 4,165,700 0.05463704
Common Equity Interests Class 22 40,702,317 0.03349842
means 185,258,854 common wmih shares were issued at the effective date. and about 14,74 mio were hold in an account.
now, look at the "old and cold" numbers, thats prefs r (wampq) and common equity (wamuq). together they have 98,251,018 mio. a bit under the needed 50% for the "old and cold". that`s why this crooks at wmih and their accountants could believe that as of the date of the effective date there has an ownershipchange occured. 98 mio is a bit shy of 100 mio needed for 50%. but, with the 927,862 released in july, you remember, you got some :-)), the old and cold are now at 99,178,880 mio.
and with the shares for the managment we are now at about 187,2 mio issued, and 12,8 mio in an reserve account.
now, if only some 1 mio of this reserve goes to the commons, the barrier of 50% would be brocken, and then we could "believe" (and this crooks at wmih too, :-)) that the wmih has had no ownershipchange.
why is this important?
well, wmih has now unrestricted nols of about 5960 mio. but, wmih should have more, what happend with the tps preferreds claim of 3900 mio (a loss), with the taxgifts of 3200 mio (a loss) and maybe also with the boli/coli of 5000 mio (the transfer to jpm was a loss)?
this losses (part or all of them, and maybe more) could also be unrestricted if wmih had no ownershipchange. and that could be a difference between 10 dollar a wmih share or 31 dollar a wmih share (be sure, the new wmih preferreds will take a part of this).
therefore the next court decissions could be very interesting. and it was never ever blackmeil, why rosen (and wal rat) needed such a long time to decide (or not decide), lol.