-- WMI HOLDINGS CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
Total assets $ 267,638,000
Total liabilities 202,509,000
Total shareholders’ equity 65,129,000
---------Current market cap: $676 million!
As of December 31, 2013, we employed two full-time employees. We also have retained the services of two individuals on an interim basis to serve as executive officers of WMIHC. Neither of our employees is covered by a collective-bargaining agreement. We consider our relations with our employees to be good.
----WMIHC is a holding company, and its only material assets are its equity interests in its operating subsidiary and its other investments, and WMIHC’s principal source of revenue and cash flow will be distributions and certain payments from our wholly-owned subsidiary, WMMRC; at the present, WMMRC is limited by contract in making distributions and in the future, our other subsidiaries may be limited by law and by contract in making distributions to us.
-- We, together with our subsidiaries, may not be able to fully utilize our NOL and other tax carry forwards.
As of December 31, 2012, WMIHC and its subsidiaries had United States federal NOLs of approximately $7.54 billion, of which approximately $5.97 billion was allocated to that portion of 2012 after the ownership change described in this Annual Report on Form 10-K that, if unused, will begin to expire in 2029. We have determined that, as of December 31, 2013, WMIHC and its subsidiaries had NOLs not subject to limitation under Section 382 of the United States Internal Revenue Code of 1986, as amended (the “Code”) of approximately $5.96 billion. Both WMIHC and WMMRC have established valuation allowances for these deferred tax assets based on their assessments of the amounts of deferred tax assets that are more-likely-than-not realizable.
--based on our analysis, we believe WMIHC experienced an ownership change under Section 382 of the Internal Revenue Code (the “Code”). Prior to emergence, WMI abandoned the stock of WMB, thereby generating a worthless stock deduction of approximately $8.37 billion, which gives rise to a net operating loss (“NOL”) carry forward for the year ended December 31, 2012. We believe that the total available and utilizable NOL carry forward at December 31, 2013 was approximately $5.96 billion and at December 31, 2013 we believe that there was no limit under Section 382 of the Code on the use of these NOLs (see Note 6: Income Taxes).
--Upon emergence from bankruptcy on March 19, 2012, we had limited operations other than WMMRC’s legacy reinsurance business which is being operated in runoff and has not written any new business since September 26, 2008.
---WMIIC does not currently have any operations and is fully eliminated upon consolidation. Prior to September 26, 2008, WMIIC held a variety of securities and investments; however, such securities and investments were liquidated and the value thereof distributed in connection with implementing the Plan.
Pursuant to the terms and conditions of the Investment Agreement, WMIHC has sold to KKR Fund 1,000,000 shares of the Series A Convertible Preferred Stock having the terms, rights, obligations and preferences contained in the Articles of Amendment for a purchase price equal to $11.1 million and has issued to KKR Fund warrants to purchase, in the aggregate, 61.4 million shares of WMIHC’s common stock, 30.7 million of which have an exercise price of $1.32 per share and 30.7 million of which have an exercise price of $1.43 per share (together, the “Warrants”).
The Convertible Preferred Stock has rights substantially similar to those associated with WMIHC’s common stock, with the exception of a liquidation preference, conversion rights and customary anti-dilution protections. The Convertible Preferred
im showing around 230, where are u getting your quote.......whole market is down today
mite be time to pick up some more shares to keep the mm at bay today
my opinion......zero, as the PIERS haven't got anything and they are way above the infamous "escrow" shares in the wmi payout waterfall
Companies need revenue to generate income to uses these so called NOL's. We have over 650 million market cap! No revenue, no income, no earnings, no sales, just a big bubble waiting to pop......GO WMIH!
Just curious? I'm sure the board pumpers have some comments......
Anyone out there with another crystal ball? The market for this stock is waiting for news. When is this news going to come, and what will the market do with it, but better yet how will the mm play it?