If Jaimie invited him to negotiate at his office on the 47th floor of the Chase building, I hope he has the sense to decline.
Other (really good) midstream MLPs also dropped since the energy price crashed. Not just NGLS. The fear is that lower energy (oil and gas) prices will cause drillers to stop drilling, and smaller players might go bankrupt, so looking "longer term" (actually not so long, maybe "medium") there is a fear that midstreamers will have less traffic to make a living off. Really long term, I think everyone knows that the prices will recover, and the drilling and pumping will resume, and even reach new highs. We're dependant on the politicians to undo some of the damage they did. For example, they won't let U.S. export energy, and they don't impose tarrifs on imports of energy. On top of this, they block Keystone (thus encouraging more imports from OPEC). Of course, Obama is not expected to help. But at some point we will have a white house that understands economics.
(1) My understanding is that this time all the 1st tier will be called, nothing left over.
(2) Maybe you got it reversed ? I still have all the 2nd tier (CUSIP ends with "B6"),
but very little of the 1st tier (CUSIP ends with "A8") left.
CRTC has a very tight clamp 2.39/2.40 for the last few days. I don't know what's behind the scenes, but it seems that they want the price "fixed" for a while again. Why last time they allowed a nickel or a dime leeway, but now want it tight to a single penny ? Only KKR knows...
Thank you B Minor A Major (complete song !).
Do you remember the Pharao of Egypt had a dream: 7 thin cows followed by 7 fat cows ?
Joseph explained the meaning.
It has almost been 7 years since October 2008, hasn't it ?
I was thinking about it a month ago, but decided not to. It is all so secretive and manipulated that with our close to zero information on the dirty goings on at CPMK it is just gambling effectively. At least with WMIH we know a LITTLE bit of info (e.g. NOLs), but still 90% is secret dirty deals we won't know until its too late. With CPMK I don't know any specifics about the real estate.
I think our vote DID have the power, that's why Rosen and Walrath would never allow a shareholder meeting. We could have kicked them out and reversed a lot of the theft if they let us take back our company. EVERYONE involved, except us, had a lot to lose by allowing a shareholder meeting (as they were all busy stealing all our assets). Its like asking a mosquito permission to squash him while he is sucking your blood.
As to what our voting power is nowadays in WMIH, I'm not sure. If you believe IR (ha ha ha !!) then no one owns WMIH except us (ha ha ha ). In reality, of course Tepper controls it. And who knows how many shares they have hidden in small entities that don't have to report. Obviously, after they convert their preferreds to common, we will not have a significant voting power anymore. But as of today, we still might. I don't think it matters (here is where I agree with you). I, for one, intend to vote in favor of their proposals (including the Delaware reincorporation), as I believe that (how fortunate for us!) our interests do align with them now. We are both on the same quest - to monetize WMIH - strictly by the book. They have the capital and legal know how (remember, until recently many on this board were still arguing about the IRS window, is it 2 years or 3 years ?). We have the ownership legacy required by IRS. A perfect match ! Didn't the judge say we can "ride on their coat tails" ? (I hope I'm not taking that quote out of context - its been a few years, and I'm too old).
I forgot to address your other question, about LTI payoff. Perhaps because I am less optimistic. I would love for lots of assets to be handed back to LTI for redistribution to the rightful owners (us !). I'm not saying this won't happen (how would I know either way ?). My only thought on the matter is that, as you probably know, our assets had been stolen by very nasty elements, with very strong networks of corruption that have penetrated all facets of our government for decades. I doubt these professional big time thieves would let anything but crumbs falls out of their claws. The only reason we have had this opportunity with WMIH is that they needed old time shareholders to keep the NOLs.
But I think maybe I get your thinking: If someone who has the FDIC and treasury on their payroll own a lot of LTIs, maybe they will surprise us by repenting and returning stolen assets - NOT because that is justice - but because Tepper has them on his payroll. I doubt he is in the same league as Jaimie and Loyd. When understanding the saga of WaMu, one has to stop thinking in terms of "rule of law", "justice", or even "democratic society". One must learn to think in terms of "Gangster Rules", "Corruption", "Blackmail", "Bribes", and "Fascist shadow society". And one more note on this subject: If you're a JPM employee, and you know too much about things you shouldn't (e.g. IT people with access to emails), you better stay away from tall buildings......
Nice going, Marty !
You're wildly profitable on your P's and H's.
I'm just about even on my P's, and nicely profitable on my H's.
However, I've been accumulating nice chunks of WMIH from $1 (thank you IR for scaring naive retailers to sell) to $2.20 (thank you KKR for assigning CRTC millions of shares to keep the price under 2.20)
over the last couple of years. As I had written, I will be selling a tiny bit of these at 3.50 (bought in November at 1.70), but the vast majority, I will need $7.50 to $12 to trigger sales interest.
By the way, for those of you that didn't receive the latest proxy statement from WMIH (you will receive it in the mail soon if you own shares), I'll also share with you how much KKR owns. I remember a certain famous liar saying that KKR just wants to get middleman fees, but doesn't own any preferreds):
KKR owns 200,000,000 of the preferred B (that's 33% of the series).
In addition, below is an official description of KKR's WMIH common stock ownership (remember, this is IN ADDITION to the 200M preferred B !):
"According to the Schedule 13D, each of KKR Fund, KKR Fund Holdings GP, KKR Group Holdings, KKR Group, KKR & Co., KKR Management, Mr. Kravis and Mr. Roberts may be deemed to be the beneficial owner of 71,465,629 shares of our common stock, which includes 1,000,000 shares of our Series A Convertible Preferred Stock held directly by KKR Fund, on an as-converted basis, having the terms, rights, obligations and preferences contained in a certificate of designation of WMIHC’s Series A Convertible Preferred Stock (including a conversion price, subject to adjustment, of $1.10 per share), and Warrants to purchase, in the aggregate, 61,400,000 shares of WMIHC common stock, 30,700,000 of which have an exercise price of $1.32 per share and 30,700,000 of which have an exercise price of $1.43 per share. According to the Schedule 13D, each of KKR Fund Holdings GP (as a general partner of KKR Fund
I don't know for a fact, but I can only infer. Tepper (or, technically, the 4 Apaloosa family funds he splits his 8.5% among) got these WMIH from owning preferreds. I'm guessing P's (just like me). The K's always had a slight premium over the P's, and a smaller issue making them less liquid. Using the conversion ratio, you can calculate how many P's he had.
As of December 2014, these are Tepper's WMIH common stock:
4,439,185 shares registered under the name "Appaloosa"
6,662,182 shares registered under the name "Palomino"
2,946,035 shares registered under the name "Thoroughbred"
2,982,592 shares registered under the name "Thoroughbred Master"
All 4 of these are owned by Tepper, as a way to remain "under 5%" by splitting entities.
Tepper beneficially own, in the aggregate, 17,029,994 shares of common stock.
Divide by 20 means that he had 851,500 shares of WAMPQ. That's a face value of
851.5 Million Dollars. I don't know what he paid for his P's, maybe someone else on the board has this info ? I know I paid anywhere from $20 to $100 per share of WAMPQ at different times. I've heard some people bought early on (only days after the BK declaration) at under $1 per WAMPQ (smart !).
By the way, in addition to 8.5% of the common stock of WMIH which he has owned since the reorg, Tepper also recently bought 84,268 shares of Preferred B (that's 14% of the entire preferred B series !!), which means he invested an additional $84 Million, and doubled his ownership of WMIH. Also interesting is that Greywolf bought 8.9% of the preferred B, which will triple their ownership in WMIH. The insiders are effectively increasing their ownerships by several times, while pushing our percentage ownership down, all the time not violating IRS restrictions (its not common stock....YET!). We ("outsiders") don't mind losing ownership per se, as long as we can get $10+ per share for our shares :)
high because it is RMR. But that has been built-in the price for years. That's why the yield is so high (7.5%) even though the market risk is extremely low (mostly perfect credit tenants). So, in a "perverse" way, it is actually good that we have a greedy manager that charges too much fees.
Shows I was right, and IR was lying (duh, isn't that obvious).
Not only did Apaloosa (Teper) keep their 8.5% of WMIH common shares..... but they effectively doubled their ownership (without violating the NOL restrictions) by buying lots of preferred B.
Teper, who is really running this company, hired KKR to be his "front man" so he could (effectively) double his ownership without violating the "increase in 5% owners" IRS restrictions. Very smart guy.
Through Citibank, they also got several institutional investors (for example, the Texas Teachers Retirement fund) to invest heavily in little old WMIH (what ? wih no employees, no business plan, no this no that... BUT BILLIONS IN PRECIOUS NOLs !!!!!).
The parts of this mastermind plan are coming together. As they show more bits and pieces of information publicly, WMIH shares will rocket past $5.
I have a few tens of thousands of shares I bought a few months ago in the 1.70's (sorry, couldn't help it) and I must confess, those little peanuts I will release around $3.50/share - I know it is maybe less than half or a third of what they are worth, but I can't resist a quick double, and it was beyond my original budget. So, sharks, if you're listening, and you're still looking for a few more tens of thousands of shares, all you have to do is bid $3.50. CRTC and NITE, go talk to our client and get approval.