Do they need us for this NASDAQ listing requirement:
"Companies must also have at least 450 round lot (100 shares) shareholders, 2,200 total shareholders, or 550 total shareholders with 1.1 million average trading volume over the past 12 months."
Or KKR could give 450 of their friends a gift of 100 shares ($250) each, its peanuts.
"if KKR takes CPMK and its assets and merge with WMIH, is it like KKR 'donates' money to WMIH?"
No, its not. WMIH has 750 million cash and very little debt. And, of course, billions in NOLs. I don't know how much "hidden" real estate Capmark has, but from what is visible to us, WMIH is actually worth more than CPMK. They have (or will shortly have) a billion in anual sales, which if I remember correctly, is one of the requirements for fast-track NASDAQ listing. KKR practically owns both, so they can orchestrate whatever marriage they want between the two. They will preserve and use the NOLs. After all, it is billions - no one is stupid enough to destroy that, no matter what "half truths" they tell a judge in BK court (remember: "only worth 125 million. Ha ha ha, and K-marts real estate was all worthless ). I just hope KKR doesn't screw us by giving us away to CPMK. They "only" own close to 50% of WMIH. If the own 90% of CPMK (I don't know, just making an example) it is profitale for them to make the terms bad for WMIH and good for CPMK. Anyone know what % they have there ? (I hope its is similar to ours, close to 50%). Problem is, its diificult for us to know the internals of CPMK, just like anyone coming in from "outside" today will have a steep learning curve knowing what the $%!@& is going on with WMIH (KKR's preferreds, conversion rate range, hiring Starke to keep the share under 2.20, NOLS, etc).
Exciting times coming to us soon. Good luck to all !
He's angry that we own millions of shares. That simple.
The contributed a lot... to politicians and judges.
Everyone knows the "settlement agreement" was a farce.
In return for releasing them, WE PAID THEM !!!
Not the opposite, as one would expect.
Yes. And why the U.S. media never reported that The U.K. government caught JPM putting customers assets on their balance sheet as their own assets in order to fraudulantly claim they have a "fortress balance sheet" while they were actually insolvent ? The U.K. government fined JPM 500 Million for this fraud. In the U.S. media, this was not reported, only Jaimies lies about their "fortress balance sheet".
The difference is that back in the Nixon days, there were many hundreds of independent media competing with each other to report the news. There was honest news back then, and even aggressive investigative journalism. Now, a small cartel has taken over all major media outlets, and they are the same cartel which runs the country. Hence during Obama's election, the "news" (except Fox) was basically his election propaganda. In all the networks (except Fox), any reporter that tries to report real news, is threatened with getting fired. The U.S. "news" these days is no better than Russian Pravda, or Chinese CCTV. Written by the government, and read by brainless, fearful, monkeys in suites. When there is no independent press,the government can do as it pleases, with the constitution in the toilet, and the founding fathers rolling in their graves, as long as they put up a show to make it look (to a naive observer, which is what 300 million Americans are, when they are not too busy watching "American Idol" or "Sunday Night Football" or "Kardashians") like they are following the law. That's the job of Weil and Walrath, and that's why they are highly paid (with money stolen from us, of course).
Georgia, I'm not saying they are not manipulating , as I really don't know. But, I don't see a contradiction with cutting CapEx and maintaining production (at least shorter term), because even the worst wells decay over 5 years. To a first order approximation, one could cut new investments by 80% and still maintain production over just one year into the future. Of course, that was a very rough approximation just to illustrate the point.
Note that even the Persian Gulf (Saudi, Kuwait, UAE, etc.) have to invest each year just to maintain their production capacity. And at the current artificially low prices, their revenue streams are half of normal, but their expenses (mostly "bribing" their populations by social benefits and subsidies not to rebel and murder the kings and their families) never go down. So they are living off their (albeit large) savings. But when you're living off savings, you also don't want to invest. So if the artificially low spot prices were to continue, production 1 year later might drop, across the board. But for 6 months to a year, it might not be felt. Meanwhile, the big players, in the know, are renting supertankers docked in Rotherdam, and floating ceiling storage tanks in Cushing, to store as many $47 barrels as they can get their hands on, knowing they are worth $90+.
I'm sorry to say my honest opinion, as some (super bulls) may misinterpret it as bashing, but I think they will just pay WAHUQs and steal the rest. The whole mantra of the scam was that equity can't get anything. Otherwise, it may raise suspicions that WMI was not the bankrupt one (i.e. JPM was the bankrupt one, and the theft was by the one who needed money, perpetrated on the one who had lots of money), which only we know is true, but the gangsters want to make sure the public never gets a smell of this.
Now, we do get some crumbs back via WMIH (and those of us that bought post-theft) get much more than crumbs. But the public cannot associate WMIH with WMI, after all, when it emerged from bankruptcy, WMIH was worth almost nothing, so when it shows up with a couple billion 4+ years later, it must have earned it during the great economic recovery that the great government orchastrated wih its great policies (and I am struggling not to laugh as I type the last part of this sentance). But this is how crooks operate. Truth is irrelevant. Only perception. They will even commit crimes, and then make it look (to a naive observer) like the victim was the perpetrator....remember the Senate (Levine) : "Wamu's toxic river of mortgages". All the time they covetted stealing WaMus wonderful protfolio of mortgages, that paid off 85 cents on the dollar while Chase's toxic morgages didn't even return 50 cents.
We're not buying enough to counter these professional manipulators.
If they really wanted, they could probably take it down to 1.75 and make a killing on conversion at 1.75. I know I would buy another 100,000 shares if they took it under $2. But its
probably still worth it for them to "borrow" (from themselves, after conversion) these shares
to sell (short) to me. The difference beween 1.75 and 2.25 on $600 million is $168 million.
Would KKR miss an opportunity to make a quick $168 million ?
Its pretty obvious that CRTC won't let it go above 2.20 until conversion.
If I were KKR I would do the same thing. $600 million is a lot of money, and just $0.05 (2.20 conversion instead of 2.25) difference in the stock price means $14 million difference to them at conversion. So I would also hire CRTC to short at 2.20 as many as it takes, and then after conversion, I can pay them back the shares owed, if any. Why do I say "if any" - because sometimes they are able to scare someone to selling under 2.20 and then they use this to reduce their short balance, and make a bonus trading profit. So its a mutually beneficial relationship between CRTC and KKR.
There's a lot of fear in the energy sector, and its gotten so bad that its affecting the midstreams. WPZ went from 55 to 39. Some upstreams could go bankrupt, and the fear is that it can hut midstreams with contracts to ship for them. But the way I see it, the total volume will only go up, so even if some upstreamers will die, the others will just produce more gas. So midstreamers will be OK. But where there is fear, people sell first, ask questions later. I've been buying MEP throughout, so my average is going down and down. One day it will start is way back to 20.
According to your numbers, WMB is cuting WPZ's dividend by 21%:
(0.85 * 0.86672) / 0.93 = 0.79
and the funny thing is that half the shareholders don't seem to even understand this. And as another poster wrote, shareholders don't have a chance to stop this rape, because they cannot vote to stop it. Only lawsuits have a chance. But anyone who spends the big legal fees to sue, will get a personal payoff by WMB to walk away smiling and leave the other shareholders crying.
I assume the conversion is based on the average CLOSING prices for 20 consecutive trading days. So during these days, they will always sell a token amount of shares at the bid at the closing. Just like before this, they used to buy 100 shares at the ask at the closing so they can make it look like its crashing the next morning, and lure "panic" sellers.
ha ha ha, the guru is a genius.
Do you know what Albert Einstein said about luck ?
He said that smart people are "lucky" (because other people can't understand why they are right, so they attribute it to luck). This "debate" between the guru and this other guy reminds me of that famous quote.
Good "luck" to all !!!
WMB are geniuses at decption. They dramatically cut WPZ dividend, and half the shareholders don't even realize it until 4 months from now when they get the reduced distribution ( I think the upcoming distribution is still safe, its the next one that will shock), while the other half are arguing about whether the dividend cut was 25% or 18%.
More inexpensive capacity to move product from Alberta to Cushing will reduce the discount between local prices and WTI. So its only good for all the producers in Alberta. Even if they sell to B.C. or Montreal refiners. More buyers (U.S.) competing for the product. I heard that Warren Buffet charges up to $10/bbl to ship on his trains (approved by Hussein after big bribes), while Enbridge (current competitor while Transcanada gets their Keystone built) is less than $1/bbl. Hussein also won't let Enbridge increase the diameter of their pipeline across the border.
I thought everyone knew: Warren Buffet owns the trains. Warren gives huge bribes, I mean "contributions" to Hussein to block Keystone. All the "environmentalism" is a ridiculous cover to hide the Warren Buffet bribes. Trains derailing and exploding, or burning diesel when not derailing and exploding, that's environmentalism ? No, just Warren's Swiss wire transfers.
Today CRTC has a "collar" at 2.17/2.20
My theory is that they were given instructions to not let the price go above 2.20 (and probably given shares to use for this task). The fact that they also have a bid (2.17) indicates that they don't have "infinite" shares to use to suppress the price, so that if anyone is foolish enough to sell, they are happy to "buy back" at 2.17 and "profit" 3 cents. I would guess that the price will not go above 2.20 until the deal is announced (when KKR's conversion price is set). Then KKR will have a $100Million to $500Million profit "overnight." (minus the shares they loaned to CRTC for shorting at 2.20 during the preceding 20 days, which should only be a few million shares, peanuts). I've been buying all I can at 2.20. Its sad that "they" can get it at 2.17 or 2.18, but I'm thinking that 2 or 3 cents difference won't matter in April.