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.
This is how sharks operate. Tepper doesn't want to pay Blackstone any "finders fee". They terminated their commision based agreement cleanly las year, so blackstone can't claimn any fees for deals in March this year.
Don't feel sorry for Blackstone. Kostruros and Weil gave them millions of our money back when walrath was rubber stamping their giveaways of our money. In actuality, also approved by Tepper.
How do these fund boys have any shares ? I thought between Enbridge, a few investors, and myself...we own all the shares :)
I guess when the "public" has sold all their shares, we can bring the price back to the 20's.
Appaloosa is still the biggest WMIH shareholder .Its in WMIH's proxy statement. They never sold. Soon we will get the latest proc\xy statement (just befre the new shareholder's meeting) and see if they increased their holdings at the expense of naive retailers. Greywolf, on the other hand, is (if I remember correctly) the owner of TPS (formerly) and they got screwed like us. They have a really good lawyer, and they agreed to accept a bit of WMIH shares (something like 7 or 8 percent) to compensate for billions JPM stole from them. They haven't sold either. The only ones who sold are naive retailers. I can imagine old retailers dying (or being carried away to the Alzheimer's home) and their wife or kids selling without knowing anything. Don't laugh - its just a matter of time for any of us - some closer than others.
Samsir meant that his cost PER SHARE went up. Its a different way at looking at it, I look at the price of an original WPZ share as 20% less than what the market is quoting today for a "new" WPZ share. Just 2 different ways of looking at the same thing.
I'm still hanging around here, seeing if and when WPZ will be worth buying back. But even after this 30% drop, itdoesn't look attractive to me, as the yield is too low. Also, the press release today about the dividend really confused me. I thought the new div. (after reduction) is 85 cents per new share (73 cents per original WPZ share),but their press release is saying fifty something cents ? Not sure what to believe about WMB and how they treat WPZ shareholders like suckers to milk.
I'm so happy with my MEP. Last week they increased their dividend. I believe they are the only energy MLP (though midstream) to increase their distribution (?).
In 2 ways:
(1) WMB sells assets to WPZ ("dropdowns") and based on the prices they charge (they can charge whatever they want, as they manage WPZ) they can either shift money in or suck money out of WPZ, in any quantity they want. It all depends on what they want WPZ's cash flow to look like. Another way of looking at it, is that WMB's and WPZ's dividends are a "finite sum game", each is at the expense of the other, as there are fixed assets which produce some cash flow. Some part of that goes to WPZ's unitholders and the rest goes to WMB's unitholders. "zero sum" means that if you want to increase one, you have to decrease the other. Of course its not literally zero sum, as inflation makes the sum grow a little bit.
(2) WMB's insiders no doubt owned a lot of shares of that little fake partnership that they merged with WPZ and made a killing (I think their dividend went up 50% while yours went down 20% - also a kind of zero sum game.
We warned everyone months ago. Effectively, WPZ (original) share is now in the 30's, not 50's. Its mostly Corvex's fault. They basically forced WMB to rape the WPZ shareholders when they demanded WMB's dividends be increased 40% "or else". I'm guessing that whoever sued to prevent it got paid off handsomely to walk away with their mouth shut but smiling.
Of course, what bats meant was how to "buy" JPM for $1.8B like they did to us.
The first step would be to buy politicians.
But I'd really prefer to own an honest business.