No...WMIH does not need to be in Delaware but it is much better if they are. The Delaware corporation law is the best in the United States and makes it much easier for companies like WMIH to engineer complex deals with multiple parties...exactly the sort of M&A deal that we anticipate. Moreover, the support from legal and financial advisers for Delaware Corporations is the best available...which again is a big advantage for a complex M&A deal. WMIH will become a Delaware Corp after their annual meeting on April 28...and I believe that that is a strong indicator that an M&A deal is in our very near future. I would have been very surprised if WMIH had chosen to remain a Washington corporation while attempting to execute new M&A deals and, like most, would have been scratching my head and asking 'Why?'
Just saw from my brokerage account that WMIH is calling some more of their runoff notes at par effective April 15, 2015. After this is complete, they will have called all of the notes from the first issue. I still have some from the 2nd.