I agree with you 100%. However, many people have their shares in "margin" without even knowing ! The brokers want this to be the default. They make extra profit by renting customers' shares, so they need the shares to be in margin. I think many customers are not aware of this. I want everyone to check.
Also, for convenience, many of us (including me) agree to have a margin account. However, I want to bring to everyone's attention, that even then, you can request your broker to designate (just) you WMIH shares as "cash account" (even if you have just a margin account). This way, they cannot be rented out (by the broker) to short sellers. Also, if they were already rented out, then the short sellers get a call from the broker that says they need to return the shares (rental is over !), so they have to buy real shares to cover. These are all facts. Don't listen to IR's half truths and lies.
Another half truth by IRlier. While its true that the short seller must have a margin account (and more importantly marginable securities or cash) to short, this is not the point here. The point here is that the broker needs to get their hands on some WMIH shares in order to lend or rent to the short seller, otherwise there cannot be a short sale. And the broker is not allowed to lend or rent shares that are in a cash account. When you agree to have your shares in a margin account, you allow the broker to rent them out (to short sellers) and in return the broker agrees to lend you money (*or credit). However, on WMIH they won't lend or extend credit (under $5) so having it in a margin account is just letting the broker rent it to short sellers without getting any benefit in return (the broker does not share the proceeds of renting the shares to short sellers with the unsuspecting owner who is not even told that his shares were used by, for example, CRTC to short).
Can you explain more on this ? Which judge ? Where will the $460M come from to compensate DIME ? Why will this help WMIH ? Except maybe to show there still exists one honest judge somewhere (who ?).
Let's compare now....For 3 years into YOUR predictions ("no employees, no business plan", chapter 7 imminent, KKR getting $1000/hour fees, Piers will never get a penny, NOLs are worthless, KKR will never put its OWN money, so many other lies) have all 100% been refuted. #$%$.'s prediction will come true. The question is what is the definition of "next few weeks". It can reasonably be 5 or 6 weeks, as others have also written. But you, IR, have been wrong on all "predictions", and wrong on all facts (lies) for YEARS, no denying. So, if you are STILL desperately trying to trick people into selling you WMIH shares under $5, you know where you can go...
You're the one looking foolish. Why are the CPMK executives KKR guys ? Same guys KKR put into WMIH recently ? Trying to disparage innocent WMIH shareholders to sell to you under $5/share ? Forget it.
Again deception with half-truths and lies.
Yes, this is the same KKR that pays its shareholder almost a billion dollars a year in dividends. Where does this cash come from ? From smart trades.
And yes, this is the same KKR that through behind the scenes plays CONTROLS Capmark, after bankruptcy. They installed their own executives in CPMK just like they (recently) did in WMIH. In bankruptcy there is a lot of dirty (maybe even illegal) stuff going on. It is NEVER what it seems to be to the unknowing public. In fact, to the unknowing public, one might mistakenly believe that WMIH is worthless (as in your deceptive chants about no employees and no business plan). Truth is, they got BILLIONS in dividends from CPMK. You probably (under a different alias) also chanted about "worthless CPMK". KKR will get billions in dividends from WMIH, and we will get our share of that, too. You want to deceive innocent people to sell you cheap shares ? You know where you can go...
As usual, posting lies. Obviously the short seller has to have a margin account (and more importantly, the cash or marginable security balance to support the margin). But, the brokers need shares to lend (or rent) to the short seller, otherwise, when the short seller tries to enter the sale order the broker (or their computer) says: "shares unavailable to short" and there is no sale. Brokers are not allowed to lend (or rent) shares in a cash account. They could violate the rules, in which case the only defense is to request certificates. But most wouldn't risk losing their license for the relatively small fee of renting shares.
" no revenue, no actual business, and 2 employees doing absolutely nothing"... but BILLIONS is tax attribute assets. Stop trying to deceive people to sell their shares to you for cheap. WMIH under $5 is a steal.
Some people wrote that if you enter a sell order (with a high limit) it eliminates your shares from being rented to short sellers. This is not true. They can still be shorted, and in the (unlikely) event that your sale gets through, the short seller will get a margin call (unless the broker can find someone else's shares to rent them). S limit sell orders doesn't work. We have to tell the brokers to designate the shares as "cash account" and not "margin account". They don't want to make it easy (like clicking on the web site) so you have to call, but its worth it. Just like in the old days you could get certificates for free. Now they charge $500 (can you imagine what a ripoff ?) because that way they can never rent your shares out, it is the ultimate safety for us. But it is inconvenient, I understand.
Tell them to designate your WMIH as "cash account". Turns out, they designate them by default as "margin account". This way, even though they don't let you borrow money on them, they DO rent them out to short sellers who want to short WMIH. If we all instruct our brokers to keep our WMIH shares as "cash account", they have to call them back from the short sellers. The short sellers are given 3 days to buy them back on the market. Your broker may just do it (like mine did), or try to talk you out of it (like Fishin' because he is a bigger customer and the brokers make money of your shares if you let them rent them to short sellers). If they try to talk you out, don't let them. Since the shares are not marginable, having them in a margin account" is a one way street: only lets the brokers make extra money by renting them to short sellers, but does not let you get any margin (borrow cash). We all need to unite to do this together. Naked Short selling is illegal, but done all the time, and they hide behind regular short selling. It should all be eliminated as it is abused by crooks.
Everyone knows the value is the $6 Billion in NOL assets. No one cares how many employees. In fact, the less, the better as we don't want to waste money on salaries. Just do the minimum work to satisfy government regulations. You keep (and your army of aliases, collectively called "ir") spewing this nonsense, hoping that some WMIH shareholder's widow will read it and will by mistake sell the precious shares that her late husband fought to keep. But we have the moral obligation to illuminate anyone like that from giving you their shares.
OK, I get the strategy - you want anyone who calls your lies out to put you on ignore, so you spout nonsense to try to insult them enough to get them yo put you on ignore. I believe Fishin' already put you on ignore. Well, I won't. I will explain every time you lie and deceive. You can write all the nonsense you want. Happy typing.
I'm starting to think you're just a #$%$, and not the sophisticated liar/manipulator I thought before. I haven't sold any shares yet, and if I recall, the low was around 40 cents, so what kind of nonsense are you spewing now ?
(1) I moved my WMIH to cash. It only took 1 minute. I'm not as big as Fishin' but every 10,000 shares counts, right ?
(2) How about we move this to a new thread so everyone can read and join ? Its buried too deep here...
Hey import - check Schwab again. I just checked Fidelity, and it says I am clear to short 1 million shares of WMIH (not that I want to, I was just testing it). So it looks like they still have shares to lend. Tomorrow, I will join Fishin' and call my broker to order the shares moved to cash. They don't let you do this on their web site as far as I know. Let's all do this tomorrow, we should be able to generate a few million shares worth of margin calls.
We're waiting for another buy signal.
How about "WMIH pays KKR $1million/hour" ?
Or, how about "WMIH's $6 Billion NOL isn't worth much, because it can only be used once" ?
and let's not foget the classic: "no employees, no business plan".
The politicians are willing to give foreign invaders free US citizenship to buy votes, you think they want to risk the consequences of raising rates on this dead economy ?
That's a simplistic description, but its not far off.
The only error is "rising rate environment". They have been saying that for years, but there is no rising rate environment. Rates in the US are stuck at close to zero, and in Europe and Asia either that, or, hard to imagine but true, negative.