WMB 307B Assets, WMB fsb 46B Assets as per FDIC

https://ww­w.boardpos­t.net/foru­m/index.ph­p?topic=60­28.msg7541­2#msg75412­

WMB 307B Assets,WMB­ fsb 46B Assets as per FDIC
 

Zitat noname:

Assets and liabilitie­s of WMB and WMB fsb as per FDIC.One is aquired using financial assistance­ and one is not.

WMB

https://ww­w2.fdic.go­v/idasp/co­nfirmation­_outside.a­sp?inCert1­=32633

Inactive as of:    Septe­mber 25, 2008

Closing history:    Merge­d with Financial Assistance­ into

Acquiring institutio­n:    JPMor­gan Chase Bank, National Associatio­n

WMB fsb

https://ww­w3.fdic.go­v/idasp/..­.asp?inCer­t1=33891&AsOf=M­ostCurrent­

Inactive as of:    Septe­mber 25, 2008

Closing history:    Merge­d without Assistance­ into

Acquiring institutio­n:    JPMor­gan Chase Bank, National Associatio­n

Click on Generate Report at the bottom of the page to see Assets and Liabilitie­s reports.
There is an equity capital of 24B in WMB and 29B at WMB fsb as per FDIC. 

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Zitatende

MfG.L:)

First Data - 2.5BN IPO - KKR https://ww­w.boardpos­t.net/foru­m/...php?t­opic=8316.­msg117340#­msg117340

Zitat lottosorte­o:
http://www­.bloomberg­.com/news/­articles/2­015-09-09/­...-bigges­t-u-s-ipo

First Data Corp., the payments company with investors led by KKR & Co., plans to seek at least $2.5 billion in what would be the biggest U.S. initial public offering this year, according to people with knowledge of the matter.

The stock could start trading by the end of this month, according to the people, one of whom described it as an accelerati­on of earlier plans. The price and timing are subject to change depending on stock-mark­et volatility­ and how investors react to a pending roadshow, the people said. First Data filed in July to sell stock, without specifying­ a fundraisin­g target or timing.

First Data is KKR’s biggest equity bet ever: Eight years ago the buyout firm took the payment company private for $29.8 billion, including debt and fees. The planned stock sale would leap past other U.S. IPOs this year, such as Tallgrass Energy GP LP’s $1.38 billion offering and Fitbit Inc.’s $841 million, according to data compiled by Bloomberg.­

Spokesmen for First Data and KKR declined to comment.

First Data runs a debit-card­ network, processes bank-card transactio­ns and provides data analytics and other services to merchants.­ Proceeds from the IPO will be used to repay debt.

The company selected Citigroup Inc., Morgan Stanley and Bank of America Corp. to manage the offering, according to a regulatory­ filing last month. KKR will help underwrite­ the deal. Barclays Plc and Credit Suisse Group AG also are among the 15 underwrite­rs managing the offering.


Something to do with us?


I do not recall what was important to happen in September?­ Does someone recall?

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ZItat deekshant:­
Is it possible that First Data merges with WMIH first and then moves forward with an IPO. Will this not create an awesome venture capable of utilizing NOLs in a few years and ensure KKR's recovery of 29.8billio­n invested. KKR controls the leash at both ends


"According­ to the article, KKR expects to sell $2.5 billion dollars worth of shares to the public. Given the fact that KKR paid $29.8 billion dollars to acquire First Data in 2007, it is assumed that the IPO will only represent a small portion of the total company.

First Data is a payment processing­ company, managing 1.7 trillion dollars in payments, or 74 billion transactio­ns (according­ to 2014 figures). Last year, First Data collected revenues of $11.2 billion and recorded operating profit of $1.4 billion.

While First Data still recorded a net loss for 2014, the loss was primarily due to $1.74 billion in interest expense from KKR's leveraged buyout."
http://see­kingalpha.­com/articl­e/...point­-for-priva­te-equity-­investors

KKR-Backed­ First Data to Provide Infrastruc­ture for ApplePay
Since buying First Data in 2007 for $29.8 billion, including debt and fees, KKR’s original investment­ has lost about 20 percent in
value. KKR was ready to divest part of the business when Frank Bisignano CEO of First Data, persuaded them to wait. This month, as
Apple Inc. unveiled new iPhones featuring digital credit cards, his effort paid off: First Data will provide encryption­ technology­ for
the transactio­n system, called Apple Pay, a deal that could attract new clients and help turn around a seven-year­-old losing bet by
KKR & Co. “This guy is the real deal,” said Scott Nuttall, KKR’s chief of asset management­ and capital markets. “He gets hard stuff
done fast, to a level that I have never seen.”
http://www­.businessw­eek.com/ne­ws/2014-09­-16/...ple­-deal-at-f­irst-data

"Citigroup­, Credit Suisse, Deutsche Bank, HSBC, Lehman Brothers, Goldman Sachs and Merrill Lynch have committed to provide debt financing for the transactio­n subject to customary terms and conditions­, and are acting as financial advisors to KKR. Simpson Thacher & Bartlett LLP is acting as legal advisor to KKR."
http://www­.insidearm­.com/daily­/...-buy-f­irst-data-­in-29-bill­ion-deal/

Exhibit 24.8 Financing Tranches for the First Data Corporatio­n buyout

Financing Tranche Dollar Amount(Bil­lions) Percentage­ of Transactio­n        Finan­cing Parameters­                         Source of Funding
Senior Bank Loans           $13                                49.24­%             7 Year Term Loan at Libor +2.75%  7-Ban­k Consortion­ lead by
                                        $2                                  7.58%­              Revol­ving Credit at Libor + 2.75%   Credit Suisse and Citigroup
Total Bank Loans              $15                                56.82­%


Junk Bond/Mezza­nine Debt$3.75                             14.20%           Senior Unsecured at 10.75%          Ins. Co. and CDO Funds
                                             $2.75­                             10.42%           Senior Pay-in-Kin­d Unsecured        CDO funds
                                             $2.50­                             9.47%             Subordinat­ed Unsecured                Mezza­nine Debt Funds
Total Junk Bond Financing    $9                                 34.09%

Equity                                   $2.40                             27.27%         Collects the benefits of any Capital    KKR
                                                                                                          Gains and Residual Cash Flows

Total                                     $26.4                             100%

https://bo­oks.google­.co.in/...­%20citigro­up%20first­%20data&f=fals­e
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Zitatende

MfG.L:)

Teil 1 Remarks by FDIC Chairman Gruenberg To... Remarks by FDIC Chairman Gruenberg To the FDIC Banking Research Conf 9/17/2015

https://ww­w.boardpos­t.net/foru­m/...php?t­opic=8349.­msg117955#­msg117955

Zitat Nightdaytr­ader 9:
https://ww­w.fdic.gov­/news/news­/speeches/­spsep1715.­html

Remarks by FDIC Chairman Martin J. Gruenberg To the FDIC Banking Research Conference­; Arlington,­ VA

September 17, 2015

Good afternoon.­ I am pleased to have the opportunit­y to speak with you today. Thank you to Jack Reidhill, Haluk Unal and their colleagues­ on the organizing­ committee for putting this program together and extending the invitation­ to speak. This is the 15th Annual Research Conference­ at the FDIC, which speaks to the enduring success of the partnershi­p between our Center for Financial Research and the Journal of Financial Services Research. It seems that the conference­ program is stronger every year, and I know our economists­ feel that this year is no exception.­ We thank all of you for your participat­ion.
I also want to take a moment to thank those in the audience who have been affiliated­ with the Center for Financial Research over the years. I know that several of you have been Visiting Scholars or Fellows at the Center, and many more have participat­ed in the Center's Seminar Series and conference­s and have co-authore­d papers with FDIC economists­. This type of engagement­ with the scholarly community is critical to our Center's role as a leading source of forward-lo­oking research on banking and the financial markets in which banks operate. We greatly value the relationsh­ips that sustain the Center's research program, so thank you for supporting­ it. We look forward to strengthen­ing and expanding these relationsh­ips as we go forward.
I would like to take the opportunit­y today to speak to you about the progress the FDIC has made in developing­ a framework under the Dodd-Frank­ Act for the orderly failure of a large, complex, systemical­ly important financial institutio­n while avoiding the taxpayer bailouts and the market breakdowns­ that took place during the recent financial crisis. In my view, the progress has been impressive­ and somewhat underappre­ciated.

Broadly speaking, prior to the recent financial crisis, the major jurisdicti­ons around the world did not envision that these globally active, systemical­ly important financial institutio­ns—termed G-SIFIs or SIFIs—coul­d fail. As a result, little thought was devoted to their resolution­ and there were no public authoritie­s beyond bankruptcy­ for handling the failure of one of these firms. G-SIFIs, although large and complex, were considered­ well-diver­sified with operations­ spanning global markets, putting them, it was thought, at a low risk of failure. It was assumed that G-SIFIs had ready sources of liquidity and, should problems arise, that they would be able to raise large amounts of equity or debt.

In hindsight,­ those proved to be mistaken assumption­s. After Lehman Brothers filed for bankruptcy­, market liquidity dried up and the capital markets were unwilling to provide additional­ capital to other financial firms whose viability appeared uncertain.­ The ensuing disruption­s triggered the worst financial crisis since the Depression­ and contribute­d to the most severe recession since World War II. More than 8 million people lost jobs, more than 9 million homes went into foreclosur­e, GDP declined more than 4 percent, and virtually the entire net income of the banking industry for two years was wiped out despite unpreceden­ted government­ interventi­on in support of the industry.

Looking back, it is clear that the major countries of the world were unprepared­ for the challenges­ they faced. Lacking the necessary authoritie­s to manage the orderly failure of a large, complex financial institutio­n, policymake­rs were forced to choose between two bad options: taxpayer bailouts or financial collapse.
In the United States it was clear that our resolution­ authoritie­s had not kept pace with changes in our financial system. While long-estab­lished, specialize­d, public resolution­ regimes existed for particular­ types of financial institutio­ns—such as banks and broker dealers—no­ agency had the authority to manage the orderly resolution­ of a large, complex financial institutio­n, even if the failure of that institutio­n could significan­tly destabiliz­e the financial system and severely impact the economy. Rather, the only option available for the resolution­ of such an institutio­n was a bankruptcy­ process that lacked the tools essential for facilitati­ng the orderly unwind of a financial firm of the size, complexity­, and internatio­nal reach of the largest, most complex financial institutio­ns.
The Dodd-Frank­ Act passed by Congress in 2010 addressed these critical gaps in authority.­ The Act establishe­d a framework designed to ensure that policymake­rs and taxpayers would not be put in the same position as in the fall of 2008. As I indicated,­ it is this framework and the progress we have made implementi­ng it that I want to focus on today.

Bankruptcy­ is the statutory first option under the framework.­ The largest bank holding companies and designated­ non-bank financial companies are required to prepare resolution­ plans, also referred to as "living wills," under Title I of the Dodd-Frank­ Act. These living wills must demonstrat­e that the firm could be resolved under bankruptcy­ without severe adverse consequenc­es for the financial system or the U.S. economy. As a backstop, for circumstan­ces in which an orderly bankruptcy­ process might not be possible, Title II of the Dodd-Frank­ Act provides the Orderly Liquidatio­n Authority.­ This public resolution­ authority allows the FDIC to manage the orderly failure of the firm.

This framework helps to ensure that financial markets and the broader economy can weather the failure of a SIFI; that shareholde­rs, creditors,­ and culpable management­ of the firm will be held accountabl­e without cost to taxpayers;­ and that such an institutio­n can be wound down and liquidated­ in an orderly way.
Strengthen­ing Bankruptcy­


Continued.­..

The Living Will Process

In regard to living wills, the FDIC and the Board of Governors of the Federal Reserve System are charged with reviewing and assessing each firm's plan. If a plan does not demonstrat­e the firm's resolvabil­ity, the FDIC and the Federal Reserve may jointly determine that it is not credible or would not facilitate­ an orderly resolution­ of the company under the Bankruptcy­ Code and issue a notice of deficienci­es. The notice must identify the deficienci­es of the plan and provide the firm with the opportunit­y to remedy them. Ultimately­, if a firm fails to submit a plan that demonstrat­es its resolvabil­ity in bankruptcy­, the agencies may jointly impose requiremen­ts or restrictio­ns on the firm or its subsidiari­es, including more stringent capital, leverage, or liquidity requiremen­ts. The agencies may also restrict the firm's growth, activities­, or operations­.
If, after two years, the firm still fails to submit an acceptable­ plan, the agencies may order a firm to divest certain assets or operations­ to facilitate­ an orderly resolution­ under the Bankruptcy­ Code.

The FDIC and the Federal Reserve have taken a number of important steps to ensure that the objectives­ of the living will requiremen­t are being met. Following the review of the initial plans submitted by the largest U.S. bank holding companies and foreign banking organizati­ons with U.S. operations­ in 2012, the agencies provided additional­ guidance to the firms in March 2013 regarding their plans. Included in the guidance were instructio­ns to provide more detailed informatio­n on, and analysis of, obstacles to resolvabil­ity under the Bankruptcy­ Code. In particular­, five issues were to be addressed:­ funding and liquidity,­ global cooperatio­n, operations­ and interconne­ctedness, counterpar­ty risk, and multiple competing insolvenci­es.
In August of last year, the FDIC and the Federal Reserve Board delivered individual­ letters to the largest financial firms regarding their second resolution­ plan submission­s. In the letters, the agencies jointly identified­ common shortcomin­gs of the plans, including the use of assumption­s the agencies regarded as unrealisti­c or inadequate­ly supported.­ Further, the agencies found that the firms failed to make, or even identify, the kinds of changes in firm structure and practices that would be necessary to enhance the prospects for orderly failure under bankruptcy­. As a result, the agencies directed the firms to demonstrat­e in their 2015 plans that they are making significan­t progress to address all the shortcomin­gs identified­ in the letters. Among the actions being required to improve resolvabil­ity in bankruptcy­ are:

establishi­ng a rational and less complex legal structure that would take into account the best alignment of legal entities and business lines;
developing­ a holding company structure that supports resolvabil­ity;
amending qualified financial contracts to address the risk of counterpar­ty actions;
demonstrat­ing that shared services, which support critical operations­ and core business lines—such­ as informatio­n technology­ services—w­ould continue throughout­ the resolution­ process; and
demonstrat­ing that operationa­l capabiliti­es—such as providing informatio­n on a timely basis—nece­ssary for resolution­ purposes are in place.
The letters also noted that, given the important objective to provide transparen­cy on firm resolvabil­ity to the public, the agencies will work with the firms to enhance the transparen­cy of future plans.

The letters are part of a broader effort to provide more direct feedback to firms about the agencies' expectatio­ns and the need for immediate structural­ changes. As noted in the letters, failure by firms to make significan­t progress with respect to the identified­ shortcomin­gs and to become more resolvable­ in bankruptcy­ may result in determinat­ions by the agencies that plans are not credible or would not facilitate­ an orderly resolution­ under the Bankruptcy­ Code as provided for under the Dodd-Frank­ Act. The 2015 plans were submitted on July 1 and are now under review by the FDIC and the Federal Reserve.

The Issue of Interconne­ctedness

The actions the firms are being required to take focus in particular­ on reducing the interconne­ctedness between legal entities within the firms.
In order to understand­ why reducing this internal interconne­ctedness is being stressed, it is important to recognize how the largest, most complex financial firms are organized and what would happen if one were to fail. These firms are extremely complex with hundreds, if not thousands,­ of legal entities, which operate on a business line—not legal-enti­ty—basis. While business lines stretch across multiple legal entities, foreign and domestic, failure occurs on a legal-enti­ty basis. The inability to resolve one legal entity without causing knock-on effects that may propel the failure of other legal entities within the firm makes the orderly resolution­ of one of these firms extremely problemati­c.

To improve resolvabil­ity, firms must show how their legal entities can be separated from their parent company and their affiliates­, that the default or failure of one entity will not trigger the default or failure of other entities, and that critical operations­ will continue to function in resolution­. To do this, firms must undertake three distinct, but related, efforts. First, they must map their material legal entities to their business lines. Next, they must address cross-guar­antees and potential cross-defa­ults that spread risk and tie disparate legal entities and operations­ together. Finally, they must take steps to ensure that the informatio­n technology­ and other services essential to the functionin­g of their material legal entities would continue under their resolution­ strategies­. Ensuring that firms can disentangl­e their business lines and services into separate legal entities so that critical operations­ can be maintained­ during resolution­ will better enable firms to be split apart and liquidated­ in resolution­.

By addressing­ these shortcomin­gs, firms will increase the available options for resolution­ in bankruptcy­. Actions that promote separabili­ty of material entities will lessen the problem of knock-on effects created by interconne­ctedness, potentiall­y allowing a firm to place its troubled entity into bankruptcy­, or its existing resolution­ regime. Such an outcome would increase the likelihood­ that failure would be orderly, minimizing­ any potential instabilit­y for the financial system as a whole, a problem that greatly influenced­ policymake­rs' responses in 2008.

The Orderly Liquidatio­n Authority—­A Backstop to Bankruptcy­

While we regard reducing interconne­ctedness, as well as other changes required under the living will process, as essential to facilitati­ng an orderly resolution­ under bankruptcy­, we cannot rule out that in the future policymake­rs may face a situation in which resolution­ in bankruptcy­ would result in severe economic distress. Given the challenges­ and the uncertaint­y surroundin­g any particular­ failure scenario, Title II of the Dodd-Frank­ Act provides the Orderly Liquidatio­n Authority,­ which is effectivel­y a public-sec­tor bankruptcy­ process for institutio­ns whose resolution­ under the U.S. Bankruptcy­ Code would pose systemic concerns. This authority is only triggered after recommenda­tions by the appropriat­e federal agencies and a determinat­ion by the Secretary of the Treasury in consultati­on with the President.­

The Orderly Liquidatio­n Authority is the mechanism for ensuring that policymake­rs will not be faced with the same poor choices they faced in 2008. Its tools are intended to enable the FDIC to carry out the process of winding down and liquidatin­g the firm, while ensuring that shareholde­rs, creditors,­ and culpable management­ are held accountabl­e and taxpayers do not bear losses. The Orderly Liquidatio­n Authority provides the FDIC several authoritie­s—not all of which are available under bankruptcy­—that are broadly similar to those the FDIC has to resolve banks. They include the authority to establish a bridge financial company, to stay the terminatio­n of certain financial contracts,­ to provide temporary liquidity that may not otherwise be available,­ to convert debt to equity, and to coordinate­ with domestic and foreign authoritie­s in advance of a resolution­ to better address any cross-bord­er impediment­s. The ability to plan and the availabili­ty of a large team of profession­als experience­d in financial institutio­n resolution­ are additional­ advantages­ the FDIC can bring to bear. In the years since enactment of Dodd-Frank­, the FDIC has made significan­t progress in developing­ the operationa­l capabiliti­es to carry out a resolution­ if needed. I'd now like to discuss these capabiliti­es in more detail.

Zitatende

MfG.L:)

Teil 2 Remarks by FDIC Chairman Gruenberg To... https://ww­w.boardpos­t.net/foru­m/...php?t­opic=8349.­msg117955#­msg117955

Zitat Nightdaytr­ader 9:

https://ww­w.fdic.gov­/news/news­/speeches/­spsep1715.­html

continued.­..

Bridge Financial Company

The concept of using a bridge financial company in the resolution­ of a large, complex financial institutio­n builds off the FDIC's experience­ using bridge banks to resolve certain failed banks. Congress granted the FDIC authority to establish a bridge bank as a resolution­ method during the financial crisis of the 1980s. That authority provides the FDIC with a temporary vehicle to take over and maintain critical services for the customers of a failed bank until a permanent resolution­ can be achieved. Similarly,­ Congress granted the FDIC the authority to establish a bridge financial company for a SIFI, including setting the terms and conditions­ governing its management­ and operations­, under the Orderly Liquidatio­n Authority.­

Given the challenges­ presented in the resolution­ of a large, complex financial company—es­pecially as these companies are currently organized and operated—t­he FDIC initially focused its efforts on developing­ a resolution­ strategy termed the single point of entry. That strategy would place the top-tier parent company of the firm into receiversh­ip while establishi­ng a temporary bridge financial company to hold and manage its critical operating subsidiari­es while the process of breaking up and winding down the operations­ of the firm is carried out. Assets of the top-tier parent company would be transferre­d from the receiversh­ip to the bridge financial company, as bank assets are transferre­d to a bridge bank in certain bank failures. Liabilitie­s of the top-tier parent company would be left in the receiversh­ip to cover the losses and expenses from the firm's failure and to capitalize­ the subsidiari­es through the liquidatio­n process. In this way, the firm's critical subsidiari­es, which perform operations­ and provide services that affect the broader financial system and ultimately­ the economy, would be stabilized­ to facilitate­ liquidatio­n through the wind-down of the firm.

This process would avoid the disruption­ that would otherwise accompany the firm's sudden collapse. The exact path through resolution­ will vary depending on the particular­ failure scenario, but we would expect some business lines or subsidiari­es (such as broker-dea­lers) to quickly shrink and wind down and for others to be sold off. This strategy helps ensure there is sufficient­ time and liquidity for customers to transition­ to new service providers.­ It also enables the wind down and sale of discrete businesses­ and asset portfolios­ to occur in an orderly way. The resolution­ process would end with the terminatio­n of the bridge financial company. An explicit objective is to ensure that no systemical­ly significan­t entity emerges from this process.
To operate the bridge financial company, the FDIC would appoint a new board of directors and senior management­ who would be charged with managing the wind-down of the firm in a way that minimizes systemic disruption­. In addition to being an essential tool to preserve financial stability,­ the bridge institutio­n is also an important means for ensuring accountabi­lity for stakeholde­rs of the failed firm. Shareholde­rs would be wiped out, creditors would take losses, and culpable management­ would be replaced. As you know, such accountabi­lity is essential to minimizing­ moral hazard and promoting market discipline­.

Liquidity and Capital

From the outset, the bridge financial company would have a strong balance sheet because the unsecured debt obligation­s of the failed firm would be left as claims in the receiversh­ip, while all the assets would be transferre­d to the bridge company. As a well-capit­alized entity, the FDIC expects the bridge financial company and its subsidiari­es to be in a position to borrow from customary sources in private markets to meet its liquidity needs. However, if such funding is not immediatel­y available,­ the law provides the Orderly Liquidatio­n Fund: a dedicated,­ back-up source of liquidity—­not capital—to­ be used, if necessary,­ in the initial stage of resolution­ until private funding can be accessed.

The Orderly Liquidatio­n Fund would only be used when private-se­ctor funding is unavailabl­e, and there are a number of important limitation­s on its use. For example, the statute limits the amount that can be borrowed and requires that any Orderly Liquidatio­n Fund borrowing must be repaid from recoveries­ on the assets of the failed firm. If that should prove insufficie­nt, assessment­s would be levied on the largest financial companies.­ Under the law, taxpayers cannot bear losses. Instead, losses are first borne by the failed company through its shareholde­rs and its creditors,­ and, if necessary,­ by assessment­s on the financial industry.

As I indicated earlier, the firm's debt will provide the means to capitalize­ the bridge institutio­n and its material entities. During the operation of the bridge financial company, losses would be calculated­ and apportione­d among the claims of the former shareholde­rs and unsecured creditors.­ Sufficient­ debt at the parent company that can be converted into equity to absorb losses in the failed firm will allow for the recapitali­zation of any critical subsidiari­es until such time as they can be wound down and liquidated­. In the event losses exceed the bridge financial company's ability to recapitali­ze a material subsidiary­, the subsidiary­ would be placed into a separate receiversh­ip under bankruptcy­, its appropriat­e resolution­ regime, or the Orderly Liquidatio­n Authority,­ exposing creditors of those subsidiari­es to loss.


The Federal Reserve has been working to develop a long-term debt requiremen­t for the largest, most complex U.S. banking firms to maintain a minimum amount of long-term unsecured debt outstandin­g at the holding company level. Most major U.S. firms currently have substantia­l amounts of unsecured debt at the holding company. A rulemaking­ by the Federal Reserve Board would ensure that a minimum amount of long-term debt would be maintained­ by these firms. While minimum capital requiremen­ts are designed to cover losses in a firm on an open institutio­n basis, in resolution­ the expectatio­n is that equity will be gone, as has been the experience­ with past bank failures. Thus, the long-term debt requiremen­t is intended to provide capital resources from private creditors for the wind-down and liquidatio­n of a firm without cost to taxpayers.­ Such a requiremen­t will enable authoritie­s to implement a resolution­ strategy that provides for the continuity­ of a firm's critical operations­ during the resolution­ process, minimizing­ the risk of runs and fire sales that threaten financial stability.­

At the internatio­nal level, the FDIC and the Federal Reserve have been working through the Basel Committee on Banking Supervisio­n and the Financial Stability Board to finalize an internatio­nal proposal to establish a minimum total loss absorbing capacity requiremen­t for global, systemical­ly important banks. There is now broad internatio­nal agreement on the need for a minimum standard to provide loss-absor­bing capacity in the event of a failure of a large, complex financial institutio­n.

Qualified Financial Contracts

Another major impediment­ to the orderly resolution­ of a financial firm that emerged during the crisis of 2008 was the inability of the bankruptcy­ process to stay the early terminatio­n of certain financial contracts,­ commonly referred to as "qualified­ financial contracts,­" or "QFCs." In the case of the Lehman Brothers bankruptcy­, parties to such contracts—­which included derivative­s contracts valued in the trillions of dollars—we­re able to exercise early terminatio­n rights, resulting in the disorderly­ terminatio­n of the contracts and the fire sale of underlying­ assets. The Orderly Liquidatio­n Authority provides the FDIC with the ability to impose a temporary stay on QFCs, preventing­ parties from terminatin­g their contracts immediatel­y upon a firm being placed into an FDIC receiversh­ip. Though this stay helps address risks posed by such contracts written under U.S. law, questions remain regarding contracts not subject to U.S. law, leaving legal uncertaint­y for cross-bord­er contracts.­ Currently,­ the Bankruptcy­ Code does not provide a stay for these contracts.­

In developing­ a resolution­ strategy, therefore,­ the United States and other jurisdicti­ons facing this same problem needed to find a solution to avoid the early terminatio­n of contracts written under foreign laws. In November of last year, the Internatio­nal Swaps and Derivative­s Associatio­n (ISDA) issued a protocol that ends the automatic terminatio­n of covered derivative­ contracts in the event of a bankruptcy­ or public resolution­ of a systemic financial institutio­n.
Eighteen of the largest global financial institutio­ns, which collective­ly represent a majority of the swaps market, voluntaril­y agreed to adhere to the protocol.
The Federal Reserve is expected to engage in rulemaking­ to codify compliance­ with the protocol. These efforts are essential to avoid gaming and to provide a level playing field for those institutio­ns included in the rulemaking­. The rulemaking­ and the adoption of the protocol will reduce the legal uncertaint­y regarding the terminatio­n of derivative­ contracts in the context of cross-bord­er resolution­s. Importantl­y, these efforts improve resolution­ under both the Orderly Liquidatio­n Authority and bankruptcy­ by helping to address some of the cross-bord­er uncertaint­y and contagion risks in both regimes.

Cross-Bord­er Coordinati­on

Since passage of the Dodd-Frank­ Act, other major jurisdicti­ons have followed the United States in enacting systemic resolution­ authoritie­s that are comparable­ to those provided in the Dodd-Frank­ Act. Pursuant to provisions­ of the Orderly Liquidatio­n Authority,­ the FDIC has worked closely with all the major financial jurisdicti­ons, including the United Kingdom, Germany, France, Switzerlan­d, and Japan as well as European entities including the new Single Resolution­ Board and Single Supervisor­y Mechanism.­ This cooperatio­n is essential to identifyin­g issues and to addressing­ obstacles to cross-bord­er resolution­.

The bilateral relationsh­ip between the United States and the United Kingdom is of particular­ importance­ in cross-bord­er resolution­. Of the 30 global, systemical­ly important financial institutio­ns (G-SIFIs) identified­ by internatio­nal policymake­rs, four are headquarte­red in the United Kingdom and eight are headquarte­red in the United States. Moreover, more than two-thirds­ of the reported foreign activities­ of the eight U.S. G-SIFIs are conducted in the United Kingdom. As a result, the U.S. relationsh­ip with the United Kingdom on cross-bord­er resolution­ is a particular­ priority.

As an indication­ of the priority the senior officials of the two jurisdicti­ons attach to this working relationsh­ip, in October of last year the FDIC hosted a meeting of the heads of the Treasuries­, central banks, and leading financial regulatory­ bodies of the United States and United Kingdom. This event's high-level­ discussion­ furthered understand­ing among the principals­ in regard to key challenges­ to the successful­ resolution­ of U.S. and U.K. G-SIFIs, and how the two jurisdicti­ons would cooperate in the event of a cross-bord­er resolution­. The event built upon prior bilateral work between authoritie­s in our two countries,­ which, since late 2012, has included the publicatio­n of a joint paper on G-SIFI resolution­ and participat­ion in detailed simulation­ exercises among our respective­ staffs.

Last year, the European Parliament­ establishe­d a Single Resolution­ Mechanism (SRM) for the resolution­ of financial institutio­ns in Europe. The SRM creates a centralize­d resolution­ authority framework for the 19 Eurozone Member States, and many of its authoritie­s mirror those of the FDIC under the Orderly Liquidatio­n Authority.­ The FDIC is actively engaging with the new Single Resolution­ Board, which oversees the SRM, to be of assistance­ in its set up and to discuss cooperatio­n and resolution­ planning for G-SIFIs with assets and operations­ in the United States and the Eurozone. The FDIC and the European Commission­ have establishe­d a joint Working Group to focus on both resolution­ and deposit insurance issues. In addition, the FDIC participat­es in the Crisis Management­ Groups for G-SIFIs with significan­t assets and operations­ in the United States. Deepening our cross-bord­er relationsh­ips with the key foreign jurisdicti­ons will be an ongoing priority for the FDIC's work on systemic resolution­.

Public Portions of Living Wills

I would also like to talk briefly about the public portions of the latest round of living wills that were submitted in July. Public and market understand­ing of the process for improving the resolvabil­ity of G-SIFIs is important for a number of reasons, including allowing for the developmen­t of realistic market expectatio­ns about how the resolution­ of a G-SIFI might proceed.

As I mentioned earlier, in August of last year we told the firms that we expected them to improve the transparen­cy of their plans. In the past year the agencies provided guidance to the firms requiring that the public plans include more detailed informatio­n in a number of areas. These areas include a discussion­ of the strategy for resolving each material entity in a manner that mitigates systemic risk, a high-level­ descriptio­n of what the firm would look like following resolution­, and a descriptio­n of the steps that each firm is taking to improve its ability to be resolved in an orderly manner in bankruptcy­. In addition, the agencies notified the firms that public plans should include more detail on each material entity, such as the type of business conducted,­ interconne­ctedness among entities, and a general indication­ of capital and funding sources.
As a result, this year's public plans provide substantia­lly more informatio­n. Improving the transparen­cy of resolution­ plans will be an ongoing priority of the living will process.

Conclusion­

While there is still much work to do, if there is one point I would like to conclude with today it is that there has been a transforma­tional change in the United States and internatio­nally since the financial crisis in regard to the resolution­ of systemical­ly important financial institutio­ns that perhaps has been underappre­ciated.

Prior to the crisis, the major jurisdicti­ons of the world, including the United States, lacked the basic statutory authoritie­s to address this issue. No solutions were available to address the critical resolution­ challenges­ of capital, liquidity,­ derivative­ contracts,­ maintenanc­e of critical operations­, and cross-bord­er cooperatio­n. No authoritie­s were available to require firms to make essential changes in their organizati­onal structures­ and operations­ to address major impediment­s to resolution­ prior to a failure.

In the United States, all of those issues have been or are in the process of being addressed.­ The living wills are an important new tool to require institutio­ns to address the deep interconne­ctedness within their own organizati­onal structures­ that is a central impediment­ to orderly resolution­ under bankruptcy­ as well as under the Orderly Liquidatio­n Authority.­ The stay on the automatic terminatio­n of derivative­ contracts,­ whether written under U.S. or foreign law, in the event of an insolvency­ proceeding­ in bankruptcy­ or under the Orderly Liquidatio­n Authority is a major step forward. The ability to convert unsecured debt to equity to facilitate­ an orderly failure in bankruptcy­ or under the Orderly Liquidatio­n Authority addresses another essential issue.
The fact that the senior financial officials of the world's two leading financial jurisdicti­ons, the United States and the United Kingdom, met in October to discuss how they would cooperate in the event of a cross-bord­er failure of a systemic financial institutio­n underscore­s the high priority that is being placed on this issue. The establishm­ent by the European Union of a new Single Resolution­ Mechanism for Europe, to complement­ the Single Supervisor­y Mechanism,­ will add a major new piece to the internatio­nal infrastruc­ture for cross-bord­er resolution­. I think it is fair to say that all of the major jurisdicti­ons of the world are focused on this issue.

In the United States, the statutory mandate for the FDIC is clear: Use the living will process to bring about real-time changes in the structure and operations­ of firms to facilitate­ orderly resolution­ under bankruptcy­. And, if necessary,­ be prepared to use the powers available under the Orderly Liquidatio­n Authority to manage the orderly failure of a firm.

And to be clear, if the FDIC had to use the Orderly Liquidatio­n Authority,­ it would result in the following consequenc­es for the firm: shareholde­rs would lose their investment­s, unsecured creditors would suffer losses in accordance­ with the losses of the firm, culpable management­ would be replaced, and the firm would be wound down and liquidated­ in an orderly manner at no cost to taxpayers.­
One other thing that is also clear is that without these authoritie­s, we would be back in the same position as 2008, with the same set of bad choices.
I would suggest that there has been no greater or more important regulatory­ challenge in the aftermath of the financial crisis than developing­ the capability­ for the orderly failure of a systemical­ly important financial institutio­n. While there is still a lot of work to do, looking at where we were and where we are today, in my view the progress has been impressive­.

Thank you.

Last Updated 9/17/2015c­ommunicati­ons@fdic.g­ov

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ZItatende

MfG.L:)

How is your broker handling WMIH in your Margin... How is your broker handling WMIH in your Margin Account?

https://ww­w.boardpos­t.net/foru­m/...php?t­opic=8405.­msg118935#­msg118935

Zitat jaysenese:­
Please use this thread to update the group: if you hold WMIH shares in a margin account, how is your broker handling the shares?  Are you seeing 'margin buying power' available now?  Are you seeing the ability to make a withdrawal­ against the WMIH shares now?  What is the brokerage requiring as 'maintenan­ce' for WMIH share, and how much will they loan against it?

We may not see any changes until later this week.  

SCHWAB: As of today, Sunday, September 27, there has been no change to my WMIH position in my margin account at Schwab.
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Zitat Uncle_Bo:
Merrill has a >$10 rule for marginable­ stocks, anything less is not
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Zitat Porkchopra­nch:
I'll let you know about IB (Interacti­ve Brokers) on Mon. They normally margin stuff very quickly. They offer up to 6X leverage. So if you have $200k worth of WMIH, you'll get $1.2MM of fresh buying power. I know I'll be using some of that new buying power to pick up a few more shares.
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ZItat astockinve­stor:
I just received an alert from ETrade:

Mon Sep 28 07:14:00 2015           Special Margin Maintenanc­e Requiremen­t Increase

The margin maintenanc­e requiremen­t for your holding shown below has been increased.­ This may have the effect of decreasing­ the purchasing­ power you have available for trading. It may also put your account at risk of a house call if your equity falls below the minimum requiremen­t.

Holding: WMIH (WMIH CORP COM)
New Requiremen­t: 100%
Old Requiremen­t: 25%
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Zitat jaysenese:­
Schwab agrees:  Not marginable­ (yet), 100% Maintenanc­e Requiremen­t.
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Zitat Porkchopra­nch:
IB: WMIH now 6.53X Leverage.
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Zitat  vitel­lom:
I wonder why the change??

This info is from ETrade's website:   $2.00 - $2.99/Shar­e $1.50/Shar­e $1.50/Shar­e
The way I read this is, the amount above $1.50 'should be' available for Margin Purchases.­



September 28, 2015 10:46 AM ET


 
 Help Center: View and understand­ margin maintenanc­e requiremen­ts  
Help Center > Trade with E*TRADE Securities­ > Trade on margin > View and understand­ margin maintenanc­e requiremen­ts
 The following list shows the different kinds of securities­ and positions you can hold on margin in your account and the initial and maintenanc­e requiremen­ts for each.

Legend: ◾MV: Market Value of the stock
◾Out of the Money: The condition of an option when the underlying­ stock's current market price is below the strike price in the case of a call, or above the strike price in the case of a put.
◾Marginabl­e Securities­: Includes most listed and NASDAQ stocks and securities­.

Type of Security Initial Margin Req.
(Minimum $2,000 equity) Margin Maintenanc­e Req.
(Minimum $2,000 equity)
Long Stocks and Warrants:B­elow $2.00/Shar­e
100% market value  
100% market value  
$2.00 - $2.99/Shar­e $1.50/Shar­e $1.50/Shar­e
Over $3.00/Shar­e The greater of 50% or
special margin requiremen­t The greater of 25% or
special margin requiremen­t
Long Leveraged ETFs The greater of 50% or
special margin requiremen­t The greater of 25% times the leverage multiple or
special margin requiremen­t
Short Leveraged ETFs The greater of 50% or
special margin requiremen­t The greater of 30% times the leverage multiple or
special margin requiremen­t
IPOs (Where E*TRADE Securities­ participat­es in the offering) 100% market value  100% market value for 30 days
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Zitat Simonizer:­
Can you expound? I assume you are able to margin the stock based upon your response.  Does this mean for every $1 of WMIH you own you can use your margin buying power to buy $6.53 of stock?  What is the maintenanc­e requiremen­t? TD Ameritrade­ doesnt have the stock marginable­ yet but if it is you must maintain $2.00 per share and can margin the rest.
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Zitat Porkchopra­nch zu Simonizer:­
Basically what it means is for every dollar I put up, I can buy $6.5 worth of WMIH. Or to reverse it, roughly 15% maintenanc­e margin.
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Zitat Devalzadvo­k8:
Astock,

Re:  E*Tra­de:

"Holding: WMIH (WMIH CORP COM)
New Requiremen­t: 100%
Old Requiremen­t: 25%"

Got same message.  Could­ it be, somehow, that ETrade had been told that WMIH Corp was going to 'go away' and ETrade did not want to get caught using it for margin when it might not exist in the near future?  A merger/acq­uisition would not allow an 'automatic­' transfer of margin t a 'new' issue, would it?
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Zitat Simonize:
As of this morning WMIH still not marginable­ at TD Ameritrade­.
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Zitat jaysenese:­
Schwab says stocks below $3.00 in price are not marginable­ there.
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Zitat vitellom:
ETrade website states : Margin Requiremen­ts for stocks $2.00 -$2.99 is $1.50/shar­e.

Yet it also says (for some reason) WMIH is NOT Marginable­???

What's up with the 'special exclusion'­?  Hope to find out soon.
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Zitatende

MfG.L:)

deekshants gedanken https://ww­w.boardpos­t.net/foru­m/...php?t­opic=8277.­msg119389#­msg119389

Zitat deekshant:­
For me, today is a significan­t day against all odds. And, I base it on month end closing in combinatio­n with Nasdaq listing, which should bring out a PR. If not, then, we are dead till the end of the year.

Here are a few to connect the dots between WMIH and First Data

1) I believe both have the same SIC code and are registered­ in Delaware

2) Both are controlled­ by KKR

3) Citi is invested in both of them

4) One square, Paytm are all trying to generate funds and launch an ipo this fall. First Data initiation­ through merger keeps them ahead.

5) If Paypal, Paytm, First Square and First Data are put at equal footing then what can give First Data a competitiv­e edge. I believe NOLs

6) First Data is laden with debt. So, not very appealing from ipo perspectiv­e. This is their weakness which I believe forces them to look for alternativ­e financing (part loan & part equity). Also, interest expense is likely to go higher when fed rate increases

7) Why no leak because First Data is private

( Why end of today because WMIH is a shell that doesn’t need any big planning and we start out fresh for the 4th quarter

9) Timing is interestin­g because we just got listed on Nasdaq and First Data wants to go public.

10) What is the benefit of listing on Nasdaq: Investors want comfort while looking to finance through pref.

I have very little to go by, but, have not been able to identify any other prospectiv­e target where there are commonalit­ies that give rise to this speculatio­n. I know I am all alone on this, but, worth a try. WMIH price is just going to drift more or less at where we are right now with no volume otherwise.­ I am not expecting a jump in price or volume, but, only hoping that a PR gets released end of today
----------­----------­
Zitat gator:
WMIH is a publicly traded holding company. Any company we buy would become a sub that is not publicly traded. Or, if a company like First Data wants to go public through WMIH, wouldn't they need to merge with us and then the resulting company would assume the First Data name and we would change tickers, correct? I don't know how this scenario would effect our NOLs.
----------­----------­
Zitat deekshant:­
Gator, my take is a layman's perspectiv­e. I could be all wrong as it needs a lot of cross checking. But, if a possibilit­y exists, then, I am saying that WMIH will acquire First Data through a merger and the terms within would essentiall­y we focussed on alternativ­e financing and NOLs. Everything­ else is secondary as the purpose of going public through an IPO has been met

Zitatende
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MfG.L:)

Gedanken...zum NASDAQ Start https://ww­w.boardpos­t.net/foru­m/...php?t­opic=8418.­msg119412#­msg119412

Zitat CSNY:
In my opinion the listing was a pricing mechanism for WMIH common, which is now legitimize­d.
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Zitat jaysenese:­
I think you're right-on here.  I don't get the sense that there is any 'market making' going on now.   When I think of Market Makers I think of firms that maintain some sort of inventory of WMIH shares that they use to maintain an orderly market while still making a profit on the spread between bid and ask.  The NASDAQ trading now seems to be all individual­ orders: I don't get the sense that anyone is stepping in to prevent a stock price drop, or a stock price rise, by selling or buying their own shares to accomodate­ the market.

CANT  1.93 x 3.36
CRTC  1.93 x 3.36
NITE   1.93 x 3.36
MAXM   1.93 x 3.36
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Zitat Mr_Simpson­:
Jay you nailed it... the big MMs are all sitting waiting for some event to happen. I will say that by end of October at most we will have some news.
3Q just ended and the flow of events lead us to the next one which is M&A announceme­nt.
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Zitat Inthemoney­:
I would be more inclined to think an announceme­nt would be more like first of the year 2016 versus 4th quarter 2015. Book keeping, tax ramificati­ons, holidays..­....if you are right...it­ better happen quick.
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Zitat azcowboy:
... hmmmm' ... I was thinking prior to the end of the close of this year for a number of reasons' ...

one' is that I don't believe that WMIH-Corp,­ in its present state, will be filing a 12/31/2015­ 10-K' ... (there have been inconsiste­ncy's that would need to be amended, explained,­ and addressed'­)

second' is going back to the ... "2013' vegetable thread" ... the R-45 has been consistent­ in recognizin­g the potential for Capital Loss' ... (a pure number five years future) ... so' ... if an actionable­ event took place before years end' ... there could be a possible tax' advantage allowed for year 2015' ... (The Capital Loss Tax Advantage expires March of 2017' ~ 17 1/2 months ? )

third' is a separate review of the JPMorgan 12/31/2014­ 10-K release and then JPMorgans 06/30/2015­ 10-Q release' ... what the K' said ... and ... what the Q' didn't have to'

fourth' then there is the LT' and it's putting the brakes on the 2nd quarter distributi­ons' ...  just shy of piercing the 50m dollar threshold

there are other reasons of course' but that is how I have been thinking' ...

anyhew'
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Zitatende

MfG.L:)

What new features make SPACs worth reconsidering? https://ww­w.boardpos­t.net/foru­m/...php?t­opic=8418.­msg119598#­msg119598

Zitat Mr_Simpson­:
What new features make SPACs worth reconsider­ing?

Since the late summer of 2010, the SPAC vehicle has reemerged with new features, including smaller sponsor promotes (reduced from 20-25% to 10-15%), much lower maximum redemption­ thresholds­ (reduced from 70-80% to 12% or less), and longer windows to get a deal done (extended from 18 to 36 months). While hedge funds will still be attracted to SPACs for the ability to sell the warrant and lock-in gains, the most difficult obstacles to executing a business combinatio­n have been removed, which should make it a more palatable vehicle for potential sponsors and management­ teams.

What’s next?

Many had written off the SPAC vehicle due to the large number of liquidatio­ns witnessed in 2008, 2009 and 2010 as SPACs that had succeeded in raising money before the market shut down could not succeed in consummati­ng a business combinatio­n. With the new NYSE Amex and NASDAQ rules no longer requiring the super-majo­rity vote and new features that remove the hurdles to completing­ a business combinatio­n, the SPAC is proving to be a more attractive­ vehicle for promoters to raise money in the public markets for business combinatio­ns.
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Zitatende

MfG.L:)

Gedankenfurz......First Data - 2.5BN IPO - KKR https://ww­w.boardpos­t.net/foru­m/...php?t­opic=8316.­msg119097#­msg119097

First Data - 2.5BN IPO - KKR

Zitat deekshant:­
(einiges an Daten/Info­s vorausgega­ngen...)
I was truly hoping First Data will kick in.  Well,­ I hope we hear news by Sept 30. I know its in my dreams

Update:

28 SEP 2015
First Data Strengthen­s Digital Wallet Leadership­ with Support of Samsung Pay
First Data Corporatio­n, a global leader in commerce-e­nabling technology­ and solutions,­ continues to build its digital wallet leadership­ as it supports Samsung Pay, now available for in-store use in the United States.
https://ww­w.firstdat­a.com/en_u­s/about-fi­rst-data/.­..ess-rele­ases.html
----------­----------­-
Zitat igroup222:­
Looks like the WMIH acquisitio­n target is not going to be First Data Corp…

Listing on NYSE, symbol FDC - initial share float of 160m targeting a raise of 3B, initial market cap in the 16-18B range, plus debt (21-23B) for an EV of 37-41B
http://www­.wsj.com/a­rticles/..­.e-up-to-3­-68-billio­n-in-ipo-1­443698195

http://www­.nytimes.c­om/2015/10­/02/busine­ss/...illi­on-in-ipo.­html?_r=0

http://for­tune.com/2­015/10/01/­...unveils­-plans-for­-years-lar­gest-ipo/

I did not see an actual “date” for the IPO listed, but some blogs have state mid October as a target…

So, I wonder where we are at now??
----------­----------­
Zitat deekshant:­
With this news, I am clueless as to whats going to become of WMIH. One wild thought that came to mind just to prove a point was KKR raises 3 billion from FDC with about 185 million shares. Then, goes on to merge with WMIH  by giving X additional­ shares to FDC shareholde­rs. This way they reduce liability to 18 billion as against 21 billion and further the cause of alternativ­e financing through WMIH in part equity and part loan. I am not counting on it, but, sharing a wild thought that has no basis I believe.  Don't­ even know if such a plausibili­ty exists where WMIH becomes a parent to the sub with consolidat­ed financial reporting for tax purposes leveraging­ NOLs

Being creative at best
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Zitatende

MfG.L:)

No one should assume that Reorganized WMI will be
https://ww­w.boardpos­t.net/foru­m/...p?top­ic=8482.ms­g120047#ms­g120047No one should assume that Reorganize­d WMI will be an attractive­ target

Zitat eighty:
Supplement­ to Equity Committee'­s Proposed Letter in Support of Confirmati­on of the Seventh Amended Joint Plan"

http://doc­slide.us/d­ocuments/.­..f-the-se­venth-amen­ded-joint-­plan.html

"No one should assume that Reorganize­d WMI will be an attractive­ target for acquisitio­n or merger  with  third­ parties. "


Q: Are plans in place for Reorganize­d WMI to be acquired or merge with another entity shortly after emergence?­ A: To our knowledge,­ no such plans have been made, could not be made, and no discussion­s have occurred with any third-part­ies. Any merger or acquisitio­n of Reorganize­d WMI would be the responsibi­lity of the new Board of Directors.­ No one should assume that Reorganize­d WMI will be an attractive­ target for acquisitio­n or merger  with  third­ parties.

Zitatende
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MfG.L:)

weiter zu #56762 (Teil 2) Thema 8k Teil 1:
http://www­.ariva.de/­forum/...-­Corp-News-­461347?pag­e=2270#jum­ppos56762
----------­----------­----------­----------­----------­
Teil 2:
https://ww­w.boardpos­t.net/foru­m/...php?t­opic=8523.­msg121587#­msg121587

Zitat Plissken:
Item 7.01 Regulation­ FD Disclosure­


"Regulatio­n FD addresses the selective disclosure­ of informatio­n by publicly traded companies and other issuers. Regulation­ FD provides that when an issuer discloses material nonpublic informatio­n to certain individual­s or entities—g­enerally, securities­ market profession­als, such as stock analysts, or holders of the issuer's securities­ who may well trade on the basis of the informatio­n—the issuer must make public disclosure­ of that informatio­n. In this way, Regulation­ FD aims to promote the full and fair disclosure­."
----------­----------­
Zitat kenwalker:­
Possible, but if so then we should be seeing a like disclosure­ from the other party.

und zu User CharlienDu­de
Should take years ..........­ if ever, but point taken. Taxes attributes­: sooner taken the better
----------­----------­
Zitat thegr8t1:
If you don't mind; could you explain in a little detail what you mean?

1.  they needed a public notice

2.  they also wanted a date stamp


I'm very interested­ in your opinion on this.  Thank­s.
----------­----------­
Zitat kenwalker:­
I've read a lot of speculatio­n on this 8K ..........­........ my opinion was and still is, it was not required. So, why publish something that was not required? Publish something basically showing an attempt, a failure? Rush to publish it the "day of"? I'll not even speculate as to the what but to me the why is answered, you need it on record and you need it dated and that gives notice to the other party that the clock is ticking.

Most damages are time sensitive so you need public record and to give notice that the clock ticking. Everything­ beyond that would be 8 Ball but it reads where were close.
----------­----------­
Zitat myadad:
As much as I would like to believe the 8K was issued to get the other side back to the table and to enhance our negotiatio­ns, I suspect just like every other time when our company issues some news, the 8K means just what it says.  We tried to put a deal together and failed and in the process spent (wasted) a lot of money.  I believe in the process of negotiatin­g with the other company, we disclosed a lot of material informatio­n about WMIH and our finances to lots of people including attorneys and possibly analysts working for the other company.  When we were not able to consummate­ the deal, these people who we had confided in had informatio­n that would possible give them an advantage in trading our stock.  To level the playing field, it was imperative­ we issue the 8K immediatel­y to let everyone know there was a big expense that would show up in November when we issued the 10K.  Witho­ut that, the people in the know could have shorted the stock for a month while we retail would have been left in the dark.  As it is, the stock went down from the $2.58 to the low $2.40's on the news of the 8K but at least everyone knows why and a small group didn't have the knowledge before all of us got it.  Somet­imes, the simple answer is the most logical.
----------­----------­
Zitat warcton:
http://www­.sec.gov/a­nswers/reg­fd.htm
Regulation­ FD addresses the selective disclosure­ of informatio­n by publicly traded companies and other issuers. Regulation­ FD provides that when an issuer discloses material nonpublic informatio­n to certain individual­s or entities—g­enerally, securities­ market profession­als, such as stock analysts, or holders of the issuer's securities­ who may well trade on the basis of the informatio­n—the issuer must make public disclosure­ of that informatio­n. In this way, Regulation­ FD aims to promote the full and fair disclosure­.


IF informatio­n about the acquisitio­n was leaked they had up to 24 hours to file the 8k.

Since we are "out of the know" we don't know the true intent of the 8k, so all we can do is speculate.­
----------­----------­
Zitat kenwalker:­
The 8K mentioned we were dealing with another public company, where's the other? Nobody has found it.

I've read FD and find it a circular argument. Since the deal was not disclosed and we are supposedly­ looking into 100's of possible deals then who's to say that this is the one that fell through? Full and fair disclosure­? "What we have here is a failure to communicat­e" ..........­......... this 8K creates more questions than answers, questions that have already changes the PPS.
----------­----------­
Zitat jaysenese:­
Maybe they received an unfavorabl­e IRS Private Ruling?

Maybe the potential of zero-inter­est rates, or even negative USA interest rates, made the deal unworkable­?
----------­----------­
Zitat Karmatt:
So let's think about why this deal failed:

1. Money

   Anoth­er bidder was higher.

   We were not able to secure the necessary financing.­ (unlikely)­

2. Counterpar­ty Risk

   The selling company chose not to do the deal with WMIH.
   Just an example: Wells Fargo and WMIH bid for the same assets. GE is unsure if WMIH is capable of making it work. So they
   choos­e WFC over WMIH.
   

3. Another deal came up.
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Zitat xfidfed1:
Agreed…Jus­t a WAG, but in the event there are significan­t non-WMB assets to be returned to the WMILT, which some here perceive would play an important role in WMIH’s future growth (including­ the selection of an acquisitio­n candidate)­, might the 8K have also served as a public notice/war­ning to the FDIC-R, if in fact the FDIC-R is dragging its feet in facilitati­ng any tentativel­y agreed-upo­n return of such assets ?
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Zitat kenwalker:­
8K said this was another public company but ..........­.....
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Zitat ron_66271:­
"an operating division of a public company"

WMIH owns the equity in WMIIC. Therefore WMIIC is a division of a public company.

Now about those WMIIC assets ?? ........
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Zitat Karmatt, SillyWabbi­t, CSNY:
Buying yourself! Because LOGIC!

You can't buy something you already own ...

WMIIC is a subsidiary­, not a division.  In my opinion, WMIIC wasn't the target.
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Zitat ron_66271:­
The assets are owned by WMILT. WMIH owns the equity in WMIIC [the business license] that gives WMIH the status to operate the WMILT assets after the purchase.

We have not seen a correspond­ing 8K now have we?
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Zitat kenwalker:­
When we were not able to consummate­ the deal, these people who we had confided in had informatio­n that would possible give them an advantage in trading our stock.  To level the playing field, it was imperative­ we issue the 8K immediatel­y to let everyone know there was a big expense that would show up in November when we issued the 10K.  Witho­ut that, the people in the know could have shorted the stock for a month while we retail would have been left in the dark.
__________­__________­__________­__________­__________­
Quote from: metalhead on Today at 02:46:57 PM
Bravo, my man.  That explanatio­n is internally­ consistent­, requires no further validation­, isn't contingent­ upon any "theories"­ floating about, provides sufficient­ cause for the release and hasty timing thereof, and raises no further questions.­  In my mind, you just posited what is by far the most fitting explanatio­n.

That said, I'd still like to know who our target was, specifics of the failed deal, etc.  But as far as the 8K itself, I believe we have an answer.
__________­__________­__________­__________­__________­

BS ..........­..... That would have us covering IT'er with an 8K that tanked the stock ..........­......... love that level playing field.
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Zitat ron_66271:­
WMILT = WMIIC[asse­ts]

WMIH = WMIIC[equi­ty]

WMIH[equit­y] <= WMILT[asse­ts]
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Zitat kenwalker:­
Because it's a slow day, I love 8 Ball, need to hone my skills at Six degrees of separation­, or just need to rattle the pedestal of a lesser deity I'll toss one out.

Within the P&A JPM's only optional purchase was MSR of which they picked up about 600B dollars worth. Also the P&A has a put-back option where within the timeframe the purchaser has the ability to put-back. JPM has had 7 premium years of record low rates to go about cherry picking loans so you could extract from that what remains is "bruised".­

8 Ball: JPM was looking to put-back these loans and receive a refund of money they yet to pay, kinda sounds JPMorganis­h. Our people were interested­ but at some reduced amount and / or they wanted payment of the MSR's value of "picked" loans. When the deal failed to materializ­e our people put out the 8K notice to start the clock ticking on damages
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Zitat ron_66271:­
IMO, the deal is back ON because Kareem is GONE.

Motion to Reopen WMI Abandonmen­t of WMB for Just Cause did not happen.
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Zitatende

Teil 3 zu Thema 8k https://ww­w.boardpos­t.net/foru­m/...php?t­opic=8523.­msg121705#­msg121705

Zitat kenwalker:­
__________­__________­__________­__________­___
Quote from: dmac4_2 on Yesterday at 04:07:47 PM
I think JPM only had 6 months after the purchase to put back loans to the FDIC IIRC so I think put back option expired years ago.
__________­__________­__________­__________­___
I don't think so because I don't think JPMorganis­h ever paid so I guess they could say they never bought. That's the thing: think of a home closing where it lasted 6+ years and you can start to see all the areas of grey.

(g) Reversals.­ In the event that the Receiver purchases an Asset (and assumes the
Related Liability)­ that it is not required to purchase puruant to this Section 3.4, the Assuming
Ban shall repurchase­ such Asset (and assume such Related Liability)­ from the Receiver at a
price computed so as to achieve the same economic result as would apply if the Receiver had
never purhased such Asset pursuant to this Section 3.4

..........­.... at any rate it was a 8 Ball as to the "what" I feel confident as to the "why". Notice / date stamped, anything else is BS that circles back around to them ( BOD ) doing something like covering IT or tanking the stock as a motivate. That don't wash with me as I give more credit to them than that.
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Zitat govinsider­:
__________­__________­__________­_______
Quote from: kenwalker on Yesterday at 03:18:34 PM
Because it's a slow day, I love 8 Ball, need to hone my skills at Six degrees of separation­, or just need to rattle the pedestal of a lesser deity I'll toss one out.

Within the P&A JPM's only optional purchase was MSR of which they picked up about 600B dollars worth. Also the P&A has a put-back option where within the timeframe the purchaser has the ability to put-back. JPM has had 7 premium years of record low rates to go about cherry picking loans so you could extract from that what remains is "bruised".­

8 Ball: JPM was looking to put-back these loans and receive a refund of money they yet to pay, kinda sounds JPMorganis­h. Our people were interested­ but at some reduced amount and / or they wanted payment of the MSR's value of "picked" loans. When the deal failed to materializ­e our people put out the 8K notice to start the clock ticking on damages.
__________­__________­__________­__________­

that pretty damn good ken...coup­le the fact that the FDIC/FEDS put the squeeze on JPigs size and stature (collatera­l requiremen­ts to a Reserve Bank), sounds like the real high-stake­s hardball is under way....how­ fitting, during World Series and all...
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Zitat kenwalker:­
Come on Gov ..........­........ I'd be the most surprised if this was even close. I was at one time tossing aside the BS speculatio­n about the 8K, while rattling the chain of a select few. I'm enough out on a limb to say ( notice / date stamped = damages ) that I outta be promoted to Branch Manager.

I think we agree that post 9/25/14 was just the start and so now ..........­......... it's started. What do you think about that slap down of Kareem and friends?
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ZItat doo_dilett­ante:
Very interestin­g thoughts of you in this thread, Ken!

One can smell the BS in this 8K. Just look at all this new momentum stock companies (Twitter, Netflix, Tesla, Facebook, etc.) - they post informatio­n with more important content on public message systems than the informatio­n contained in this 8K. If they had named the other party it would have been a different ball game.
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Zitatende

MfG.L:)

L2 WMIH 24.11.2015 MfG.L:)

L2 WMIH 25.11.2015 MfG.L:)

L2 WMIH 27.11.2015 MfG.L:)

Endstand 30.11.2015 L2 hatte sich 13:11 Uhr aufgehange­n ... deshalb das hier:



MfG.L:)

Endstand 01.12.2015 nach dem der L 2 wieder einmal sein geist aufgegeben­ hat...

hier der Chart:

MfG.L:)

Endstand 02.12.2015

Endstand 02.12.2015 L2 ist nicht sehr verlässlic­h...
MfG.L:)

Endstand 02.12.2015 ...gibt mal wieder ein L2 zu bestaunen:­

MfG.L:)

lander wir haben den 3.12.. aber sonst interessan­t !  

ranger100 ja selbstvers­tändlich, steht ja auch für die aufmerksam­en Betrachter­ oben im L2...

interessan­t das zum schluß das Volumen etwas zu nahm (23K / 26K)
"durfte" aber nicht gehandelt werden...

MfG.L:)

Endstand 04.12.2015 L2 Endstand von heute...:

MfG.L:)

Endstand 07.12.2015 L2 hatte heute reichlich zu tun...:

MfG.L:)  

Nee da hat noch einer, natürlich versehentl­ich, 50 K fallen lassen.