messages.finance.yahoo.com/Stocks_(A_to_Z)/...;frt=2&off=1
Zitat bopfan:
It's quite true, and I anticipate numerous shareholder objections. This is the one point on which I think shareholders should consider opposing the EC to force a compromise.
It takes nothing to say on the Pink Sheets (just look at the false, misleading, and scarce information that WMI has put out in the MORs for 3 years), so I don't know that an argument of administrative burdens would be persuasive. As far as I know it may be to prevent big players from endangering the NOLs by violating the 4.75% rule on the Ps and Qs. If it is, the plan can simply be modified to include the current 4.75% limitation. Further, as the court retains jurisdiction over all matters in the plan, it can address any violations.
If shareholders object the court may side with the shareholders because so doing would not impede the GSA, which is what the court really cares about.
I think it is worth putting up a fight to defeat the delisting. Aside from the 4.75% issue, the onus should be on the EC to show that it has a policy that overrides retail's need for liquidity. We all recall Madhawn's need for liquidity and it is foreseeable that other shareholders will have similar emergencies and need liquidity.
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Zitat wamuneveren...:
So would this flat out mean private or would pinks be considered a non national or organized trading market?
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Zitat bopfan:
I'm pretty sure it means no Pink Sheets. However, it doesn't mean the shares are non-transferable. Shareholders may be able to arrange private sales with their brokers, though this seems to be much more likely to manipulation than the Pink Sheets, which, though certainly manipulated, have prices viewable to all.
The litigation interests, however, are non-transferable.
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Zitat WithCatz:
Bopfan, this also may be related to the unchangeable facts that the Debtors are in default of filing the required SEC filings to keep things current.
"They" never expected to have "NewCo" equity be in the hands of more than a few hundred anyway -- eg, the H's with 1M face each.
So this, to me, seems to be an inevitable consequence of that fateful lack of paperwork.
It was covered in filings and in testimony that the debtors had not done the required paperwork, and the EC pointed out in their filings that, to their research, the SEC has never given a letter to "allow" for such omissions in the past.
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Zitat bopfan:
Good point, Catz. However, balanced against the almost certain shareholder hardships (a la Madhawn) the skimpy criteria for Pink Sheets' compliance (which the court should impose as an expense of Weil Gotshal, not the estate) is not much of a hurdle.
"The Reorganized WMI Interests will not be listed for trading on any national securities exchange or OTHER ORGANIZED TRADING MARKET." (Emphasis added.) Sure sounds like our former WMI interests won't be traded any longer.
Furthermore, I think that upon voting the shares will be locked (some people here know more than they want to about that!). If you don't vote, you don't get a distribution, but I don't know if that means you just don't get liquidation trusts interest or if it means you don't get newco stock either.
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Zitat sgtofarmson...:
Thanks bop. Respectfully, I would rather wait it out than subject the NEW common to the likes of pinkie land (manipulation). How would the true value of the company be represented here.
As to the objections, I would encourage them. The court has always been sympethetic to shareholders. Whether it does any good, well we witnessed how she ruled on the GSA.
Good luck!
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Zitat bopfan:
Sgt:
As I just explained to another poster, the shares have no transferability limitation. This means that one's broker could probably arrange a private sale. Such sales are much more susceptible to manipulation than even the Pink Sheets, where prices are visible to all.
Just sayin'.
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Zitat old_joe_mcc:
bop,
see pdf pages 246/247 DS:
3. Transfer Restrictions under the New Certificate of Incorporation of Reorganized WMI with respect to the Reorganized Common Stock
From and after the Effective Date, the certificate of incorporation of Reorganized WMI will contain certain transfer restrictions as further described below in relation to the transfer of Reorganized Common Stock. In particular, without the approval of Reorganized WMI’s board of directors, (i) no Person will be permitted to acquire, whether directly or indirectly, and whether in one transaction or a series of related transactions, Reorganized Common Stock, to the extent that after giving effect to such purported acquisition (a) the purported acquirer or any other Person by reason of the purported acquirer’s acquisition would become a Substantial Holder (as defined below) of any class of stock of Reorganized WMI, or (b) the percentage of stock ownership of a person that, prior to giving effect to the purported acquisition, is already a Substantial Holder of the class of stock sought to be acquired would be increased; and (ii) no Substantial Holder may dispose, directly or indirectly, of any shares of Reorganized WMI stock without the consent of a majority of Reorganized WMI’s board of directors. A “Substantial Holder” is a person that owns (as determined for NOL purposes) 4.75% of any class of stock of Reorganized WMI, including any instrument treated as stock for NOL purposes.
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Zitat bopfan:
That's different from our topic; that's about the 4.75%.
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Zitatende
MfG.L:)
Alles nur meine pers. Meinung, kein Kauf- oder Verkaufs-Empfehlung!