COOP News (ehemals: Wamu /WMIH)

Du kannst es hier gleich nachvollziehen
www.otcmarkets.com/stock/WMIH/quote

Danke

Sind 2x 10000 laut DAB
04.05.2015  19:32:26§2,75 USD 2.000 STK 609.999 STK
04.05.2015  19:31:50§2,75 USD 1.000 STK 607.999 STK
04.05.2015  19:28:18§2,76 USD 10.000 STK 606.999 STK
04.05.2015  19:28:09§2,76 USD 10.000 STK 596.999 STK
04.05.2015  19:27:38§2,76 USD 7.900 STK 586.999 STK
Gruß
Supra

Entschuldigung! Meine Töchter hat "witzig" gedrückt. 3 Jahre alt.  

Der Witz bei dieser kostenlosen level 2 seite ist es, dass man sich nicht sicher sein kann ob die angaben ganz oder teilweise gedoppelt sind. Natürlich kann ich im Nachhinein  nachsehen, dass ist aber für mich unbefriedigend...

Und auch die addition der gehandelten stücke zeigt in letzter zeit zunehmend schwächen...

Damit wird die seite für mich unbrauchbar....

www.boardpost.net/forum/...php?topic=7376.msg100990#msg100990


Zitat jwerneck:
Meshkati April Letter

Ali's April WMIH piece:

"I attended the WMIH shareholder meeting in New York on April 28th. As expected, the meeting
was a complete non-event given the ongoing search for a company to acquire in order to begin
producing the profitability necessary to utilize the NOLs on an ongoing basis.

It has been my opinion that the board at WMIH has a very good if not definite idea of who they
are acquiring at this point. The primary reason is twofold: 1) The inordinate amount of capital
they have been able to raise at a low interest rate through the convertible preferred offering. I
don't think KKR would agree to such terms unless they had an inside track as to what the end
game is here. 2) The CEO & CFO that have been chosen to head the company are extremely
specialized individuals with a focus on capitalizing on distressed debt, mostly in the form of
mortgages. If the search for an M&A candidate was as wide-ranging as management seems to
indicate, such specialized individuals wouldn't be necessary.

The tight-lipped demeanor of the management and the board were on full display at the
shareholder meeting. When asked if the company is targeting a financial company, member of
the board Gene Davis couldn't answer that question in a forthright manner. Further, Mr. Davis
told shareholders that the CEO William Gallagher & CFO Thomas Fairfield are specialists in
the M&A process, which is diversionary information at best.

The couple pieces of information that are somewhat useful are that the company will be
reincorporated to Delaware by May 15th, which is a key event to create the landscape necessary
to plant the seeds for the coming stages of the M&A process. Also, Gene Davis explicitly stated
that they were seeking an “accretive” acquisition, which translates to an acquisition that will
enhance share price immediately. This has been the obvious path forward for sometime,
however, it was nice to see it reiterated in a formal setting."

Zitatende

MfG.L:)

www.boardpost.net/forum/...php?topic=7376.msg101009#msg101009

Zitat Uncle_Bo:

Quote from: jwerneck on Today at 12:37:06 PM

Ali's April WMIH piece:

"I attended the WMIH shareholder meeting in New York on April 28th. As expected, the meeting was a complete non-event given the ongoing search for a company to acquire in order to begin producing the profitability necessary to utilize the NOLs on an ongoing basis.

It has been my opinion that the board at WMIH has a very good if not definite idea of who they are acquiring at this point. The primary reason is twofold: 1) The inordinate amount of capital they have been able to raise at a low interest rate through the convertible preferred offering. I don't think KKR would agree to such terms unless they had an inside track as to what the end game is here. 2) The CEO & CFO that have been chosen to head the company are extremely specialized individuals with a focus on capitalizing on distressed debt, mostly in the form of mortgages. If the search for an M&A candidate was as wide-ranging as management seems to indicate, such specialized individuals wouldn't be necessary.

The tight-lipped demeanor of the management and the board were on full display at the shareholder meeting. When asked if the company is targeting a financial company, member of the board Gene Davis couldn't answer that question in a forthright manner. Further, Mr. Davis told shareholders that the CEO William Gallagher & CFO Thomas Fairfield are specialists in the M&A process, which is diversionary information at best.

The couple pieces of information that are somewhat useful are that the company will be reincorporated to Delaware by May 15th, which is a key event to create the landscape necessary to plant the seeds for the coming stages of the M&A process. Also, Gene Davis explicitly stated that they were seeking an “accretive” acquisition, which translates to an acquisition that will enhance share price immediately. This has been the obvious path forward for sometime, however, it was nice to see it reiterated in a formal setting."

++++++++++++++++++++++++++++++++++++++++++++++++++

jwerneck,

Thank you for the letter, the highlighted parts are my favorite and are consistent with what was reported earlier to the board. It appears that Ali Meshkati opted to stay quiet and not ask the questions which would not be answered...like the rest of us. As to the "accretive" acquisition, I may have missed this reference, but MW used the term "to move the needle" during the previous shareholder meeting. It could also be construed as a hint that there may not be a debt issue necessarily, since it would have counter effect on accretion.

Uncle Bo

--------------------------------------------------

Zitatende

MfG.L:)

Zitat Hansebä...Denke der Pivot Point wird heute mal getestet!
2,75 sind heute kein Problem, hoffe das Sie schnell auf der Bid Seite stehen!
SK heute sehe ich um die 2,80-2,85!

irgendwie fehlt mir auch der rübi mit seinem €-kurs der ins bodenlose fällt

da halte ich es mit Union der zur Besonnenheit rät und wir erst am Anfang stehen
die 2ct steigerungsposting zeugen m.m.n.von der angst wieder mal zu verlieren.
was verständlich ist
us bankenwerte sind (nach diesem hier den ich aussitze bis die marie kommt)für den Rest meines Lebens tabu
wenn ich bestohlen werden will,fahre ich mit offenem Cabrio und der Brieftasche auf dem Armaturenbrett durch die Stadt und parke ohne abzuschliessen.
noch kurz zu Analysten
ich hab mir mal den "spass" gegönnt und über drei Monate die analystenmeinungen vor 8:00 zu den wichtigsten deutschen Indexen mit dem realen stand  18:00 uhr danach zu vergleichen.auf erfolgsbasis ala Trefferquote können die unmöglich ihr tütenbrot bei aldi bezahlen..lol
good luck

Gelaufen wie erwartet. Keine greifbaren News.

So 4-5 I-Huber und Boardposter waren wohl vor Ort.

ca 30-40 Leutchen waren auf dem Meeting  

jaykay meinte ,er haette den Eindruck , Willingham waere sehr stolz wegen des KKR / Citi Deals.

Lassinruh war nur dort, um mal zu sehen, wie WMIH Shareholder wohl aussehen. Sie wunderte sich, das nicht die Stimmen zu hoeren waren, die auf den Boards posten.

Waren wohl zu schuechtern. Als es in die Fragerunde ging, wurde nur eine Frage gestellt. Ob die Kapitalerhoehung helfen wuerde, die Antwort war ...ja...
Willingham und Davis waeren sehr erstaunt gewesen, das da nicht mehr Fragen kamen.

Willingham meinte, das BOD wuerde viele Jobs fuer nur ein Gehalt leisten.

Gut,Fragen, Gespraeche fanden wohl erst nach der HV statt.

Das Gespraech zwischewn kp4president und Thomas wurde ja schon diskutiert.
Am Ende des Gespraeches habe kp4president noch gefragt, ob das BOD nun Druck empfinde, weil KKR/ Citi so viel Geld zur Verfuegung stellen wuerde. Die Antwort von Thomas.....nein.

Ein anderer  (bin mir nicht sicher, ob Ich das posten soll)

investorshub.advfn.com/boards/...msg.aspx?message_id=113252207

This is from someone over at boardpost who attended the shareholder meeting.
Quote:I was at the SH meeting. Afterwards, MW came over and shook the hands of the people he knew from past meetings, including me.

There was an informal discussion amongst a few (2 to 4) shareholders and MW. Mostly small talk mixed with "when..." I was only barely listening, because I knew nothing important was being talked about.

At that moment, I felt it was a good time put the question out there, to see the reaction.

I said "So are we waiting for the billions from the FDIC?"
MW laughed long and hard. (Hard to interpret, but he was smiling.)
He then immediately said (while still laughing) "I'll let you know when they write    the check."
Then a pause, and he said "I wouldn't hold my breath, though."

Willingham waere ruebergekommen, und haette per Handschlag ein paar Shareholder, die Er vom letzten Meeting kannte , begruesst.
Die haetten ein bischen small getalkt, und der User haette nur halbherzig zugehoert.

Ploetzlich dachte Er, das waere ein guter Zeitpunkt , und fragte Willingham .

Wir warten also auf Milliarden von der FDIC. ?

Willingham habe lange und hart gelacht, und haette dann ploetzlich gesagt,               " Ich lasse dich wissen, wenn die den Check ausgestellt haetten. Dann ne Pause         " Er wuerde nicht den Atem anhalten ....Hmmm ..?

Der User meint, es waere schwer zu interpretieren , aber Willi haette gelaechelt.


He, he...es darf spekuliert werden.



Und zu dem Satz, der dem ein oder anderen Ami "neu" war, und denn Sie grossartig fanden.


"Due to the inherently uncertain nature of estimates and the underlying assumptions, the actual cash to be received by the Trust from liquidation of assets and liabilities will likely be different than reported. Ongoing adjustments and
reconciliations will be reflected in future Quarterly Summary Reports filed with the Bankruptcy Court (which the Trust files with the U.S. Securities and Exchange Commission, or “SEC,” under cover of Form 8-K), and in theTrust’s modified annual report on Form 10-K filed with the SEC for its fiscal year ending December 31, 2014"

Meine Meinung zu dem Schaetzungs Passus

Mit liabilities meinen Die die Kosten fuer u.a die Trust Operation.
wie z.b die eingeplanten Reserven fuer die Trust arbeit und das Litigation Team.
Und diese Zahlen aendern sich permanent, aber nicht unbedingt zu unseren Gunsten.
Am Anfang hatten Sie fuer die Trust Abwichlung 40 Mill veranschlagt. Gab da zwei Erhoehungen. Mittlerweile schaetzen Sie, das die Abwicklung um die 92 Mill Kostet.

Oder die 20 Mill, die dem Litigation Team als Etat zur Verfuegung gestellt wurden.
Auch diese Schaetzungen haben sich veraendert. 12 Mill wurden mittlerweile in den Wasserfall geleitet. Ebbes um 3 sind noch im Pot.

Und die Schaetzungen der Net assetts sind , neben den RON,s z.b die noch nicht erledigten Steuerklagen.

Die 80% fuer JPM und die 20 % fuer Uns. Hier war das erwartete , geschaetzte Volumen am  Anfang insgesamt zwischen 700-900 Millionen. Fuer Uns wurden da von unabhaengigen Pruefern ca 96 Millionen erwartet. Auch diese Summe steht schon bei den Net Assetts.

Mittlerweile sind einige Klagen erledigt. Momentan geht es noch um 150 - 400 Mill. Hier erwartet der Trust ca 51 Mill.

Unter net Assetts wird auch schon das D und O Settlement gefuehrt. Obwohl es da ja noch einen appeal von 4 Ehemaligen laeuft.

Und klar, diese Schaetzunge werden wahrscheinlich am Ende nicht genaú hinkommen.
Die geschaetzten Kosten fuer den Trust von 92 Mill koennten letztendlich auch nur 85 Mill betragen.....oder 99 Mill...oder.......

Die geschaetzten Steuermillionen von 96 Mill koennten auch nur 80 Mill sein....oder 105 Mill.

Bisher scheinen Sie bei en Steuersachen aber ziemlich auf Kurs zu sein.


Ohne Gewaehr natuerlich

Ein User auf I-Hub hat geschrieben , das dieser Passus, den Sisipepsi hier gepostet hat, grossartig waere. Wieder mal sorry......an dem Satz ist nichts, was grossartiges bedeuten koennte. Lass da mal die Spanne zwischen Schaetzung und spaetere Realitaet 20 Mill sein. Und das muss nicht zwingend nach oben sein.

Bisher haben Sie , durch die Trustbudgeterhoehungen ganz schoen an den Trust Operation Reserven geknabbert. 11 Mill waeren da noch drin , wenn die Schetzungen so bleiben wuerden. Aber egal, Milliarden verstecken sich nicht dahinter.  

Hmmmm, Ich schaetzte mal, das fuer die Escrows am Ende zwischen 40 und 80 Mill rauskommen koennten.

Danke für die Hinweise aus der HV. Besser wie keine News - denn unterm Strich kam ja nix neues sondern nur das was zu erwarten war.
Bin gespannt - wenn die Volumen weiterhin konstant höher bleiben wie sonst, dann kommt irgendwann die News.

Gestern haben wir das steigende Dreieck (Ascending Triangle) mit der oberen Dreieckslinie bei $2.70 erstmals durchbrochen. Dies gilt in der Regel als Signal, eine Long Position aufzubauen. Neues Kursziel ist die Höhe des steigenden Dreiecks, hier also exakt $2.70 + $1.0 = $3.70 (und dies war schon mal unser Allzeithoch)

RSI sehr bullish, MACD positiv, Accum/Dist auf neuem Allzeithoch!

Links zu steigendem (asymmetrischen) Dreieck:
www.godmode-trader.de/know-how/...-trendfolgeformation,3733774
www.dreieck-trading.de/steigendes-dreieck.htm
stockcharts.com/school/...erns:ascending_triangle_continuation

...wir haben zwar mit $2.76 das Dreieck deutlich durchbrochen, aber mit $2.71 nur sehr knapp darüber geschlossen. Theoretisch wäre ein Rücksetzer bis an die untere Dreieckslinie möglich (ca. $2.30), aber da spätestens am 15. Mai die Reincorporation in Delaware abgeschlossen sein soll, und danach News zu einem einem M&A und Up-Listing erwartet werden, ist ein Rücksetzer für mich sehr unwahrscheinlich!

Man muss vielleicht heute die Bestätigung noch abwarten, aber ich sehe dem sehr positiv entgegen!

www.boardpost.net/forum/...php?topic=7374.msg100868#msg100868

Zitat Mr_Simpson:
I am trying to understand the mortgage business a bit. I am not an expert so I only found this article.
Where does WMIH qualify? Distressed category? Any rankings on that to find potential targets?

www.multihousingnews.com/in-focus/...d-brokers/1004114528.html

All but two firms expect their business volume to increase this year compared to last, with more than one third of companies reporting that they expect to see an increase in excess of 20 percent. A predicted rise in interest rates could be one reason for the optimism, as owners are motivated to secure cheap money while it’s available. More than one third of these respondents see rates moving up over the next six months, while the rest predict no change.

Another interesting trend strengthened by this year’s data is that other sectors have continued to gain on multi-family. Last year we saw that category taking 57 percent of the origination pie; this year’s figure is 40 percent. Retail saw the biggest uptick in business compared to last year’s survey, perhaps due to consolidation in the net lease space. Office also saw a marked uptick, likely due to increased construction in gateway markets.

We expect that the volume of refinancing activity will ramp up in 2015 and continue to pick up in both 2016 and 2017 as CMBS loan maturities come due. Owners across all sectors should be in a better position to refinance as fundamentals improve, with higher rents and lower vacancies in all product types. While Congress couldn’t get a TRIA extension done in 2014, quick movement on the bill in 2015 and the passage of a $1.1 trillion federal budget suggest the possibility that lawmakers can move away from brinkmanship and partisan politics to provide increased clarity for businesses—always welcome news for the industry.
---------------------
Zitat Joe513:
WMIH doesn't qualify anywhere.  It is not a mortgage bank or broker.  WMIH is a shell company that has a small sub in the insurance business which is in run off mode.
(Antwort von User myh1668 darauf:
Let me just add: that has $5Bil Nols and $600mil cash in trust)
Zitat Joe513
That still doesn't make it a mortgage bank.
--------------------
Zitat boarddork:
WMIH SEC SIC code:  6035 Savings Institution, Federally Chartered    still listed.......  If everything is to be taken so literally, than how does one explain it?    'Simply overlooked' doesn't fly at all IMO.....claiming to be a federally chartered savings institution on a legal SEC filing...............Oh wait, assets of WMB Assets weren't sold in the PAA - like a federal savings bank?   Who had a Federal Savings Bank? We did.  Did the FSB charter stay with re-org WMI, along with other so-called 'trademarks and patents' etc. retained by the debtor per the GSA and POR 7?

Interestingly, JPM or CHASE doesn't turn up in the same SEC SIC code for federally chartered savings institution.  So JPM hasn't claimed it, and if they got everything WMB from the P&A, and we know JPM does try to claim everything...  However only WMIH claims this in their legal audited SEC filings.
--------------------------------------------------
Zitatende

MfG.L:)

Ich denke das ich deren Englisch einigermaßen verstanden habe.
Was bedeutet das mit den WMB Assets nun konkret für uns?
Wer hat nun den Anspruch darauf? Wann wird das geklärt bzw. ist es schon geklärt?

www.boardpost.net/forum/...php?topic=7376.msg101028#msg101028

Zitat SillyWabbit:
You forgot to highlight this one:

"The couple pieces of information that are somewhat useful are that the company will be
reincorporated to Delaware by May 15th, which is a key event to create the landscape necessary
to plant the seeds for the coming stages of the M&A process. Also, Gene Davis explicitly stated
that they were seeking an “accretive” acquisition, which translates to an acquisition that will
enhance share price immediately. This has been the obvious path forward for sometime,
however, it was nice to see it reiterated in a formal setting."


"Accretive Acquisition:  An acquisition that increases a publicly-traded company's earnings per share. An accretive acquisition occurs when the price-earnings ratio of the acquiring firm is greater than that of the target firm. This means that the target firm's earnings are likely strong; this is often seen as a good investment. An accretive acquisition usually results in a higher share price for the acquiring company. See also: Dilutive Acquisition."

financial-dictionary.thefreedictionary.com/Accretive+Acquisition


Higher (and higher) PPS for us!

Mo' mony, mo' mony, mo' mony!!!!!
---------------------
Zitat kinged:
I personally question the accretive acquisition premise.  It is troubling because the PE valuation of WMIH is kind of meaningless.  Looking at it another way, you could argue that WMIH share price is based on a PE that is incredibly high.  To think that the acquired company will suddenly get valued by way of WMIH is a huge stretch in my opinion.

In a normal world, let's use a realistic example:
Company A (acquirer) has PE of 20 valued at $1b.
Company B (acquiree) has PE of 10 valued at $1b.

If Company B takes on the PE valuation of Company A per acquisition, you would have a combined company trading at PE of 20 resulting in a market valuation of $3b instead of $2b.  In other words, Company B value has doubled if it suddenly gets valued at a PE that was double what it was before being acquired.

This only makes sense if the market perceives that the value of both companies is GREATER than the value individually.  It also assumes that the acquirer did not pay a premium or at least not a large premium.

Why would company B have its PE ratio jump to 20 from 10 because it was now part of company A?  First, it could be that company A's sector may merit a 20 PE whereas company B's sector may be valued differently.  It could also be that company B has held a lower value because of liquidity and debt issues.  Company A may not have these issues and, by taking ownership of B, alleviate the risk within B thus improving B's value upon acquisition.  There is more to it, obviously, but this provides a couple of nice examples.

Back to WMIH.  They do not even have a viable business that merits the type of valuation currently seen or one that has a meaningful PE ratio.  Let's say that WMIH acquires a company with a PE of only 6.  Let's say that this was a $1b company.  IF this company is now valued at PE of 12, we would have acquired a company for $1b that is now worth $2b.  Fantastic.  How?

WMIH actually has NOTHING to offer to the company to be acquired other than a "platform" for growth and some NOLs.  Definitely using the term platform very loosely at this point.  The NOLs alone would hardly boost the acquired company's valuation from $1b to $2b.  The NOLs only provide a tax benefit on the profits.  Maybe this adds as much as 20% to this company's valuation upon consummation of the acquisition.  This is 200mm on a $1b.  Accretive?  It could be argued that WMIH may have to pay a premium that would take a hit on valuation because of the acquisition cost.  Also, if WMIH is valued at a PE that is much, much higher to the point of it being meaningless, then it could be argued that the new PE ratio of the combined company more than likely would take on that of the company being acquired.  How is that for accretion?

Ah, but what the heck do I know.  I do know that WMIH share price and market valuation keeps increasing.  Very impressive to say the least.  I continue to be astounded and eagerly wait to see how WMIH is going to make an acquisition that merits this frothy valuation.
---------------------
Zitat Uncle_Bo:
Kinged,

This is an excellent post, very eloquently explained. What I would say is that these considerations are valid in a rational or market in equilibrium where there are no inefficiencies and truly all of the information is reflected in the price. We also have seen in the current environment a lot of de-megers or spin offs to unlock value (other companies).

The current (other) investors in WMIH are either delusional and will come to their senses or they know something we don't. I believe, it is the latter.

GLTA

Uncle Bo
--------------------
Zitat investorwad:
Ed, the author (and Gene if he said this) is using the term accretive incorrectly. Usually an existing company that acquires another may state the acquisition will be immediately accretive to earnings (meaning acquiring entity is already profitable and has a P/E) which simply means the target is profitable. In WMIH's case, we have no earnings so obviously when we buy a profitable business accretive to our nonexistent earnings we finally have an actual P/E.

The P/E ratio is also just math, but it does have meaning as a quick way to see if the company is under/over valued. It's just PPS/EPS which results in the dollar amount an investor is paying for each dollar in earnings. The average of the S&P 500 is about 18 and when it drops lower or goes higher it could mean under/over valued. We have no earnings yet so no P/E, but we will.

Right now at about $2.70/share the market has us valued at about $1.48B with the assumption there will be about 550M common shares issued after the SBP and Warrant conversion. We also have about $800M in cash available so we're under 2X cash.  If we issue no debt prior to an acquisition and buy a company that generates $150M in EBIT that's .27 EPS and with a P/E of 10, well, there you have it, $2.70/share.  Without any crazy numbers we'll likely form a base above $3 if the above were to materialize.

But, a debt issuance changes things because if you double our powder with $800M in debt and simply double the EBIT we can buy (above) you get closer to $6/share even though Interest payments modestly detract from EBIT and, oh my, look at the cash flow. If this were to happen, I think we'd be closer to $10/share if not higher.
--------------------------------------------------
Zitatende

MfG.L:)

Bid 2,71$
AsK 2,73$

MfG.L:)

$2.75 / $2.80
www.otcmarkets.com/stock/WMIH/quote

zu:

$2.69 / $2.73
cdn1.boardpost.net/quote.php

Oder hängts wieder?!?!?

jetzt. 2,80 Ask!

ja bald aber Mücken und Tacken...

Auf die 2.76

.....10, 20, 50 Kursdollar und Ihr zählt die einzelnen Cent in der 2 Dollarrange ??

Was ist hier nur für ein Minimalismus ausgebrochen ??   ;-)



Ps: Nicht immer die Schwarzen. Ich meins ja nicht böse..  ;-))

10,20,50 Dollar? WMB?

Danke für Deine Analysen, JusticeWillWin.

War noch etwas unschlüssig und eigentlich wollte ich schon vor ein paar Tagen ..
Aber jetzt habe ich auch Dank Deiner Analysen weiter aufgestockt.

Bin gespannt :-)

Nach dem momentanen Peak ist es sehr gut möglich dass es wieder einen Rücksetzer gibt. Aber ich war zu ungeduldig um weiter zu warten :-)