Troy Racki
Deep value, long only, special situations, long-term horizon

Signs Of Life For WaMu

Eighteen months after emerging from chapter eleven bankruptcy, puffs of smoke are beginning to rise from the ashes of the former banking giant. On September 1, the reorganized remnant company, WMI Holdings Incorporated (NASDAQ:WMIH), made another $15M payment to creditors from dividends generated by its mortgage reinsurance arm WMMRC currently idling in run off mode. The payment reduces WMMRC's total debt load by 9.6% to $105.2M. More importantly this reduces the burden of the 13% interest rate it carries by 9.6%, saving the subsidiary $1.4M annually. The $15M payment may very well be joined with another $67M pending release from the WMI Liquidating Trust's disputed claim reserves in response to the settling of claims by former employees of...

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