#kfn: anniversary special

[kflixnet]

Can you believe it’s been a year?! KFLIXNET is reaching its first anniversary, and it wouldn’t have been possible without our members. From the ones who were there from the beginning to the ones who joined recently, all of you precious beings make up this lovely network and it’s only fair we show our appreciation.

For this anniversary special event, send in an all-time favorite work that you’ve written! With the network hitting a huge milestone, we thought the best way of celebrating was to give our fellow members and their works a shout-out.

It doesn’t matter if your work is only a paragraph or an entire novel’s worth of words, this event calls for a work you enjoyed writing regardless of the love it received.

Send in your recommendations to our ask box by doing so:

title of work + author

link to the work (can be linked to the title)

pg-13 or pg-18

any additional comment regarding the fic, or a comment for us :)

anonymous submissions are allowed, too!

Deadlines are the end of this month, November 30, so hurry, send us your works! Please note you can only recommend one work per member. We are excited to see your favorite works and even more excited to give them a shout-out! Much love, Admin Maks and Loki <3

NAVIGATION | MASTERLIST | PREVIOUS THEME | WANT TO APPLY?

[otcsocialnetwork]

$COOP – WaMu Seesaws On M&A Speculation

WaMu Seesaws On M&A Speculation Tony Racki Mar. 23, 2014 12:33 PM ET | 3 comments | About: WMIH, Includes: JPM, KKR Disclosure: I am long WMIH. (More…) Summary $5.97B NOL assets with 273M shares. WaMu may become “KKR special purpose acquisition vehicle”. KKR’s Head of Financial Services joins WaMu board. Expect high volatility. 6-month target: $4.30. March 19th marked the two-year anniversary of Washington Mutual’s (OTCQB:WMIH) emergence from bankruptcy, signaling a possible new future for the 119-year-old former banking giant and its diehard shareholders. Brought down in September 2008 by tightening credit markets, poor mortgage investments, short sellers, and now accusations of LIBOR price fixing, the FDIC seized the bank in a controversial move in which JPMorgan (JPM) profited by some $28B, but left WaMu shareholders with nothing. The company’s 41-month bankruptcy itself was not without its fair share of conflicts including claims of insider trading, the company’s own legal team accusing shareholders of milking the system, creditors receiving hefty interest payments, and over $1.1B in reorganization costs. At the end of the day, carving up WaMu’s remains proved quite profitable for most parties involved. JPMorgan walked away with $5.3B in tax refunds, cash, and securities, the FDIC $844M in tax refunds, over $325M went to WaMu’s attorneys, and up to 125 cents on the dollar was awarded to WaMu’s corporate creditors. Meanwhile common shareholders received just 3 cents per share of equity in the reorganized WaMu, shares that once sold in the analyst Kool-Aid days of 2007 for $45. While most institutional investors bailed out long before the judge signed off on the company’s POR, diehard retail shareholders doubled down, hoping to recover some of their losses. A New Beginning, Old Habits In December, WaMu’s new beginning started in earnest with the announcement of a commitment for strategic investment with KKR & Co. L.P. (KKR), in which shares surged some 50% on the first day alone. Since then shares have returned over 290% on speculation that WaMu may soon merge with another company in order to start utilizing its $5.97B in NOL tax assets. While its NOL usage possesses a number of restrictions — making utilizing them quickly a difficult task — by surpassing its two-year mark WaMu can now look outside the financial arena at possible targets whereas before it could not. WaMu may not have to look far however. Some have speculated that KKR may have taken on WaMu with a bigger play in mind. Stephen J Errico of Locust Wood Capital Advisers has characterized WaMu as a “KKR special purpose acquisition vehicle,” and to, “expect acquisitions to be announced sooner rather than later.” With over $90B of assets under management, KKR certainly has the size and the rolodex to make a deal happen. It may very well already have a plan in motion, though shareholders will be the last to find out. At WaMu’s June 2013 annual meeting, information disseminated by the company’s board to shareholders was exceptionally vague, leading many to believe little was happening, even though the KKR deal had been brewing at least a month prior, a detail was not released until January 2014. At the time, shareholders questioned what caused shares to pop up 47% in May 2013 for reasons unexplained. Indeed, on May 17, 2013, WaMu shares experienced over a 2400% increase in average volume, leading some to question if insider information was still leaking out. In WaMu’s most recent annual report, the company states that as of the end December 2013, no definitive acquisitions had been determined, though more than 20 potential target companies had been considered. However, shares have still climbed 20% in the past month alone without any material information. It is fair enough to reason that if insider activities were engaged in during bankruptcy (settled without admission of guilt) and again in May 2013, those unseen hands may again be tipping as to the company’s prospects. Reading Between the Lines March has been a high volatility month with shares seesawing some 39%. With the announcement of a merger or buyout able to occur at any time, volatility will likely persist. The expectation is that a deal is soon to come. In a recent straw poll amongst shareholders in a closed forum, 54.1% predicted an announcement by May 18, with only 6.5% after September 7. Whenever it does occur, upon such an announcement WaMu shares will likely surge, akin to the December 10 KKR announcement. With the continued limited information, the best conclusions as to WaMu’s future can only be gathered from what is read between the lines. For example: KKR would only invest in WaMu if there was an adequate risk vs. return to be made. With 61.4M warrants blended at $1.38/share, the securities have only appreciated 235% based on WaMu’s March 21 close. In a high speculation stock such as WaMu, KKR would certainly expect more of a return than that. KKR’s 7.5% PIK notes indicate how much they view the speculative nature of WaMu shares. Tagar Olson, KKR’s Head of Financial Services, has been appointed an observation seat on WaMu’s board of directors. Mr. Olson would not be on the board unless plans were in motion. KKR’s investment will eventually add 71M additional shares, or a 26% dilution. During bankruptcy proceedings, Steven Zelin of Blackstone Advisory Partners stated that WaMu’s NOLs would likely be discounted by 25% to 35% for transaction risk were the company merged in an all-stock transaction with another entity. Is KKR signaling that it will eventually consume WaMu in its entirety? In December, KKR made a bid to take over its KKR Financial (KFN) affiliate. The KKR deal was seven months ahead of shareholder knowledge. They know more than anyone else does at this point. KKR has the right to participate in future WMIH equity offerings, up to an aggregate of $1B. Such a number indicates that KKR sees a future value in WMIH of at least that amount. Hard Numbers At this time, WaMu lacks hard numbers in order to put a future value on shares, forcing one to resort to a large amount of guesswork and reliance on past results to predict future outcomes. As it currently stands, WaMu has about $65.1M in equity, a number relatively unchanged in the past year because projected losses by its subsidiary reinsurance arm have been less than expected. This is a good thing because its subsidiary still owes $105M on notes paying 13%. The better-than-expected losses have negated interest payments, resulting in a $338K profit for the year, verses a $12.4M loss in 2012. If the housing market continues to improve or tread water, WaMu may be able to eventually profit off its reinsurance arm, which had been left for dead by JPMorgan. With $65.1M in equity, $10.6M from the sale of preferred stock to KKR, and an eventual $84.7 in cash from the sale of warrants to KKR, WaMu’s total hard equity rises to $160.4M based on 273M shares, or $.59/share. After that, the math gets fuzzy because it becomes a matter of valuing the company’s NOLs. If WaMu is able to use them in their entirety, they will be able to save $2.1B in cash. With 273M shares, the NOLs could be worth up to $7.65/share. However, using up the NOLs will likely take years, or at least three based upon KKR’s warrant agreement. This NOL value coupled with hard equity creates a total market value of $2.24B. While such a valuation seems pie in the sky, it is supported partially by KKR’s right to participate in future WMIH equity offerings, up to an aggregate of $1B and including a cap in ownership by KKR of 42.5% of WMIH’s common shares. Based on the $1B for 42.5% ownership valuation, WMIH’s market cap would weigh in at $2.36B, a differential of just 5%. While this is no way an assurance of future value, it does lead credibility to the $2.24B value, otherwise why would KKR request such a right. Under this evaluation, KKR’s 26% interest in WMIH for $95M would reap $620M for KKR’s equity — a tidy 650% return — a number in line with the speculative nature of WaMu (see #1 above). For those of a more conservative mind, if KKR’s rights offering states they view the company having at least $1B in value (see #4 above), then shares should reach between $3.66 and $4.95 depending on the future 273M or the current 202M shares. Under this projection, it assumes either half of the NOLs expire unused or the company takes on further dilution. However, because of IRS Section 382 limitations, WaMu’s current shareholders need to maintain at least 50% ownership of the company, which limits dilution. Based upon this $1B valuation and blending the price ranges, a $4.30 six month price target is a projection within reason but likely to change once WaMu and KKR announce their first move. http://seekingalpha.com/article/2103953-wamu-seesaws-on-m-and-a-speculation?source=yahoo http://dlvr.it/QtSHfV

[kflixnet]

KFLIXNET is happy to present the compiled list of our recommendations sent in by you guys for our anniversary special event; shout-out!

Compiled below is each fic sent in by our members and fellow writers.  Thank you to everyone for being with KFLIXNET, and to everyone who shared the works they loved writing!

Check out the amazing works sent in below the cut!

𝐀𝐓𝐄𝐄𝐙

corpsehands | @bikerjongho

↳ wooyoung | 4.4k | fantasy + adventure + supernatural

𝐁𝐓𝐒

minors dni | unorthodox | @yoongimingyu

↳ ot7 | series | smut + fluff + angst

infinite stars | @maplecornia

↳ ot7 | series | fluff + angst

minors dni | countermelody | @bonvoyagenoona

↳ yoongi | series | fluff + angst + humor + smut

𝐄𝐍𝐇𝐘𝐏𝐄𝐍

secret admirers | @renhaissance

↳ 02z | series | fluff + humour

hi, i'm jaeyun | @alohajun

↳ jake | 0.7k | fluff

21:43 | @hoonfever

↳ sunghoon | 0.2k | fluff

in my dreams | @yyunari

↳ sunghoon | 1.2k | fluff + angst

mail! | @prettywon

↳ sunghoon | smau | fluff + angst + crack + slowburn

carnations | @sunoksunny

↳ sunoo | 1.3k | angst + fluff

my vampire boyfriend | @intotheneozone

↳ jungwon | 12.6k | fluff + angst

one day at a time | @twilightau

↳ jungwon | 3.5k | angst

𝐍𝐂𝐓

silent touches | @svhnflwr

↳ johnny | 0.4k | fluff + slice of life

for the record | @lebrookestore

↳ taeyong | 51.4k | fluff + angst + slowburn + romance + comedy

unexpected but sweet | @meiideryz

↳ ten | 1k | fluff

the boy on the train | @ohmytyong

↳ mark | 1.6k | fluff

the mistery of the lost wallet | @nanaflwers

↳ jaemin | 1.4k | fluff + humour + romance

minors dni | as always | @luvno

↳ jisung | 2k | smut

𝐏𝟏𝐇𝐀𝐑𝐌𝐎𝐍𝐘

present | @tranquilpetrichor

↳ keeho | 0.8k | angst + comfort

pay off | @sxcret-garden

↳ keeho | 5.4k | fluff + slowburn

𝐒𝐄𝐕𝐄𝐍𝐓𝐄𝐄𝐍

pocket money | @ethereal-engene

↳ seungcheol | 1.7k | fluff + humour + slice of life

a waltz of meteors and stars | @svt1117

↳ minghao | 4.7k | angst + fluff

𝐒𝐓𝐑𝐀𝐘 𝐊𝐈𝐃𝐒

gold and silver | @decembermoonskz

↳ chan | series | angst + fluff + fantasy + mystery

when we twisted shadows back into stars | @skazoo

↳ minho | 15.3k | fluff + angst + crack + sci-fi

love potion | @pufflix

↳ changbin | 4.9k | fluff + humour

happier | @crispy-chan

↳ jisung | 20k | fluff + angst + hurt-comfort + romance + drama

painting faith | @starlighthan

↳ seungmin | 6.5k | fluff + angst + sci-fi

𝐓𝐇𝐄 𝐁𝐎𝐘𝐙

safe place | @pockyandme

↳ sunwoo | 3.4k | fluff

𝐓𝐗𝐓

sunrise | @astrozuya

↳ yeonjun | 0.6k | fluff

dreams come true | @day6andetcetera

↳ soobin | 17.2k | fluff + angst + crack

my comfort is you | @stardustsunny

↳ beomgyu | 0.6k | fluff

blurry lines | @pr0dbeomgyu

↳ taehyun | smau | fluff + angst + crack

PREVIOUS THEME | NAVIGATION | MASTERLIST | WANT TO APPLY?

[kflixnet]

i'm sending this ask for the anniversary special event (happy anniversary btw !! <3)

so the work i recommend is the boy on the train by @ohmytyong (me!!). it's a fluffy one-shot of nct's mark so i would rate it as pg-13.

i'm overall quite proud of this one and even though it's one of my very first works i love the idea and i believe that it deserves more love, so hopefully readers enjoy it as much as i enjoyed writing it <3

hi,

gathering all the love and sending it your way because you deserve it! thank you sending your rec, and hoping it gets all the attention it deserves!

check out more submissions from our anniversary special event, here's the compiled list! <3

— admin loki

[kflixnet]

helloo, i would like to join the kfn anniversary special event if you don't mind! <3

unexpected but sweet by yours truly 🥮

a pg-13 fic.

the reason why i picked this as my all time favorite is because it's the first time i've written after 8 months of losing my passion for writing. it hurt me knowing that i couldn't finish a single piece, but it doesn't mean that i fully gave up on writing. honestly, writing this really surprised me as i noticed how much i've improved and i'm really glad that i continued.

hello,

thank you for sharing such a piece that is dear to you! and thank you for continuing your writing journey and coming up this masterpiece to share with all of us <3

check out more submissions from our anniversary special event, here's the compiled list! <3

— admin loki

[kflixnet]

the fic i enjoyed writing the most is 'for the record'!! i would say its pg-15 and its truly my pride and joy<3

hey there!

thank you for sending in your rec! manifesting all the success for it!

check out more submissions from our anniversary special event, here's the compiled list! <3

— admin loki

[kflixnet]

hii, it’s leona! here’s my submission for the shout-out anniversary:

safe place | k.sunwoo by pockyandme (me ⊂( ´ ▽ ` )⊃)

https://at.tumblr.com/pockyandme/safe-place-ksunwoo/49pozp6zryw5

pg13

out of all my works, i’m really proud of this one because i think i actually allowed myself to go with the flow in terms of the events happening in the story and the language i used <3

additional comments for you (づ￣ ³￣)づ :

thank you sm for giving me so many opportunities to share my works and widen the amount of readers i have, i cannot thank you enough bc i got so much more love from both all of the members here and the love i’ve gotten in my works 🫶🏼 happy anniversary kflixnet!

hi,

thank you for sending your rec! thank you for all your love and support! the kfn family is always here for you to give you all the love you deserve, dearie!

check out more submissions from our anniversary special event, here's the compiled list! <3

— admin loki

[kflixnet]

Infinite Stars + Maple

https://at.tumblr.com/maplecornia/chapters/p65ckbfjcqno

pg-13

HAPPY ANNIVERSARY! I'm so glad to be apart of this network, even if I'm inactive sometimes I really do appreciate you guys.

This is my first series, but also my most accomplished one and the fic I'm most proud of. I have great plans for it and hope that others will be able to understand what I'm trying to say through it.

THANK YOU AGAIN AND CONGRATS ON THE ANNIVERSARY!

hi, love!

thank you for being a part of this network! we appreciate you, and it doesn't really matter if you are inactive we always have your back <3

check out more submissions from our anniversary special event, here's the compiled list! <3

— admin loki

[kflixnet]

Hi! I'm sending a story for the special shout-out!

The mistery of the lost wallet - nanaflwers | Pg-13

It was the first time I wrote an k-pop fanfic, so it's really important to me. Everytime I re-read it I giggle like a little girl LOLOL. Also, congrats for the aniversaryyy

hey,

thank you, love <3 adding this to my list to read later when i need a little pick me up!

check out more submissions from our anniversary special event, here's the compiled list! <3

— admin loki

[kflixnet]

I SAW THE SHOUT-OUT EVENT JUST NOW i /shamelessly/ have this fic where i enjoyed the whole writing process shebang—it's my first fic and it's like my baby: (https://at.tumblr.com/renhaissance/secret-admirers-00-prologue/l8d9fsaa709t) 🤍 pg-13! "secret admirers" by yours truly! i like writing fluffy fics that make me feel a sense of a developed friendship dynamic (cries in longing) so i hope readers will feel the same way when they stumble upon mine :') THANK YOU ADMINS!! 😭

heyy,

can't wait to read your rec! and cheers to making friends / having friendships just like the 02z! thanks for sending in your work!

check out more submissions from our anniversary special event, here's the compiled list! <3

— admin loki

[kflixnet]

hello! for your anniversary event i am sending in my first ever tumblr fic, present (ofc, the author is me, tranquilpetrichor). it is a pg-13 fic as a lot of it is a reflection on mental health and is quite existential. this was such a special fic for me, so i'm glad i have the chance to promote it.

have a good day! looking forward to everyone's fics <3

hi hey,

thank you very much for sharing a work that is dear to you <3 we are just as glad to be promoting this!

check out more submissions from our anniversary special event, here's the compiled list! <3

— admin loki

[kflixnet]

hi... this is for the anniversary special :D

painting faith by starlighthan (me lol)

you tagged the work as pg-15 when you reblogged it before, so i'm not sure if this fits as pg-13 or pg-18 :'> this has some sensitive content

additional comment (heh): really love this one since it's the first fic that i wrote with angst that i didn't dislike lol and so far, this is the longest fic i have posted! i'm just proud of the whole thing i made lmao

hi,

long or short, angst or fluff, we appreciate you sharing your favorite work with us, thank you, love!

check out more submissions from our anniversary special event, here's the compiled list! <3

— admin loki

[kflixnet]

Hii^^ First of all thank you for all your hard work and for running this network!!! I'd like to recommend the following of my fics for the anniversary special event:

Pay Off by @sxcret-garden (pg-13)

hello hello,

thank you for showing your love and support for this network! we will try to return it in whatever way we can!

check out more submissions from our anniversary special event, here's the compiled list! <3

— admin loki

[kflixnet]

I HOPE ITS NOT TOO LATE ITS STILL THE 29TH FOR ME LOL but this is probably my fav piece i wrote bc i love how i captured the moment

- @svhnflwr

hey,

made it just in time for the deadline! happy to read the work you have shared, dearie. thank you!

check out more submissions from our anniversary special event, here's the compiled list! <3

— admin loki

[kflixnet]

I'm here to give a shout out for one of my works this year :

Dream Come True (by Sharmi/ @day6andetcetera )

Pairing: Choi Soobin x Fem OC

PG-13

This the longest one shot I've written so far and I'm really proud of it cuz it made me grow more as a fanfic writer. I hope this event will let this story be read (and hopefully be enjoyed) by more people.

hey,

adding this to my list right away! hoping everyone enjoys your work as much as you enjoyed writing it!

check out more submissions from our anniversary special event, here's the compiled list! <3

— admin loki

[kflixnet]

an ask for the anniversary's special event!

"when we twisted shadows back into stars" by skazoo

pg-13 (no explicit nsfw but there's violence!)

this fic is my DAUGHTER and i lover now just how i loved her when i was writing her so, yeah, i hope others can like it as much as i do <3

hi there,

thank you for sharing your favorite work! manifesting all the love and support for your works because you deserve it!

check out more submissions from our anniversary special event, here's the compiled list! <3

— admin loki