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WAMU/WMI EQUITY COMMITTEE APPROVED TO INTERVENE> SIGNED BY THE JUDGE TODAY>
Also: http://investorshub.advfn.com/boards/read_msg.aspx?message_id=47999534 Who is this guy who has some much money and likes investing in BK companies?
I'm excited so I'm going to do my DD on this guy later! lol
J mod
"No offense to you or anyone else in the WAMUQ nation, but the commons are nothing more than a trading vehicle... NOT an investment."
we may need to revisit this statement at a future date lol.
That being said....I'm invested in both wamu and mesa....so here's hoping they both do well : )
Pay the $43 million? Or use the cash to pay the BK attorneys. They ain't cheap and they must be paid.
obviously i dont understand the metrics of big number accounting, but my gut tells me, if a BK filing was virtually imminent,
i probably wouldnt be shoving 43mm dollars out the door. i mean, i realize it cuts the liability factor, that much is obvious. but, cash is king, particularly when in negotiations.
whatever, i have mixed feelings about BBI. we'll see what pans out.
yes...they are accordoing to the PR
Windfall, what do you mean "expected to hit the debt payment of $43 million on April 1st"? Do you mean they are expected to be able to make the payment?
BBI down grade to C rating but is expected to hit the debt payment of $43mil on April 1st. Looks like a great short play here and then play the bounce
Even though I am a Wamu holder, I do agree that MESAQ has some very good potential. New MOR coming on Friday 3/26... MESAQ doesn't move as quickly and violently as Wamuq but it is in a slow but steady uptrend.. .03 to .05 to .07 to .10 to .14 now basing .11 - .12. Next leg up I think it's good for a break over .14 easily.
I see MESAQ as a CEMJQ or possibly a mini VRMLQ stock, one day POP !
Wamuq however is great for trading, unfortunatley it has a very powerful enemy as we saw Friday.
No offense to you or anyone else in the WAMUQ nation, but the commons are nothing more than a trading vehicle... NOT an investment. You can still make a lot of money off of trading vehicles, no doubt about that. However, MESAQ is an investment. MESAQ has plenty of cash, no DIP financing, plans on emerging in less than 4 months now, converted a majority of debt into commons before filing BK, etc. MESAQ is flying and making a profit right now, they are a fully functioning company. Good luck.
I'm watching and wondering... but luckily Time is On My Side... like the Rolling Stones say!
BBI is NOT Wamu or Mesaq for sure, however it will crash that first day and will be a great bounce play.
BBI is NOT Wamu or Mesaq for sure, however it will crash that first day and will be a great bounce play.
BBI: I put my orders in yesterday. I don't feel BBI has a future, but we can make a few bucks trading it for a while. I have no hopes for a good outcome for this stock as an investment.
So that gives more time to wait for payday @ WAMUQ. How much safer can it get, a Q-play with an EC?
I would take advantage of any bounce in WAMUQ (commons) to sell and move into the much safter Q play of MESAQ. It is very early in the game for MESAQ and the potential is tremendous.
We all need to be ready to catch the low on the first day it goes pink. We know that's the day to buy as the funds are dumping. Then we wait for the bounce.
NRTLQ - Anyone watching this one?
Any thoughts about the stock? I am only scratching the surface of this one but they appear have 2 billion in cash and no claim to wipe out the commons.
Just looking for some feedback. Thanks all!
JG
BBI is going into BK real soon.
http://finance.yahoo.com/family-home/article/109097/bankruptcy-is-blockbusters-only-hope
Me too... but risky. I do not think BBI will survive the long term. But if you get in just right on the drop then there is plenty on cash to be made on the swings.
I plan on playing it for what it is worth.
Good luck!
What a gorgeous day today. Sun Shining, snow nearly all melted, WAMUQ trades trough a 6 penney range from down three to up three at close. EC brings it! St Pattys day effect in full swing!
GREEN BEER TO ALL! and I do mean GREEN!
all kidding aside chief..... i dont subscribe to that 3 day theory, no way, no how.
i'm sure there will be some to join your camp, but i think its a major league stretch.
no biggy, its the end result we are longing for, certainly.
You have a way with words...LOL
I think it's the oppisite. They saw pps tanking and were trying to save the boat (give people some hope they needed to continue holding on to their shares.)
LOL NICE use of copy and paste! Hilarious.
Hey was wasn't asking for people to be behind me.
Just to read and give their opinions!
I'm still cracking up! LOL LOL
Cheers
I didn't have to wait long. LOL
Hell I nearly missed the PQ's.
Cheers
EC response is Trade Date+3 ... means everyone who may have gotten puked out on Friday could have bought back there shares ALL DAY today.
I didn't think of this until after the PR...
I was complaining why they hadn't said anything.
Then they Responded a few hours later.
I kept thinking why the hell did they wait this long.
I believe this to be the EXACT REASON for the day they released statement and the TIME THEY RELEASED THE STATEMENT.
The WaMu's should GAP up tomorrow because everyone of them was pinned at or right near their highs. News should be spread around tonight as well. Come morning we could see something NICE once again.
I'd like to hear your thoughts on the timing issue (T+3) that I suggest.
Cheers
The EC responded today, finally.
Okay. So with the forced JPM liquidation of WAMU COMMON STOCK on the 22nd...then we're in a virtual HOLDING PATTERN """ MOST LIKELY """ until then.
Hmmmmmmmmm
I hate the wait.
Cheers and Thanks!
imo depends on when their petition to intervene is signed off on by THJMW and when Weil formally submits a settlement....my guess is w/in a day or 2 of the 26th, but who knows at this point?
When does everyone feel that we'll hear from the WAMU EC LAWYER?
Thanks!
Cheers
Judge refused to halt retiree's health care cancelation.
WILMINGTON, Del. (AP) -- A Delaware bankruptcy judge on Tuesday refused to halt implementation of his order allowing auto parts supplier Visteon Corp. to terminate its retirees' health and life insurance benefits.
An attorney for a union representing some 2,100 people who worked at two Visteon plants in Indiana argued Tuesday that many are facing hardship, and that the order should be stayed pending an appeal to a federal district court judge.
"Literally, lives are in danger," said Susan Jennick, a lawyer representing retirees who worked at Visteon's shuttered plants in Connersville and Bedford, Ind.
Visteon, a top supplier to and a former subsidiary of Ford Motor Co., argued at a hearing last year that the retiree benefits were one of its largest liabilities and posed a significant obstacle to a successful reorganization. The company claimed that the retiree health and life insurance subsidies constituted a liability of about $310 million.
According to court records, benefits for retirees of the two Indiana plants alone cost the company more than $1 million a month.
But Vicki Jo Lady, a maintenance worker employed by Visteon for 33 years, said she and her husband both suffer from chronic illnesses and had to cut back on medication as they faced the loss of their employer-sponsored coverage. Lady, 58, began sobbing as she described the choice of paying for COBRA coverage and making house payments and buying groceries.
"They don't look at me as a person, they look at me as a piece of paper," she told Judge Christopher Sontchi before offering a tearful plea to Visteon officials.
"You're messing with people's lives here," she said. "... You're intelligent people; quit taking from people out of greed."
While acknowledging the decision to terminate benefits will cause hardship for some, Visteon attorney Steve McCormick said the appeal is bound to fail, and that further delays will only cause confusion for retirees exploring other health plans in advance of the April 1 benefits termination.
After a three-hour hearing, which included testimony from Connersville mayor Leonard Urban, Sontchi stood by his earlier ruling, in which he determined that the retirees did not have vested rights in the benefits and that Visteon had the ability to terminate them unilaterally.
"Needless to say, this is an extremely serious issue, the court is well cognizant of that," said a somber Sontchi. He agreed with Visteon that the retirees had not met the standards for him to halt implementation of his ruling, including the likelihood that their appeal would be successful.
"It would be further delay of the inevitable," said Sontchi, who also acknowledged the hardship some retirees will face.
Also
In other developments, Visteon submitted a revised reorganization plan that provides more recovery for unsecured creditors than its original plan did.
Attorneys for the bondholders and other unsecured creditors accused the company of filing an amended plan in an effort to gain an advantage over the bondholders group, which says it needs time to complete its due diligence.
BBI: This morning I put in some GTC orders for .01 and .02. I'll see what happens. It could take months to get that low, if it does at all.
If nothing else, it'll take my mind off WAMUQ and WAMPQ.
I noticed that CORS is up 10% today with much larger volume.
I'm considering it...make up some losses in Wamu, lol
BBI talking bankrupcy: any thoughts on putting in a GTC order at .02 for if the actual Ch 11 filing takes place? Maybe good for a good bounce a few days or weeks later?
That is exactly how I feel about WAMU. I am also in MESAQ... hopeful that they are on route to getting healthy by this summer.
For WAMU my account now is mostly comprised of WAMPQs....I still retain wamuq, but far less than I had earlier. (I actually have more Mesaq than wamuq shares right now.)
However, I retain spare powder. If Venable responds how I feel they should I'm ready to move back in with prejudice lol. But nothing would suprise me right now w/ that stock, so I'm treading carefully.
I would... WAMU's situation has changed in a big way. I still hold PQs... but I am out of commons for sure, unless something changes.
MESAQ seems to be in a more stable situation IMHO.
Good luck.
JG
Blockbuster raises bankruptcy as possibilty
* Blockbuster says may have to file for bankruptcy
* Pursuing exchange of senior subordinated notes
* Auditors raise 'going concern' doubts
* Stock drops to 30 cents after hours
(Adds details, stock, analyst, recast)
By Sue Zeidler
LOS ANGELES, March 16 (Reuters) -Video-rental chain Blockbuster Inc said on Tuesday for the first time it may need to file for bankruptcy protection after years of struggling to lessen its debt load.
The company's shares fell 10 cents to 30 cents in after-hours trade.
Blockbuster also said on Tuesday its auditors have raised doubts about its ability to operate as a going concern --as the company had warned investors a month ago they would.
The once-mighty video chain, which reported a fourth quarter net loss of $434.9 million, has been trying to diversify into new distribution channels as rentals and sales at its 6,500 stores worldwide continue to dwindle amid challenges from the Internet, by-mail movie-rental services like Netflix Inc and kiosks from Coinstar Inc's Redbox.
Wedbush Morgan analyst Michael Pachter said it was important to note that Blockbuster's possible move toward bankruptcy was voluntary.
"The key here is that it would be voluntary bankruptcy filing. Blockbuster is not being compelled at this point in their effort to continue to run the business and salvage what they've got," said Pachter.
In a filing with the U.S. Securities and Exchange Commission, the company, which has been talking with several advisers to explore ways to recapitalize its $1 billion debt load, said it was pursuing an exchange of all or part of its senior subordinated notes for Class A common stock, which could require it to file for protection under the U.S. bankruptcy code.
"Our level of indebtedness may make it more difficult for us to pay our debts as they become due and more necessary for us to divert our cash flow from operations to debt service payments," the company said in its filing.
The company also said it was in talks with major studios to keep existing credit terms by pledging unencumbered Canadian assets as collateral.
Blockbuster has been attempting to sell international operations as a way to generate more cash.
(Reporting by Sue Zeidler; Editing by Edwin Chan and Steve Orlofsky)
((susan.zeidler@thomsonreuters.com; +1 213 955 6748; Reuters Messaging: susan.zeidler.reuters.com@reuters.net)) Keywords: BLOCKBUSTER
I agree, good assessment. We have a few more months left that's for sure!
chiron, just because a plan of reorg. includes cancelling of commons doesn't mean that this will be accepted by the affected parties. STILL it seems that A > L. The affected parties need to vote on it, there will be compromises and the judge must sign off.
We need to see the plan and the disclosure documents. It's my understanding that the EC's has hired an expert to value the assets and crunch the numbers. These numbers will rebut WMI's numbers. this could go on for months.
The judge will not accept WMI's plan as the final word. She has the final word. WMI, JPM and FDIC can't collude to cut out commons IMO. Let's not get ahead of ourselves. We're not dead yet.
However MESAQ has some potential. I own MESAQ.
Question for Got Parlay board...
WAMUQ next hearing is 3/26, we expect a plan of reorg that may call for the cancellation of common shares. We don't know when the EC will file anything or comment.
MESAQ, expects financials soon and a MOR, moving closer to trial date with Delta.
Thoughts on switching from Wamu commons to Mesa commons? I'm not trying to bash one or pump the other, just curious if others see an opportunity here...
I have a good chunk of MESAQ, I think because it has a much lower float than WAMUQ it could see bigger movement. They are also going up against Delta, lol, hardly in the same league as FDIC/JPM.
I suspect all of us Parlay members are feeling the heat today. I can't wait to hear from Venable.....depending on the force of their response, it could make today seem just a bad dream we once had.
At least Mesaq has been performing for me lately......
i dunno bout the rest of the crew here, but the parlay is destroying me today. all i can say is:
http://www.careerbuilder.com/monk-e-mail/?mId=35491834.2
Mesaq has strong bid support and is consolidating very well here currently. I got in very early on this one and she's holding up quite well at these levels.
Hey TPK, MESAQ is "safer" than say, WAMUQ for dozens of reasons. Here is a great link for you to review that spells out a lot of the main reasons: http://investorshub.advfn.com/boards/read_msg.aspx?message_id=45548727
A few of the reasons MESAQ is safer of the top of my head is that: MESAQ is in reorg and plans to emerge quickly and continue biz as usual as the are now, MESAQ required NO DIP financing, they also have very little long-term debt, much of MESAQ's long-term debt was converted into commons shares BEFORE BK, MESAQ has $67M in cash, they are renegotiating bad aircraft leases, and finally they are trying to resolve a dispute with Delta that MESAQ claims to be worth $70M.
Hey All,
Holding on WAMU here too, see how this plays out and the best way to secure a almost risk free holding before and after the possible drop come 3/26.
I am hearing that MESAQ is good. As WAMU was my first BK stock and it being a different beast than other BKs with the criminal aspect thrown in. I do not have a firm understanding of what to look for and play a "traditional BK". So my question is, after briefly reading through MESAQ's board DD and info, at this moment in time going forward, why is MESAQ's BK shares "safer" and what are we looking for going forward to make the pps go up versus what event would we not want to see that would make the pps take a dive and/or go dead?
Thanks in advance to anyone who go give me a quick brief so I understand these better.
TPK
MESAQ trading nicely this morning......
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Credits to the founders: Uzualsuzpect, VivaLasVegas, Chiron, Fisshon, John Gyver, and Bizreader were the initiators, i.e. those who took first action to manifest this board on January 16th, 2010
Here are the legal terms and related laws: Bankruptcy Basics: http://www.uscourts.gov/bankruptcycourts/bankruptcybasics/chapter11.html
http://bkinformation.com/news/dailynews.htm --- Daily Bankruptcy News
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(Finding new BK plays can be as easy as entering "filed for bankrupty" into a google search - share your dd here and let's invest together.)
Washington Mutual, Inc. which is the holding company of the seized bank, Washington Mutual Bank:
Tickers:
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$1,000.00 Face | |
$25.00 Face | |
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Links to information:
WMI Court Hearing Calendar: http://www.my.calendars.net/wmi/
Court Documents: http://www.kccllc.net/wamu
Latest Headlines:
Senate Asks FDIC for WaMu Documents
WaMu shareholders form official bankruptcy group
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Lehman Brothers securities
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Latest Headlines:
Lehman chief to fight 'unreasonable' claims-FT
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Mesa Air Group, Inc.
Tickers:
Common Shares |
Shares Outstanding: 175,217,000
Latest Headlines:
Mesa Air Group Receives Court Approval of First Day Motions
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DIMEQ.
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How to find Bankruptcy as it happens:
At this point it appears that nationwide BK filings can be found on an hour by hour basis by
going to: http://www.uscourts.gov/courtlinks/ (Note the BK court preselect choice) and searching by area code, which I think is the easiest to keep in mind and will cover the region sufficiently to produce search results that include the local BK courts. Then go to the BK court's website and search from there. I'm still researching this.
Top 10 cities could be split up among ten board members and each board member could do a quick search daily for new BK filings. We can be ahead of the news this way.
Los Angles, New York, Chicago, Miami, Delaware and or Utah probably have only one BK court due to population, Phoenix, Houston, Denver, Atlanta, etc.
This is from the local BK court website in my region:
"Bankruptcy cases are public records and are available for viewing in the Clerk's Office in either Seattle or Tacoma depending on where the file is located. In addition, the court's Electronic Case Files system provides access to court files via the Internet. Basic information about a case is available through the Public Access to Court Electronic Records (PACER) and Voice Case Information System (VCIS)."
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How to find BKs as they happen continued:
"Public company's file for bankruptcy according the state laws for the state in which they are registered. They are also required to file form 8-k with the SEC. You can find additional information about bankruptcy filing at the web address below:
www.sec.gov/investor/pubs/bankrupt.htm
Typically, shareholders will find out about a company filing for bankruptcy through the news first. As far as fund managers are concerned, they are constantly monitoring the news and any filings for updates to a company's status.
Shareholders are notified if the company or transfer agent sends out a communication. Otherwise, they will typically notice because the symbol of the stock will change.
If you have any other questions or comments, please send us another secure message at anytime. We appreciate your business."
(above is cited from personal email from Fidelity.com to Got Parlay board member on 2/4/2010.)
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The soon to be "Got Parlayed" watch list
Blockbuster MAY FILE FOR BANKRUPTCY SOON:
See the list of all Blockbuster stock ticker symbols click here.
Bizreader added this link on 2/11/10
Part of our Mission Statement here at Got Parlay is to wear our official Got Parlay T-shirt at least once a month in a public place! Think creatively ! Jestiron handles orders.
Go direct through PM instead of discussing your shirt size on the board! Thanks.
Click on the shirt and get them here:
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