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Washington Mutual Inc pfd K (fka WAMKQ)

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Last Post: 1/30/2016 1:28:17 PM - Followers: 83 - Board type: Free - Posts Today: 0

 This board is for discussion of Washington Mutual Inc (WMI) preferred K shares.

 Just Before The Theft:

Night of The Theft:

From Wikipedia

On September 25, 2008, the United States Office of Thrift Supervision (OTS) seized Washington Mutual Bank from Washington Mutual, Inc. and placed it into the receivership of the Federal Deposit Insurance Corporation (FDIC). The OTS took the action due to the withdrawal of $16.4 billion in deposits, during a 10-day bank run (amounting to 9% of the deposits it had held on June 30, 2008)  The FDIC sold the banking subsidiaries (minus unsecured debt or equity claims) to JPMorgan Chase for $1.9 billion, which reopened the bank's offices the next day as JPMorgan Chase branches. The holding company, Washington Mutual, Inc. was left with $33 billion assets, and $8 billion debt, after being stripped of its banking subsidiary by the FDIC.  The next day, September 26, Washington Mutual, Inc. filed for Chapter 11 voluntary bankruptcy in Delaware, where it is incorporated.Washington Mutual Bank's closure and receivership is the largest bank failure in American financial history.  Before the receivership action, it was the sixth-largest bank in the United States.  According to Washington Mutual Inc.'s 2007 SEC filing, the holding company held assets valued at $327.9 billion.On 20 March 2009, Washington Mutual Inc. filed suit against the FDIC in the United States District Court for the District of Columbia, seeking damages of approximately $13 billion for what they claim to be an unjustified seizure and an extremely low sale price to JPMorgan Chase. JPMorgan Chase promptly filed a counterclaim in the Federal Bankruptcy Court in Delaware, where the Washington Mutual bankruptcy proceedings had been continuing since the Office of Thrift Supervision's seizure of the holding company's bank subsidiaries.


       The Flush and Flow Team

The Sheila Bair disgrace sequence

 1).  Sheila Bair rings Jamie Dimon and suggests to him that she might confiscate the assets of Washington Mutual.  She says that Jamie should prepare a bid. 

2).  One week later the Office of Thrift Supervision signs a memorandum of understanding with WaMu saying that WaMu does not need to raise capital or increase liquidity.

3).  Sheila Bair forces WaMu to get investment bankers in who will do due diligence.

4).  The investment bankers talk down WaMu for weeks in press and cause a minor run. 

5).  The OTS seizes WaMu without any real indication to the management that this was going to happen and sells it to her hand-picked banker (Jamie Dimon).  The deal is irrevocable.  In the process she puts the fear-of-government in all the intermediate holders of US Bank finance.  This exacerbates the crisis.

6).  The WaMu deal causes a panic at Wachovia.  There was no panic at Wachovia prior to this - though Wachovia stock is justifiably weak.

7).  On Sheila's timetable a deal has to be done for Wachovia in three days.

8).  Sheila decides that no deal can be done without government support and she offers that support.  Wells Fargo has simply told her they need more time.  Having done due diligence on a small bank I can assure you three days is not enough for a large bank unless the Government is going to give you large warranties.  Sheila created a timetable that forced the government into a deal that was potentially bad for taxpayers.

9).  A few more days and the deal turns up that doesn't cost taxpayers anything.  Sheila however has staked her reputation on the prior deal and defends her prior behaviour.

I have argued that Sheila should be sacked.  I think that is pretty obvious now.

But someone on Wall Street has a better idea.  It is in this photo:


Purchase and Assumption Agreement:

Popular WAMU Sites:  The WAMU Story                                                                                                           OTS Fact Sheet                                                                                        History  Whats is going on with the company  Muckety Map   WAMU Acquisition


 RECENT COURT DOCUMENTS:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
Letter from Fshon                           


Here's the Prospectus and other info:

2. Series K, Trading as WAMKQ

Old symbol: WM.PRK, Issued 9-11-06

Outstanding: 20,000,000. Liquidation Value $25.

Interest Paid: Greater of 3 month LIBOR plus .70% or 4%.

Depository shares representing 1/40,000th of floating rate series K non-cumulative preferred stock, no par value.

Series K Perpetual Non-Cumulative Floating Rate Preferred Stock was originally issued at $1,000,000/share. 500 were issued.

SO, 500 x 40,000 = Number Outstanding: 20,000,000.


Click on the link below to see who has been buying WAMKQ:


                                  Daily Stock Data

Charts and ROI

Short Interest:





WMI Hearings - Audio Archive

2011-01-20 mp3 ogg

2011-01-06 mp3

12-07-2010 mp3 (Confirmation day 4)

12-06-2010 mp3 (Confirmation day 3)

12-03-2010 mp3 (Confirmation day 2)

12-02-2010 morning (mp3) afternoon (mp3) (Confirmation day 1)

12-01-2010 mp3








06-17-2010 DE Omnibus

06-17-2010 Tacoma, WA














 Recent Media Articals:     Lots of info" rel="nofollow"> rel="nofollow" target="_blank" href="">





















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#4848   As everyone is aware, this security has been MasterBlastr 01/30/16 01:28:17 PM
#4847   sidedraft 04/24/15 09:14:18 PM
#4845   TO ALL GO4AWILDRIDE 11/20/13 05:40:06 PM
#4844   As far as I am concerned, the continuity 03/16/13 07:07:55 PM
#4843   continuity It all was spelled out in the POR/DS GO4AWILDRIDE 03/16/13 06:55:02 PM
#4842   Kidding, no. Looks to me to be a continuity 03/16/13 06:49:48 PM
#4841   Continuity U R kidding right? GO4AWILDRIDE 03/14/13 09:45:43 PM
#4840   I would like to see the judge sued continuity 03/14/13 08:29:54 PM
#4839   That is correct if you take your WAMKQ ItsMyOption 03/27/12 12:43:13 PM
#4838   Ks converted at a ratio of .495 new McChief 03/27/12 12:41:26 PM
#4837   7,142 KQ shares turned into 3,535 Newco shares. Lawson Digest 03/27/12 12:38:48 PM
#4836   I dont have PM. The release extension marayatano 02/21/12 06:40:19 PM
#4835 sidedraft 02/20/12 01:08:41 PM
#4834   sidedfaft Do you know the conversion for Ks? dmceng 02/20/12 01:06:37 PM
#4833   interesting that this just keeps closing flat day cents2ks 02/07/12 06:35:55 PM
#4832   Rosen has directed KCCLLC to disenfranchise the Preferreds. sidedraft 02/07/12 12:13:07 PM
#4831   ok thanks a bunch tpg 02/06/12 01:59:36 PM
#4830   You were supposed to receive a ballot for sidedraft 02/06/12 01:20:16 PM
#4829   thank you tpg 02/06/12 01:09:05 PM
#4828   Item 3 is for other Class 19 shares sidedraft 02/06/12 01:04:50 PM
#4827   I HAVE A QUESTION ABT ITEM 3 tpg 02/06/12 12:47:01 PM
#4826   Turned my ballots in, in person, on Friday sidedraft 02/05/12 07:22:38 PM
#4825   The K ballot Etrade sent me had CUSIP MasterBlastr 02/03/12 04:03:10 PM
#4824   News for 'WAMUQ' - (Attention Shareholders of Washington rodster73 02/01/12 09:18:24 AM
#4823   WAMKQ ballot problem >>> I noticed my WAMKQ MasterBlastr 01/31/12 01:05:44 AM
#4822   Get Well Fixedops! WE MISS YOU! no idea cents2ks 01/30/12 10:17:59 PM
#4821   Received K ballots yesterday from USAA. Lawson Digest 01/30/12 09:36:16 AM
#4820   I received my ballots for Ps and Ks TruBluFRU 01/28/12 05:08:04 PM
#4819   For all using TDW in Canada xmtlr 01/27/12 10:42:51 AM
#4818   I've got a ballot for my WAMUQ shares, Lawson Digest 01/25/12 11:02:08 AM
#4817   I got nothing from Schwab yet here... fixedops 01/19/12 10:58:51 PM
#4816   Schwab Account holders received any Ballots/Materials? ... W3Research 01/19/12 08:17:49 PM
#4815   LETTER FROM TPS TO MEMBERS OF CLASS 19 clawmann 01/15/12 04:46:45 PM
#4814   Nothing yet here... fixedops 01/15/12 10:22:33 AM
#4813   Schwab Account holders received any Ballots/Materials? ... W3Research 01/14/12 08:17:32 PM
#4812   Fixed -- that's the huge unknown. I'll WithCatz 01/14/12 08:58:35 AM
#4811   Catz, stupid question but, I gotta ask. fixedops 01/14/12 07:13:14 AM
#4810   Calendar going forward fixedops 01/14/12 07:01:21 AM
#4809 fixedops 01/14/12 06:57:40 AM
#4808   Thanks Catz fixedops 01/14/12 06:56:06 AM
#4807   EC Recommendations for Non-US Holders of WMI securities WithCatz 01/13/12 06:58:48 PM
#4806   Happy New Year! W3Research 01/01/12 12:07:28 AM
#4805   I was asked to pass along a message marayatano 12/26/11 09:12:47 PM
#4804   Merry Christmas! W3Research 12/24/11 02:44:43 PM
#4803   I always look at price dips in this Lawson Digest 12/14/11 04:48:40 PM
#4802   What will WAMKQ be worth, best case and Lawson Digest 12/14/11 09:52:01 AM
#4801   well, these prices suck in comparison to the traderpaul 12/13/11 04:04:52 PM
#4800   Yep, at the current prices they are. gophilipgo 12/13/11 03:05:57 PM
#4799   P's are probably the best deal provided you dragon52 12/13/11 03:05:12 PM
#4798   WAMPQs are the best deal right now. gophilipgo 12/13/11 09:54:44 AM