just another poop n scooper
I posted this on the WAHUQ board a few minutes ago.
Just received in the mail a document from the LTI.
Few things to mention:
Washington Mutual, Inc.
2335 Alaska Ave
El Segundo, CA 90245
Document was a motion to pay off in Tranche 4
(Certain De Minimis Liquidation Trust Interests)
It was described as paying off in the amount of $89,763.54 in order to save $100,000 to $200,000 in adminstration costs.
Seems reasonable,BUT WHEN HAS THE LTI EVER BEEN REASONABLE?
It appears that the max payment would be $500 and most would be less than $50
The benefit to the higher Tranche 4 claimants would be the savings in the cost to not continue having the lower Tranche 4 hang around.
Lower Tranche 4 MINIMIS claimants were listed as a hodgepodge of claimants.
Objections must be posted by December 2 and if any the hearing would be on December 11.
Anyone else get this notice?
As far as I am concerned, the minimum has just been spelled out. The minimum being far more than the current value
It all was spelled out in the POR/DS which the min to be approved by the judge is a bar set real low in BK court.
Judge is not who you should be mad/pissed off about, reserve that for the previous debt holders who ran that circus.
Kidding, no. Looks to me to be a minimum worth far exceeding our current value. Give me evidence of where I am mislead. IMHO
U R kidding right?
BK is controlled more by the lawyers than the judge.
Judge can only process/rule on things the BK lawyers bring to the court to rule on.
Judge can't make the lawyers submit papers or oral arguments until the lawyers are prepared to present to the court such evidence, all the while billing the estate for their services.
That is correct if you take your WAMKQ shares of 7142 and mulitiply by .4950 you will get your new WMI Holdings of 3535 new shares.
Ks converted at a ratio of .495 new shares for each old WAMKQ. 1000 wamkq become 495 newco shares.
I dont have PM. The release extension is what you say, march 7, but the question is what is the date of record for the ones eligible to give the releases.
I have not followed that portion closely since i have already tendered everything, i.e. vote and releases, so it no longer pertains to me.
Do you know the conversion for Ks?
Rosen has directed KCCLLC to disenfranchise the Preferreds.
KCCLLC offers only a ballot download for Commons, nothing for Preferreds.
I would imagine that most releases would come from Common shareholders, so Rosen want to make it uber easy for the Commons to get their ballots in.
ok thanks a bunch
You were supposed to receive a ballot for every account that held Class 19 shares.
Each ballot is for one account
Each ballot is to have the Class 19 shares you hold in that account,
and in Item 3, on each Class 19 ballot, you are to insert the number of Class 19 shares held in any other account(s).
You put the account number, and the name of the broker on each line of Item 3, for other shares besides the ones that caused this ballot to be sent to you.
so i write ttl kq and pq i hold item 1
do i write a/c # at other brokerage?
Item 3 is for other Class 19 shares you have voted in another account, either at the same broker or another broker.
So, that page should show all of your Class 19 shares, by adding the number you placed in Item 1, and the total of Item 3.
I HAVE A QUESTION ABT ITEM 3
is it for if you have voted at any other brokerage for class 19?
i am little confused as to what goes in that any other pref at same brokerage firm or any brokerage
The K ballot Etrade sent me had CUSIP G9463G-AA-6 which is for Series A-2 WaMu Cayman Preferred Seruruties. The correct CUSIP for the K's is 939322-83-0. (both CUSIPS are Class 19) I am going to submit a provisional ballot with the correct CUSIP just in case the one ETrade sent me gets rejected. I don't care if it gets there in time for the POR vote, I just want to make sure at the end of the day my release is recorded correctly.
News for 'WAMUQ' - (Attention Shareholders of Washington Mutual, Inc. Shareholders Who Hold their Securities through a Bank or Broker Must Return their Ballot to their Bank or Broker)
SEATTLE, Feb. 1, 2012 /PRNewswire via COMTEX/ -- Washington Mutual, Inc. (Pink
Sheets: WAMUQ.PK) ("WMI" or the "Company") and the Official Committee of Equity
Security Holders of Washington Mutual, Inc. ("the Equity Committee"), in
connection with WMI's chapter 11 case and with respect to the solicitation of
approval of the proposed Seventh Amended Joint Plan of Affiliated Debtors
Pursuant to Chapter 11 of the United States Bankruptcy Code (as has been and may
be further modified, the "Plan"), today announced that they are providing a
recommendation to all holders of WMI common equity securities in Class 22 who
hold their securities through a bank or broker.
SPECIFICALLY, EACH SUCH HOLDER MUST RETURN THEIR BALLOT TO THEIR BANK OR BROKER.
If you are a holder that holds WMI common equity securities through a bank or
broker, you should NOT send your ballot to the Debtors' solicitation and
tabulation agent, Kurtzman Carson Consultants, LLC ("KCC"). Your bank or broker
must process your voting/release instructions in order for your votes/releases
to be counted. If you send your ballot to KCC directly, KCC will not be able to
process your votes/releases and you will not be eligible to receive any
distribution under the Plan.
If you have not received a ballot and would like one, please visit
www.kccllc.net/wamu to download one.
If you have already mistakenly sent your completed ballot to KCC, it will be
returned to you by mail as soon as possible. You may download a replacement
ballot at www.kccllc.net/wamu. If you want your vote to be counted, you must
send your ballot to your bank or broker as soon as possible so that the bank or
broker has sufficient time to provide its voting tally to KCC by February 9,
2012. DO NOT DELAY IN RETURNING YOUR BALLOT. If you are late in sending your
ballot back to your bank or broker, but want to ensure that your release is
counted, entitling you to a distribution under the Plan, then you must return
your ballot to your bank or broker so that the bank or broker has sufficient
time to process your release information and return all ballots to KCC before
February 28, 2012.
Banks and brokers that are voting nominees of beneficial owners of WMI common
equity securities are urged to contact KCC if they have any questions.
WMI's Plan and Disclosure Statement are available at www.kccllc.net/wamu. The
Plan is subject to confirmation by the Bankruptcy Court. This press release is
not intended as a solicitation for a vote on the Plan.
SOURCE Washington Mutual, Inc.
WAMKQ ballot problem >>> I noticed my WAMKQ ballot shows a different CUSIP G9463G-AA-6 and CODE Z than the one I downloaded 939322-83-0 and CODE DD. I got this ballot from Etrade. Seems I got a ballot for non-U.S. holders as it does not include a W-9 as my other ballots for WAMPQ and WAHUQ do. Also, the ballot asks for $ amount of securities to vote instead of share count. I will be calling ETrade first thing in the morning.
Received K ballots yesterday from USAA.
For all using TDW in Canada
Please advise client of process as follows:
Make appropriate elections on CASE
Also submit hard copy of appropriate ballot for each class client holds and arrange for immediate delivery to:
TD Waterhouse Canada Inc.
77 Bloor Street West, 3rd Floor
Attention: Corporate Actions Department - Voluntary Tendering Group
I've got a ballot for my WAMUQ shares, but not for my WAMKQ.
I got nothing from Schwab yet here...
Schwab Account holders received any Ballots/Materials? ...
Please Post your receive dates if you have yours.
P.S. ... I've got nothing so far.
LETTER FROM TPS TO MEMBERS OF CLASS 19
(including WAMPQ and WAMKQ).
It is in the Approved DS: Read exhibit 6-5 almost at the end of the doc.
TPS has written a letter to all members of class 19 (including WAMPQ and WAMKQ).
There is also a very interesting "litigation targets" exhibit that TPS has attached to its letter. Very interesting.
On the voting and election business, it says pretty much what we have been saying: Vote to Reject the Plan but also Grant the Releases, for the reasons we have discussed.
As a pref holder, that's what I'll do. Vote to reject the plan and grant the releases (by not checking the "opt out" box).
Fixed -- that's the huge unknown. I'll just leave it that I consider that a "twilight zone" period, and it's highly risky, IMHO... I don't see how prior votes for xxxx # of shares would somehow automatically apply to my new balance of yyyy # of shares, or whatever. Too many permutations for something "wrong" to go on and have that "twilight zone" money just go poof.
In my view, before that period, people ought to have made their choice, and call it a day. Either in, or out.
As I posted on Y...
Morpheus: This is your last chance. After this, there is no turning back. You take the blue pill - the story ends, you wake up in your bed and believe whatever you want to believe. You take the red pill - you stay in Wonderland and I show you how deep the rabbit-hole goes.
That's strangely spooky -- making the decision as to whether to hold firm, and go forward....
Catz, stupid question but, I gotta ask.
Once we vote and our shares are locked, what happens if we buy more shares just for trading? Would the new ones be locked as well or would the broker have us locked so that we couldnt even buy anymore?
EC Recommendations for Non-US Holders of WMI securities
Equity Committee Provides Recommendation to Non-U.S. Holders of Washington Mutual, Inc. Stock
I always look at price dips in this stock as another opportunity to double down. Dips on these BK plays are a good way for people to shake off the stop-limits, so load up because I don't think they'll be on sale for very much longer.
well, these prices suck in comparison to the opening day blah
Yep, at the current prices they are.
P's are probably the best deal provided you can afford it... however, for the average person looking to hedge his bet you had posted this on another board... which makes K's the second best in ranking per share.
This board is for discussion of Washington Mutual Inc (WMI) preferred K shares.
Just Before The Theft: http://www.youtube.com/watch?v=A0OaEofs-2I
Night of The Theft: http://www.youtube.com/watch?v=7ojK_9pKpKs&feature=related
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
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