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Wall its simple. We are all in the same boat “Quid pro quo” except??? DIMEQ refuse too play ball. They did bring up some valid points in which I wood like to see resolve, but the EC has an Ace in the hole on the sealed documents. You being a former member of an undisclosed previous EC member that knows the death traps should understand the risks involved. So why are you complaining on this board?
Ok wall give some details. How does it work? Please tell me about those death traps you speak of.
I agree but don’t forget the document that was filed under seal that had a lot of attorneys coming out of the judge chambers with an oh crap look on their face.
Maybe the numbers are known. SNH’s placed a value of 25.00 per share for 200m shares about a year ago. This comes out to 5b dollars. Go back a year or so and subtract the burn rate of approximately 30m a month and start crunching some numbers. You might be surprised of the outcome.
Who knows with these dishonest SNH’s. They wanted the whole reorganized WMI and priced the 200m shares at 25.00 bucks a piece.
Reorganized WMI will be capitalized with $75 million in cash, a $125 million credit facility, and other assets. What could other assets be? From 7 DEC 2010.
Potential assets of the estate.
Preference claims: 150m
Intercompany receivables: 22.5m
American savings litigation: 55m
Anchor savings litigation: 350-500m
TPS shares: 4b
Fraudulent conveyance July 08: 2b
Fraudulent conveyance Sept 08: 500m
Fraudulent conveyance 07-Apr 08: 4b
Tax refunds: 5.54b
Intercompany loans: 180m
Deposits: 4b
Cash on hand: 900m
D&O Ins claim: 238-500m
Pension plan: 36m+
Visa shares: 140m
BOL/COLI: 5b
WMMRC: 5.5b nol
Total: 33b+
I don’t think we will get the 33 plus but an unknown percentage is a possibility.
I’ll take that 3-term algebra equation with 2 variables and add a third. SNH’s wanted Reorganize Company. Want = money.
Muyuan51 from Austria are you serious? You think that Americans will have a “Chill and wait attitude”? We need to know what is under seal and the dollar amount.
Correct me if I’m wrong but about a year and half or so didn’t the SNH’s place a value of $25.00 per share in the reorganize company? Well maybe MW made a great deal. His 1m shares at 0.20 divided by 28 =35714 X 25.0 = 892857.12 not to bad for a couple of years IMO.
Yea I’m still laughing, because this stock is on the pink sheets and you can’t use the charts to make a reasonable evaluation. I’ve bought this stock in the past and my buy order listed as a sell. LOL!
Wow another flipper and soft pumper or hedge soft basher! “Buying and selling on the divergences is key here.” LOL
Well it’s great to know that the initial filing had 33b assets and 8b liabilities/debt. So where is the missing 23b in assets? Well let’s make that 24b in missing assets because liabilities dropped to 7b. With all of the professional CPA’s looking after the estate who made those 23/24b dollars disappear? I’m sure it wasn’t an accounting error on behalf of CPA’s because that’s a huge erroneousness illegal filing to the court.
Either way it’s a fraudulent filing. Did they overstate the amount on purpose to unload shares or did they start selling assets without court approval to benefit certain individuals?
The only way to get to the bottom of this issue is demand to see the records from the initial filing and paper trail to support such a filing of 33b assets and the paper trail that shows only 7b left over that satisfy creditors and leave nothing for the true owners of the corporation which are the shareholders. Oh by the way it’s not necessary for you too respond to this post because I’m sick of your baseless opinions. JMO.
If you liked what you heard at the hearing yesterday just wait for the jury trial. I think you’ll change that 0.03 perspective of yours. JMHO
Kaboooom!!!! Equity Committee drop the A bomb in the court room and the press is still in shock from the devastation caused to SNH’s, BR, JPM and the FDIC. The A bomb also caused disruptive communication malfunctions in the press laptops which is the reason you will not see any positive press releases in the near future.
BR IMO was selected 6 months in advance prior to WaMu seizure. I guess he thought he could pull it off since he has a history with this Judge. But them darn annoying shareholders seeking justice, e-mails, depositions, witness testimony, greedy SNH’s, greedy JPM and FDIC just can’t help themselves from taking every last cent. IMO this greed is their downfall.
Insiders must know something is coming. It wouldn’t surprise me if it turned out to be one of the SNH’s. LOL!!!
The water glass on her bench right next to the gavel contains 10% ice, 60% vodka and 30% club soda. LOL!!!!!
That’s the problem I have with BR suppose good faith negotiations. We now know that 6 months prior to WaMu seizure W&G signed a contract with JPM. Hence early on in the case BR comments to the court about milking JPM. We also know that the debtors and SNH’s were conducting the negotiations instead of the COI attorneys. So if the COI attorneys were suppose to be handling the negotiations why in the heck is the estate paying W&G?
I agree about the DC trial and I would like to throw in Texas. Don’t for get that this isn’t a chapter 11 reorganization but chapter 7 liquidation under the deception of chapter 11. If the reorganization plan was to preserve an ongoing business they would have a business plan in place instead of a shell company in which they intended to use to for tax purposes on their gains from wamu.
Too much evidence stacks up against the debtors and SNH’s. They are so freaking busted in so many ways that the judge must deny the GSA. Equity committee has e-mails, timelines, depositions, insider trading, conflict of interest, fraudulent connivance, gifting estate property, piercing corporate veil, selling estate assets without court approval and the list goes on. This GSA was also shot down by the recent Supreme Court ruling.
This is why bashers are worried
The pesky shareholders will not allow another Kmart style of undervaluing the assets and out right theft from the shareholders. I can’t wait until the oral arguments are stated in open court for the record. SNH’s and debtors have some serious problems.
1. All 4 hedge funds stated they didn’t trade on insider information to the Judge. Per the 108 pages from SS they did. Complication: Insider trading and perjury.
2. EC claims Brian Rosen for the debtors was leading negotiations with e-mails to back it up. Complication: Conflict of Interest.
3. Per term sheet of 2009 JPM was giving back the 4b deposit to the estate. Complication: Insider trading, BK court deception, SEC violation of MOR and perjury.
I could go on but you get the point. All of this is my opinion of course but I think the SNH’s and debtors have some serious issues on their plate. The shareholders will not condone the above allegations nor should we. We want answers and a shareholder meeting/valuation of all the property WaMU owned on 1 Sept 2008 to current date. Also all assets sold or transferred during that period along with who, what, when and price pais for such assets.
Essentially the SNH and Hedge funds don’t care about maximizing the estate because in my opinion they are a bunch of thieves including JPM and FDIC. A well solvent bank sold/stolen for just 1.5 cents on the dollar. Get real.
W/G has a long history representing JPM and when Brian Rosen made the comment early on about milking JPM I knew we were in an up hill battle. These people think they are above the law, but the law is the law. With the greed, overconfidence and pure bulls**t they are currently in a catch 22 situation. I’ll be damn if I do, I’ll be damn if I don’t.
Who in the hell would pay the advisory billions of dollars from the estate when they are not entitle to it per TARP laws for JPM and Case Law for FDIC? This makes no sense. JPM Has made a huge profit off of WAMU and all of the sudden the estate needs to pay JPM more than the initial fire sale price! Unreal. FDIC claims that the seizure of WAMU cost nothing to the tax payers yet they want billions from the estate! Once more unreal.
This decision from our Judge must be weighing heavy on her shoulders because if she agrees to the GSA with all the facts that prove IT took place, conflict of interest, fraudulent transfer, perjury on record, and giving advice to the debtors, “Do you want to open that door” might lead to the 19th Fereral judge that has been impeached.
Of course this is all my opinion, but it’s also my opinion that this will not go away without Just Compensation provided by the United State Constitution.
FDIC and JPM have no legitimate clams per case law and TARP recipient. Stern v Marshall is another matter.
Lies will not hide the truth
Essentially the SNH and Hedge funds don’t care about maximizing the estate because in my opinion they are a bunch of thieves including JPM and FDIC. A well solvent bank sold/stolen for just 1.5 cents on the dollar. Get real.
W/G has a long history representing JPM and when Brian Rosen made the comment early on about milking JPM I knew we were in an up hill battle. These people think they are above the law, but the law is the law. With the greed, overconfidence and pure bulls**t they are currently in a catch 22 situation. I’ll be damn if I do, I’ll be damn if I don’t.
Who in the hell would pay the advisory billions of dollars from the estate when they are not entitle to it per TARP laws for JPM and Case Law for FDIC? This makes no sense. JPM Has made a huge profit off of WAMU and all of the sudden the estate needs to pay JPM more than the initial fire sale price! Unreal. FDIC claims that the seizure of WAMU cost nothing to the tax payers yet they want billions from the estate! Once more unreal.
This decision from our Judge must be weighing heavy on her shoulders because if she agrees to the GSA with all the facts that prove IT took place, conflict of interest, fraudulent transfer, perjury on record, and giving advice to the debtors, “Do you want to open that door” might lead to the 19th Fereral judge that has been impeached.
Of course this is all my opinion, but it’s also my opinion that this will not go away without Just Compensation provided by the United State Constitution.
His background looks ok to me.
Mr. Sylvan Odobulu serves as Principal Accounting Officer, Controller and Head Office Administrator of ERHC Energy Inc. Mr.Odobulu directs the daily operation of ERHC's finance function, including treasury, budgeting, auditing,tax,accounting,capital purchasing,investor relations,forecasting and insurance activities. Mr. Odobulu is responsible for regulatory and disclosure issues including preparation of financial statements and other requisite disclosure documents, ... accounting, payroll, tax and audit matters, including liaison with external auditors, maintenance of financial controls, liaison with various governmental and regulatory agencies, as well as procurement and logistics. Mr. Odobulu provides counsel to ERHC's President and Chief Executive Officer relating to financial and tax considerations and develops long-range strategies to establish and maintain the Company's financial self-sufficiency, establishes ERHC's accounting systems and procedures to ensure they are up-to-date and in compliance with all applicable statutory and regulatory requirements, and provides advice and review for compliance with appropriate statutory and regulatory requirements. Additionally, Mr. Odobulu prepares and issues quarterly and annual audited financial statements and reports. Prior to joining ERHC and since 1999, Mr. Odobulu was employed by Ernst and Young LLP, serving in various capacities, most recently as an Accounting Supervisor. He holds a Bachelor of Science degree from the University of North Texas, majoring in Accounting.
OK Nitwit for your soon to be major losses that you’ll suffer from shorting WAMUQ I’ll take no pride nor relish in the fact that you received a serious financial blow that will be your Rapture.
Nurse is confused with a pressure dressing and direct pressure! LOL! He thinks WAMUQ is going to hemorrhage from the seems and bleed out. This is not the case! EKG shows strong pulse and good recovery prognosis for all classes of Washington Mutual!
Yak you can’t yank my chain. Good luck covering Shorty! EOM
Oh boy what? MM plays games with this stock? Or oh boy look at the conflict of interest?
Look at Weil history with JPM.
Revolving Credit Facility for Pfizer
Represented Citi and J.P. Morgan Securities in a $5 billion revolving credit facility for Pfizer, one of the world's leading biopharmaceutical companies, for general corporate purposes and as a commercial paper backstop.
JPMorgan; Citi; Goldman Sachs
Financing for Ford Motor Company
Represented JP Morgan, Citi and Goldman Sachs Credit Partners in the $18.5 billion financing for Ford Motor Company. more
J.P. Morgan; Bank of America Merrill Lynch; Barclays; Citi; Goldman Sachs
Acquisition Financing and Credit Facility
Counsel to joint lead arrangers in a $22.5 billion bridge term facility supporting the financing of Pfizer's acquisition of Wyeth and in a $4 billion revolving credit facility.
J.P. Morgan Securities Inc., Banc of America Securities LLC, Goldman Sachs Credit Partners L.P., Morgan Stanley Senior Funding, Inc., UBS Securities LLC
Financing for Dr Pepper Snapple Group Demerger
Advised J.P. Morgan Securities Inc., Banc of America Securities LLC, Goldman Sachs Credit Partners L.P., Morgan Stanley Senior Funding, Inc. and UBS Securities LLC as bookrunners and certain of their affiliates as lenders in providing $4.4 billion of financing in connection with the demerger of Dr Pepper Snapple Group, Inc. ("DPS") from its former parent entity, Cadbury Schweppes plc. This financing consisted of a $2.2 billion term loan and $1.7 billion bridge loan, as well as a $500 million revolving credit facility. Weil Gotshal also represented affiliates of the lenders in the issuance by DPS of $1.7 billion aggregate amount of senior notes, the proceeds of which were used to refinance the bridge loan
Lehman Commercial Paper Inc.; JPMorgan Chase Bank, N.A.
Financing for Hawaiian Telcom Communications, Inc.
Represented Lehman Commercial Paper Inc. and JPMorgan Chase Bank, N.A. in the $1 billion financing for Hawaiian Telcom Communications, Inc.
Citi; JPMorgan
Acquisition Financing for AMC Entertainment Inc.
Represented Citi and J.P. Morgan Securities Inc., as joint lead arrangers, in an $850 million going private acquisition financing for AMC Entertainment Inc. and others to acquire Loews Cineplex Entertainment Corporation.
Goldman Sachs Credit Partners, L.P.; JP Morgan Securities Inc.
LBO Financing for Atlas Tube and Sharon Pipe
Represented Goldman Sachs Credit Partners L.P. and JP Morgan in the $1.69 billion cross-border secured cash flow and asset-based credit facilities for John Maneely Company's acquisition of Atlas Tube and Sharon Pipe.
JPMorgan Chase Bank; JP Morgan Securities Inc.; Lehman Brothers; Citi
Financing for Orchard Supply Hardware LLC
Represented JPMorgan Chase Bank, as administrative agent, in the dividend financing for Orchard Supply Hardware LLC.
JP Morgan Chase Bank
Acquisition Financing for Medco Health Solutions, Inc.
Represented JP Morgan Chase Bank as lead arranger and administrative agent in credit facilities for Medco Health Solutions in its $1.25 billion acquisition of Accredo Health, Inc.
JPMorgan Chase Bank, N.A.
Financing for Medco Health Solutions, Inc.
Represented JPMorgan Chase Bank, N.A., Goldman Sachs & Co., and Citi, as lead arrangers, in the $1.15 billion financing for Medco Health Solutions, Inc.
Citi; JP Morgan Chase Bank
Credit Facility for Amkor Technology, Inc.
Represented Citi, as lead arranger and administrative agent, in the $650 million credit facility for Amkor Technology, Inc.
Citi; Merrill Lynch, Pierce, Fenner & Smith Incorporated; JPMorgan Chase Bank
Financing for Amkor Technology, Inc.
Represented Citi and JPMorgan Chase, as joint lead arrangers, in a $300 million financing for Amkor Technology, Inc
http://weilwc.staged.hubbardone.com/prac...
NSS need too cover IMO. It’s a professional curtsey from one MM to another MM. The question is which MM ends up holding the bag? LOL 1.7B to 2.6B authorize shares! Brokers will demand payment. Keep on shorting Nurse!! LOL!!!!!!!!!!!
Tick Tot, Tick Tot the time for negotiations is running out. SS is a top ten Lawyer in the US for a reason. Time is running out. Expect the unexpected you might be surprised. 0.70 IMO is a low expectation. Trade as you see fit, trade as you will, but remember family comes first!!!!! GLTY!!!!!!!!!!!!!
Okay man this is going to be a money making manufacturer. The MM’s are having a hell of a time controlling PPS. IMO this stock is setting up for another run .Get your tickets and get them at this instant this rocket ship is leaving Huston! Last ticket/ last chance. Don’t be late to the party (1-3 days) when term sheets come out!! Equity Committee/SS will not let you down!! IMO. GLTY !!
Yea man this is going to be a money making manufacturer. I gave you boys a heads up on 20 May 11 and the MM’s are having a hell of a time controlling PPS. IMO this stock is setting up for another run .Get your tickets and get them at this instant this rocket ship is leaving Huston! Last ticket/ last chance. Don’t be late to the party (1-3 days) when term sheets come out!! Equity Committee/SS will not let you down!! IMO. GLTY !!
I appreciate the percentages but keep a close eye on WAMUQ because,at this current PPS this is money in the bank. For over 2yrs Brian Rosen has stated,” equity was out of the money”. Why the turn around? It’s because of insider trading issues that came to surface that the four hedge funds bought/traded securities on non public information. FDIC and JPM claim are bogus as well as the MARTA claims. They are just throwing crap at the wall hoping something will stick. Not going to happen IMO. They can take a hike and pay the piper later.4b deposit, 5b BOLI, FDIC/JPM gift of NOL’s and WMB bond holder’s claims. Also don’t for get all the non-banking subs that are performing that ended up with JPM!!! This is old news, but if your late to the party and do some DD you’ll see another run in the making. GLTY
WaMu, Creditors, Shareholders Said to End Bankruptcy Fight
May 20, 2011, 2:45 PM EDT
More From Businessweek
By Steven Church and Linda Sandler
(Updates with names of accused hedge funds in fifth paragraph.)
May 20 (Bloomberg) -- Washington Mutual Inc. and its biggest creditors agreed to settle a fight with shareholders by giving them control of the company that will emerge from bankruptcy, two people familiar with the proposal said.
The outline of the deal includes $25 million for a litigation trust that would bring lawsuits to collect more money for shareholders. In return, shareholders would drop allegations that hedge funds who own $2.54 billion of WaMu’s debt used confidential information to guide their investments.
How much the deal is worth to shareholders can’t be easily calculated because the value of the reinsurance company they will get relies in part on future tax breaks, one of the people said.
“That is impossible to assess,” one of the people said.
Shareholders are among the last opponents to WaMu’s reorganization plan, which would pay more than $7 billion to creditors, who are mostly unsecured note holders.
The deal would include the court-appointed committee of WaMu’s equity holders, WaMu, and four hedge funds who helped negotiate the current reorganization plan: Appaloosa Management LP, Centerbridge Partners LP, Owl Creek Asset Management LP and Aurelius Capital Management LP.
Proposed Settlement
Details of the proposed settlement have not yet been decided and the deal could still fall through, one of the people said.
WaMu, based in Seattle, filed for bankruptcy on Sept. 26, 2008, the day after its banking unit was taken over by regulators and sold to JPMorgan Chase & Co. for $1.9 billion. Washington Mutual Bank was the biggest bank to fail in U.S. history, with more than 2,200 branches and $188 billion in deposits.
U.S. Bankruptcy Judge Mary Walrath has given shareholders permission to question the hedge funds’ under oath and collect documents about their WaMu trades. Depositions of the hedge funds were scheduled to begin this month.
Any evidence they found could be used at a hearing Walrath scheduled for next month to decide whether to approve WaMu’s reorganization proposal.
Under the plan WaMu would distribute more than $7 billion in cash and tax refunds and reorganize a reinsurance company that has the right to offset taxes on future profits with losses from the former bank-holding company.
The case is In re Washington Mutual Inc., 08-12229, U.S. Bankruptcy Court, District of Delaware (Wilmington).
--Editors: John Pickering, Mary Romano
To contact the reporter on this story: Steven Church in Wilmington, Delaware, at schurch3@bloomberg.net Linda Sandler in New York at lsandler@bloomberg.net.
To contact the editor responsible for this story: John Pickering at jpickering@bloomberg.net.
http://www.businessweek.com/news/2011-05-20/wamu-creditors-shareholders-said-to-end-bankruptcy-fight.html
Tradition Asiel Securities, Inc. EOM
The real estate is gone. JPM acquire/stole it for 1.9b.
The asset list was from a chart presentation at the confirmation hearing 7 Dec 10 by Justin Nelson.
Potential assets of the estate.
Preference claims: 150m
Intercompany receivables: 22.5m
American savings litigation: 55m
Anchor savings litigation: 350-500m
TPS shares: 4b
Fraudulent conveyance July 08: 2b
Fraudulent conveyance Sept 08: 500m
Fraudulent conveyance 07-Apr 08: 4b
Tax refunds: 5.54b
Intercompany loans: 180m
Deposits: 4b
Cash on hand: 900m
D&O Ins claim: 238-500m
Pension plan: 36m+
Visa shares: 140m
BOL/COLI: 5b
WMMRC: 5.5b nol
Total: 33b+
IMO this is why commons are in the money. JN didn’t pull this out his a$$. Also more assets have been found since his chart presentation.