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Boarddork, I received my statements from Merrill Edge on 2/8. My UQ markers are in that account.
Thank you!
Thanks for all you do AZ. Financial difficulties? No, because I never invest more than I can afford to lose, which was my mantra 12 years ago. However, I'm still working at 71 because we are now legal guardians of our 7 and 12 year old grandsons. A WAMU payoff after all these years would allow my wife and I to fully retire and give our full attention to these boys who have lost both parents.
Thanks AZ for all of your amazing work over the years. I just wanted to make sure I am correctly following the bouncing ball. I hold 200,000 U's escrows. If I'm understanding you, each of those cusips will be receiving approximately $0.38/qtr. for 51 quarters or $19.38/escrow cusip (in my case roughly $3.9 million). In addition, the quarterly payments will continue at the $0.38/qtr. rate until the trust balance is exhausted?
That board is pretty irrelevant since the last post was Jan 18th!
Lodas, I am with you. I retired last September from a nice six-figure career. Now I day trade short-term options and my monthly average income is almost what it was when I was working. My "work day" is over at 1:00 PDT (many days sooner when I've hit my daily objective). I focus on about 75 fairly volatile stocks which can make big moves during the day, and follow some simple 5-minute and daily charts that I created. Each day is a new adventure and I just take what the market gives. Having a blast.
But how many Q's do they own?
Just read some Yelp reviews - ouch!! Their customers really dislike this company. Overall rating 1 1/2 stars out of 5.
Mordicai - I, too, am a descendant of Abraham Clark, as well, as John Hart, another signer from New Jersey.
Also the tracking number for Apex Clearing/Planner Securities
Well that was my understanding. I was actually more amazed that people were still talking face + interest.
Help me out here. Not sure why some owners of P escrows talk about $1,000 face + interest, unless you believe that is going to be your return and commons split the remainder. If, however, you believe in the 75/25 split all the way, face value of Ps means nothing - so which is it? I own a fair amount of both, so I really don't care. I'm just curious why some are inclined to discuss face value when APR no longer exists.
If 60 billion comes to escrow, you are correct that 15 billion would go to common, but with 1.2 billion common shares released, the value of 15 billion is approx. $12.50 per common share marker, so you're $3 scenario would be incorrect.
"Besides, there is NO CAPS on preferred, where there is for common share holders, which means that preferred could be worth many times its face value".
What a ridiculous statement. Neither Preferred nor Commons are capped. Anything that comes back is 75%/25% all the way until the last dollar is distributed. All of the old rules of APR and the magic of preferred shares went out the window with POR 7
Jest - I know it's servicing, and referenced that in my initial response to LG's post. Please take a look at his post (491840). It's LG that incorrectly claimed in the first bolded statement that the WaMu Portfolio was $1.17 trillion. My response was only to challenge that incorrect statement.
It's a misrepresentation. His headline implies that the WaMu mortgage portfolio is $1.17 trillion. When you read the quote in the body of his post (the one in red from JPM), it clearly states the addition of the WaMu portfolio is part of the 91% growth that brought their total portfolio to $1.17 trillion. I'm just clarifying his headline. It's misleading.
WaMu portfolio, it grew 91% to $1.17 TRILLION of loans
Not exactly true LG. The quote in your post states that their third party mortgage servicing segment "including the addition of the WaMu portfolio", grew 91% to $1.17 trillion of loans." There's no way to tell from that quote exactly how much of the $1.17 trillion constitutes the WaMu portion of those mortgages. I get your point that they are admitting it, but there is not $1.17 trillion in WaMu mortgages as your headline suggests.
Exactly. The fact that nothing happened on the 5th was precisely what was needed that day. A lot of fresh posters lately that need to get up to speed ...
I watch this board on a random basis and am amazed that this 75/25 discussion persists every time I jump back on the board to look at what's going on. In the words of Hillary Clinton, "What difference does it make?" Whatever happens has been determined and to be perfectly honest it shouldn't matter because we all made our choices long ago as to whether we own P's, U's, or both. Nothing to be done at this point.
All I know, or care about, is that years ago, I decided to acquire 200K U's at a $0.10 per share avg. It was my decision to pass on P's. I am confident that we will get paid soon, and when the dust settles, I'll make $1M-$5M on a $20K investment. I'm good with that. Honestly don't care about 75/25.
I thought: 1. The OL was $26 billion - not 6 billion; 2. If we used the OL, we'd lose the NOLs; 3. That's okay because the net value of the NOLs are significantly less that of the OL; and 4. The OL had to be used in 2012 or it went poof.
I'm an older guy, so the memory may be faulty, but that's the scenario I recall
Really? Have you been in this stock long? Would you have been "satisfied" with $0.15 of WAMUQ? (Because that's about what $5.40 of WMIH equals.) Sorry, but unless the decimal point is moved one spot right, I won't even begin to be satisfied.
Thanks Myadad. Nice to hear from you and to have another voice of reason added to Radium and Catz. This is also probably the best post since we emerged from BK.
Yes it was.
You are wrong. At one point, the discussion on the board pointed out that worst case scenario (if pretty much everyone opted in) would be an almost 39 to 1 conversion. The fact that we got just under 30 is a major improvement over what could have been.
Not sure if I missed something or not. This filling confirms that WMIHC has the authority to issue up to 500 million shares of common stock. However, I don't recall any previous mention of preferred shares being available in the new company.
Funny how the date is the "Ides of March." Hopefully we don't have to beware that date (for you Shakespeare fans out there).
Just checked my Penson account. The value is back based upon yesterday's close, but the symbol is still the locked symbol, W007761, not WAMUQ.
Biz - My shares appear to be locked now for Track Data/Penson. Previous WAMUQ showing up this morning as W007761 with $0.00 value.
Biz - I understand what Ros is saying. However, as of two minutes ago, it doesn't look like Penson has locked my shares. I sent my ballot via FAX to Track Data last Monday and mailed the official ballot to Penson certified mail. They received it Friday. Has Penson locked your shares yet?
Spoke with my contact at Track Data Securities this morning regarding mailing the original ballot to Penson, as well as the FAX/email to TDS. He called me back after confirming with the Penson Corporate Actions contact that we need to do both. Just received his follow up email, below, sent to all WAMU clients.
_________________________________________________________________
***PLEASE MAIL THE ORIGINAL COPY OF THE BALLOT TO THE ADDRESS BELOW IN ADDITION TO THE FAXED/EMAILED COPY. THE ORIGINAL DOES NOT NEED TO BE RECEIVED BY THE 2/3/12 DEADLINE, BUT IS REQUIRED TO BE ON FILE AT PENSON. IT IS IN YOUR BEST INTEREST TO MAIL IT AS SOON AS POSSIBLE. PLEASE ALSO BE SURE TO WRITE YOUR PENSON ACCOUNT NUMBER (4ZC--) AT THE TOP OF THE BALLOT FOR FASTER PROCESSING***
MAILING ADDRESS:
PENSON FINANCIAL SERVICES, INC.
ATTN: CORPORATE ACTIONS
1700 PACIFIC AVENUE, STE. 1400
DALLAS, TX 75201
Respectfully,
Ros Goltser
Trading Help Desk
Track Data Securities
718-923-3007
I apologize for what is surely a redundant question, but my daughter also holds shares in WAMUQ with Fidelity as her broker. Since my shares are through another broker, I've not really paid attention at this point regarding what the current status is with Fidelity. She hasn't received anything from them yet and I'd appreciate a synopsis from anyone that I can forward to her. TIA
Thanks Biz. I generally read every post each day, but the last week or so has been crazy with all of the voting related posts. I've just been skimming the board and hadn't picked up on any Track Data or Penson info. I think I have what I need now, but good to have the name of an informed person at TDS to follow up with if needed.
Just an FYI on Penson. My broker is Track Data Securities, but everything is administered through Penson Financial. I called Track Data yesterday and they were clueless about the whole WMI situation. However, the guy I spoke with contacted Penson to find what was going on. Penson emailed the Ballot packet (13 pages) in a PDF format to Track Data, who in turn sent it to me. The instructions are to either scan the completed ballot and email it back to the Penson Voluntary Corporate Actions Dept. (Voluntaryca@penson.com) or FAX it to them at 214-217-4993 no later than February 5th.
Some of you may have similar situations where your broker is tied to Penson Financial, so I thought I'd post the info for whoever needs it.
Has anyone received their ballot yet from Penson Financial?
Uz - not 8.77% of total. 8.77% of commons' 30% which equals 2.631% of the total. That leaves 27.369% of the total for commons, not the 21.23% that you are stating.
200,000,000 total shares in NewCo
Prior:
60,000,000 for Commons
Now:
54,738,000 for Commons
5,262,000 for DIME
Thanks Catz. Now that you mention it, I do recall receiving the courtesy notice.
Just a question, Catz. Last time, I did not receive a ballot and as I recall they weren't sent since the U's were assumed (or deemed) to vote no. I receive various notices from my broker but as a long holder of only 200k U's, I've never received the massive FedEx deliveries referenced on the board in the past, etc. Can you please clarify your experience with ballots last time around?
After all the various posts and opinions regarding DIMEQ and JMW's upcoming decision on Tuesday, am I correct in simply stating that the effect on WAMUQ comes down to:
Class 12 = Good
Class 18 = Better
Class 21 = Bad
??
I can't believe there is still a discussion going on about the timing of Folse's vacation and the implications of that event. Good grief. Fortunately this should end soon because his vacation is over in a few days.
Concur