No ETrade or Fidelity

I have holdings at both brokerages and I have not received anything yet.

Let me summarize the motion for you...

wah, wah, wah. THJMW found that we likely did collude with the debtors to create favorable conditions for ourselves, but it is all the EC's fault that we are not going to be able to cash in like we anticipated. wah, wah, wah. We know we are effectively insider trading but so what? We counted on getting away with it. wah, wah, wah. Our legal counsul assured us that we could do this with impugnity and we fully expect to be able to rig the process in our favor so that we can bleed the estate into our pockets, and the EC is messing all of that up. wah, wah, wah...

But POR still calls for cancelling commons

(or am I missing something?)

Don't forget that...

Filing documents with the court is not the same as publishing them on KCCLC. There are strict rules about filing, KCCLC can take their time publishing things...

ROCK AND ROLL!
That's the best document I've read in months!

This is a different type of case. The company lied about drug approvals and finances. This only affects people who purchased shares withing a specific time frame, ergo they are the only ones who receive damages from the settlement. This is not a case of pre vs. post.

Any settlement to WMI shareholders will go to all shareholders regardless of when they purchased their shares. A share is a share.

So, FDIC doesn't exactly know what they sold and JPMC doesn't exactly know what they bought.

I think this only bolsters the fraudulent conveyence since in their haste to seal the deal neither party performed the due diligence implicitly required for such a transaction.

JD was so anxious and SB was so accomodating that nobody was interested in dotting the i's and crossing the t's.

Very telling.

Unfortunatly the BK case is not concerned with fraud but rather an acceptable compromise.

Where is the Justice Department when we need them.

Oh, yeah, JD is one of Obama's BFF's...

Fish - Fenominal! Thanks! eom

Smoking gun? eom

When did the FDIC get on board with the GSA?

Last I saw there were balking at it...

Besides, the GSA cannot be approved simply because JPM/WMI/FDIC agree to it. Besides the fact that it attempts to illegally indemnify the parties from liability, the law does not allow them to exclude all other claims by coming to an agreement among themselves.

The GSA as it stands will never be approved, and THJMW will not allow any further amendments until the examiner reports.

How much ya got?

Plenty of buyers here.

I do not believe that we can get treble damages in a bankruptcy.

I think it would have to be a civil suit, and then we would need to show that we were damaged beyond any bankruptcy settlement.

Hopefully there will be one of those after the Justice Department's criminal case against JD and SB.

Doubt we could go after the FDIC, but JPig is rich pickin's.

I did not mean pointing out the obvious to the newbies of the board, I was referring to the thought that we needed to reach out to Susman and the Examiner.

Actually yes.

But that does not mean that this case and the results of the examiner will not spur the Justice Department to undertake a serious formal investigation which could not only result in the appropriate criminal charges against JD (SB and BR are just pawns, although BR should lose his license to practice law based on his actions with full knowledge of the facts). If JD joins Madoff, as he should, there could be further punitive damages awarded to the shareholders.

Congress already wilted under political pressure and limited the scope of their investigation to the effect of the bad loans made by a subsidiary that Wamu acquired mostly after the fact. But if THMJW finds that JPM and FDIC conspired hide assets, the public backlash against an already maligned banking industry could force the Justice Department to do the job that they should have already performed.

I do not agree with those who feel that the BK court can assess treble damages, the BK court's mission is to ensure that all assets are properly disclosed and that all creditors and shareholders fairly receive thier just due. Criminal actions and punitive damages would only be the result of a criminal trial. This means that we all need to keep the pressure on even after this BK case comes to an end.

I would be rather surprised if Susman and the examiner were not aware of this board and aware of the amount of DD that has been accomplished.

It was due to this board that hundreds of objections were filed by individual shareholders, it is not like we are lurking in the shadows.

It does not take a rocket scientist to recognize exactly what has transpired and that Wamu was seized fraudulently, but the appropriate facts and arguments must be raised to convince the court (and the Justice Department) that these facts can be proven without a doubt, no matter how much BR, JD, and SB want to twist the facts to exonerate themselves.

Remember that we have highly intelligent and respected people working on our behalf, and a simple google search would expose our existence and lead to the iBox.

I do not understand why a number of us feel the need to point out the obvious.

If anyone has the smoking gun, though, please raise your hand.

Where does this opinion come from that the FDIC is not obligated to comply with a subpoena?

The examiner has been granted the power to subpoena as an officer of the court.

The party receiving the subpoena can file an objection, but of the Judge does not sustain the objection then the party must comply or be subject to being held in contempt of the court.

There are no 'special' rules that make FDIC immune to this process.

THJMW has already indicated that she expects the full cooperation of all parties involved, so I do not think she would look to kindly on the FDIC continuing to refuse to release information that directly pertains to this case.

The 8K also shows 13B in common shareholder equity. (And that is without the stolen assets and damages).


WTH do rosenturd and the rest of the crooks come up with 'equity is out of the money'?

Excellent Choice!

More indigestion for BR, JD, SB and all of the other crooks

No, I think it is more a case of ego than greed.

Jamie Dimon decided he wanted WaMu and nothing was going to get in his way. He thinks he is teflon coated and politically connected, and that he can afford any protracted legal fight in order to get what he wants.

The scope of the bankruptcy case is only in regard to establishing the value of the estate, not a criminal investigation, but I am hoping that the examiner's efforts can convince the Justice Department that laws were broken and that they we be further spurned to investigate.

One frustrating aspect for me is that the rest of us on this board have a clear picture of what has transpired, and it is more than clear that WaMu was siezed fradulantly, but that Congress and the Justice Department refuse to acknowledge the crime. Congress has instead focused it's efforts on WaMu's lending practices, like that was the root of the national financial meltdown, and JD was been eeriely silent. I would like to spend five minutes in front of each of them to point out the obvious.

Regardless of the aspects of this bankruptcy case, I think that it is time for us individual shareholders to besiege our Senators, Representives, the JD, as well as the media, with the blatent facts of this case so that everyone understands that we cannot allow those with power and influence to just steamroll the American public for their own personal gain.

Remember that JD and his cronies are rich, powerful, and politically connected, but that does not give them carte blanche to take whatever they want without recourse. If the public does not raise the level of attention to this case it will never be perceived as the scandal it truely is.

Well stated.

Of course they are afaid of the examiner.

They knew they were fighting a battle they could not win. That is why they spent so much time and effort attempting the limit the scope of the examination.

Believe me, Rosen, Blair, Dimon, et.al. are having a VERY bad day.

On the plus side, when all of the BS is brought to light then Congress and the Justice Department will have no choice but to include the information in their own investigations.

Looks like a fifth grader did it.

With all of the money being wasted on legal expenses this looks like some kind of joke. Certainly not very professional.

I think that THJMW stated that she would wait for the preliminary results from the examiner on September 7th before she would rule on the shareholders meeting.

Can anyone else confirm?

no more revisions to the disclosure statement

No limit on WHAT can be examined. BR cannot be happy now...

Woohoo! An examiner it is!

From Dow Jones:

Washington Mutual Delays Chapter 11 Plan Showdown To July 20 WAMUQBY Dow Jones & Company, Inc.
— 12:16 PM ET 07/08/2010
WILMINGTON, Del. (Dow Jones)--Washington Mutual Inc. (WAMUQ) on Thursday postponed until July 20 a scheduled courtroom showdown in favor of continued talks with shareholders and creditors who oppose its Chapter 11 exit plan.

Instead of facing off over demands for a probe of the deal underlying the plan, shareholders and the embattled bank holding company will meet Monday for continued negotiations.

Shareholders will be wiped out under the Chapter 11 plan Washington Mutual (WAMUQ) has proposed, one that is based on a settlement of legal claims arising out of the bank holding company's loss of Washington Mutual Bank, or WaMu.

"Hopefully, these discussions that we're going to be having on Monday will yield an understanding," said Washington Mutual (WAMUQ) attorney Brian Rosen, of Weil Gotshal & Manges.

Thursday's announcement in the U.S. Bankruptcy Court in Wilmington, Del., was the latest in a series of delays amid protests from shareholders and unhappy creditors of Washington Mutual (WAMUQ).

The company wants to hand out more than $7 billion in cash under a Chapter 11 plan built around a settlement with WaMu's new owner, J.P. Morgan Chase & Co. (JPM), and the Federal Deposit Insurance Corp.

The FDIC brokered the $1.9 billion sale of WaMu to J.P. Morgan after regulators seized the thrift in September 2008. The loss of WaMu touched off a wave of legal actions, ranging from accusations of fraud and mismanagement to technical infractions of the deals that allowed the Seattle banking company to raise billions in the public debt markets.

Shareholders say the settlement is a cheap sellout of valid legal claims that are worth enough to cover all the bills and leave them with something. Attorneys for the company say the risk and delay of litigating the WaMu-related claims makes the settlement a good deal.

WaMu's former parent filed for Chapter 11 protection about a day after being stripped of WaMu. The thrift's final affairs, and its $13 billion worth of debts, are being handled in a receivership being overseen by the FDIC.

(Dow Jones Daily Bankruptcy Review covers news about distressed companies and those under bankruptcy protection.)

-By Peg Brickley, Dow Jones Daily Bankruptcy Review; 302-521-2266; peg.brickley@dowjones.com

From Reuters

WaMu bankruptcy hearing adjourned till July 20BY Reuters
— 12:40 PM ET 07/08/2010
WILMINGTON, Del., July 8 (Reuters) - A Washington Mutual Inc (WAMUQ) bankruptcy hearing to consider the company's disclosure statement and a request by shareholders for an examiner was postponed on Thursday and tentatively rescheduled for July 20.

The company has been trying for weeks to get court approval for its disclosure statement, which must be approved before the company can send its reorganization plan to creditors for a vote.

Washington Mutual (WAMUQ) filed for bankruptcy in September 2008 after regulators seized its lending business in the biggest bank failure in U.S. history.

Thursday's hearing was delayed for more than two hours as attorneys for the company, creditors, the Federal Deposit Insurance Corp and shareholders held talks in the hallway outside the courtroom.

The hearing only lasted long enough for the company to ask for an adjournment for further talks.

Washington Mutual (WAMUQ) has spent most of its bankruptcy in legal fights over assets with the Federal Deposit Insurance Corp, which sold its seized banking operations, and JPMorgan Chase & Co (JPM) , which bought the bank for $1.9 billion.

Earlier this year, Washington Mutual (WAMUQ) reached an agreement with the FDIC and JPMorgan (JPM) to settle various lawsuits and divide disputed assets and businesses.

Shareholders want an examiner to gather the documents and evidence that they say Washington Mutual (WAMUQ) and others are not providing, information that they say is needed to accurately value the settlement agreement.

Shares of Washington Mutual (WAMUQ) were down 3 percent at 16.5 cents in mid-day pink sheet trading on Thursday.

The case is In re Washington Mutual Inc (WAMUQ), U.S. Bankruptcy Court, District of Delaware (Wilmington), No. 08-12229.

(Reporting by Tom Hals; Editing by Phil Berlowitz

22. Common Equity Interests (Class 22).
Class 22 is Impaired by the Plan. Each holder of an Allowed Equity Interest is not
entitled to vote to accept or reject the Plan and shall be conclusively deemed to have rejected the Plan.
Holders of Common Equity Interests shall receive no distribution under the Plan. On the
Effective Date, all Common Equity Interests shall be deemed extinguished and the certificates and all
other documents representing such Equity Interests shall be deemed cancelled and of no force and effect.

Who does BR think he's messing with?

No.

The whole economic collapse was caused by greed. Financial institutions were so focused on making money by making loans to people and then packaging them up and selling them to hedge funds who remarketed them as derivatives and hedged their positions with insurance from AIG and the others. The bottom line was that in the rush to the trough they decided that due diligence and the proper screening of loan applicants stood in the way of profit so they pushed that responsibility off to unlicensed loan brokers who themselves had a vested interest in the form of commissions while at the same time having zero risk of being prosecuted for not ensuring that loan applications were truthful.

The whole fiasco appeared to be working out for everyone involved until it bacame apparent that the value of backing assets was nowhere near as valuable as the loans that were made.

The sad part of all of this is that 99% of those involved who profited from these schemes walked away scot free and now the American taxpayer is being forced to make up the difference. Keep in mind that only about 25% of the American public actually pays taxes so if you paid taxes the last two years you are the one being scr*wed.

"Seattle-based WaMu has proposed splitting nearly $10 billion in cash and tax refunds with JPMorgan and the FDIC in exchange for an agreement not to sue them. That settlement is the cornerstone of WaMu's proposal to liquidate most of its assets and distribute the proceeds to creditors."

Exactly. Wamu will give them the tax refunds in exchange for an agreement that Wamu will not sue either JPM or the FDIC.

Why doesn't THJMW just stop the absurdity and appoint an examiner and approve the SJ now?

Rosen the clown can keep this BS up for years unless the judge steps up. More fees for him.

I do not see why not.

The settlement could only stipulate that the parties involved waive their rights to sue each other.

You cannot declare yourself or another party indemnified of any wrongdoing.

I really hope so. As long as they keep shorting I'm going to keep buying. When the spit hits the fan then whole bloody lot will have a lot of 'splainin to do. I forsee prison time and new regs against naked shorts

Rosen/WMI have already lost all credibility with the court when it comes to proposing a POR. They have already jerked the court around and evoked hundreds of clearly expressed objections from all parties, excluding WMI and JPMC, to any efforts so far.

Besides the fact that while THJMW must follow the law in regards to procedure and scope, that she (and everyone else) knows the real facts behind what transpired. She will guide the EC to proper method of exposing this fraud (as she has already done to date).

What JPMC and the FDIC have perpetuated is clear to everyone. Sooner or later public knowledge and outrage will destroy any efforts to cover up this miscarraige.

The next acceptable POR will come from either the EC or a new WMI BOD. No other parties can operate without a vested interest that depends on screwing the other parties involved.

In the end, this case will go far beyond the $4B in deposits but will also address the $50B in claims and also assess a punitive penalty against JD and his cronies.

Anyone wishing to see the reward must be prepared to be in this for the long term. Anything decided for or against us will be tied up in appeals courts for years. There is no immediate windfall. But there is a pot of gold waiting for us at the end of the process.

Ultimately we will prevail, just do not expect that you are going to be able to collect anytime soon.

Do not get disappointed and sell your shares to the MM's or JPMC, just wait it out...

I think that when all is said and done that Rosen and the current WMI BOD will be exposed for their actions and face criminal charges along with JPMC and FDIC.

Back to 0 - MM's must have unloaded

read my last eom

Only the bondholders want this to go chapter 7.

They get their money either way but chapter 7 would go faster.

Just because they want it does not mean it will happen.

No way THJMW gives them what they want.

What makes you think this will go chapter 7?

Take a number and move to the back of the line...