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hi,
i agree with you except for NOL's which dont equate to that sum
and cannot be added.
But whats the value of the COLI ?
The next question is who is going to pursue claims against
FDIC and JPM after the POR is granted ?
I think we know FDIC would lose the lawsuits but it looks like there wont be anybody to sue them and after the shares are cancelled...
another good video
JPM and TARP video from back then
BOLI/COLI: so whats the value of the PACIFIC Life policies, Walrath doesnt name the value...
Claims against WMI: Walrath does not explain what those claims would be, she just repeatedly states 54 billion $
My conclusion is following:
The GSA is reasonable with respect to the proceedings in the bankruptcy court.
But what about the "DC Action" ?
The settlement settles the issues like accounts, tax refunds...
Ok...
But to me it doesnt seem reasonable that the GSA would settle or
release "DC Action" and so on...
About tax refunds Walrath also errs:
Because creditors get already paid in full (with the 4 billion that belongs to equity)
the estate cannot get the tax refunds.
So why not pay the creditors with the tax refunds...???
See... they just could put it like that as well...
To sum up:
THJMW is a good judge and most of the times i can follow her logics.
But for instance its beyond her scope to value the lawsuits against FDIC and JPMC but her order to approve a modified plan might end them ?
regards
alone for the reason that you cannot vote on something that
gets several times amended afterwards i doubt that the voting counts.
it's obvious she couldnt approve the POR so if she were to rule she would have denied it but instead of doing so she will help the debtors to modify it.
sounds familiar ?
SJ ?
they are bending forwards and backwards until it fits.
they will give billions more to everyone else except commons.
so it's really important that they dont get those releases.
they can not even win a ruling from JMW but somehow they always escape her rulings.
here is my impression:
- was wamu solvent ?
yes.
if you followed the case there was a time when they were claiming
that it wasnt. now we know it was.
what did sheila bair testify at senate hearing?
- OTS fact sheet
the OTS fact sheet is really interesting.
actually its fairly easy to calculate values from it.
10 billion credit card receivables.
they know exactly what percentage will not be paid, so...
its not hard for them to figure out that value.
(in court they know want to make it look like an impossible task to
calculate the value of visa shares....hmmm, its really sad.)
dont you think these guys can easily calculate the value of the loans and mortgages ... of course they can, its what they are doing every day...
know they want to make it look like theses mortgages are 100% default.
well, they are not.
- Wamu was a savings and loan bank, these kind of banks
are in a better position in a crisis than every other type of bank.
did wamu undersign all the CDS and CDO's ?
no wamu originated the underlying loans.
so even if the default rate is high and house prices have gone down. there is value in this loans.
they calculate how much, you can be sure of that.
- but wamu wasnt only a originator of loans, they had a big
branch network with basic banking operations.
in times of crisis the money earned from these operations is much more valuable than when Wall Street virtually creates the big gains.
so again, normally a government tells the people in times of crisis we are going to insure accounts above 100.000 $ as well
and the bank run is stopped.
but they didnt. even if they didnt, a bank run is something that
comes fast and goes fast, so the projection that a bank run will
stay at same level for several more days is illogic.
but it happened, wamu was seized.
and it's probably the biggest scam of mankind.
why is wamu bk different from other bk ?
because in a normal bk the company was insolvent, so you have to
maximize the value to satisfy as much creditors as possible.
(nowadays its actually more and more often like this case)
but with WMI the outcome now is that they are finding much more
value they expected.
but its in the nature of the game that they dont want to give money to shareholders.
Bair stated in the beginning that the shareholders are going to take "haircuts".
that's how the game was arranged from the very beginning.
it never was planned that shareholders would receive anything.
but, on the way, even if they are really trying hard it seems
difficult for them to minimize value to keep it A < L.
of course its difficult because it turns out how much value there
really was.
i wonder what would be the number if they would try to maximize assets. if they would have really tried.
- in the end, we see that FDIC, JPM, WGM, AM, creditors,
debtors, they are all taking tremendous profits.
and the shareholders are their pxin ix txe a$$.
that's all.
but in the long term they are harming the system more than
they benefit to it. and thats what we will probably
have to face in our lifetime.
- trial:
the most often heard statement of the debtor is, that its so difficult to ligitate and that it will take so much time.
well, that would be the same to JPM.
the tax refunds where put on debtors account as we know now.
so the debtor could have ligitated for years, no problem with that.
so why did they decide to make these accounts available for FDIC and JPM ?
- POR confirmation:
I really dont have any idea what will happen.
But I do know that they dont plan to settle anything or to make
billions available.
sorry, for the uninformed post without citing sources and so on...
sorry, i just wrote a few thoughts of mine.
the pps went down because of the timeline given.
knowing that there will be enough time on monday,
its logic to take profits on friday.
but on monday it will move faster than an average trader
could ever react.
so either you took your gains or take them on monday peak or
you hold and see what the judge decides.
after the judge decision there is no way you could react.
except of course youre a turning the bigger wheel.
"we might tip"
...to write such an email you must be a complete idiot or
a mole...
http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_W/threadview?m=tm&bn=86316&tid=628576&mid=628681&tof=8&off=1
i dont even read this kind of articles anymore.
McMahon would probably know that
stay cool guys we need real news not a little peak in pps
though it is more fun to watch
:) good response - good luck
that's when you started calling yourself "BIG BANG" ?
hello,
even we dont know I want to wish you a happy birthday!
I always enjoy reading your post !
regards
probably he got raped by swedish "undercover agents of love" ;)
what if EC settles with a payout for prefs...
why the movement in prefs today?
it wont probably help the shareholders in this case.
but its about time that this whole story gets some real attention.
and that seems to be the beginning.
"jamie plz call me at home i feel so lonely" - wikileaks is after us:)
to me this reads like a done deal.
788 objections in 2 minutes....
JPM's fundamental data clearly show that they are making good money
with the branch network.
In times of crisis banks have a tendency to rediscover the good old customer as a source of income.
Hi,
what means Transaction #1 NO BID, Transaction #2 NO BID ?
,Cheers
I also want to thank Lebosco, DanBB and everybody else that make
this board such a great place.
best regards.
That article is as manipulated as the share price.
Stating that the Debtor welcomes the examiner and that the examiner
will only investigate the settlement agreement.
Actually its useless to read any article on Wamu, if you want to
know the truth, here is the right place :)
There is lots one can learn here, it definitly has affected what I
think about media.
Cheers.
Just didnt expect that PPS would go down on a day like today.
So even if Rosen has no surprises left, there always is a surprise.
Cheers!
This FDIC (objection) is a scandal.
And what's the order good for, are they crazy ?
Why should the judge sign an order like that.
If I steal a car, my laywer can enter an order that forbids the
police to investigate why or if I stole that car ?
hmm, interesting concept of jurisdiction. crazy... IMO
Yep. This is a chess match where each of your opponents moves has
to be forced.
We are 23 moves from victory, and let's hope our deep blue plays
every move until checkmate.
GLTA mates. IMO.
Obviously, the THJMW told them how she thinks about the
shareholders meeting.
Anyhow, at the moment it's going to be a win/win for us.
Since, we know that Rosen always comes up with something we can
await a thrilling hearing.
IMO
Silence means negotiations and further delay will be legitimated
with further serious negotiations.
You are right Rosen cannot settle above 0.50 $ but wait until
FDIC gets into focus. FDIC cannot pay as stated already, so FDIC
will make JPMC pay.
So I agree with the ones that stated it before Tuesday will be
win/win for us.
IMO
My perception is that NOW WE HAVE A SEAT AT THE TABLE!!!
As I stated previously there was no forum where Susman and Rosen
would discuss about numbers, I think this has changed.
So that's extremely good news and if you think back the way
Susman pursued this target is amazing.
Also the two EC lawfirms work very well together and now
both do a very good job !!
Anyway, someone stated here that we need finger pointing between
FDIC and JPMC and that's what I think, too.
We dont only want that FDIC and JPMC cant enrich themselves even
more through the so called Settlement, we want JPMC to pay for
what it "purchased".
IMO
I was wondering what Rosen could do to avoid a ruling on the
examiner motion.
And my conclusion is that if everything goes bad for him maybe
he has a plan B that is "Your honor, we want to offer the EC
settlement negotiations."
And then it will turn out that its just another delay tactic trying
to give the estate some hundred millions of dollars, or so.
Just for the fun of speculation...
There is no settlement in sight.
If you read you see:
1. The EC is far from the point where anybody would place an
offer on the table.
2. There is no pressure on the FDIC and especially no pressure on
JPMC.
The way to the settlement is when FDIC has to pay and then FDIC
will force JPMC to pay.
But for now and for the near future it's useless dreaming of a
settlement. That's my feeling.
IMO
Nothing about shareholder meeting in the agenda ?
Or didnt i see it because of the world record worthy number of
objections.
How would it make it to the agenda ?
http://www.kccllc.net/documents/0812229/0812229100706000000000001.pdf
Wow, reading that makes me wonder if there ever will be a proper
discovery.
Without examiner no way.
I wonder if they can also limit an examiner to stupid search
terms.
Actually I think those documents, drives and so on need to be
confiscated.
Anyway, this time I'm quite sure the examiner is a done deal
even if Rosen will try his tactics.
IMO
Page 12 footnote:
"The Debtors produced this disk last week, but due to logistical and
communications issues on both sides, the debtors are re-sending the
disk for delivery on July 6th."
---> yeah, sure
This is the mother of fraud.
Reading the DS statement gives me a headache.
It's useless to review a Global Settlement Agreement or anything
the Debtors law firms put together.
Reviewing their shit only means accepting the way they want things
to be viewed.
In the first place a company was seized and sold at firesale price.
If you accept there is no ligitation against FDIC they have already
won.
They state 25 billion of tax NOL's that the reorganized debtors
will use and at the same time they valuate the reorganized
company for 120-160 million, yeah sure.
This wind farm thing just magically goes to JPMC, intellectual
property of course we gift it, no problem.
You want Visa Shares, here you are.
Sub's, WMI is has Sub's ? No need to mention a value.
It's funny logic to state that ligitation is so expensive that
it makes more sense to give away everything right away.
Is there anybody else except stupid shareholders that need any
money ? - California ?
Anyone investing in a bank as a means of a retirement plan
should rethink !
Great stuff!
To me these objections cannot be circumvented unless they are
answered properly.
The responses by the Debtors are really poor.
Remarkable that individuals beat up whole lawfirms like that !
But I think every shareholder and every honest person would like to
hear answers to these objections.
To me this means more than money its about the status of the
global society we live in.
regards.
Hi Lawrence,
you are right, she had no chance to rule.
And my impression on the last hearing was that Nelson didnt know
whether to push or to step back.
I think you need a lot of self confidence to decide in court in
seconds what is your next step.
Anyway Nelson could have pointed out that Weil implicated that
they only will give to the EC what they find appropriate with
respect to the global settlement.
Also Nelson should have foreseen this tactics and could have been
prepared better.
But still he does a great job no question to that.
If you look at the 30th, the timespan until 8th of July will be to
short for the EC to determine what quality the data has.
I doubt at least.
Anyway again I have no idea what Rosen has won and what are his
next steps.
But I´m pretty sure he will be able to delay the examiner
decision after the 8th of July and maybe he hopes that in the
meantime he can go on with the DS.
But the judge made clear that there never will be a POR or DS
without numbers that make sense so .....
...it's going to stay thrilling
If there would be a settlement the judge wont ask any questiones.
I think thats what she is suggesting all the time.
My current status is that Rosen achieved what he wanted:
- he was able to postpone the decision on the examiner
by offering documents but if you listened carefully they
will limit the scope of the documents
- he was able to postpone the decision on the shareholder meeting
THJMW will not rule on it like she didnt rule on anything else as
long as she thinks there is progress in the right direction.
IMO
As suspected everytime before or at the hearing Rosen is able to
bring up some sort of surprise.
I'm not sure whether the judge is up to some surprise today, also.
The motion to shorten was signed. The amended schedule might or
might not be in agreement between Weil and Susman.
Could be she just says:"Let me here about that examiner thing."
I hope so, if an examiner is to be appointed they should do it
ASAP.
If the examiner was appointed last time he would probably already
work on the case by now.
Also she should surprise Rosen so he cant react.
So, now that we think nothing will happen today, maybe everything
can happen.
To me the Amended Agenda read like it had some questionmarks in
it.
IMO