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might be. who knows. I don't know, how can you be sure. I am still shopping kmart.
But the uncecured creditors of WM bank( keep in mind not WMI's) were kicked out, there might be only $1.9B will be availabe for them to claim from the recevier,FDIC.
WMI has only uncecured creditors, estimated around $7B. secured creditors all stick with WM bank which bought by JPM.
Do your DD on B.k filing document and the company 10Q,10K report. you will figure out this.
this only talk about the creditors who bought the insurance,not all the creditors. The market set the value at 57 cents for $1. so the insurrance/swap seller have to pay 43 cents the different to the buyers for loss, but they still keep the creditors right with WM company. Once WM emerge from B.K, the debts got paid in full, the swap buyer will keep the 43 cents extra paid from insurance( that is 143 cents on $1. if the WM company can not pay anything to creditors, the insured creditros will only get 43 cents on $1 from swap,the insurance seller.
It seems that you don't understand what is CDS.
CDS is just a informal unregulated insurance some creditors bought to protect their investment against the company failure. it doesn't actually mean that those debts can not be paid in full. in fact, at this point, no one knows the actual assets any way. Including whether the company can get back the $4.4B cash in whole or in part.
I wanna see the article. link, please.
I guess WM and FDIC is working out a deal.
Did WMI say it's going to get the anunal tax refund? how much did he say? but I saw someone posted here for $2B. was that just someone 's imagination?
WM company asked to extend the hearing date to next thursday, not judge. not FDIC. Does WM need more time or...........
This CDS has nothing to do with WM's debt. It just a insurance matter of creditors who bought insurance to protect themself in the event the company file b.K,the debts in default
a blue day for market. most stock got around 10% cut. The market shall file B.K as WM did, agree?
Who are you? you said we are unsecured creditor, are we creditor? if you are holding common shares here, you are just a investor. see the different?
Too old, doesn't make any sense . The seizure of WM bank was secretly conducted suddenly, no one,not even the insiders knew it before sept 25, besides,OTS,FDIC and JPM
nothing, just shows how much public confidence of ability paying off debt.
as far as I know,WM has around $7B noteholders to be paid off,from 2009-2017. Does Wm has bondholder? How much does WM owe for bondholders? I didn't see any such information from B.K filing,did you?
What is the reason for FDIC holding this $4.4B cash? Is it reasonable?
what do you mean this you wrote:" since the FDIC turned over controls to JPM for the $1.9 Bil down payment."?
$1.9B is not down payment. It is total bargain sale price.
Take it easy, This stock still has long way to go. Normally, the B.K processing takes around two years to complete.
eventually, WM's debet will get $1 for every $1 debt. whoever won the auction will make a 43% profit on this auction sale.
Did the writer know Washington Mutual bank is now JPchase bank?
All stocks are in red, but WM is shining green.
what was auction about?
FDIC said WM no need money at this time, but what about the $11M interest income every month. going to the trash?
No wonder FDIC want to have right to hold this huge cash, of course, for the $11M monthly interest income.
Whoever holding this $4.4B makes lots interest income on it. 3%APR equal $11M interest income per month. Who is making this money now? again, JPM ,the theft.
You said FDIC is hero? OTS, FDIC,JPM they secretly colluded,the suddenly seized the WM bank without any communication to the WM. It was a terroristic attact to WM. They are in fact a terrorist, sold only $1.9B to JPM and without the noteholders liabilities, What is the different to a robber? ? ?
Didn't you see when Dow up 600, then WM down 36% just two days ago?
Market down so much, WM is holding so well. unbelievable
chart looks like a step going upstair.
The old stock will be cancelled, the old stockholders for exchange will get some share of new stock for free, how many shares they will receive will depend on how much equity left for common shareholder. old stock turn into new stock,when emerge, that is the way to refresh a B.K company, got it?
FDIC and OTS got threatening letter.
most likely related to recent improper seisure of WM bank.
They are looking for answer and justice.
http://www.wfaa.com/sharedcontent/dws/wfaa/localnews/news8/stories/wfaa081021_wz_bankspowder.1361447ba.html
Official: Texas is source of powder-laced letters
05:30 PM CDT on Tuesday, October 21, 2008
By BRAD WATSON / WFAA-TV
Video
Brad Watson reports
October 21, 2008
MORE: News 8 video
View larger E-mail Clip More Video DALLAS — There were more questions than answers Tuesday evening after powder-laced letters showed up in buildings across the nation.
At least 30 letters were reported in seven cities, including Dallas and Irving. A credible source told News 8 the letters originated in Amarillo.
The FBI and Dallas police are trying to investigate if the mailings are more than just a coincidence.
Dallas Fire-Rescue got the first call about 10:15 a.m. Tuesday from the offices of the Federal Deposit Insurance Corporation on Bryan Street downtown. A worker there opened up a envelope addressed to the FDIC and came in contact with a white powder inside.
A hazardous materials team isolated the powder and the worker, but the substance turned out to be calcium carbonate, a mineral found naturally in chalk, limestone and marble, and an ingredient in antacid products.
One source told News 8 the powder came with a threatening letter that read: "Whoever opened this will be dead within ten days."
The powder and envelope were turned over to Dallas police.
About an hour later, there was a similar situation at the U.S. Office of Thrift Supervision on Highway 114 in Irving. A mailroom worker opened an envelope containing a white powder, also later proven to be harmless.
That envelope also contained a letter, all of which was submitted to the FBI.
FBI spokesman Mark White said its tests on the powder received in Irving and Dallas have all proven negative, but additional tests will be conducted.
White urged anyone with information about the source of the letters to contact your local FBI Office, the U.S. Postal Inspectors Office, or your local law enforcement agency.
The Associated Press reports that similar letters were received at Chase bank facilities in or near Atlanta; Chicago; Columbus, Ohio; Denver; Newark, N.J.; New York City; Oklahoma City; and Washington. An official said all appeared to be from the same source, and were mailed from Texas
JPM stinks all over the financial market.
everybody has to stand up, speak out for this unlawful,improper seizure of WM. Let's get thw WM back from JPM.
FDIC and Thrift supervision got threatening letter.
So many people out there got hurt by this improper seizure of WM,not only the equity holders,creditors,but also 10,000s employees. now, what is next? They need the answer and looking for justice.
Official: Texas is source of powder-laced letters
05:30 PM CDT on Tuesday, October 21, 2008
By BRAD WATSON / WFAA-TV
Video
Brad Watson reports
October 21, 2008
MORE: News 8 video
View larger E-mail Clip More Video DALLAS — There were more questions than answers Tuesday evening after powder-laced letters showed up in buildings across the nation.
At least 30 letters were reported in seven cities, including Dallas and Irving. A credible source told News 8 the letters originated in Amarillo.
The FBI and Dallas police are trying to investigate if the mailings are more than just a coincidence.
Dallas Fire-Rescue got the first call about 10:15 a.m. Tuesday from the offices of the Federal Deposit Insurance Corporation on Bryan Street downtown. A worker there opened up a envelope addressed to the FDIC and came in contact with a white powder inside.
A hazardous materials team isolated the powder and the worker, but the substance turned out to be calcium carbonate, a mineral found naturally in chalk, limestone and marble, and an ingredient in antacid products.
One source told News 8 the powder came with a threatening letter that read: "Whoever opened this will be dead within ten days."
The powder and envelope were turned over to Dallas police.
About an hour later, there was a similar situation at the U.S. Office of Thrift Supervision on Highway 114 in Irving. A mailroom worker opened an envelope containing a white powder, also later proven to be harmless.
That envelope also contained a letter, all of which was submitted to the FBI.
FBI spokesman Mark White said its tests on the powder received in Irving and Dallas have all proven negative, but additional tests will be conducted.
White urged anyone with information about the source of the letters to contact your local FBI Office, the U.S. Postal Inspectors Office, or your local law enforcement agency.
The Associated Press reports that similar letters were received at Chase bank facilities in or near Atlanta; Chicago; Columbus, Ohio; Denver; Newark, N.J.; New York City; Oklahoma City; and Washington. An official said all appeared to be from the same source, and were mailed from Texas.
FDIC did not know WMI has some much cash on hand,FDIC getting nervous now, They're afraid WMI will have enough $$$ to pursue a lawsuit against them once have these cash on control, they're afraid the public see that much cash and realize, further prove that the seizure was improperly conducted,
WamuQ assets and debts:
Based on the B.K filed document, WamuQ has assets $32.897B, most of its debts are noteholders' uncecured banknotes: senior noteholder total $4.121B, subordinate noteholder total: $1.624B. Ttherefor, all notes total is $5.745B WMI has liabliaties to pay the due date range from 2009-2017. Since WMI filed chapter 11, not the chapter 7, so they can workout before judge either pay them off or keep the same, most likely will sweeten the deal.
Note debets add the other debets of $2.422B, the total debts to be paid before the preferred shareholders get paid is $8.167B.
After noteholders,will be preferred shareholders' turn for the pies. based on the B.K filed document stated: preferred shares only 3M and 500 shares, but no ideal what is the conversion rate and how much initial investment on it.
After the preferred shareholders get pies,finally,and at the last will be the conmon shareholders turn. whatever value left will be distributed to shareholders by newly issued stock with set price when company emerge. in most cases, the old stock will be cancelled, cancel does not mean lose all money, instead, the old stock owner will get shares of new stock,it all depends on how much the equity of the company left for comon shareholders.
Don't forget WM not only has $8B debets,but also the chapter 11 bankruptcy processing is very expensive,and lengthy for around 2 years. All fees and costs. Can someone figure out how much more?
Is earning report held tomorrow for WM?
The article is inconsistent.
first it said microsoft was keeping track of the Chapter 11 bankruptcy because of interest in WaMu’s downtown Seattle office space, the headquarter building. then it said the headquarter building was included in the purchase that JPM bought.
Let me ask: if the headquarter has been sold to JPM, then why micorosoft came up to the BK court showing interest on that building? that building is no longer the issue of B.k court, he should directly talk to JPM, right? LOL.
The article is absolutely incorrect . besides, the article,all information from JPM and FDIC didn't mention anything about the purchase included headquarter building, in fact stated that purchased all the banking units assets and most of liabiliaties.
The writer may get sued. It was obviousely a story he made up.
JPM purchased with only $1.9B for the whole banking units of WM is a steal already. How much do you think the headquarter builder worth with lease income? $1.9B ? come on , use your brain, don't be fooled.
That is not true. WM headquarter building is the property of the holding company, WMI. FDIC seized WM banking units only, it did't seize and has no right to seize the holding company.
therefor, FDIC can not sell the building of WM. How did the purchase come with the building? ridiculous, isn't it?