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I concur DP! Also, a “run” is in the eye of the beholder! It has already been proven here that with enough volume, the pps can move! Will this “run” to $2, $4, or $8 – no way! Can this run to .40, .70, or even $1 – yes, depending on the news that drives the volume! It can be a favorable Solomon valuation, a Susman threat to Rosen, etc.!
A “run” or not, we are not looking too shabby here! GLTA … rs
I completely agree Hammer! I myself have been fervently spouting to the masses that a share is a share is a share! I have shouted this until I was blue in the face!
I was just concerned why Fish was concerned and up in arms!
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=49264897
… rs
FYI: Al Scott (KG’s editor) speaks on KCTS! This is from the 16th but is a nice synopsis of last weeks PSI hearings for those who can’t get enough WaMu, are new to the board, or are just plain curious as to the OTS and FDIC’s functions/motives …
http://video.kcts9.org/video/1470838903/chapter/1/
… rs
Thanks Allie! I was bored and settling in for the night while downing a few beers along the way – LOL! What do you make of Fish’s concern?
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=49264897
TIA … rs
Hello fellow WaMilkers! Thru the help of this great board, I was able to follow most of the play by play of the hearing but not much after that! Have tired to catch up on the subsequent posts but am a bit muddled by a post by Fish! He seemed to be in a bit of a tizzy regarding pre/post shareholders! Now I am assuming that he means the shareholders on the BOD and he also seems to be the only one concerned about this as everyone else in a semi-celebratory mood!
Can anyone enlighten me as to what I may have missed! TIA … rs
FYI: New Court Doc - Order Denying Debtors' Request for Order Disallowing as a Matter of Law and Expunging Claim Nos. 3710, 3711, and 2480
http://www.kccllc.net/documents/0812229/0812229100421000000000003.pdf
... rs
UZ! Nice warning for the masses! Much appreciated! If only the board would have conducted itself in an honest, dignified, and respectful manner on 03/12, many here would still have their original positions!
WAMUQ iHub members, please heed uzuals warning! For folks that cannot dial-in to the hearing, we are dependant on your posts! Please make them pithy and accurate!
I have said enough today. Have a great night all… rs
GO! That is righteous indeed and you should be commended! I do not nearly have the amount of shares that you possess but as I posted earlier, we are all in this together!
The pps argument has always been an ugly one here and only induces in-fighting within the ranks!
I am a full fledged vulture as well and feel the pain of the pre-seizure folks! I also believe in justice but have been on earth long enough to see and realize that justice is not always served!
Good luck to us all and may tomorrows hearing be favorable to our cause … rs
Hear, hear Sly! Attorneys that work by the hour have unlimited income potential as by the time it is noticed that they are ineffective and useless (jacking insert name of co here) it is too late!
I hope that SG lives up to their ferocious reputation! … rs
Dude! SG sounds like an arrogant, supercilious, intimidating, industrious, and ruthless mob! Glad to have them aboard!
The time has come to get down and dirty! Enough fiddle-fartin’ around! … rs
Thanks for straightening me out, I wasn’t aware – duh!
Have a great night anyways and GL … rs
I would agree to a bench trial as well if that is the only way to see that equity is to be rewarded in any way! Don’t get me wrong WILDRIDE and others! I am on OUR side!
I am just speaking for myself, well - probably many others here as well, that a settlement of – let’s say – the $4 - $7.99 pps range would have many dancing in the streets for days and is achievable in a much shorter period of time if left to negotiations as apposed to starting from scratch with a trial and expecting full recompense!
Some people will only eat the finest cut of steak – some will enjoy a cheaper cut because after all, it’s still steak! Some folks here (especially pre-seizure) strongly believe in and will accept nothing less than $16 - $32 pps – while others would enjoy a rare and astronomical % gain on investment with a $5 pps!
This can be agued all day of course as it has been off and on for the last 18 months!
One thing that I am sure of, I would bet all of my WAMUQ shares that a majority of WAMUQ investors would be happy as a fly on crap, to have this end with $4 - $5 pps payout!
A poll anyone? … rs
I have the faith Lawrence. I have the faith of ten Grinches plus two! LOL! As stated in one of my prior posts this morning, I am feeling very confident here as to a settlement that includes equity and of course commons in particular!
I just feel that this will eventually play out in BK court with a negotiated settlement! JMW has shown in her non-rulings that she wants this worked out in her court between the parties!
At the current rate of POR offerings (1), how much time will be required to get a second, then third offer that are agreeable to all!? If a stalemate occurs between all parties, this may have to be kicked to a bench trial to get the big numbers talked about here and I hazard to guess that only a half dozen people (at least on this board) are for that!
All IMO of course … rs
Well … Guessing the pps is also part of the game but I agree with you that it is not mentally (or even physically) healthy to stick to a high figure based on DD! Even the best DD regarding “the numbers” does not take into affect the overall direction of the case in the last 18+ months!
In the more recent course of events, we have realized the following …
• It took well over a year to have an EC granted!
• Rosen went from friend to fiend!
• The current BOD is useless!
• Venable, once deemed the greatest thing since sliced bread, is no more!
• The PSI hearing, although giving us much needed exposure to our cause, is not exactly in WaMu’s camp as far as the blame game!
The above are just a few examples off the top of my pointed head!
With that out of the way, I have more confidence and resolve than ever (original position of 03/09) that commons will ultimately see some decent dough! … rs
FYI: Notice of [Corrected] Amended Agenda of Matters Scheduled for Hearing on April 21, 2010 at 11:30 a.m. (EDT)
http://www.kccllc.net/documents/0812229/0812229100420000000000001.pdf
They are having a hell of a time with this Agenda are they not – LOL!!!
… rs
Greetings Oil! That was exactly my point to a tee! Even with a fresh BOD comprised of members that actually are on our side, how long will they wish to prolong this to get the $16, $20, or $24?
Rosen offered $0 to commons. Say our EC and BOD want $20!
• Rosen’s next offer is $2. Our side says $16.
• Rosen’s next offer is $4. Our side says $12.
• Rosen’s next offer is $6 - $8. Our side says SOLD! Lets all go home!
Notice: I have not used exact science in my calculations nor a slide rule – LOL!
How long the above takes is the $64,000 question! JMW needs to move this along by forcing them to the table IMO! … rs
Pretty damn boring the last few weeks here with the channeling of the pps!
FYI: Prospectus filed
http://ih.advfn.com/p.php?pid=nmona&cb=1271777023&article=42447448&symbol=N%5ENEXM
… rs
I hear ya Dude! A 2X or 3X value or any pps however calculated from the “numbers” has been out the window for some time! If it were that easy, JMW could have conceivably ordered an independent audit some 18 months ago and started ruling off of those figures!
Since the EC was granted a place at the table, this is ALL about negotiation! Negotiation! NEGOTIATION! In other words, NEGOTIATION!
Will a new BOD help – probably so! Will a new BOD prolong negotiations until kingdom come by holding out for $16, $20, or $24+ pps?
… rs
Not of legal mind here (some say even sound mind) but it simply seems like a gathering of the parties before the official start of the hearing to perhaps feel each other out (not literally – well who knows) and set the tone of said hearing!
This could be common practice and would explain why most hearings to date have started late! Is the judge involved in a pre-trial conference? I haven’t a clue, but would like to think that she is and will clunk all parties heads together, ala Moe on the Three Stooges, to keep everyone in line! Spread out… rs
FYI: AMENDED AGENDA
http://www.kccllc.net/documents/0812229/0812229100419000000000010.pdf
... rs
FYI: 04/21/10 AGENDA
http://www.kccllc.net/documents/0812229/0812229100419000000000004.pdf
... RS
LOL Hammer! I am pleasantly surprised that ANX is holding its own after Friday’s R/S news. Pre-market volume was low so it was a bit of a jolt to see the opening 20 minute sell off – but, it was probably attributed to folks that did not get the word until Friday AH who cannot trade AH/Pre!
It seems we have stabilized near .20! An announced reverse stock split is often, at least initially, the kiss of death for “insert name of company” pps! IMO this could have been a lot worse!
Go ANX … rs
That is a large load of conjecture! If my grandmother had wheels, she would be a tractor … rs
Your welcome. Try the link below for the entire doc ...
http://www.ghostofwamu.com/documents/08-12229/08-12229-3531.pdf
... rs
Agreed hurls! Now that said, I don’t think that a bi-monthly or monthly PR proffering - no details - but confirmation that they are on this like stink on a monkey is out of line or in conflict in any way! I think the shareholders have earned and deserve such - but that’s just me!
With the EC attorneys playing musical chairs and Joyce’s exit, the EC may be a tad off kilter which is all the more reason IMO to put forth a PR! If I recall, they did issue a PR shortly after Rosen spoke on 03/12 so there is no reason to believe that they cannot continue to do so! … rs
Hello Knick! So true – so true! I am going beddy-bye before I explode into several thousand pieces!
Will be looking for confirmation of D&L’s exit tomorrow morning! Dewey is a stupid name anyways … rs
With so much at stake here and many legal eyes on this, why in the hell would they be so moronic to do such a thing? This is way beyond stupidity and bordering on clinical insanity!
Things are never easy here are they? … rs
Well this is a fine kettle of fish! Any docs out there to confirm this? … rs
Excellent! Then Dudebugs, Uzuals, and my interpretation of D&L’s continuance of lead council are confirmed! TY .. rs
That is my understanding dude! Dewey & LeBoeuf LLP is still lead council – just not “confirmed” by JMW! … rs
Grilled again? Unfortunately, Bair wasn’t grilled at all on Friday. Not even singed! It was Bair tartar!
Save for her opening statement, Sheila was asked to respond to two of Levin’s pedestrian questions! Her total response time was less than 5 minutes! We gleaned from her testimony that “option ARM’s are bad”! LOL!
She was a cool cucumber I must say! Hard to be rattled when you are asked the equivalent of what is two plus two!
Rerun of Bair’s appearance for those who missed it …
http://www.c-spanvideo.org/program/293040-103
… rs
Nice find Dine! This is a fine doc! I had some free time and did a search of “shareholders” and the term came up more than 70 times and predominantly in a good way. I have posted some excerpts from the doc that I found rather salient ...
The Board of Directors that oversaw the destruction of WMI now wants to prevent shareholders - who would receive nothing in the proposed settlement - from exercising their statutory right to call a long-overdue annual meeting in order to protect the rights of all interested parties.
Here, without any type of shareholder input in corporate governance since well before the bankruptcy, WMI is attempting to settle its most significant outstanding claims while leaving shareholders with nothing.
Its principal justification for blocking the shareholders meeting is to protect the purportedly "groundbreaking, yet still fragile" settlement agreement among the Debtors, JP Morgan Chase, N.A. ("JPMC"), and the Federal Deposit Insurance Corp. (the "FDIC"). (Def. Opp. at 1). Without sufficient clarity about the nature and extent of investigations into additional sources of recovery for the estates, the Debtors will seek to include broad releases in favor of JPMC and the FDIC that will permanently bar future claims upon confirmation of the plan.
Most fundamentally, even if such concerns had a foundation, courts consistently have held that they are insufficient to deny shareholders the right to exercise their control over corporate governance. Moreover, the shareholders fully expect that a new slate of directors would act in a manner that is entirely consistent with their fiduciary and ethical obligations to WMI, which includes both the creditors and shareholders of WMI. WMI has introduced no evidence to the contrary.
The Debtors have not presented any evidence (let alone compelling evidence) that its proposed liquidating plan of reorganization-which is premised upon a global settlement of the most valuable pending litigation-should somehow preclude the prompt scheduling of a long-overdue meeting of shareholders.
Here, the only facts WMI proffers as showing "clear abuse" fall into this latter category, which is insufficient as a matter of law. WMI asserts that there is a clear abuse of process because the Equity Committee is trying to "extract a distribution" and engaging in a "naked grab for power," especially because the cases are "at a critical juncture." (Def. Opp. at 10). The Debtors provide no evidentiary support for those accusations at all, and in fact it is barely short of outrageous for WMI to characterize the desire of its owners to exercise their statutory rights as shareholders as a "power grab" or an effort to "seize control."
WMI's own assertion that final judgment be delayed until after the confirmation process serves only to highlight the need for immediate relief. The proposed plan purports to settle the vast majority of the most valuable litigation to the estate. Shareholders need a voice in that process now.
At their core, WMI's arguments amount to a transparent effort to exclude shareholders from any oversight role in how the company has investigated the nature and strength of its legal claims and how it has conducted negotiations to settle those claims, and to prevent them from playing a meaningful role in the plan-confirmation process. If the annual meeting does not take place quickly, the election of directors will be rendered meaningless because all critical decisions in the Debtors' reorganization will have already been made.
WMI does not dispute that the failure to schedule and conduct an annual shareholder meeting violates both Washington law and WMI's own bylaws. This is not a mere technicality; the shareholders' inability to appoint board members of their choosing, and in particular board members who are not potentially biased as a result of their involvement in pre-petition events leading to the bankruptcy, severely impairs the shareholders' ability to play a meaningful role in the negotiation of settlements and
development of a plan of reorganization.
III.
CONCLUSION
For the foregoing reasons, the Court should grant summary judgment to the Equity Committee and issue an order compelling WMI to (1) convene an annual shareholders' meeting as soon as practicable but no later than May 2010; (2) send notice of the meeting to the shareholders of record as of March 3, 2010 (the date the Equity Committee filed its Complaint); (3) designate the time, place and procedures to be followed in holding the annual meeting, as well as the form of notice of the meeting to be delivered to all shareholders by WMI; and (4) enter further orders as necessary to accomplish the purposes of the meeting. In the alternative, the Court should find that the automatic stay under Section 362 of the Bankruptcy Code does not apply or grant relief from the automatic stay such that shareholders may seek such relief in Washington state court.
…rs
WaMu was simply the victim of bad timing, Hmmmm …
The bank may have even qualified for a federal bailout under the "too big to fail" stress tests adopted in 2009, Reich said in written testimony. "WaMu was in fact a systemically important institution and should have been treated as such," he said.
The inspectors general found that infighting between the agencies also hampered regulation of Washington Mutual.
The FDIC had identified risks and challenged the OTS's financial soundness ratings of the thrift in 2008, they said. That disagreement was not resolved until seven days before the bank's collapse.
http://www.washingtonpost.com/wp-dyn/content/article/2010/04/16/AR2010041604720.html?hpid=topnews
… rs
Nice read JHD – thanks … rs
RR! Please check the iBox – LOL! Sorry, I couldn’t resist! KK (Kerry Killnger) himself publicly questioned in front of the PSI last week why WaMu was excluded from the no-short list! I cannot recall exactly when he stated this but the videos of the panel hearings should be available on YouTube and also C-span as they tend to exhaustingly repeat their coverage!
You have been a huge asset to this board and hopefully one fine day you will meet up with Rosen face to face and kick his mangy arse! All the best to you and your endeavour! … rs
Josh. It is very hard to concentrate on the right pane when the left pane is so devilishly, well, provocative! I will try however even if it takes all damned night! … rs
Thanks XOM! My pleasure! He has a distinct motive and if everyone would coolly ignore him, he will go away! It’s no fun posting to your self! LOL! … rs
Yes – a BS settlement that will not hold water! No financials even proffered in the POR which renders it null and void on the surface alone!
You are arguing old bullet points which have been irrevocably refuted!
Keep trying though! Your feeble retorts to BIZ have entertained me and thus have readied me for beddy-bye!
Good night Bull and all … rs
Good evening Otter! It is really mind boggling how this hidden gem has not caught on with retail investors! This company is revved for success (as they have been doing all the right things) and firing on all cylinders!
Just a matter of time for a POP and a new higher support level IMO!
Lets roll … rs
In item #13 from http://www.kccllc.net/documents/0812229/0812229100416000000000067.pdf
... rs