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He will respond, you can bet.
But he will wait till last minute to keep milking the state with worthless fees.
But he will agree with the time extension, what else can he do?
Don't worry NASCOW. I believe in KARMA. If you harm someone , you will be harmed in the future. You might be wealthy and make very big fortunes, but if you make them through greed, cheat and lies, eventually you will cross your way with another guy that will have more greed, be more cheater and lier than you. It's just a matter of statistics,
If you have a straight, honorable life, you will have nicely educated kids.
On the other hand, what can a vulture expect from his daughters but to have baby-vultures?
I honestly prefer the honorable life. I think this 2011 is the year when Justice will be served.
Good luck to all, honorable longs.
Probably JPM is shorting EVERYTHING. They get the cash and with that cash they can lend 9x times the quantity they obtained by whorting whatever,
For example, you short 1 million of silver. That gives them (I think) 9 million dollars to be loaned.
Interests on 9 million dollars (usually) should be higher than the quantity something (in this case silver) can increase it's price.
Just thinking...
Oh man. I know what do you mean.
I loaded as much as I could afford at 10.30$ and 12$ (post-Examiner)
I got lucky.
[OT] Oh, I don't really care. Judas Iscariot style, or Dirty Harry style. It's OK for me LOL!!!
He did: giving away to charity orgs instead of harmed shareholders.
That lowlife should do us all a favor and hang himself using a dog leash. Or whatever he has handy.
I agree with WithCatz.
I think you have to add those 5B in NOLs to the 17 billion NOLS we already have, thus making over 22 billion FUTURE NOLs.
You can´t count them as full value, of course, but even at a 20-25% rate we could be talking on 4-5 billion CASH (if 'we' find a buyer that would need such a huge amout to write off taxes)
Anyway, I see this THJMW action as positive for equity, because basically she is acknowledging those new 5 billion NOLs... and probably won't despise them.
GLTA longs.
FF Halted? I see no activity...<EOM>
How could lehman settlement affect the wamu case?
TIA
If I recall correctly, Tricadia is some class of creditor class, and is over equity classes.
So, if more money is found and paid to them, it doesn't affect us at all and leaves us exactly as we were before.
I just despised 25 million (compared with 12 billion they're 0.20%) but thank you for your clarification.
I think I am going to write a letter to THJMW offering WMI a bunch of billions (is 5 billion OK?) and pay them with the 12 billions JPM plans to get.
I don't see how this farce can fly.
GLTA longs.
So, let me get it straight.
As per EC's presentation at POR Confirmation:
http://ghostofwamu.com/documents/WaMu_Closing_Equity_Committe.pdf
We (WMI, WMB, JPMC, FDIC and wherever we as shareholders are supposed to be) are disputing 33 billions on known assets (Cash, deposits, NOLs, Tax refunds and so on)
PLUS
unvalued claims (FDIC & JPM tort claims, Intellectual property...)
SO, with this POR, the settlement would bring:
Debtors get paid 100% (7.5 billion)
JPM gets 12.36 billion (they paid 1.88 billion)
FDIC, who paid 0$ to rescue WAMU seizure gets 13 billion. So instead of putting money on a failed bank, pretends to run away with some cash...
And of course, in this orgy of billions, where regular Joe common and preferred shareholder are not invited, unluckily we get ZERO!!!
REALLY?
ARE THEY SERIOUS?
DID I MISS SOMETHING?
I cannot believe there're such a crooks out there that see this reasonable or fair.
Just expect some justice over here...
Chaarles!! Long time no see!!
How're you doing? What's your take on the POR?
I guess you're doing like me, sitting back and relaxing until we know something about the POR...
Cheers.
I disagree.
If there's something specially valuable for JPM, that's cash. Every dollar of cash allows them to make many times that value of loans.
So if there is something they DON'T want to give away, that's cash.
Because of that, I think in a settlement scenario there would be some kind of shares swap. But I think we are not near any settlement, I think they will fight until the end (they are playing the 'good guys' role, and claim all this mess is FDICs fault).
Just my 2 cents.
Yes, I read that too in the Y! board...
Then, didn't Bribri lie to the Court saying they (BOLI/COLI) were still in WMI?
Excuse me, can you explain me how do you see P's are almost covered?
From http://shortsqueeze.com/?symbol=wampq
I see;
Short Interest (Shares Short) 2,800
Short Interest - Prior 2,800
Debtors had more than two years to fix it... time's up, baby!!
I think I prefer this one rather than Rosens... I see NONE in either case, LOL!!
Debtors probably were counting on the ER to have the POR aproved, but when the ER did **POOF** they had no 'Plan B'.
This POR cannot fly. What I don't know if the POR will be rejected entirely or THJMW is going to try to have it ammended.
One point BriBri made to the judge was that so far the legal expenses to have this POR prepared were like 30M per month? Guess if the POR is rejected there could be posibilities to recoup some of the fees claiming clawback... don't know...
I don't know what do you mean, or what has one's class do with Wamu.
I was just making a comment. I appreciate yours.
BTW, English is my second language (out of four, if you want to know)
Cheers from SPAIN.
The truth is that I trust this guy.
One doesn't get to the Top10 USA Attorney by chance. I think we should respect him and the way he works.
Bashers came around with a case he (susman) lost, but anyway, nobody's perfect.
The way he showed the objections this last week made me smile. He presented last minute objections by even attaching amendments to his objections!! This guys are great.
Justin Nelson did a good work with Anisakis Koustouros and Champ Smith. If they didn't come out with valuations, I think it's because they are pretty sure they are not going to need them.
Hope they keep doing such a nice work.
Good luck wamuers!!
I think a trustee is not that bad.
Here we are now.
I fully expect the POR to be rejected. There's no way this POR can fly.
1.- Debtors didn't show any evidence
2.- Debtor's witnessess didn't know a 'sheet' about the GSS, releases, ballots. Just pre-made statement that they repeated like robots.
3.- Too many unjustified releases in this POR.
4.- Debtors didn't care about their fiduciary tasks with the Equity holders.
5.- Debtors try to give up claims against FDIC and JPM for nothing because they would be very hard to prosecute, but they accept 100% JPM and FDIC claims without any analysis. Doesn't seem equitative.
6.- JPM bided 1.88 billion on 2008. If they get a cent from the 'new 2009' 5 year carry back NOLs, price should be increased as well...
7.- ...but of course JPM cannot get a cent from those NOLs because they were TARP recipiends.
8.- The POR didn't show any audited values, there is no asset list provided by the debtors...
9.- ...JPM didn't produce the list of assets that they received from FDIC as requested by THJMW...
and many many more irregularities that cannot make this POR go anywhere but the recycle-bin. You cannot even use it as toilet paper, duh...
Well, at this point I expect this POR to be rejected PLUS I expect some kind of charges are filed by the Court.
Next, I think THJMW is going to designate some impartial trustee, but I think here we might be more lucky than with the Examiner, as the Examiner only could work with the papers the parties gave him, and the Trustee should take control of everything, thus seeing through what the Examiner couldn't see.
What I would hate is to have the current POR somehow aproved with amendments or some other mild solution that wouldn't kick debtors out of this process...
Thoughts?
are you serious about that?
Did you copy the message exactly? Did it also have spelling errors or it was a typo?
I don't know, probably the 1% recovery for the preferreds that Rosen was talking about? EOM
Just landed from a trip.
Can anyone give me tip of why all shares dropped? Trying to catch up...
TIA
BTW where's Johnny Winter?
Since last week Nelson started beating up Mr. Special-K, I haven't seen Johnny around...
link doesn't work try this:
http://blogs.wsj.com/deals/2010/12/02/wells-fargos-secret-offer-to-buy-wamu/tab/comments/
Actually a pound of unused toilet paper is more valuable that the ER... which is as valuable as a pound of USED toilet paper. LOL
who said "I know we just won"? EOM
I agree with you.
I'm living in Spain, and here we have a similar situation but with important differences.
For example, if we ask for a loan to pay a house, you are 100% responsible for that debt. If the price of the real state drops, it doesn't matter, you are responsible for the debt. If you cannot make the loan payments, the bank will seize your house and auction it, and you will still be responsible for the remaining debt.
I think that's fair. If you want to buy a fancy X00,000$ house, go ahead, but asume your responsabilities.
I cannot understand American banks didn't tie this issues better, and risked having many many loan owners flee away then real-state prices dropped.
Wamu didn't work here in Spain, but we had the same issues as you over there.
I also don't think Wamu was so badly driven, but I think it was tagged as 'financial disaster' post-mortem, by everybody, because it benefits all (except shareholders).
- It benefits Gobernment so that they could aprove new financial laws and powers.
- It benefits 'some Banks' as to explain why did they only pay 1.88 billion $ for Wamu
- It benefits debtors justifying there is no money left and shareholders are milking the state.
BTW, GFU Rosen!!
Ks are at 0.40$ -> shouldnt Ps be moving at 16?
as per face value, 1 P = 40 Ks
Not me. I also think I am going to buy a little bit of silver
I agree with you but not totally.
You're right about Wamu being seized erroneously (as it has been proved Wamu was solvent), probably because Ms. SB had a panic attack.
Also, I think that the FDIC crew didn't do their homework and DD and just plain relied on poisonous data provided by JPM (who as we all know had interest in Wamu since long time ago)
JPM offered former CEO Killinger 8$ per share and he refused, so they started 'Plan B' (that's all what Project West was about).
But now we have the most powerful bank and the a semi-gobernment agency (FDIC) guilty because (1) cheated and lied to (2) who didn't do their work correctly. They both know acted wrongfully.
We also have (3) some greedy debtors in charge of the failed company, that want to recoup as much as they can, but NOT TOO MUCH, because then they would loose control, get just their PAR debt value, and a lot of hidden assets would end up in shareholders hands.
This is an epic drama, because all the harm has been done to the average Joe. They lost their savings, pension funds, whatever and also have to pay taxes to fix this mess.
When banks get their big benefits, they don't share them with the rest of the citizenry.
When banks get huge losses, we tax-payers have to pay their bills. And they also keep having multi-billion dollar bonus. I cannot understand all the system is so corrupt.
And here we are.
We, little Joes, about to fight the greatest Bank, the Government, using 'Government facilities' (the Court and the Judge belong to them). David versus Goliath.
Make your bets.
I am sure as we have known for awhile JPM wanted this not to end up in court, how can the revelations revealed help their bottom line and future reputation.
what if JPM settles with them and just with them???
That's what I fear most right now...
Usually by a merger, but respecting the 51% ownership. I think. EOM
Thank you for your insight. EOM
"The holding company filed formal lists of assets and debt showing property with a total value of $4.49 billion against liabilities of $7.83 billion. "
Is that 100% acurate truth?
Yes it might be about us. I cannot think on any bank (not failing bank) whose IT department could get all internal emails and backups without being noticed.
I am sure it was an easy task to get those wamu backups and publish them as JPM (the 'owner' of those data centers) is the first one with interested on seeing this happen.
I'am sure the wikileak is about Wamu... hope I'm wrong and it's Jamie's dirty talks to SB, but I guess that's not gonna happen.