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My interpretation is that it is good. The WMB bondholders are now going it alone in DC.
DC Court Hearing Results
I just got back from the DC court hearing.
I'm not an attorney so this is my interpretation. The judge accepted the motion to dismiss in the first 15 minutes of the hearing. The WMI shareholders and bondholders are now not a party to the DC case and only the WMB bondholders remain. In the judges closely paraphrased words, "so we no longer have to deal with WMI or the bankruptcy court".
The Texas attorneys, JPM and FDIC then proceeded to take another 75 minutes to argue over pushing the case back to Texas and whether FIREAA applied. They will submit simultaneous briefs within 2 weeks and they can then submit replies limited to 5 pages.
No audio for today's hearing but I will be attending the hearing.
Big blocks in FF:
13:47:31 0.563 5,300
13:47:17 0.564 2,000
13:47:13 0.564 42,000
13:45:22 0.564 2,300
13:45:18 0.564 3,520
13:45:04 0.564 5,000
13:44:59 0.563 50,000
13:44:54 0.564 10,000
13:44:50 0.564 2,700
13:44:39 0.564 37,420
13:43:36 0.569 20,000
13:43:27 0.568 4,000
13:43:20 0.567 1,000
13:43:16 0.566 34,000
13:42:11 0.565 10,000
13:42:06 0.565 51,250
13:40:16 0.560 10
13:40:13 0.560 2,000
13:40:08 0.560 500
13:40:04 0.560 1,900
13:40:01 0.560 15,000
13:39:25 0.562 200
13:39:19 0.560 1,074
13:39:14 0.557 10,000
13:39:02 0.555 2,000
13:38:53 0.554 1,400
13:38:48 0.554 470
13:38:38 0.554 2,000
13:37:56 0.554 7,500
13:37:51 0.550 337,100
13:35:09 0.546 56,150
13:32:51 0.543 545
13:32:32 0.540 70,861
13:32:25 0.542 394,391
13:24:01 0.531 20,000
13:23:49 0.538 1,500
13:23:16 0.538 25,800
13:22:18 0.535 13,000
13:22:05 0.534 8,000
13:21:53 0.534 10,000
13:21:27 0.533 1,000
13:21:16 0.533 500
13:21:10 0.533 36,676
13:20:53 0.530 8,800
13:20:21 0.529 20,000
13:20:16 0.528 15,000
13:20:08 0.530 100,651
13:17:21 0.537 3,000
13:17:10 0.538 1,000
13:16:48 0.539 15,000
13:16:44 0.537 20,000
13:16:38 0.534 4,575
13:16:32 0.532 271,822
13:13:03 0.529 94,000
13:09:35 0.524 1,150
13:09:24 0.524 8,000
13:09:02 0.524 10,000
13:08:55 0.524 42,563
13:07:34 0.520 214,407
13:02:52 0.516 500
13:02:35 0.516 1,189
13:02:09 0.516 5,000
13:01:53 0.516 4,500
13:00:54 0.516 20,000
12:59:15 0.515 20,000
12:57:40 0.512 15,580
12:55:15 0.514 3,000
12:55:10 0.514 24,200
12:53:13 0.513 10,000
12:53:04 0.512 30,000
12:52:56 0.511 27,889
12:51:06 0.510 180
12:51:02 0.510 5,462
12:50:56 0.510 28,100
12:49:30 0.509 1,000
12:49:15 0.509 25,400
12:48:34 0.508 2,500
12:47:37 0.508 4,500
12:47:16 0.505 193,200
12:42:12 0.504 29,328
12:42:04 0.504 10,000
12:40:26 0.503 15,500
12:39:01 0.508 200
12:38:36 0.508 1,000
12:38:23 0.508 102,000
12:34:34 0.507 10,400
12:33:50 0.507 31,300
12:31:42 0.500 2,500
12:31:35 0.500 530,250
12:18:56 0.496 500
12:18:51 0.496 40,000
12:15:27 0.498 500
12:15:20 0.498 5,000
12:15:11 0.495 26,020
12:15:05 0.495 500
12:14:55 0.495 1,280
12:14:31 0.495 6,352
12:14:21 0.495 136,000
True.. and very nice analysis. Thanks for sharing.
Yep.. some big buys going through in FF.
11:42:51 0.496 5,000
11:42:38 0.496 1,500
11:42:16 0.496 12,500
11:41:58 0.495 40,306
11:41:34 0.498 55,131
11:37:28 0.496 160
11:37:21 0.497 35,200
11:36:30 0.497 18,333
11:36:15 0.498 31,000
11:35:52 0.498 403,025
11:21:58 0.497 1,500
11:21:42 0.497 495,446
10:53:29 0.493 630
10:53:18 0.493 10,000
10:52:58 0.493 2,530
10:52:52 0.493 20,000
10:52:46 0.493 31,300
10:52:02 0.493 10,000
10:51:48 0.493 9,000
10:51:41 0.493 3,000
10:50:58 0.491 1,000
10:50:53 0.492 12,240
10:50:17 0.493 437
10:50:03 0.493 2,000
10:49:57 0.493 8,000
10:49:29 0.493 16,000
10:49:05 0.493 4,900
10:48:58 0.493 162,600
10:46:54 0.492 12,000
10:46:29 0.491 4,032
10:45:52 0.492 2,000
10:45:27 0.492 6,450
10:44:56 0.492 4,300
10:44:40 0.492 159,250
10:40:35 0.493 4,212
10:40:12 0.493 3,112
10:40:06 0.493 21,200
10:39:35 0.493 135,000
10:37:30 0.493 12,000
10:37:20 0.493 6,000
10:37:15 0.491 191,120
10:32:30 0.494 300
10:32:24 0.494 330
10:32:21 0.494 5,500
10:32:18 0.494 10,000
10:32:12 0.495 20,000
10:32:05 0.495 2,500
10:32:02 0.495 2,000
10:31:58 0.495 15,000
10:31:54 0.491 65,000
10:31:47 0.492 3,000
10:31:42 0.495 4,000
10:31:35 0.494 10,000
10:31:29 0.495 400
10:31:25 0.495 3,000
10:31:21 0.495 1,550
10:31:07 0.495 3,850
10:31:01 0.495 2,000
10:30:56 0.495 500
10:30:53 0.495 410
10:30:47 0.495 20,000
10:30:32 0.495 121,000
10:29:24 0.497 1,000
10:28:31 0.497 22,250
10:27:50 0.492 3,000
10:27:46 0.491 10,000
10:27:29 0.496 12,117
10:26:58 0.494 3,150
10:26:51 0.491 100,700
10:25:27 0.497 2,300
10:25:23 0.495 15,000
10:24:57 0.498 21,300
10:24:02 0.497 1,000
10:23:54 0.496 7,300
10:23:23 0.495 75,181
10:19:34 0.493 9,804
10:18:47 0.494 1,000
10:18:40 0.494 3,000
10:18:35 0.494 450
10:18:31 0.491 13,500
10:18:16 0.494 56,297
10:16:49 0.494 13,450
10:16:27 0.494 15,000
10:16:22 0.490 2,422
10:15:54 0.490 291,950
10:11:07 0.488 2,000
10:11:03 0.488 5,200
10:10:58 0.486 400,650
09:59:18 0.484 3,050
09:59:15 0.484 380
09:59:09 0.481 1,590
09:58:31 0.485 23,600
09:57:58 0.485 32,000
09:57:54 0.483 1,000
09:57:13 0.482 10,000
09:56:31 0.485 35,000
09:56:26 0.485 28,000
09:56:15 0.482 60,000
09:55:59 0.485 2,010
09:55:47 0.485 2,200
780,500 shares today.. wow!
I agree. Those on the bid are hungry for them. They'll soak them up all day until EOD and then the buying frenzy begins. IMO
Maybe replace the sticky above with my last post? Thanks.
**Hearing 3/4/2010 - Audio Archive
AUDIO ARCHIVE:
To be notified as future audio archives become available:
http://twitter.com/WaMuAudio
The previous hearing: http://www.viewip.net/WMI/Hearing/2010-03-04/
Hearing Index: http://www.viewip.net/WMI/Hearing
WMI calendar:
http://www.my.calendars.net/wmi
It will come.. and with a fury.
The big boys are gathering their cash reserves now. They will arrive with a bang one day soon.
Paid last.. wow.. your DD is amazing. And to think no one here knew that fact.
If you think commons will get zero then your DD is pretty poor and maybe you shouldn't be trading here.
Ha Ha... maybe sell from the RothIRA but not my taxable account.. I'm looking at long-term gains there!
For those watching L2 you know it has been CHDN that appears to put the breaks on any runs. Right now it is too funny watching CHDN. It looks like a Keystone cop trying to stop a mob.
I would think by EOD or tomorrow we will see P's and K's begin to get some nice volume.
You're welcome. It certainly looks like by Friday we'll have either a global settlement or the $4B+.
15 minutes and 34 seconds
Well.. let's hope that everyone doesn't dial-in too early and I'm unable to get in. LOL
But we'll always have the audio recording.
No.. that would be just a little too expensive.
I'll never turn down a free drink.
I look for good things to happen tomorrow. If not.. I know good things will happen this month since exclusivity ends! We can wait them out.
I created a Lehman calendar much like what we have for WMI.
http://www.my.calendars.net/leh
I wouldn't knock it.
We just don't know when judgment comes and there is no more "I mean it this time.. I'm going to rule."
I want to note that I do not fault the judge at all, in fact I think she has handled everything expertly. Delays are caused by the attorneys and often for good reason. It is only us on the outside that get antsy because we are not privy to the internal mechanics and progress. This is why I have been extremely patient since '08 and I will continue to be patient.
Yep. And we've already seen items dropped and added to the agenda without notice. Until the judge speaks the words it is a non-event.
I certainly hope there is no further delay.. but as always I'm mentally prepared for it to happen. It seems requests are often granted as a professional courtesy, but that must end as firm deadlines approach.
But at this point I still think the SJ ruling may happen tomorrow.
None yet. It's Ghosts job to find it. LOL
**Hearing 3/4/2010 - Phone Details and Audio Archive
LISTEN LIVE:
Dial-in at 11:25AM EST
Hearing begins at 11:30AM EST
The bridge number is 712-432-1001 and when prompted for the access code enter 477420980
You will hear no music just an intermittent beep until I join the call to the hearing.
AUDIO ARCHIVE:
To be notified as the audio archives become available:
http://twitter.com/WaMuAudio
The archived audio will be made available at the conclusion of the hearing:
This Hearing: http://www.viewip.net/WMI/Hearing/2010-03-04/
Hearing Index: http://www.viewip.net/WMI/Hearing
WMI calendar:
http://www.my.calendars.net/wmi
**Hearing 3/4/2010 - Phone Details and Audio Archive
LISTEN LIVE:
Dial-in at 11:25AM EST
Hearing begins at 11:30AM EST
The bridge number is 712-432-1001 and when prompted for the access code enter 477420980
You will hear no music just an intermittent beep until I join the call to the hearing.
AUDIO ARCHIVE:
To be notified as the audio archives become available:
http://twitter.com/WaMuAudio
The archived audio will be made available at the conclusion of the hearing:
This Hearing: http://www.viewip.net/WMI/Hearing/2010-03-04/
Hearing Index: http://www.viewip.net/WMI/Hearing
WMI calendar:
http://www.my.calendars.net/wmi
IMO, the SJ will not be on the agenda; it doesn't need to be since it has already been fully briefed. We want to see the FDIC motion on the agenda.
As most here now on Twitter I have the account WaMuAudio to announce the hearing audio and phone info.
That account just now got a new follower.. www.iss-mag.com
"International Securities Services is a specialist publication providing news and analysis on all aspects of the securities services industry."
Stop looking at the PPS!
A couple points.
First. How? Well.. when one has the chance to retire early based on WMI.. one takes great interest in the PPS. Rational? Hard to say.
Second. Many people here, including myself, watch and participate daily to gain education. I hope to take what I learn watching WMI and translate it to other BK stocks. I like to see the swings as they happen.
To each his or her own.
Perhaps you mean 'opinion', not truth.
I too say I don't care about the stock price, BUT that is only because my positions are all filled. If I were flipping then I would care a lot.
In reality we all care about the price. I watch L2 almost everyday. When it goes green it comforts me and eases my anxiety.
So, today's PPS doesn't matter in the end yet we all watch it for various reasons.
Keep the peace
I think the phrase is 'irrational exuberance'
Congrats to the WMI and LEH holders here. There are some really bright days ahead of us! Tomorrow should be really fun.
I'm not convinced the shorting is long term though. I'm inclined to think the MM's sell short shares and buy them back the same day in order to 'make-the-market'. IMHO. I'm not one for conspiracy theories.
Quite possible. She is following the twitter account I setup for the audio.
**Hearing 02/22/2010 - Phone Details and Audio Archive
LISTEN LIVE:
Dial-in at 02:55PM EST
Hearing begins at 03:00PM EST
The bridge number is 712-432-1001 and when prompted for the access code enter 477420980
You will hear no music just an intermittent beep until I join the call to the hearing.
AUDIO ARCHIVE:
To be notified as the audio archives become available:
http://twitter.com/WaMuAudio
The archived audio will be made available at the conclusion of the hearing:
This Hearing: http://www.viewip.net/wmi/Hearing/2010-02-22/
Hearing Index: http://www.viewip.net/WMI/Hearing
WMI calendar:
http://www.my.calendars.net/wmi