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Thanks for the link Tunisia and the original post Joe! I have not poured over every word yet but if Killinger would have spoken up some 12 months ago (I guess he was busy) we all could have met in Vegas, gotten violently drunk, overextended our bellies on shrimp (from the buffet’s), and currently be lazing on Barcaloungers by now! … rs
DM. I agree and disagree! I agree that any and all government panels are comprised primarily of Bozo’s and Doofus’s!
Where I strongly disagree is that this will be yet another charade! Kirsten’s article clearly shows that Killinger is armed to the gills with ammo and wants to chat! To my knowledge, he is basically retired, abundantly rich, so has nothing to lose!
The only potential negative that could come of this is if Killinger has something in the closet (illegal deeds) that may slink out due to the grilling! I am betting against that as he wouldn’t be so gung ho on appearing and presenting his side of the story!
IMO of course … rs
Agreed. Even though he (thank God) is not on the panel, old Barney Frank was probably the main proponent of the “everyone is entitled to own a home” toxic loans programs!
Every bank was guilty so if the panel goes after WaMu on that issue, I do not think that it will be that damning and the overall result of the hearing should be in Killingers favor ultimately benefiting and equity! … rs
US Senate panel: high-risk loans brought down WaMu
http://www.reuters.com/article/idUSN1220708420100412
... rs
Not a problem. Kirsten looks as ready as Killinger is with his testimony! I truly hope that he is granted the time to speak his mind (and show his graphs and charts) as apposed to being tethered down with his hands gracefully folded in his lap awaiting pointless questions from the panel!
I personally think he will be allowed to speak freely (at least within the panels own time constraints) and if he is able to proffer his entire presentation, well the media will no longer be able to ignore this any longer! … rs
They deserve the Pulitzer and Kirsten deserves a nice presidential suite in Vegas when this is all said and done! … rs
Thanks for the heads up UMAW! Was out running errands and trying to catch up on the board! That little nugget IS interesting … rs
FYI:
Lots going on in DC. Stay tuned for my first story re #Wamu investigation in abt two hours.
http://twitter.com/KirstenGrind
... rs
IMO, the EC wants fair negotiations between the parties! Fair as in, once Solomon reveals his numbers, let’s start negotiating at this point and cut the cappola!
That said, what pps will be ultimately awarded to commons – no one can say for certain! … rs
EC has not demanded a thing yet! The new EC council Dewey & LeBoeuf has most likely been pouring over the docs garnered by their predecessors at a 24/7 pace getting up to speed! A tough task indeed – hope they are up to the challenge!
We all await court docs/filings as we march towards 04/21! Simple as that at the moment … rs
FYI:
http://seattle.bizjournals.com/seattle/stories/2010/04/12/daily1.html
Staff writer Grind and editorial intern Kelly Gilblom will provide live online coverage of the Tuesday hearing, which is expected to begin at 9:30 a.m. Eastern (6:30 a.m.Pacific).
... rs
Post of the day – no scratch that – post of the year! Thank you for your contribution to the board! You analysis is welcome and most enlightening! … rs
To all that responded, Rosen is not dumb, but a finely crafted attorney that does his job well! In other words, he is slime!
I can only hope that our new EC attorneys have as much internal slimadge!
Fight fire with fire is the old adage?
Hopefully Killinger’s testimony before the PSI will render Rosen impotent once and for all!
Good night all. Time for seepy-bye … rs
Fish! I have been perhaps the loudest voice since 03/12 that Rosen single-handedly screwed us out of many of our shares as we sold low and bought back in high - at least higher than our original position(s)! We lost shares due to that sugar coated turd! I dutifully admitted it but many only admitted same via PM!
I know that many an iHubber is pissed at Rosen as he knew that his BS “first offer” would decimate the PPS and (confidence) of investors!
Currently, personally, I am fired up and expecting the EC to counter Rosen’s http://www.kccllc.net/documents/0812229/0812229100407000000000028.pdf filing! I am also waiting for Killinger to spill his guts in front of the PSI!
If a fair exchange of words is proffered in the upcoming PSI hearings, equity will eventually be rewarded - albeit short-term! Long-term is up to JMW! … rs
UMAW! This brief article (and several that I have seen in the past) indicates that the PSI panel will be digging for WaMu dirty laundry as part of getting to the financial crisis which would be very counterproductive or unproductive at best to our cause!
http://money.cnn.com/news/newsfeeds/articles/reuters/MTFH23608_2010-04-08_20-42-49_N08212524.htm
Kirsten’s article of 04/09 however, indicates that Killinger is ready to testify regarding the seizure in a very detailed and revealing manner! Seems that he is prepared to come out of seclusion tanned, rested, and ready - charts and graphs blazing!
So what do we have here and what will we get? I do not know how these damned hearings work but I assume that the panel will follow a certain script of boilerplate questions and self-important posturing(s)! After the contrived circus-like beeswax, hopefully Killinger and WaMu execs will get 5 minutes to talk freely and talk seizure!
I am of course being a bit facetious in the above paragraph but it appears that KIllinger has ammo and is willing to use it if allowed! According to Kirsten, he indubitably believes that he will be allowed! That just warms this dudes old heart! … rs
Morale booster indeed! Just what the doctor ordered!
• A little dose of Killinger next week!
• An anticipated dose of an EC response to WMI’s recent filings!
It’s caught my attention! … rs
Agreed Michael. If this plays out as anticipated, JD and especially the FDIC (in keeping with your theme) will be flailing about like a fart in a wind storm!
I still have my doubts that the mainstream media will provide the coverage that the hearing deserves (300B S&L purchased for 1.9B – nah, no story here) but a few cable outlets and of course the e-media will (should) be all over this like stink on a monkey!
We shall see ... rs
Morning dude! It looks like Killinger is coming out of seclusion with both barrel’s blazin’! Sounds like it is going to be one hell of a powerpoint presentation! … rs
Kirsten returns! Hopefully the PSI hearing will play out exactly as Kirsten reports! Originally, this is what the PSI hearing was to be! Subsequent media articles indicated the hearing was to lean more towards a “bad management/bad loans” smackdown of WaMu!
It is good to have a renewed confirmation that Killinger/WaMu execs will be unmasking the sweeping bloody story in its entirety!
Go Killinger! … rs
Thank you NoTuck for the extremely kind words! That Friday will indelibly be etched in my mind as well as others who LOST many, many shares!
On 03/12, Rosen played equity like a Stradivarius and single-handedly brought all classes down significantly! What a turd!
I don’t know how beasts like Rosen, et al, can live with them selves! Oh wait! Yes I do! They are attorneys in it for only one thing – billable hours!
It is clear currently that Rosen is in defense mode and does not want to hear from the EC and Solomon in the near future! Tough crap Rosen! It is time for you to sweat a few bullets!
Time for a grilled ham and cheese sandwich and then beddy-bye! Take care NoTuck and GLTA! … rs
FYI: Court docs continue to ramp up on kccllc ..
http://www.kccllc.net/Docket/SearchResults.asp
… rs
Yep – I guess folks are trying to concentrate on other plays or perhaps oddly enough, even spend time with their respective families! LOL!
With so much brewing as of late here, I just thought it queer that the troops have been rather silent since AH!
Stay angry and get that Roth IRA my friend and GLTY in your other ventures … rs
UZ! I would love a halt but feel that we are at least a few months away! That is fine as this case is finally moving along now!
In Rosen’s declaration of support of opposition to motion on SJ, http://www.kccllc.net/documents/0812229/0812229100407000000000028.pdf he mentions “the debtors have not yet had the opportunity to take any discovery of the Equity committee”! That speaks volumes to me! It seems he wants to know what the EC knows! Why else would he whine about discovery?
Perhaps I am reading too much into that sentence! … rs
FYI: New Court Doc …
Sixteenth Monthly Application of FTI Consulting, Inc, Financial Advisor for the Official Committee of Unsecured Creditors, for Interim Allowance of Compensation and Reimbursement of Expenses for Services Rendered During the Period February 1, 2010 Through February 28, 2010
http://www.kccllc.net/documents/0812229/0812229100408000000000052.pdf
… rs
The board is as dead as a door-nail tonight. Only 60 or so posts since AH and only three in the last 60 minutes! I guess everyone is getting tired of this play and will be selling their shares tomorrow! LOL! … rs
Hopefully not until 11:59pm on 04/20 so that Rosen will go into the 04/21 hearing choking and sputtering :) … rs
Do not be disgruntled by this filing. First off, it was not filed by the UST (as one poster said), but WMI! Secondly, it is a host of boilerplate arguments that should not hold any water in JMW’s court! … rs
The fact that WMI is now feverishly mounting a full scale attack on the EC makes me feel that they (WMI) are worried as hell and perhaps in the initial throes of desperation!
WMI in their most recent filings skewering the EC are claiming that this, and this, and this are not allowable in chapter 11. How will those arguments hold water if JMW herself (who knows a little bit about BK law and chapter 11) granted the EC?
Honestly, the harder that WMI tries to shoot down equity, the more confident I become that equity will be in the money! … rs
What I found a bit confusing initially – but since find promising - is the statement (in Rosens declaration), “the debtors have not yet had the opportunity to take any discovery of the Equity committee”!
To me, this means that Rosen is assuming that the EC may have some information not favorable to the debtors and wants a peek at it!
Hmmmmm … rs
It’s just the usual Rosen BS! Looks like the fight between WMI and the EC is really ramping up! Let’s hope the EC’s new legal team is up to the challenge! … rs
The preliminary statement alone (starting on page 9) is rather interesting!
04/21 could be the start of an old fashioned Ali / Frazier type bout! … rs
FYI:
Opposition of Defendant Washington Mutual, Inc. to Plaintiff's Motion for Summary Judgment, or in the Alternative, for Relief from the Automatic Stay - 11MB PDF
http://www.kccllc.net/documents/0812229/0812229100407000000000026.pdf
http://www.kccllc.net/documents/0812229/0812229100407000000000027.pdf
... rs
Declaration of Brian S. Rosen in Support of Opposition to Motion for Summary Judgment
http://www.kccllc.net/documents/0812229/0812229100407000000000028.pdf
... rs
Yep Oil! After the 03/12 temporary meltdown, everyone that is IN is IN! My opinion is that there is nothing that WMI, JPM, or the FDIC can say to shake any shares from us as long as we have the EC and Solomon! I know that may sound rather pedestrian, but Solomon’s looming valuation is huge! I also do not see the EC staying speechless forever!
Dare I say, the EC’s deafening silence on 03/12 spooked many onboard! Were they as blindsided as we were, or were they anticipating a POS POR and simply sitting back and biding their time waiting for a categorical entry?
As I stated weeks ago, many here lost thousands of shares on that day when Rosen flapped his gums and I was one of them!
"There's an old saying in Tennessee — I know it's in Texas, probably in Tennessee — that says, fool me once, shame on — shame on you. Fool me — you can't get fooled again." —President George W. Bush, Nashville, Tenn., Sept. 17, 2002
Go WAMUQ … rs
Longhaul! Nice pithy synopsis! Aside from Solomon being confirmed, business (bickering) as usual – LOL! … rs
Seeing it etched in stone is just damn pretty even though they have been on the case for a while!
Now I want to see some of their numbers … rs
FYI: New Court Doc …
http://www.kccllc.net/documents/0812229/0812229100407000000000006.pdf
Letter:
http://www.kccllc.net/documents/0812229/0812229100407000000000007.pdf
EDIT: Many other docs rolling in on http://www.kccllc.net/Docket/SearchResults.asp
… rs