is enjoying a new career in health care
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Glad to be back, even if it's just to stop in and drop info for a swing play. It'll be a few months until I move and get settled in with the new job.... but I'll be back more frequently over the next 2-3 months. Hope the board has been well!
NEXM running again...
NEXM chart strong into the close
WAMU VC sale article link:
http://www.techflash.com/featured/WaMu_seeks_to_liquidate_VC_investments34910549.html
Cut throat and ruthless (links below)-70% WAMU employee layoff ratio?!?
http://www.nwcn.com/statenews/washington/stories/NW_111908BUB_wamu_layoffs_LJ.1c9dd6f15.html
http://www.kirotv.com/money/18014814/detail.html
http://seattlebubble.com/blog/2008/11/19/seattle-times-jpm-to-cut-70-of-wamu-hq-employees/
http://seattlest.com/2008/11/19/3000_wamu_employees_to_lose_jobs.php
http://www.yakima-herald.com/stories/9416
Wow did you see these positive mutual fund transactions?
Fund
Current
Shares
Current
Value
Activity
Shares Chng.
Shares
Chg.%
Arlington Partners Llc
17,266
$2,763
Added
More
1
0.00%
Liberty Mutual Insurance Co
191,411
$30,626
Added
More
1,400
0.73%
Symons Capital Management Inc
132,800
$21,248
Added
More
1,460
1.11%
Goldman Sachs Group Inc
10,431,011
$1,668,962
Added
More
131,948
1.28%
Keller Group Investment Management Inc
321,065
$51,370
Added
More
4,618
1.45%
Tal Global Asset Management Inc
98,328
$15,732
Added
More
1,679
1.73%
Cna Financial Corp
19,235
$3,078
Added
More
430
2.28%
World Asset Management Inc
193,635
$30,982
Added
More
4,406
2.32%
Ubs Ag
2,991,952
$478,712
Added
More
69,742
2.38%
Verizon Communications Inc
341,122
$54,580
Added
More
8,698
2.61%
Millennium Management Llc
916,992
$146,719
Added
More
28,935
3.25%
Mt Lucas Management Corp
13,814
$2,210
Added
More
467
3.49%
Wells Fargo And Co
999,730
$159,957
Added
More
36,421
3.78%
Thrivent Financial For Lutherans
303,710
$48,594
Added
More
11,700
4.00%
Tiaa Cref Investment Management Llc
6,980,031
$1,116,805
Added
More
320,355
4.81%
Fortis Investments Management Usa Inc
357
$57
Added
More
17
5.00%
Conning Asset Management Co
80,285
$12,846
Added
More
4,597
6.07%
Mason Street Advisors Llc
725,757
$116,121
Added
More
46,400
6.82%
Bnp Paribas Asset Management S A S
28,822
$4,612
Added
More
1,900
7.05%
Padco Advisors Inc
95,810
$15,330
Added
More
6,672
7.48%
F And C Asset Management Plc
114,381
$18,301
Added
More
8,671
8.20%
Schwab Charles Investment Management
Inc
4,058,190
$649,310
Added
More
319,944
8.55%
Dai Ichi Mutual Life Insurance Co
80,434
$12,869
Added
More
7,150
9.75%
Comerica Bank
455,770
$72,923
Added
More
40,538
9.76%
Aqr Capital Management Llc
1,140,106
$182,417
Added
More
102,615
9.89%
Royal Bank Of Scotland Group Plc
204,674
$32,748
Added
More
18,782
10.10%
Ameriprise Financial Inc
1,716,713
$274,674
Added
More
158,480
10.17%
Credit Agricole S A
583,146
$93,303
Added
More
62,253
11.95%
Brandes Investment Partners Lp
59,042,738
$9,446,838
Added
More
6,311,667
11.96%
Td Asset Management Inc
277,423
$44,388
Added
More
30,100
12.17%
Batterymarch Financial Management Inc
132,951
$21,272
Added
More
15,699
13.38%
Manufactureres Life Insurance Co
183,344
$29,335
Added
More
23,456
14.67%
Royal Bank Of Canada Trust Co Ltd
27,400
$4,384
Added
More
3,900
16.59%
Summit Investment Partners Inc
24,549
$3,928
Added
More
3,616
17.27%
Principal Financial Group Inc
651,748
$104,280
Added
More
100,745
18.28%
Geode Capital Management Llc
4,590,269
$734,443
Added
More
714,040
18.42%
Fifth Third Asset Management Inc
53,382
$8,541
Added
More
8,557
19.08%
Northern Trust Corp
10,491,948
$1,678,712
Added
More
1,694,922
19.26%
Metropolitan Life Insurance Co
901,255
$144,201
Added
More
148,483
19.72%
Stephens Inc
96,027
$15,364
Added
More
16,760
21.14%
Earnest Partners Llc
315,255
$50,441
Added
More
56,200
21.69%
Barclays Global Investors Uk Holdings Ltd
38,753,200
Added
More
6,987,122
21.99%
Intel Corp
39,205
$6,273
Added
More
7,100
22.11%
Citigroup Inc
3,114,944
$498,391
Added
More
572,926
22.53%
Mfc Global Investment Management Usa Ltd
373,353
$59,736
Added
More
69,663
22.93%
California State Teachers Retirement
System
1,787,503
$286,000
Added
More
340,600
23.53%
Us Bancorp De
88,986
$14,238
Added
More
17,551
24.56%
Ixis Asset Management Advisors L P
632,439
$101,190
Added
More
131,265
26.19%
Managed Account Advisors Llc
109,898
$17,584
Added
More
23,393
27.04%
Barrow Hanley Mewhinney And Strauss Inc
62,266,854
$9,962,697
Added
More
13,417,519
27.46%
American International Group Inc
600,252
$96,040
Added
More
134,480
28.87%
Standard Life Investments
45,840
$7,334
Added
More
10,985
31.51%
Janus Capital Management Llc
3,459,043
Added
More
863,400
33.26%
Diamond Hill Capital Management Inc
4,339,215
$694,274
Added
More
1,083,785
33.29%
Hartford Investment Management Co
451,900
$72,304
Added
More
114,600
33.97%
Northwestern Mutual Wealth Management
Co
24,298
$3,888
Added
More
6,297
34.98%
Capital International S A
1,904,250
$304,680
Added
More
514,062
36.97%
Fifth Third Securities
3,386
$542
Added
More
921
37.36%
Norges Bank
3,833,057
$613,289
Added
More
1,050,956
37.77%
Js Asset Management Llc
1,402,310
$224,370
Added
More
389,800
38.49%
New York State Common Retirement Fund
7,415,018
Added
More
2,270,120
44.12%
Legal And General Group Plc
4,184,039
$669,446
Added
More
1,414,383
51.06%
Pzena Investment Management Llc
13,243,215
$2,118,914
Added
More
4,501,475
51.49%
New York Life Investment Management Llc
458,870
$73,419
Added
More
162,157
54.65%
Iwamoto Kong And Co Inc
2,680
$429
Added
More
960
55.81%
Ionic Capital Management Llc
933,600
$149,376
Added
More
337,100
56.51%
Bnp Paribas Arbitrage Sa
317,984
$50,877
Added
More
115,036
56.68%
Sg Americas Securities Llc
338,281
$54,125
Added
More
137,323
68.33%
Teachers Advisors Inc
638,471
$102,155
Added
More
263,067
70.07%
Hotchkis And Wiley Capital Management Llc
99,545,845
$15,927,335
Added
More
42,365,173
74.09%
Claymore Advisors Llc
232,419
$37,187
Added
More
104,135
81.17%
Public Sector Pension Investment Board
55,422
$8,868
Added
More
25,000
82.17%
Palisades Investment Partners Llc
2,156,391
$345,023
Added
More
997,800
86.12%
Clifford Associates Llc
55,826
$8,932
Added
More
25,907
86.59%
Merrill Lynch And Co Inc
1,284,533
$205,525
Added
More
617,414
92.54%
Canadian Imperial Holdings Inc
315,864
Added
More
154,500
95.74%
Rbc Professional Trader Group Llc
11,500
$1,840
Added
More
5,643
96.34%
Howard Capital Management
25,230
New
Holding
25,230
100.00%
Peak6 Investments L P
45,137
$7,222
New
Holding
45,137
100.00%
Rbc Asset Management Inc
245
$39
New
Holding
245
100.00%
Ota Financial Group L P
14,400
$2,304
New
Holding
14,400
100.00%
Northwestern Investment Management Co
Llc
285,294
$45,647
New
Holding
285,294
100.00%
Silverback Aset Management Llc
40,000
$6,400
New
Holding
40,000
100.00%
Samlyn Capital Llc
863,600
$138,176
New
Holding
863,600
100.00%
Xaraf Management Llc
10,000
$1,600
New
Holding
10,000
100.00%
Canyon Capital Advisors Llc
24,100
$3,856
New
Holding
24,100
100.00%
Gsa Capital Partners Llp
76,694
$12,271
New
Holding
76,694
100.00%
First Washington Corp
10,984
$1,757
New
Holding
10,984
100.00%
Jefferies Group Inc
75,000
$12,000
New
Holding
75,000
100.00%
Bluebay Asset Management Plc
804,000
$128,640
New
Holding
804,000
100.00%
Algert Coldiron Investors Llc
60
$10
New
Holding
60
100.00%
Marsico Capital Management Llc
32,650,420
$5,224,067
New
Holding
32,650,420
100.00%
Capstone Investment Advisors Llc
188,697
$30,192
New
Holding
188,697
100.00%
First New York Securities Llc
10,300
$1,648
New
Holding
10,300
100.00%
Vardon Capital Management Llc
14,000
$2,240
New
Holding
14,000
100.00%
Eaton Vance Management
702,840
$112,454
New
Holding
702,840
100.00%
Gamco Investors Inc Et Al
55,700
$8,912
New
Holding
55,700
100.00%
Comerica Securities Inc
12,362
$1,978
New
Holding
12,362
100.00%
Macquarie Group Ltd
148,284
$23,725
New
Holding
148,284
100.00%
Ivory Investment Management L P
9,212,100
$1,473,936
New
Holding
9,212,100
100.00%
Arnhold And S Bleichroeder Advisers Llc
35,000
$5,600
New
Holding
35,000
100.00%
Capital Fund Management S A
97,800
$15,648
New
Holding
97,800
100.00%
Lehman Brothers Holdings Inc
655,959
$104,953
New
Holding
655,959
100.00%
Allianz Global Investors Of America L P
29,203
$4,672
New
Holding
29,203
100.00%
Davidson Kempner Capital Management Llc
190,508
$30,481
New
Holding
190,508
100.00%
Financial Stocks Inc
300,000
$48,000
New
Holding
300,000
100.00%
Old Mutual Asset Managers Uk Ltd
620,800
$99,328
New
Holding
620,800
100.00%
S And T Bank
135
$22
New
Holding
135
100.00%
Clover Capital Management Inc
2,037,174
$325,948
New
Holding
2,037,174
100.00%
Mathematica Capital Management Llc
7,982
$1,277
New
Holding
7,982
100.00%
Genworth Financial Inc
341
$55
New
Holding
341
100.00%
Spiderrock Trading Llc
618
$99
New
Holding
618
100.00%
Jacobs Asset Management Llc
800,000
$128,000
New
Holding
800,000
100.00%
Wetherby Asset Management Inc
11,672
$1,868
New
Holding
11,672
100.00%
Tsp Capital Management Group Llc
100
$16
New
Holding
100
100.00%
Parallax Fund Lp
103,200
$16,512
New
Holding
103,200
100.00%
Cibc World Markets Corp
217,985
New
Holding
217,985
100.00%
Hanson Investment Management
10,659
$1,705
New
Holding
10,659
100.00%
Greenwich Wealth Management Llc
226,300
$36,208
New
Holding
226,300
100.00%
Proshare Advisors Llc
642,596
$102,815
Added
More
338,213
111.11%
Fixed Income Securities Inc
173,728
$27,796
Added
More
92,480
113.82%
Numeric Investors Llc
628,600
$100,576
Added
More
334,700
113.88%
Dreman Value Management L L C
62,250,251
$9,960,040
Added
More
33,453,277
116.16%
First Quadrant L P
150,700
$24,112
Added
More
87,400
138.07%
Dlibj Asset Management Co Ltd
258,019
$41,283
Added
More
150,132
139.15%
Wellington Management Co Llp
66,002,802
$10,560,448
Added
More
39,476,997
148.82%
Advisory Research Inc
32,100
$5,136
Added
More
19,263
150.05%
Menta Capital Llc
45,650
$7,304
Added
More
28,200
161.60%
Fifth Third Bancorp
14,503
$2,320
Added
More
9,066
166.74%
Two Sigma Investments Llc
1,376,014
$220,162
Added
More
891,300
183.88%
Capital Research Global Investors
112,914,120
$18,066,259
Added
More
75,315,570
200.31%
Price T Rowe Associates Inc
3,239,569
$518,331
Added
More
2,241,708
224.65%
Nomura Asset Management Co Ltd
781,600
$125,056
Added
More
554,260
243.80%
Research Affiliates Llc
962,865
$154,058
Added
More
693,268
257.14%
Chevy Chase Bank
1,988,720
$318,195
Added
More
1,579,858
386.40%
Credit Suisse
11,647,880
$1,863,661
Added
More
9,667,443
488.14%
Forest Investment Management Llc
1,060,298
$169,648
Added
More
886,180
508.95%
Diamondback Capital Management Llc
783,984
$125,437
Added
More
675,095
619.98%
Zebra Capital Management Llc
203,274
$32,524
Added
More
175,243
625.17%
Padco Advisors Ii Inc
527,523
$84,404
Added
More
463,111
718.98%
Fmr Corp
17,859,457
$2,857,513
Added
More
16,146,506
942.61%
Capital International Inc
5,318,900
$851,024
Added
More
4,975,800
1450.24%
Dynamic Capital Management Llc
1,543,200
$246,912
Added
More
1,512,350
4902.26%
Royal Bank Of Canada
34,760
$5,562
Added
More
34,260
6852.00%
Oz Management Llc
86,486
$13,838
Added
More
85,422
8028.38%
Oz Management Llc
86,486
$13,838
Added
More
85,422
8028.38%
Toronto Dominion Bank
657,400
$105,184
Added
More
649,900
8665.33%
Quantlab Capital Management Ltd
51,765
$8,282
Added
More
51,199
9045.75%
Tewksbury Capital Management Ltd
789,572
$126,332
Added
More
789,349
353968.16%
From the latest 8K
Item 8.01 Other Events
On October 28, 2008, Washington Mutual, Inc. (the “Company”) received a Nasdaq Staff Determination letter notifying the Company that, in accordance with Marketplace Rules 4300, 4340(b), 4450(f) and IM-4300, the Staff of The NASDAQ Stock Market LLC (the “Staff”) has determined that the Company’s Litigation Tracking Warrants (the “LTWs”) (Nasdaq symbol: DIMEZ) will be delisted from The Nasdaq Stock Market. In its letter, the Staff stated that unless the Company requests an appeal of this determination by November 4, 2008, trading of the LTWs will be suspended at the opening of business on November 6, 2008, and a Form 25-NSE will be filed with the Securities and Exchange Commission, which will remove the Company’s securities from listing and registration on The Nasdaq Stock Market. The Staff stated in its letter that its determination is based on Company’s Chapter 11 bankruptcy filing and associated public interest concerns raised by it and concerns about the value of the Company’s common stock underlying the LTWs. The LTWs were originally distributed by Dime Bancorp, Inc. and, upon a triggering event, become exercisable for the Company’s common stock. The Company does not intend to take any action to appeal the Staff’s determination.
Just like STKL....a virtual ATM over the last few months....chart shows it ready for another bounce
This is an outstanding, accurate and concise representation of the events that have occurred....great post from the Yahoo board
Oil is getting closer to your prediction... $60 is right around the corner- hope you're enjoying the new job and break from the market chaos
CC Missed our chance for a +50% return (link back for 2 for chart) ....MMs didn't fill you or I (on Friday) at .21 and it reached .38 today
RMDM set to run monday on news (chart)
RMDM closes deal with China Telecom
RMD Entertainment Group (RMDM) Closes Deal With China Telecom
BEIJING, Oct. 24 /PRNewswire-FirstCall/ -- The Company RMDM (http://www.rmdmgroup.com/) and its operating subsidiary Innotrek, Beijing today after the market closed, announced that during the 5th China-ASEAN Expo which was held in Nanning, Guangxi from Oct. 22 to 25, the business cooperation agreement between China Telecom Guangxi Branch and Beijing Innotrek was completed.
Mr. Wynn Wang the issuers CEO said, "The objective of this agreement is to use Innotrek's products for broadband Internet and accessing of residential areas in all Guangxi Zhuang Autonomous Region. Guangxi Zhuang Autonomous Region is one of the provinces in southwest China with a population of over 50Â million people and consists of about 240,000 km(2) area. Guangxi also locate the upstream of Mekong River Basin and has frontiers with Burma and Vietnam.
Access to Innotrek's proprietary technology was provided to China Telecom Guangxi for further tests and technical preparations to assist both sides in the launch of this project. We expect and project revenues of this project to be in the area of 6 to 10 million USD within the next 12 to 18 months after full roll out is complete."
The China-ASEAN Expo, is the platform of economic and trade between China and ASEAN Member States. ASEAN States consist of: Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.
Mr Wang concluded by saying "This is an annual event proposed by China and 10 ASEAN Member States since 2003. Mr. Wang Qishan, Vice Premier of the State Council of the People's Republic of China and Mr. Samdech Hun Sen, Prime Minister of the Kingdom of Cambodia attended the opening ceremony. The Kingdom of Cambodia rotates as Chairman of the Presidency of the China-ASEAN Expo this year. It is our privilege and honor to acknowledge that Beijing Innotrek was recommended by Beijing Science and Technology Commission to take part in this Expo."
The issuer intends to provide further updates shortly, through their Investment Relations Company only.
Safe Harbor statement under the Private Securities Litigation Reform Act of 1995: Certain information contained in this release contains forward-looking statements that involve risk and uncertainties, including but not limited to, those relating to development and expansion activities, domestic and global conditions, and market competition.
Get the Facts Right. The issuer works hard to continue to keep our shareholders informed, and news is updated frequently via Press Releases, Pink Sheet http://www.pinksheets.com/ filings, and updates to our websites. Other websites not sponsored, or recognized by the Company may provide misleading or disinformation to investors in order to manipulate trading patterns for a given stock. Always look for original content from trusted sources, rather than relying on 'excerpts' or discussion boards that may not give you the whole story. The Securities and Exchange Commission requires financial institutions or brokerage firms to provide their clients with documentation, describing the risks of investing in penny stocks.
CONTACT: http://www.minamargroup.com/helpdesk
DATASOURCE: RMD Entertainment Group Inc.
CONTACT: http://www.minamargroup.com/helpdesk
I've been trying to get filled at .21 all morning but the MMs never filled my order and now it's at .23
CC -chart I guess we could keep this one on alert for a bounce possibility
You called it and now we're getting close to your prediction!
DJIA chart.... what a month
The intraday 1-minute chart clearly shows it oversold - might reenter for a swing but fearful of a Friday sell-off tomorrow
I wish I had cashed out 7 weeks ago when it was up 400% from where it is today.....
TNRI hit my sell order this am @ .016 so I got out with a small profit...I had been holding since august
.63 cents on the dollar at the auction
Here's the link and post regarding this news
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=33063947
WaMu swap sellers may sidestep big loss
Good NEWS- Investors who sold default protection on failed Seattle-based thrift appear set to face a much smaller loss than those who bet on Lehman Brothers.
http://money.cnn.com/2008/10/23/news/companies/wamu_auction/?postversion=2008102312
By David Ellis, CNNMoney.com staff writer
Last Updated: October 23, 2008: 12:29 PM ET
NEW YORK (CNNMoney.com) -- Investors who wagered that Washington Mutual would somehow survive the latest market turmoil may not have to pay as dearly as some had feared.
Based on preliminary results of an auction held Thursday, investors who sold default protection on the now-defunct savings and loan will recover 63.625 cents on the dollar, according to Creditfixings.com, suggesting a loss of just over 36%.
Final results of the auction will be released later Thursday afternoon and it's possible that the actual settlement will be lower.
Brian Yelvington, an analyst with research firm CreditSights, said that the preliminary results from the WaMu were an encouraging sign for sellers.
"The initial auction results are not too far off from where [WaMu] bonds were trading in the open market yesterday. The auction mechanism appears to be working well," he said.
The WaMu auction represents the latest peek at the long-ignored market for credit default swaps, which some estimate to be worth $55 trillion.
Bondholders, as well as other investors, sometimes purchase these complex financial instruments as a form of insurance to protect against a company defaulting on its debt or going bankrupt.
Investors around the world paid a lot of attention to a similar auction for Lehman Brothers on October 10 since it represented an important test of the largely unregulated credit default swap market.
Sellers of the company's credit default swaps recouped just 8.625 cents on the dollar, representing a loss of more than 91% on these contracts.
Stocks were whipsawed that day and some traders blamed concerns about the auction and the impact it would have on many already struggling banks for much of the volatility that day.
Buyers and sellers of Lehman credit default swaps managed to settle those claims earlier this week without any major fallout amongst financial institutions or the broader market, which many feared could happen.
Some $5.2 billion is expected to trade hands between investors that bet on a Lehman default, according to the Depository Trust and Clearing Corporation, which handles trades in over-the-counter markets such as credit default swaps.
Over 500 parties participated in Thursday's WaMu auction, including major global financial institutions such as Bank of America (BAC, Fortune 500), Barclays (BCS), Citigroup (C, Fortune 500) and Goldman Sachs (GS, Fortune 500).
That number dwarfed the more than 350 banks and investors that took part in Lehman's auction. What remains unclear is whether the payments related to the WaMu's credit default swaps will surpass that of Lehman.
Yet in some ways, Thursday's auction brings the WaMu tale one step closer to the end.
Saddled by toxic home loans, WaMu struggled for months and tried numerous remedies to shore up its problems, including a $7 billion private equity investment and the expulsion of long-time CEO Kerry Killinger.
But fallout in the U.S. mortgage market and waning confidence in the company proved too much for the Seattle-based thrift.
Washington Mutual (WM, Fortune 500) collapsed on Sept. 29, making it the biggest bank failure in the nation's history. Federal regulators seized the company's banking operations, only to turn around and sell them to JPMorgan Chase (JPM, Fortune 500) for $1.9 billion. To top of page
First Published: October 23, 2008: 11:04 AM ET
Where and when is it going to end?.....Is the DJIA going to breach the 8000 level and drop lower? The panic and "emotional driven" trading trends are beyond exasperating and really overly exaggerated. I have come to despise the market, media hype, manipulation and corruption over the last 4 months. Saying I'm pissed off would be a severe understatement
CC chart- brutal downward trend that doesn't appear to have a bottom...
Total B.S. FDIC doesn't have a legal right to this money...it was owned by WM prior to the seizure therefore it should be held within WM....
Still moving up slowly --with volume this thing could move quickly and resistance point isn't until .66
EMA, MACD and Stochs all moving up
NEXM +3.45% for the day and volume slowly increasing -link back 2 for charts
NEXM expanded chart view
NEXM Ready...it's been a long wait but after confirming a double bottom, sizable short postions (possible cover on news) and the pending FDA update (PR expected by Monday) I think it's ready to go
http://www.bloomberg.com/apps/news?pid=conewsstory&refer=conews&tkr=NEXM:US&sid=am_TNqCSwqBA
NICE end of day action on NEXM almost 2X avg daily volume- it should show up on some scans tonight as traders review active stocks
Outstanding News-Feds to scrutinize Wash. Mutual pratfall 10/15 01:01 PM
Federal prosecutors said Wednesday they were looking for any possible violations of the law in the collapse of Washington Mutual (WAMUQ:$0.0995,$0.0019,1.95%) .
A written statement from the U.S. Attorney's office in Seattle said a task force from the FBI, Internal Revenue Service, Securities and Exchange Commission and Federal Deposit Insurance Corp. had been formed to check for any potential wrongdoing in the takeover and subsequent sale of the Seattle-based bank to JP Morgan Chase.
"Given the significant losses to investors, employees and our community, it is fully appropriate that we scrutinize the activities of the bank, its leaders, and others to determine if any federal laws were violated," U.S. Attorney Jeffrey Sullivan said.
The statement gave no indication that criminal activity was suspected.
The Seattle Times reported the task force said anyone with information that might assist the task force could phone in tips to 866-915-8299.
WAMUQ breaking through HOD on news spreading and forfeiture by JPmorgan of 4.4bln to WAMUQ
http://www.reuters.com/article/marketsNews/idINN1530488520081015?rpc=44
NEW YORK, Oct 15 (Reuters) - JPMorgan Chase (JPM.N: Quote, Profile, Research, Stock Buzz) agreed to allow bankrupt savings and loan Washington Mutual Inc's (WAMUQ.PK: Quote, Profile, Research, Stock Buzz) parent company to access $4.4 billion of its funds that may be used to help pay creditors.
WaMu's parent company can take back control of $707 million in deposits it had at Washington Mutual Bank and $3.7 billion it held at the bank's subsidiaries, according to documents filed with Delaware Bankruptcy Court on Tuesday.
Earnings announcement occurs on 23 Oct
Analyst opinions are strong- http://finance.yahoo.com/q/sa?s=VDSI
However, I believe the global economy and markets have brought VDSI down as the financial panic reaches epidemic proportions
As requested I have updated the Ibox with numerous links for analysis and research. My current "day job" has/is absorbing a majority of my time right now due to an unexpected 'change' in ownership. I will try to research more VDSI info but from my perspective today was an excellent opportunity to grab some below the previous 52 week low!
The 2 day 30-minute chart looks solid and denotes that we are in a strong uptrend!
STSA- Considering the broad and severe market crash STSA has held up fairly well.
NEWS-Fitch: Washington Mutual Ratings Downgraded and Withdrawn
Last update: 12:59 p.m. EDT Oct. 6, 2008
NEW YORK, Oct 06, 2008 (BUSINESS WIRE) -- Following Washington Mutual, Inc.'s (WM) filing of Chapter 11 bankruptcy, Fitch has downgraded the Issuer Default Ratings (IDR) to 'D' and removed them from Rating Watch Negative. Fitch will withdraw the ratings of WM in approximately 30 days.
In addition, Fitch has assigned recovery ratings to various WM obligations. Creditors of Washington Mutual Bank (WMB) are dependent upon the FDIC, acting as receiver, for any potential recovery. Aside from the $1.9 billion payment that the FDIC received from JPMorgan Chase for WMB's banking operations, the value of any other assets remaining in the estate remains unclear. As a result, Fitch has assigned a recovery rating of 'RR5' to the approximately $10 billion most senior obligations of the bank.
WM had cash of approximately $5 billion when the bank was closed. Those funds had been placed in deposits of Washington Mutual Bank, fsb. WM is still in the process of confirming the status of those deposit funds. Fitch has assumed that ultimately those funds will be returned to WM, although considerable uncertainty remains. Assuming these funds are returned, senior creditors could see a significant recovery. Senior debt outstanding totals approximately $4.9 billion. Fitch assigned a Recovery Rating of 'RR4' to WM's senior debt and 'RR6' to subordinated debt and preferred stock.
Washington Mutual Inc.
--Long-term IDR to 'D' from 'C';
--Short-term IDR to 'D' from 'C';
--Individual to 'F' from 'E';
--Short-term debt to 'D' from 'C';
--Senior debt to 'D/RR4' from 'C';
--Subordinated debt to 'D/RR6' from 'C';
--Preferred stock to 'D/RR6' from 'C'.
Washington Mutual Bank
--Senior debt to 'D/RR5' from 'C';
--Subordinated debt to 'D/RR6' from 'C'.
Bank United FSB
--Subordinated debt to 'D' from 'C'.
Bank United Corp.
--Subordinated debt to 'D' from 'C'.
Providian Financial Corp
--Senior debt to 'D' from 'C'.
Washington Mutual Preferred Funding (Cayman) I Ltd.
Washington Mutual Preferred Funding Trust I (Delaware)
Washington Mutual Preferred Funding Trust II
Washington Mutual Preferred Funding Trust III
Washington Mutual Preferred Funding Trust IV
--REIT Preferred to 'D' from 'C'.
Washington Mutual Capital I
Providian Capital I
--Trust Preferred to 'D' from 'C'.
The following ratings are withdrawn:
Washington Mutual Inc.
--Support (formerly at '5');
--Support Floor (formerly at 'NF').
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.
SOURCE: Fitch Ratings
Fitch Ratings
Sharon Haas, CFA, 212-908-0362
John Mackerey, 212-908-0366 (New York)
Media Relations:
Tyrene Frederick-Mack, 212-908-0540 (New York)
Copyright Business Wire 2008 End of Story