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If you have followed the WaMu story and believe in same, you should buy by all means! Getting in now is a great time as we may be heading into the home stretch. Buying fresh saves you the anxiety that we longs have lived thru for a year or more – LOL!
Good luck to you … rs
Hey Jest! I have always believed from day one that punitive/treble damages cannot be taken into consideration in BK court! Now I am not of legal mind or perhaps even sound mind, but BK court is BK court! Negotiation(s) is the key word in BK!
Now that we have an initial offer (feeble as it was), this opens the door to further offers that the EC will be scrutinizing with a fine tooth comb!
It has been ostensibly clear that JMW wants this to be settled via negotiation! Bring it on. The more Rosen speaks, the closer to a global settlement we are! …. rs
Good evening umaw! Hope all is well with you! Things are really looking ducky here as of late!
• The POR is a POS!
• FDIC wants no part of the POR.
• Sr. Bondholders want no part of the POR.
• Claims continue to be withdrawn.
• (Individual) objections to proposed settlements are piling up.
• Heartfelt letters to JMW are being filed!
If the above is not enough to give us longs a few giggles, the EC and Solomon are working feverishly behind the scenes to our benefit! Things are getting hot right here in River City! … rs
You mentioned in an earlier post that you do not agree with the $17 - $18! Do I see those numbers – no! But that is beside the point! Just letting you know that by using your numbers, your math is incorrect!
10,000 shares at $17 = $170,000.00! That does not make one a millionaire but a hundred-thousand-aire!
Sorry for nitpicking but the board is slow tonight! … RS
Re: COMMONS SCREWED?! isn't there a possiblity the commons will just be thrown under the bus and get nothing?
I believe that you asked a very similar question back in Sept. Many of us probably answered NO – but we were wrong! LOL!
The answer currently is still NO as well – but we have it right this time! The EC will firmly back up our NO to that question! … rs
Sure wish that they would correct that $42 error! Can’t make much out of a 5 minute chart that looks like _______________________________________________
… rs
I completely agree zilla! The day-traders are out (for now) and everyone in is IN for the end-run!
The newbies that littered the board over the weekend with their BS are also gone! Funny huh!
This stock has been played like a fiddle but it is time that said fiddle be tossed and replaced by a searing electric guitar screaming – Go EC! … rs
Yep Shine! I am long and we longs in particular have long been dealing in speculation on what JPM and the FDIC would offer once this got to the exclusivity period for the re-org! Now that Rosen has shown his hand (it wasn’t exactly a hand but a foot), and the FDIC is not even aboard, this puts us in an enviable position!
The phenomenal DD here has been proven, well, phenomenal, and shareholders will be taken into consideration perhaps with the next offer! Will the next offer be $24 pps or a bone? I say a bone – but with scraps!
The real meat may emerge however in subsequent months and as long as the party is on, I will be at the keg! … rs
The big day is whenever it is! I was not predicting a settlement day or even that settlement is imminent! We probably still have a few months to go (or more) but the worm has turned! That was the point “joho”!
GLTY … rs
It really is amazing what 03/12 has taught us! That Friday’s frenzied fiasco full of fraudulent facts spoken by fiendish Rosen was a lesson well learned! The pitiful POR piled with pathetic pooh spooked no one! No one bought that crap at all!
Since the POR filing, the FDIC and the Sr. Bondholders have stepped up and said hell NO! IMO, the EC is in the driver’s seat now! We shareholders will now be looking towards the EC and Solomon for court docs and the occasional withdrawn claim or two as apposed to BS filings from Rosen! We are on offense for the first time and it feels damn good! Damn good … rs
Thanks Mehedi! That is a spicy meatball! Especially …
Isaacson added, "The senior bondholders commend the decision of the FDIC to decline the current proposed settlement and we plan to work constructively with the FDIC and the other parties to attempt to reach a resolution of the issues that will provide a fair and beneficial settlement for bondholders and the receivership estate."
Go EC! Go JMW! Go Sr Bondholders! Go FDIC! … rs
Do we have the results of the 03/26 hearing yet? Did we get FDA approval? Is Stark really Iron Man? LOL!
But seriously, I have been away most of the day. I see at least one truthful article has come out since yesterday! Trying to catch up on the posts! I also see the pps did not tank as a few newbie yahoos were predicting!
This is lookin’ good! … rs
I noticed your new sig! It gets me all warm and tingly inside! I told Fish back in September that I would alter my “Dude” sig if JMW granted SJ! This of course did not happen but we are now operating under entirely different circumstances!
Now … I will amend my sig once the EC offers a filing that rips the heart out of JPM!
I wish that the FDIC would have held off their response until approx 10:00am on 03/29!
http://finance.townhall.com/news/finance/2010/03/28/jp_morgan_payoff_in_wamu_case_faces_fdic_hurdle_report
I was hoping to purchase more cheapies first thing in the morning!
Good luck to all and good night! … rs
Yes UZ, I have done so ... rs
What I find fascinating about this here case is that for an entire year just prior to 03/12, only the boarder pieces of the puzzle were built! The entire innards were just waiting to be filled in but we waited and waited!
Since 03/12:
• Rosen gets the ball rolling with his contemptible offer.
• The EC issues a PR letting shareholders know that this aggression will not stand!
• On 03/26, WMI files a bush-league second rate POR!
• On 03/28, the FDIC states that they are concerned regarding the tax refunds and other issues saying No Go!
Excellent! The body of the puzzle is now getting filled in.
I expect that we shall be seeing at least a PR from the EC soon! Another puzzle piece soon to be in place!
Damn this is fun! … rs
I hear ya Josh but you are not hearing me! Rosen may be the best BK lawyer on earth and beyond but he is saddled by WMI to exclude equity! Therefore, the textbook BK lawyering101 POR was proffered!
Rosen did not exclude the financials by mistake! He just filed a lame POR on-time to bide time!
He is smart and knows that the EC will have its voice in due time!
Take care my fellow WAMUQ’er! … rs
Ajest. Your conspiracy theories have been sorely missed! LOL! Good to have you back. The seas are indeed rough but the EC has many months to right the ship! … rs
As much as we have bad mouthed Rosen (myself included), he is just performing his serpent-like textbook duties! We loath him for that inasmuch he has to play the A<L game and abrogate equity!
That said, presenting a POR that does not include current financials is profoundly curious and foolheaded!
18 months to produce a POR and the best that they could do was to furnish a pile of malodorous garbage? Rather queer folks. Rather queer! … rs
Righteous post Jerle! I myself mentioned last night that the POR was basically a 500 page(ish) equivalent of Rosen’s carefully crafted rotten words of 03/12!
I believe that the current PPS already has the POR built in so-to-speak! I also agree that the MM’s will greet us Monday morning with an initial shake! I as many here will be ready and will buy more if said shake occurs!
IF …. we get a PR from the EC tomorrow, we may actually close GREEN on Monday!
AIMHO … rs
Hello Folks. FYI - From Kirsten …
http://twitter.com/KirstenGrind
… rs
LOL! I hear ya’ erevno! No matter how much the DD, this case or whatever one wants to call it is fluid and NOT static! A bank was stolen for 1.9B, but in this day and age, full retribution is not to be expected! Look at how collectively stupid we are (not me) as we have elected representatives that have passed a universal health care plan even though 70% of Americans disagree with that schlock!
I have always thought that $8 x 3, or even $8 x 1 is most likely unachievable in BK court! The LAW is the LAW is not relevant to current US financial situations!
Those looking for a bench trial are counting on holding for years! Personally, I am not willing to wait! I want and expect the EC to pony up soon and get equity (commons in particular) a bone of sorts to chew on!
Way past my bedtime! Am I ranting?
Let’ wait and see the reaction from the EC over the weekend! … rs
Erevno! You have boggled my feeble mind with that many questions! Holy Hell! As apposed to addressing them all one by one, I will refer and agree to your last sentence “The dog fight is on!” LOL!
I do not wish to continually repeat myself, but the last year here has been as useless as hooters on a bull! The real action is heating up! NEGOTIATIONS!
I just cannot see the EC being invited to the party and not being able to participate! It’s like … well it’s like something! … rs
If you are kidding – nice post! If you are serious, the EC (Equity Committee) was brought in by the UST (US Trustee) and JMW (Judge Mary Walrath) to combat such things that we have just witnessed – a crap POR (Plan of Re-organization)!
GLTY … rs
Josh. I have been saying for days (and it seems to be the boards consensus as well) that this POR was expected – no surprise at all! The folks that are IN are confident enough that the EC is/was ready for this and will take action soon! Hence, a very steady week of trading! No sell-offs! I do not think that Monday will be the bloodbath that a few people are anticipating!
IMO … rs
Supra! With all due respect, I am trying to figure why you have changed your tune today! After Rosen’s crap-fest on 03/12, you were posting that the Judge would never sign off on such BS! Now the POR is filed echoing Rosen’s words of 03/12 (which was expected) and you are convinced equity is worthless? Nothing has changed since 03/12! Just because it is in writing and duly filed does not change the fact that JMW granted the EC (for a reason) and they have yet to assert themselves yet! Today was their wake-up call!
Please indulge me and tell me what has changed or what I am missing here!
Take care … rs
The news is making the rounds ...
http://www.tradingmarkets.com/news/press-release/jpm_wamuq_washington-mutual-inc-files-plan-of-reorganization-and-disclosure-statement-876081.html
http://www.streetinsider.com/Press+Releases/Washington+Mutual,+Inc.+Files+Plan+of+Reorganization+and+Disclosure+Statement/5475529.html
Plus many more ... rs
I am glad that he is back! It gives us all that much more resolve! … rs
Yea – the action is just getting started now after a year of pretty much just farting around! Now we are finally going to see some hard negotiations IMO! … rs
Nothing surprising in the POR that’s for sure! LOL!
It would be nice to get a quick (weekend) response from the EC! At least a pithy PR indicating that this is far from over and done would be re-assuring to the troops! … rs
New Doc: Not the POR
http://www.kccllc.net/documents/0812229/0812229100326000000000006.pdf
... rs
$12.50! Hell, you are up more than most of us after the 03/12 debacle! LOL! … rs
You are doing a great job with the play by play and we all appreciate it here! Hope it’s in a nice neighborhood as it will be getting dark in a few hours! LOL! … rs
As I posted last night, the POR will most likely not be favorable towards equity! It will be an expanded befuddling written copy of what Rosen based his numbers on when he spoke on 03/12!
There is no massive selling/buying today which indicates no leaks, for one, and for two, most investors are currently comfortable with their positions as we wait for the POR to be filed (posted) and the EC’s subsequent response to same!
All IMO of course … rs
That could have been the reason for that little walk-down from .184 to .166!
Those dastardly MM’s are always one step ahead! … rs
The $8 x 3 became a mantra here long ago. $8 being the original offer from JPM that was turned down and x 3 being treble damages! IMO it never really applied here as treble damages cannot be taken into consideration in BK court!
It was a best case scenario that only a few here are still shooting for … rs
Gandalf. Snakes DO have forked tongues if I am not mistaken! Hell, I don’t know – I am not a snakeologist!
Suddenly, tomorrow’s POR seems insignificant! The weeks ahead however (due to the Venable billing statement) offers much more promise!
IMO as always … rs
I have since corrected it but here it is Climber …
http://www.kccllc.net/documents/0812229/0812229100325000000000005.pdf
Take care … rs