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jpm financed this deal with blacked out documents
Tribune report suggests fraud in financing
Tribune report suggests fraud in financing
Jul. 27, 2010 (United Press International) -- A court-appointed examiner said financing set up in 2007 as part of Sam Zell's purchase of the Chicago Tribune was likely illegal in part.
Kenneth Klee's partially blacked out report on the financing of the final $3.6 billion of a $8.2 billion deal said the deal was based on managerial reports that were "marred by dishonesty and lack of candor about the role played by Morgan Stanley (NYSE:MS) in connection with Valuation Research Corp.'s solvency opinion and on the question of Tribune's solvency generally."
The bankruptcy court report was partially blacked out to preclude the report interfering with ongoing disputes among creditors, the Chicago Sun-Times reported Tuesday.
The report places no blame on Zell or on the big banks that financed the deal, Bank of America (NYSE:BAC) , JPMorgan Chase (NYSE:JPM) and Citigroup Inc. (NYSE:C) Instead, "one or more of Tribune's officers breached their fiduciary duties," the report said.
Klee also avoided naming specific managers who may have exaggerated the company's strength.
Source: United Press International (July 27, 2010 - 12:19 PM EDT)
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you sob! what was your settlement figure for us. good job.
go examiner!!!
limited access to start out with. walrath thinks fdic and all will comply with examiners request. If they dont comply, Walrath will grant more discovery. If they have nothing to hide, they will turn over everything asked for. I dont see them turning over important documents.
that has been discussed and resolved several times before. different circumstances, doesnt matter. irrelevant....
go examiner
even if we have $5 billion they are in trouble. and dont forget that the fdic cannot seize holding companies. oops, they did. so anyone remotely insinuating commons wont get money is bs. Let alone alot of the major parties say we were solvent. ec says so far $30 billion, and Dimon made how much profit? that was a scare tactic to try to pull one over walrath. Besides, they will have to eventually show the 3.1a or they will never succeed. Dont you think the examiner will be aware of who said what regarding us being solvent, the profit JPM has made, the nols we are entitled to and so on.
heres a post from a reputable yahoo poster. I will look for the legal. from larry888nyc
I think the entire situation is on the edge and one more step will tip it over to a point of no return. Examiner's can't be called off like dogs when they find something illegal. It's the Examiners duty to call that to the attention of the court, as well as the US Trustee and the DOJ. The timeline here is very limited and if negotiations are going to start, they will as soon as JPM realizes that this could be a death spiral for JPM and Jamie Dimon personally. As far as I'm concerned, this was all "bravado" by Rosen, et al, in the face of fear. I say JPM and the FDIC punk out before the Examiner really gets his teeth into the fiasco or they will never survive the results of a full blown investigation and you better well know, that the US Trustee, who got the EC aboard will pick the Examiner, and wasn't that the same guy who Rosen insulted a few weeks back..IMHO, Rosen gets the hosen!
that says if examiner is done then it is final and if the examiner is making headway or they find more money than what is claimed, walrath will extend timeline.
I thought there is a limit on the time frame.
doesnt Dimons mouth count as well.
go examiner...........
scratch that. Go examiner!!!!!
$310 million, isnt that just for commons. Preferreds were basically left out of the money as well, except one class. So did they now not uncover almost $8 billion for equity...
I would say that there will be no more than two offers made. If that many. There is no time left. So we could see $2 offer real soon and then another offer that is alot higher. Trial would get close to $100 billion.
and Nelson states the legal claims as much as $30 billion would be shut down in a settlement. So the chart that was distributed with preferreds paid in full and all, we are easily $14 a share with $10 billion knocked off of the $30 billion estimate.
dont forget damages...easy to get damages now. and yes, we want those damages
ours statute isnt up either, in washington or nevada. so they can cut their sht. next they turn on JPM. This filing is only an attempt to delay. Now I want $18.88 just from FDIC.
with the day before court filings and the fdic now saying rosen should be conflicted out, Susman will be there. Let alone with the examiner looming over their heads. This is the main thing that we want other than a settlement. Susman will be there.
their statute of limitations should be up. they are doing this to attempt to delay their defeat.
So I take it Rosen will be canned. Then malpracice all over the place against wgm. There is no way they will survive. Too bad Rosen cant turn states evidence. Fdic should be in a world of hurt.
list of assets through the purchase and assumption.
now susman might actually be there again tomorrow. I think another reason he was at the last was because of the examiner. He might be there to argue for examiner if Rosen tries to pull more bs.
Dimon doesnt care about shareholders. He has already stated that publicly. I assume he will leave next month. The 3.1a can be found. They can get it through the county appraisal district where wamus property was located. It will list previous owners as well.
y board. They are speculating. With these new filings I knew they were still playing games. On with the examiner and the shareholder meeting. Tomorrow should be the examiner appointed. Rosen is in deep. I would bet Dimon will offer him a job. But the 3.1a will be a tidious task. It can be produced by going through the county appraisal district where wamu had property. The taxes go back about ten years and it lists the previous owners as well.
yahoo saying susman has 3.1a sealed...
the $8 to $14 I take would be FDICs part. Basically cash from us taxpayers. The swap is JPMs part, which in the long run would cost them nothing. Their shareholders eat the loss. I think this is where Bop came up with a $50 something figure. Who knows, for as long as it is atleast $8. Then we overthrow JPM bod with our shares!
I think it is in here.
http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_W/threadview?m=tm&bn=86316&tid=509593&mid=509593&tof=18&frt=2
there is the reference under dancyquans post
Bopfan thinks we will get an immediate payment anywhere from $8 to $14 a share and a one year restricted share of Jpm. Willingham does make money on these bk stocks. Pilgrims pride and Mirant are examples that went pennies to dollars. I wouldnt shy away from investing money where he goes. Your other post is correct.
the o/s means squat. jpm offer was a pawn shop offer. just like the visa shares that wamu had. Pawn shop prices. jpm offered low ball because they did not have the money to pay for wamu, not even make a reasonable offer. Jpm only made that quarter $500 million profit. significantly less than the say average $2 to $4 billion per quarter before. I dont like cadillac, but hey anyone can buy one that is several years old.
another willingham bk was pilgrims pride. went from pennies to over $10 in less than 24 hours, according to yahoo. we are in good company. even thugh alot of us were here before willingham was. I remember those .02 days, and the $2 pq days. we came a long way.
heres an excerpt from an old article.
Last Wednesday night, FDIC Chairwoman Sheila Bair phoned Dimon to tell him JPMorgan had submitted the winning bid and to be prepared if the government seized WaMu. Regulators took action Thursday.
Bair phoned Dimon on a Wednesday and told him he was the winning bidder. Wamu was seized the next day. So Dimon won Wamu before wamu was even seized.
http://seattletimes.nwsource.com/html/businesstechnology/2008214573_dimon30.html
this delay for working on settlement is bs. They know what they got and they know what they have made off of us. by the way, a bank merger that happened late last week. the buyer paid about 150% over what the stock was trading at for the other bank. There is a lawfirm wanting people to sue for the shareholders not being involved in the merger. The shares were about $9 and they were offered $21 a share. They only had about 7 banks with about 4,500,000 shares available. I threw this recent comparison in so you guys can ponder what we could/should be getting. So banks do average about $10+ million a piece. go wamu.
we still have tomorrow for a filing. remember the almost last minute filing. I still like your numbers, but my minimum is $8. and I will definitely take 2x value plus.
look at it this way then, their $8 was a lowball joke offer. It still points to be $8 minimum. why dont I just throw out there that some people assume TPG is in with JPM. No hurt there on them now.
we already had offers. they were all ZERO.
all my time in this, I wont accept less than $8. That is the foundation, since they offered it before. Nobody should accept less.
you,fsshon or any regular long with pm capability I need you to email me, soon.
dannoninvestmentgroup@yahoo.com
go wamu!!
dont forget one bank of ours that was valued at $2 million or so. It was brand new and was tore down because the buyer did not need the bars in the building. I believe it was in Texas. That is $2 million more of value we have. I dont believe it was ever mentioed what it sold for. I'll take a wag and say $100,000 for the lot, lol. go wamu.
not to mention we will get majority or all legal expenses back.
sealed document, maybe??
did you ever think everyone will be paid at the same time, since we were seized when we were solvent. let alone fraudulently. when its proven we were solvent every single class gets paid. the horses mouths have already said we were solvent. its just delay after delay so lawyers can make a buck. you can not show me anywhere where it says commons do not get paid. It says that in chapter 7 bk only and if there isnt enough money left to distribute to commons. we are in chapter 11.
Have you ever thought that jpm and fdic will have to pay tens of billions for this. This can be proven with trial if they dont settle before and the trial will garner more money than if they were to settle without a trial. Please show me where wamu is anywhere near liquidation. In fact show a bk case where the company had lawsuits against other parties and then went from chapter 11 to chapter 7. Go wamu.