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OK..YOU MEAN THIS ONE????
http://img363.imageshack.us/my.php?image=82234392bl5.jpg>
I have E-Trade ,Power Trade ,
NO News!!!
2 billion tax write off goes to WAMU Inc
...No go.. post
Yup..drama continues
All Court Documents
http://www.kccllc.net/disclaimer.asp
Fitch Upgrades 3 Classes of WAMU 2003-C1; Assigns Outlooks
Last update: 2:55 p.m. EDT Oct. 21, 2008
NEW YORK, Oct 21, 2008 (BUSINESS WIRE) -- Fitch Ratings has upgraded and assigned Outlooks to three classes of Washington Mutual Asset Securities Corporation (WAMU) commercial mortgage pass-through certificates, series 2003-C1, as follows:
--$5.7 million class G to 'AAA' from 'AA+'; Outlook Stable;
--$2.9 million class H to 'AA+' from 'AA'; Outlook Stable;
--$5.7 million class J to 'A' from 'A-'; Outlook Stable.
In addition, Fitch has affirmed and assigned Outlooks to the following classes:
--$99.7 million class A at 'AAA'; Outlook Stable;
--$11.4 million class B at 'AAA'; Outlook Stable;
--Interest-only class X-1 at 'AAA'; Outlook Stable;
--$2.9 million class C at 'AAA'; Outlook Stable;
--$12.9 million class D at 'AAA'; Outlook Stable;
--$2.9 million class E at 'AAA'; Outlook Stable;
--$4.3 million class F at 'AAA'; Outlook Stable;
--$4.3 million class K at 'BBB+'; Outlook Stable;
--$1.4 million class L at 'BBB-'; Outlook Stable;
--$2.9 million class M at 'BB+'; Outlook Stable;
--$2.9 million class N at 'B+'; Outlook Stable;
--$1.4 million class O at 'B-'; Outlook Stable.
Fitch does not rate the $5.7 million class P certificates.
The rating upgrades reflect the increased subordination due to scheduled amortization and pay down of 20.9% since Fitch's last rating action. Rating Outlooks reflect the likely direction of any rating changes over the next one to two years.
As of the September 2008 distribution date, the pool's aggregate certificate balance has decreased 71% to $166.9 million from $574.8 million at issuance. Of the original 216 loans, 82 remain in the transaction and the average loan size is approximately $2 million. There are currently no delinquent or specially serviced loans.
The accelerated pay down is due to the pool's composition of seasoned loans and shorter weighted average remaining amortization schedules than typical conduit transactions.
Of the remaining 82 loans, Fitch has identified nine Loans of Concern (12.0%). Mortgage coupons for these loans range from 6.16% to 8.9%. The largest loan of concern (3.6%) is secured by a 70,200 square foot office building in Manhattan. Servicer reported occupancy as of June 2008 was 62% with a debt service coverage ratio (DSCR) of 1.34 times (x).
In addition, two loans (1.0%) were scheduled to mature in September 2008 and October 2008, respectively, and have both paid in full.
The largest remaining loan (10.3%), Center Pointe Plaza, is secured by an anchored retail center in Christiana, DE. The servicer reported DSCR as of year-end (YE) 2007 was 1.44x. The loan is scheduled to mature in 2014.
The second largest loan (9.5%), Palmer Park Mall, is secured by a regional mall property in Easton, PA, and is scheduled to mature in January 2009. Servicer reported DSCR as of March 2008 was 2.01x. The mall's largest tenant, Boscov's, is not scheduled for closing under the company's reorganization.
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, New York
Jeffrey Diliberto, 212-908-9173
Adam Fox, 212-908-0869
or
Media Relations:
Sandro Scenga, 212-908-0278
Email: sandro.scenga@fitchratings.com
Copyright Business Wire 2008
same here..
RELEX.. POSTING NEWS..
Washington Mutual's $4.4 Billion in Cash May Be Claimed by FDIC
http://www.bloomberg.com/apps/news?pid=20601087&sid=aqv4NOck55kU&refer=home
Don't get me wrong..I still holding..
Market is betting the judge will not rule in our favor on the 4.4 Billion. Either she will delay (at best) or say no go, it stays with JPM or it goes to the FDIC.
If we get lucky close at 0.07
yes!! I don't trust the FDIC or this judge Too...
God...Relex..
30000 PPS - $4.00 WM
30000 PPS - $0.13 Wamuq
still holding just getting sick of watching this going down..
I think even $4.4B this stock going no where..
Getting sick...watching Wamuq..
Going down...
I understand it going to take some time but
I did some research on chapter 11 bankruptcy
outcomes..It seems the most common
outcome is cancellation of common and preferred shares..
chapter 11 bankruptcy
outcomes with regard to equity shareholders. It seems the most common
outcome is cancellation of common and preferred shares
Yup..Q big gamble..
Guys, I've decided to do some research on chapter 11 bankruptcy
outcomes with regard to equity shareholders. It seems the most common
outcome is cancellation of common and preferred shares but in certain
cases the shareholders get converted into new equity in the reemerging
company. I list a number of recent cases and their outcomes in the
following. I realize that this revelation is largely already built-in
to the current price but you may find that a resolution to the current
washington mutual situation is farther in the future than you expect
(it could be more than a year away as I discovered in my research
below) and that another investment will be more rewarding. I'm not
writing to insult or belittle anyone. Personally, I lost around
$40,000 in washington mutual because I never believed that something
this unprecedented would occur. Now I'm trying to decide what to do
with the remainder of what's left and I'm sharing the information I
collected to help others like me reach their own conclusions.
McLeodUSA, 2002, Chapter 11,
http://www.isp-planet.com/cplanet/news/02feb2002/01mcleodusa.html
"preferred stock will be converted into common stock, representing
approximately 35% of the reorganized McLeodUSA common stock."
"common stock are expected to retain approximately 17% of the shares
of the reorganized McLeodUSA common stock"
Oneida, 2006, chapter 11
http://www.globenewswire.com/newsroom/news.html?d=95484
"All of Oneida's existing common and preferred stock will be cancelled
and receive no recovery"
NetWolves, 2008, chapter 11
http://www.reuters.com/article/pressRelease/idUS157706+02-Sep-2008+BW...
"all outstanding shares of NetWolves Corporation's Common Stock,
Series A, Series B and Series C Preferred Stock will be cancelled,
effective September 1, 2008."
Headway Corporate Resources, Inc, 2003, chapter 11
http://msnmoney.brand.edgar-online.com/EFX_dll/EDGARpro.dll?FetchFili...
"and the currently outstanding shares of the Company's common and
preferred stock will be cancelled without any distribution to
be made to the holder of such shares"
ITC^DeltaCom, 2002, chapter 11
http://www.deltacom.com/itc_press_releases/restructuring.html
"The existing holders of the Company's common stock, Series A
preferred stock and Series B preferred stock collectively will receive
a total of 1% of the reorganized Company's common stock."
Costilla Energy, 2000, chapter 11
http://www.usdoj.gov/enron/exhibit/04-18/BBC-0001/OCR/24587.001.TXT
"Costilas existing common and preferred stock will be cancelled and
will receive no distributions. Holders of the Company's SISO MM of 10
1/4% Senior Notes due 2006, and other unsecured creditors will receive
New Common Stock representing 100% ownership of the reorganized
company"
Grand Union Company, 1998, chapter 11
http://www.allbusiness.com/banking-finance/financial-markets-investin...
"-- The Company's existing common stock will be cancelled and
exchanged for five-year warrants to purchase approximately 1.5% of the
new common stock at an exercise price of $19.82 per share, and
-- The Company's preferred stock will be cancelled and exchanged for
five-year warrants to purchase approximately 10.5% of the new common
stock at an exercise price of $19.82 and 2.5% of the new common stock
at an exercise price of $23.15. The preferred shareholders will also
receive four-year warrants to purchase approximately 1% of the new
common stock at an exercise price of $12.32 per share."
Foamex, 2006, chapter 11
http://www.indonesia-furniture.com/news/2006/11/30/court-approves-foa...
"Under terms of the plan, all secured and unsecured creditors, as well
as the holders of Foamex bonds, will receive 100% of their allowed
claims in cash. Existing common stockholders will keep their shares,
but each share of preferred stock will be converted into 100 shares of
common stock."
Houston Chemical Company, 2001, chapter 11
http://bulktransporter.com/news/transportation_houston_chemical_company/
"The proposed plan provides that all of Pioneer's outstanding common
stock and preferred stock will be cancelled, and the holders of those
shares will not share in the value of the reorganized company"
Northwest Airlines Corporation, 2007, chapter 11
http://www.redorbit.com/news/business/799161/northwest_airlines_files...
"Because all unsecured creditor claims will not be satisfied in full,
the pre-petition equity holders' interests in Northwest's common and
preferred stock will be cancelled, and those holders will not receive
a distribution."
Gardenburger Inc, 2006, chapter 11
http://bestcalls.brand.edgar-online.com/EFX_dll/EDGARpro.dll?FetchFil...
"As discussed above, pursuant to our Plan, all shares of preferred
stock will be canceled with no compensation to the holders thereof. "
Calpine, 2008, chapter 11
http://www.cleantech.com/news/2396/calpine-emerges-from-chapter-11
"The company's old common stock will be cancelled, with holders of the
old stock receiving warrants to purchase the new stock, according to
Calpine."
Viskase Companies, Inc, 2002, chapter 11
http://www.secinfo.com/d1Z9u.3s.d.htm
"the Company's common stock will be canceled and new common stock will
be issued, 94% to the holders of Senior Notes and 6% to the Company's
management. Holders of old common stock would receive warrants to
purchase shares of new common stock equal to 2.7% of the Company's
common stock."
thanks for posting but thats enough..
Why Would a Company Choose Chapter 11?
"Prepackaged Bankruptcy Plans"
Sometimes companies prepare a reorganization plan that is negotiated and voted on by creditors and stockholders before they actually file for bankruptcy. This shortens and simplifies the process, saving the company money. For example, Resorts International and TWA used this method.
If prepackaged plans involve an offer to sell a security, they may have to be registered with the SEC. You will get a prospectus and a ballot, and it's important to vote if you want to have any impact on the process. Under the Bankruptcy Code, two-thirds of the stockholders who vote must accept the plan before it can be implemented, and dissenters will have to go along with the majority.
Most publicly-held companies will file under Chapter 11 rather than Chapter 7 because they can still run their business and control the bankruptcy process. Chapter 11 provides a process for rehabilitating the company's faltering business. Sometimes the company successfully works out a plan to return to profitability; sometimes, in the end, it liquidates. Under a Chapter 11 reorganization, a company usually keeps doing business and its stock and bonds may continue to trade in our securities markets. Since they still trade, the company must continue to file SEC reports with information about significant developments. For example, when a company declares bankruptcy, or has other significant corporate changes, they must report it within 15 days on the SEC's Form 8-K.
How Does Chapter 11 Work?
The U.S. Trustee, the bankruptcy arm of the Justice Department, will appoint one or more committees to represent the interests of creditors and stockholders in working with the company to develop a plan of reorganization to get out of debt. The plan must be accepted by the creditors, bondholders, and stockholders, and confirmed by the court. However, even if creditors or stockholders vote to reject the plan, the court can disregard the vote and still confirm the plan if it finds that the plan treats creditors and stockholders fairly. Once the plan is confirmed, another more detailed report must be filed with the SEC on Form 8-K. This report must contain a summary of the plan, but sometimes a copy of the complete plan is attached.
Who Develops the Reorganization Plan for the Company?
Committees of creditors and stockholders negotiate a plan with the company to relieve the company from repaying part of its debt so that the company can try to get back on its feet.
One committee that must be formed is called the "official committee of unsecured creditors." They represent all unsecured creditors, including bondholders. The "indenture trustee," often a bank hired by the company when it originally issued a bond, may sit on the committee.
An additional official committee may sometimes be appointed to represent stockholders.
The U.S. Trustee may appoint another committee to represent a distinct class of creditors, such as secured creditors, employees or subordinated bondholders.
After the committees work with the company to develop a plan, the bankruptcy court must find that it legally complies with the Bankruptcy Code before the plan can be implemented. This process is known as plan confirmation and is usually completed in a few months.
Steps in Development of the Plan:
The debtor company develops a plan with committees.
Company prepares a disclosure statement and reorganization plan and files it with the court.
SEC reviews the disclosure statement to be sure it's complete.
Creditors (and sometimes the stockholders) vote on the plan.
Court confirms the plan, and
Company carries out the plan by distributing the securities or payments called for by the plan.
What is the Role of the U.S. Securities & Exchange Commission in Chapter 11 Bankruptcies?
Generally, the SEC's role is limited. The SEC will:
review the disclosure document to determine if the company is telling investors and creditors the important information they need to know; and
ensure that stockholders are represented by an official committee, if appropriate.
Although the SEC does not negotiate the economic terms of reorganization plans, we may take a position on important legal issues that will affect the rights of public investors in other bankruptcy cases as well. For example, the SEC may step in if we believe that the company's officers and directors are using the bankruptcy laws to shield themselves from lawsuits for securities fraud.
I'm still in...too
MSCO Sucking everything...
Tax rule might have helped WaMu
http://seattletimes.nwsource.com/html/businesstechnology/2008276597_wamu17.html
Amen! agree that this stock play is for the long term investor.
Earnings: New owner sees earnings drop, feds investigate WaMu's demise
http://seattlepi.nwsource.com/business/383469_chaseearns16.html
Feds investigate failure of Washington Mutual
Feds investigate failure of Washington Mutual
ASSOCIATED PRESS WRITER
SEATTLE -- Federal authorities are investigating the failure of Washington Mutual, the nation's largest bank failure, to see if laws were broken.
U.S. Attorney Jeff Sullivan issued a statement Wednesday saying the FBI, the Federal Deposit Insurance Corporation, the IRS and the Securities and Exchange Commission have created a task force to look into the thrift's failure. He asked anyone with information to contact authorities through a tip line, or to email the FBI's Seattle office.
Sullivan said that "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."
yup..
Have feeling that interest going to get us..
zardiw your right is not sign..
Thanks..
Alvarez & Marsa also handled the HealthSouth company emerge from BK. This just boosted my confidence too!!!..
Wamu lokking good....
WaMu's bankrupt parent company may pay turnaround expert $695 an hour
Washington Mutual Inc., now in Chapter 11 bankruptcy, wants to hire a half-dozen restructuring experts at up to $695 an hour.
By Seattle Times staff
A half-dozen well-paid turnaround executives may be installed to oversee the Chapter 11 bankruptcy of Washington Mutual Inc., whose banking operations were taken over by federal regulators last month.
The Seattle company asked a bankruptcy judge's permission Friday to designate William C. Kosturos as the company's chief restructuring officer and hire six other members of his firm, Alvarez & Marsal North America, as advisers.
Kosturos would be paid $695 an hour, while the others would bill their services at $335 to $600 an hour. The filing says their job is to devise strategies to maximize the value of Washington Mutual Inc.'s remaining assets and to communicate with creditors, among other things.
A hearing on hiring Alvarez & Marsal and three other professional firms is scheduled for Oct. 30.
Kosturos, who has advised bankrupt and troubled companies for 19 years, most recently served as the chief restructuring officer of Movie Gallery, and previously he ran The Spiegel Group, parent of Eddie Bauer, while it was in bankruptcy.
The filing says Washington Mutual Inc. and its surviving non-bank affiliates believe "the services of experienced restructuring personnel will substantially enhance their efforts to maximize the value of their estates, especially in light of the size of their businesses and complexities stemming from the bank receivership."
The company's assets include approximately $5 billion that was on deposit at the bank when it was seized by the Federal Deposit Insurance Corp. on Sept. 25 and sold to JPMorgan Chase, according to the filing. Ownership of those funds is now unclear.
http://seattletimes.nwsource.com/html/businesstechnology/2008262730_webwamu13.html
we up o%
OLD NEWS