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FDIC crooks are suing in "civil court" and get this crap. Indymac was seized by FDIC and had $30.2 billion in assets. It was sold for $13.9 BILLION in 2008. What the he77 is wrong with this picture. Also note the FDIC states this...
David Barr, an FDIC spokesman, said the agency "conducts an extensive investigation before filing lawsuits against former officers and directors or other professionals of a failed bank."
But they dont do squat when seizing a bank or a banks holding company, which by no means are they allowed to do..
http://finance.yahoo.com/news/FDIC-sues-4-former-IndyMac-apf-910101685.html?x=0&sec=topStories&pos=2&asset=&ccode=
the reporter needs to be informed wamu was seized on a Thursday. Never before has the Fdic seized a bank on that day of the week, only on Fridays. Also the Fdic has never seized a holding company and are not allowed to. They did in this instance. Also Dimon told banco santander ceo to not bid on wamu. Every bank seized has atleast two bidders. Dimon also stated he could have bought wamu for $1 because he knew he was the only one allowed to receive wamu. Dimons bank is also being sued by numerous countries and has already forfeited several hundred million and paid tens of millions of dollars in fines. Dimons bank was also the one in desperate need of a financial bailout. I would assume that the govt. couldnt front him enough money to survive therfore the only way for him to make it was with a bank being closed that was taking all of his banks business....The majority or all of the current bod on wamu have worked for jpm at one point or another, or have ties to them.
you got my vote if you know preferreds do not have to be paid in full or take a "haircut" in order for commons to be paid. go wamu.
preferreds do not have to be paid in full for commons to get something. people should know how wamu was seized. that in itself will get every share paid. if you or anyone else do not understand that, you definitely should not be investing in common stock. it is all there in black and white for you. any collusion, fraud or any wrong doing, gets every share paid. The fdic selling the holding company is a start for any one of the wrongs done to wamu. Wampq does not have to be paid in full for commons to receive a dime. If you would do further research you would find in chapter 7 bk that would be the case. The last time I checked, we are not in that chapter of bk. We are not in bk because we are/were in financial trouble. If you do dd, you would know that the opposition that collaborated in our theft have stated that we were well capitalized or not insolvent. We longs should not have to hear uninformed posters stating preferreds have to take a haircut for commons to be paid. there is no haircut. we were all fcked. and we all get paid....
http://finance.yahoo.com/news/Watchdog-Small-banks-apf-2127171035.html?x=0&sec=topStories&pos=main&asset=a83e1bc818c6b4ee27450c3dc5663f20&ccode=
I googled bank failures 2010 and found it said 90 so far this year a day ago. I noticed in this article it said hundreds more are expected to fall by end of next year.
hence bop saying $58 a share for common. that would be with us getting $100 billion settlement. $300 billion company gets $100 billion. That is 66% off the retail price. lol. pretty amazing if you ask me.
please say fee forfeiture to Rosen....lol
then the state bar can remove him from practice and/or a party involved in a potential class action lawsuit. He is toast. I am definitely looking into a malpractice against him. I am certain I would have many others jumping at the chance as well. All lawyers like this should be punished to the fullest....They can settle with us and still have to worry about their profession.
any wrong doing, mistake, bad dd, buy out, merger, fraud, commons get paid and it will be more than $8 a share. the only way they dont if it is proven wamu was insolvent. and you cant be insolvent when jpm made billions more that what they paid and at least two of the govt. agencies said we were solvent....
morning. about the sealed document. could it be for the examiner. should of held out for more, meaning more time to examine since the document is unsealed in a few months or more time to get all documents from Weil and crew. So now we have the examiner without anyone "really knowing". scenario...susman asked rosen if he had all of the documents for him and rosen said no. are you going to give them to us or have them for us today, another no. Susman then said I will get the examiner from the judge today. See you in chambers. I will tell Mary that it can be done in less than 120 days.
never said that. I saw the tps consort lawyer stated conflict of interest with Weil. So I emailed him to file a malpractice on them. That was his response.
coffey stated a conflict of interest with weil. before attorneys take a case, they check a database to see if there is a conflict of interest in who they are suing or representing. I emailed Coffey with my recommendation of a legal malpractice attorney. Coffey emailed back saying the case is still evolving and that he would keep my referral in mind. A makpractice lawsuit against any attorney gets them shaking. I believe my referral has only lost one case. That one case is one that he withdrew from. He is nationally rated and very prestigious. He would scare the sh out of Rosen if he sent him papers that he was going to be sued. If you have a chance take a look. Johnston and Tobey is the name of the firm. Next I guess I will send the referral to the two shareholders in Houston that are making a stink. Go wamu!!!!!
just with the nol it has been determined that commons would see atleast $3 a share. Throw in Rico and you get double digits. Just a mere $36 billion would cover all debt paid in full immediately and preferreds all paid face value, leaving commons in the double digits. Even wamu worth $100 billion with a foreclosure value of $50 billion would take care of everyone. Most, if not all of Weils fees will be forfeited through a fee forfeiture lawsuit (malpractice) or even the judge will lower or absolve this on her own saving millions more. $8 minimum up to $24 is obtainable, when is the question. Susman doesnt represent debtors, just equity and his firm not getting all class of equity something, will damage his firm. Let alone he is billing on results, not by the hour. No results, no money..
ask yourself this... why would a company claiming to be worth a few trillion be trading under $40 and not several hundred dollars...trillion would be more than Porsche, Ferrari, Bugatti, and Walmart combined, let alone Microsoft....By the way it has been explained atleast 42 times why we are undervalued.
Coffey emailed me back. Said case strategy is still evolving, dont know how they will deal with the conflict of interest issues and thanks for the referral.
Jeremy Coffey is from Texas as well. I sent him an email about my pick for the malpractice attorney...Sweet, all these Texas lawyers. Go wamu!!!!!!
I thought months ago that the judge stated one class settled.
keep in mind they repeat this bs over and over. they said they would turn over docs before, and now they want until Monday...
if you can do a rough draft of what they did wrong, I will send it to the malpractice lawyer I mentioned before. I am tired of this sh.. go wamu
too bad you couldnt start a legal malpractice against weil. they could get them for fee forfeiture and many other things.
ec puts out por.. it will be called pi## on rosen....
finally jpms own words against them. made billions off of wamu. billions meaning atleast two billion and up....csmf pos ja dbsob gdcrook sotbb...go wamu... these arent stock symbols.... rosen, got malpractice......
3x damages is rico. that is not class action, which would be civil. class action would be for preseizure that sold. then you think these legal fees are ridiculous. class action lawyers defintiely get the big piece of the pie. and if that happens you better be one of the first lead plantiffs to get the most out of it. example a recent class action against a class mate company. the members get about $2 a piece or a $3 credit. there are two lead plantiffs who each get about $2,500 a piece. law firm gets many times that. With a class action for wamu, I seriously doubt people would get $8 a share.
check back when this is resolved.....
This could very well be atleast $8 a share. Look at the figures that Jpm has provided, let alone Dimon stating he made far more profit than what he paid for wamu. Did you know JPM was in far worse financial shape than wamu. Its all there in black and white. Besides the OTS or FDIC said Wamu was solvent. Put two and two together and it isnt that difficult to figure out. Besides JPM stock is overvalued.....$8 is reasonable because that is the bs offer JPM made when we were $20 a share. $8 up to $24 a share. Learn it, live it, know it....Fast times at ridgemont high. Go wamu.
some people have no clue as to what is going on. Follow people that do dd and will make money...Over 300 hours in this versus maybe 6 hours. go wamu susman and the ec whom controls susman....
also you can read the last sentence of an earlier post from me of course, that states a scenario that commons will not get paid. When we are not even close to that situation it just wont happen and never was going to happen. Most people have figured out why we are in bk....
also TPG didnt sink their own money in this. It was others peoples money. Willingham on the other hand even though a small amount, was his own money. Smarter and more careful investors use their own money....Go wamu and all the longs...
there is not just a small chance for commons to receive money. There is over 50%. small would be less than 50%. Try ateast a 80% chance of commons getting paid. Long ago some people stated to the affect it is the same as someone taking our house from you. Your house was worth say $250,000. But you had $500,000 in posessions. They pay you for your house and still have your posessions without compensation. Put it bluntly, it is bs and would never happen. Same applies to this situation. Anyone that thinks otherwise, has no clue what is going on nor understands the process that we are going through. Be sure to be one of the first to sell your common shares because you wouldnt want to be left out or hanging around for a higher offer shortly after. Doesnt matter what education or degree you have if you have no common sense.....
And yet some people still think preferreds have to be paid in full before commons get a dime. I still dont understand when they can see that our assets far outweigh liabilities that people think we are in chapter 11 becuase of insolvency. Yet it is too difficult for them to be able to put figures together and come up with a viable conclusion. They also should know that wmi has not provided any financials in what almost 22 months now that show that we were insolvent. Jamie Dimon and others that would have first hand knowledge of our financials state that we were solvent. Why else would the UST request all of this information. Just like in a crime, first it has to be reported. Then it is investigated, and then it is prosecuted. The UST requesting information would be the second part of this dilemma. This gets old having to explain to some of these people over and over. All the information is avaiable for them. As diamond says, the law is the law, and it is all there in black and white. Also I am not going to waste my time showing where this has already been documented. It is easy to find. Alot of people have spent hundreds of hours "plus" on this and dont need some new person trying to prove them wrong asking for links or documentation. They can do their own work... betweenunemployment The US Trustee can appear before the court and express its views on any matter. The US Trustee also investigates fraud. In serious cases, it makes criminal referrals and prosecutes bankruptcy crimes.
Read this and do some dd and get back to me...doubters.
we are not insolvent. we are in bk to protect us, not to lessen debt or reorganize. we were worth billions more than what JPM stole us for. we are not liquidating, which they were trying to pull. we are a healthy institution that wants a fair value. Even if we got 25% of our fair value and liquidated, preferred would get paid in full and commons would see more than a dime. What JPM paid for us was less than 1% of what we are worth. No court anywhere would find collusion was committed and leave a share or creditor out in the cold. Jpm has stated that they have made far more than what they paid for wamu. Far more being in the tens of billions. That proves that we were not insolvent expecially since JPM made far more profit off of Wamu than what they claim our debt was.
here is one term to look at. Liquidation Preferences
We are not in liquidation.
second, I am only aware of Rosen saying we were insolvent. Here is one paragraph that should pretty much explain it. Keep in mind that we ARE NOT insolvent.
First, preferred stockholders have a greater claim to a company's assets and earnings. This is true during the good times when the company has excess cash and decides to distribute money in the form of dividends to its investors. In these instances when distributions are made, preferred stockholders must be paid before common stockholders. However, this claim is most important during times of insolvency when common stockholders are last in line for the company's assets. This means that when the company must liquidate and pay all creditors and bondholders, common stockholders will not receive any money until after the preferred shareholders are paid out
I will catch up on the posts and then go to bed. But I want you to know preferreds do not have to be paid in full for commons to see a dime in this case. Like I post repeately to this nonsense we are not in chapter 11 because we are in financial trouble, we are in ch. 11 for protection of assets. We will not finalize chapter 11 and we definitely will not go to chapter 7. We are seeking justice. Do you actually think the ust would be in this just to get preferred money? Look at their latest filing. It clearly states they are after justice and crooked lawyers. If one class of stock was done wrong, then they all were done wrong. If JPM made atleast 10 times more profit than what they paid for wamu in the first year, what does that tell you. Collusion and fraud were involved.
Im right. susman wont settle unless ec approves. Willingham will not agree to some bs offer. Lawyers work for their clients, not the other way around. Susman can advise, Willingham says yeah or nay. Dont know too many multimillionaire lawyers. Willingham is multi millionaire not from making bad or low paying investments. A million dollars out of this is definitely low pay for him.... Good luck with your assumption Susman is the shot caller.....He does what he is told to do and advises ec what they can do. He can not make any decision without consulting or getting ec approval....
Willingham will not accept $1 or a little over. He is too involved with this case to accept such a low amount. Millionaires like him wont throw in the towel and that is what he would be doing with accepting anything around that price. Successful businessmen strive to acheive what others do not know how to do. With the amount of shares he has and him being ec chairman, he wont accept one or two million dollars. While that amount is impressive especially in less than 10 years to make, that is not alot of money. Willingham will not accept anything less than $5 a share. They low ball offered $8 before and we have only gone up in value since then, so I expect a minimum of $8 as everyone else should.
Go wamu. I might be at the hearing on the 8th.
Hmm. Judge signed that yesterday regarding closed chamber lawyer meeting. Maybe the delay was to give Susman time to look it over.
justice. $18.88 a share. everybody I expect would take that in a heartbeat. By the way, every class gets paid. with the ust involved, that tells you equity as a whole will get paid. besides why would the chairman only hold commons, unless he just wants a publicity stunt. I feel Susman will give them two to three chances to come up with a legitimate offer, otherwise I guess JPM will be spewing in the gulf and everywhere for that matter...