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Yes, it went down substantially from like $88 to as low as $63 recently. If they hedge oil, it was bad hedge, and bad business decision. I am sure All others airlines take advantage of oils price. This company has bad management. JO needs to go. He is the root cause for this company's failure. Let's someone else right the ship.
Then i guess if the price had risen to 100.00 he would be a genius. 20/20 hindsight works every time.
You got me curios so did some checking and came up with this.The highest price-8-14-2000 @.62 closed at .55. Almost ten years ago.
Agree totally and justice must be served for the sake of this country and the world for that matter.
Steelheader 7
you are on it. The FDIC closed 25 banks the year of 2008. Only one OTHER bank that year was in the billions. IndyMac. So you would think that the FDIC would dot their I's and cross their T's on this the biggest seizure they had ever done. and the very least wait another week for TARP. what had them rush in like that? IT IS CALLED COLLUSION IN MY OPINION !
IT IS CALLED COLLUSION IN MY OPINION !
Great post !
DIVIDE & CONQUER ?
gwatkins2805@yahoo.com
Thank you , Steelheader7
Good read
Objection to Debtors Application of Weil, Gotshal, & Manges LLP as Attorneys for Debtors for Allowance of Compensation for Professional Services Rendered
http://www.kccllc.net/documents/0812229/0812229100616000000000002.pdf
Now this fellow tells it like it is!
gwatkins2805@yahoo.com THANKS
Thanks for information!
There will always be jerks!
Agree totally!
No,i am underwater but not worried!
Very cool ! Thanks Chaarles
Did some looking around and found newsletter,[Willy wizard] promoting WAMUQ.Believe combination of good news and pump.
On the lighter side;Everyone going to court on the 17th,you need to take this fella with ya because he does not like theives either!
Not now but did at time of your post.
Thanks for the continuing post on the shorts !
Agree with you Susman did not just fall off the cabbage truck! I would like to thank you and most everyone else for all you do for this great board.
Sincerely Steelheader7
This might help you.
Washington Mutual Stock Data and Calculations1 PQ = $25.75 114.8106 UQ = $14.01. Equivalant Share Ratios At Current Price: # UQ, # KQ, # PQ, # HQ. 1 UQ = 1.000, 0.163, 0.005, 0.004 ...
www.streetace.com/ - Cached
Agreed Very well said!
I believe the good judge is aware of much more than we think she is. She has to let things play out and then watch the walls come tumbling down.
I liked it!
Thank you for reply WickedGame ; I'm sure your correct i got carried away playing detective !
What does everyone make of the TD Ameritrade attached to letter? Someone breech his account ?
It is a quick way for a Chinese company to get on U.S. stock exchange ! Good for Stockholders cause they actually make money.
Agreed !
I can't find it being pumped by anyone so must be hedge fund or insider !
Agree well said!
I personally believe that everything needs to be made public and people need to go to jail.The government,wall street,and our banks are failing this great country miserably.Everyone needs to read the many quotes of Thomas Jefferson as they fit our country quite well!
Steelheader7
AGREED!!
To many supposed longs dumping at .0009.
Investors bet on equity in bankrupt U.S. companies | ReutersMay 21, 2010 ... WILMINGTON, Del./NEW YORK (Reuters) - Buying shares in a bankrupt company is a risky bet. But more than a handful of distressed investors ...
uk.reuters.com/.../idUKTRE64K5F620100521 - United Kingdom - 4 hours ago
Investors bet on equity in bankrupt U.S. companies
Tom Hals and Caroline Humer - Analysis
WILMINGTON, Del./NEW YORK
Fri May 21, 2010 2:31pm EDTRelated NewsJohnson Controls makes surprise Visteon bid
WILMINGTON, Del./NEW YORK (Reuters) - Buying shares in a bankrupt company is a risky bet. But more than a handful of distressed investors are doing just that, betting the stocks will rise during the court process or that they will get a payoff from the company.
Deals
Indeed, many of these stocks -- in names such as Visteon Corp (VSTNQ.PK) , Chemtura Corp (CEMJQ.PK) and Smurfit Stone Container Corp (SSCCQ.PK), among others -- have soared from a few pennies to a couple of dollars in a matter of months.
The investors, including well-known names like Davidson Kempner Capital Management and Aurelius Capital, are also arguing to bankruptcy court judges that they should be paid by these companies when they exit bankruptcy, saying the companies are not nearly as broken as when they limped into Chapter 11.
"It appears to be the result of an influx of capital, coming off the drought of the last two years. For a long time there was no financing. Now there's value for lots of different companies," said Robert Stark, a lawyer at Brown Rudnick LLP, who has represented equity committees in bankruptcies such as those of Oneida Ltd UNEDA.UL and Riverstone Networks.
Timing is of the essence, though. After the equity committee in car parts maker Visteon was denied the right to form, shares -- while still far from their lows -- fell more than 50 percent. Bankruptcy judges often deny equity committees -- partly because of the cost, but also because confirmed reorganization plans with payments to stockholders are few. (The current case of General Growth Properties Inc (GGP.N) is an exception).
But that has not stopped investors from trying to assert themselves, arguing that times are better. Shareholders have also recently asked for equity committees in the bankruptcies of Spansion Inc (CODE.A), Regent Communications and AbitibiBowater Inc (ABWTQ.PK).
Last year, the capital markets were all but closed, making it tough for companies struggling with weak sales in the down economy to make interest payments or replace maturing debt with new financing. Now, many companies are reporting stronger businesses this year and those credit markets have opened.
The equity fights are in a way an extension of the high-profile fights among debt investors this year. In the Six Flags bankruptcy, for example, the company went through several different plans, each one favoring a group further back in the priority for payouts as credit markets boomed. The company finally exited bankruptcy under the control of Stark Investments and other junior bondholders, but shareholders were beginning to jostle for a payment.
"If we were still in the depths of the recession, you wouldn't see any of this. It would just be obvious that there is no value for out-of-the-money debt holders or shareholders. In the old days we would see the bond holders doing this, and now we are seeing equity guys," said Barry Ridings, vice chairman of U.S. investment banking at Lazard.
VISTEON
Sometimes, just the mere presence of organized shareholders -- depending on how loud and persuasive they are -- can be enough to create a payoff in the stock price or the distribution of some warrants or equity in the company's ultimate reorganization.
"That's definitely a strategy, to buy at massively distressed levels and then fight as hard as humanly possible to be recognized and to force a recovery down into those levels of the capital structure," said Joe Stauff, an analyst with the special situations group at Susquehanna International Group. "Case in point -- Visteon."
Shares in the car parts maker took a wild ride this year as hedge funds vacuumed up shares, helping to lift its stock from around 1 cent in December to $2.03 earlier this month. (After a company files for bankruptcy, its shares typically trade over the counter on what are commonly called the pink sheets).
That rally provided a potential windfall to Davidson Kempner Partners, Brigade Capital, Plainfield Asset Management and Aurelius Capital Management, regulatory filings show. They started buying stock for as little as 14 cents in February.
Visteon shares rose 71.8 percent to $1.22 on Friday after Johnson Controls Inc (JCI.N) offered $1.25 billion for Visteon's interiors and electronics business.
A TRADING TACTIC?
In another case, Caspian Capital Advisors, which holds the preferred stock of cardboard packaging maker Smurfit Stone Container, began agitating for a shareholder committee in that bankruptcy in December.
That set off a buying spree in the common stock by funds associated with P. Schoenfield Asset Management, Fir Tree and Venor Capital Management, which spent as little as 9 cents per share and as much as 43 cents. The stock is trading at 16.5 cents, up 22.2 percent, in Friday afternoon dealings.
One lawyer in that case dismissed suggestions that shareholders use committee requests as a speculative trading strategy to drive up share prices.
"It's not a tactic," said Rachel Strickland, an attorney with Willkie Farr & Gallagher LLP, which represents preferred shareholders. "The implied trading price of the bonds is almost a billion dollars higher than what the company is saying this company is worth. It is not a handful of greenmailing hedge funds saying what it thinks this is worth."
(Reporting by Caroline Humer, editing by Gerald E. McCormick)
A little under 5 million.
Steelheader7
After reading resume etc. i can't imagine anyone better to have on our side.
STEPHEN D. SUSMAN, P.C., born Houston, Texas; admitted to bar, 1965, Texas; 1999, District of Columbia; 2000, New York; 2002, Colorado.
Stephen Susman is among a small group included in The Best Lawyers in America for 25 years and most recently, he has been recognized for two consecutive years by Who's Who Legal: The International Who's Who of Business Lawyers as the 2006 and 2007 Leading Commercial Litigator in the World. Who's Who Legal: Texas 2007 has also acknowledged Susman in both the Commercial Litigation and Unfair Competition categories. He was featured in The National Law Journal 's June 5, 2006 issue as one of the nation's top 10 litigators. Texas Super Lawyers has named him as one of the top 10 lawyers in Texas in 2003-2009. Susman was listed in the 2008 Lawdragon 500 Leading Lawyers in America with the comment: "This legendary litigator is hot when it comes to global warming suits, getting TXU reforms for 37 Texas cities and representing an Inuit tribe whose home was lost to environmental changes. The January 20, 2010 article in The Business Insider, Law Review, listed Susman as one of the eleven lawyers you definitely do no want to see across the aisle. Click here to view the article. "Susman was also featured in a February 2008 article in the ABA Journal The G-Man- A week in the life of a $1,000-per hour lawyer." Jury consultant, Don Vinson, in his book, America's Top Trial Lawyers, ranks Susman among the 14 best trial lawyers in the United States. International Commercial Litigation's worldwide poll of lawyers ranked Susman as the Litigator of the Year for 1997 and the top litigator in the United States in 1996. [Click here to see references, list of trials, or letters of recommendation from clients.] Susman's landmark victory as a plaintiff's attorney came in 1980 with an award of more than $550 million to victims of a nationwide price-fixing conspiracy, the largest jury verdict of its time. He has since represented both plaintiffs and defendants such as Northrop in its suit against McDonnell Douglas over the F-18 jet fighter, Speaker Jim Wright (cover of New York Times, May 24, 1989) in his ethics battle, the Hunt brothers (New York Times Magazine) in the largest lender liability case in history, and the state of Arkansas in a milk price-fixing case.
Susman represents both plaintiffs and defendants pursuant to fee arrangements that compensate him for results, not effort. In March 2005, he successfully obtained a jury verdict in an antitrust treble damage action for Masimo against Tyco in federal court in Los Angeles. Immediately prior to that, he served as lead counsel to 93 financial institutions suing PwC for errors it made in the audits of a borrower, Safety-Kleen. That case was settled the day it was scheduled to go to trial before a jury in state court in Atlanta. Susman has successfully defended Clear Channel in an antitrust case in Miami and Little Caesar's in an antitrust case in Detroit. Other former clients include: Medtronic, Ericsson, Hughes Electronics, Northrop, Decker Coal, and Amerisource Bergen. In 1999, he successfully tried the longest civil jury trial ever held in Detroit, Michigan, and was co-lead counsel in the Vitamins Antitrust case that settled for over $1 billion. In 2000, he successfully settled a mammoth antitrust case against Microsoft on the eve of trial in Salt Lake City. Susman is currently representing the plaintiffs in numerous patent infringement cases and two monopolization cases, one in New York and one in Kentucky.
Susman has recently become a pioneer in global warming litigation. He has completed a successful representation of a coalition of 37 Texas cities opposing the permitting of coal-fired electric generating plants by TXU. This case garnered Susman Godfrey the National Law Journal's 2008 Pro Bono Award as well as being featured in Robert Redford's Sundance Preserve documentary Fighting Goliath â€" Texas Coal Wars. The new purchasers of TXU have agreed to suspend all the permit application that Susman was opposing. The Mayor of Dallas had this to say about Susman's efforts: "Without Susman Godfrey, we would never have gotten the result that we did, with TXU withdrawing permit applications, for all eight units that the coalition challenged. The aggressive, relentless, and comprehensive legal work that was done on this case in record time caused TXU to have to rethink its environmentally unfriendly plan. What Steve Susman and his team did will be remembered by the utility industry for a long time to come: people in this country will no longer accept the construction of dirty, old-technology, coal-fired power plants. Not even in Texas. Susman taught a Climate Change Litigation course at the University of Houston Law School and has frequently lectured on the subject for the ABA, BNA, University of Texas and Stanford. He is currently counsel to an Inuit tribe that has lost its home because of global warming. View Houston Business Journal article regarding the Kivalina suit against 24 energy companies in global warming litigation.
A native Houstonian from a highly respected family of lawyers, Susman worked his way through Yale University, graduating magna cum laude. Returning to his home state and the University of Texas Law School, he was Editor-in-Chief of the Law Review and graduated first in his class, with the highest grade point average in the school's history.
After serving as law clerk to The Honorable John R. Brown of the Fifth Circuit Court of Appeals, Susman clerked for the United States Supreme Court. A recent biography of then Justice Hugo Black states that Susman was the first law clerk whom Black trusted to draft opinions for him. In his early career path, Susman joined a large Houston firm and became a partner, took a year's leave of absence to teach law at the University of Texas, and hit on the magic niche that led to a new style of law practice representing plaintiffs in complex commercial disputes. In 1980, he founded Susman Godfrey, the first firm in this part of the country to limit its specialty to commercial litigation. Susman Godfrey has more than 80 lawyers in offices in Houston, Dallas, Seattle, Los Angeles, and New York. In 2005, the firm was chosen by the American Lawyer as one of the top two litigation boutiques in the country.
As further testimony to Susman's affecting style, in 1994, four of the best trial lawyers in the country were selected to compete in the "Best of the Best Shoot-Out" at the Litigation Section of the American Bar Association's annual meeting. After final arguments by each top lawyer, the 30 person jury voted unanimously for Susman as the most persuasive. Click here to view the video. Susman has also been portrayed in John Jenkins' best seller, The Litigators, and in 1995, Texas Lawyer placed him among the ten "whose actions had the greatest impact on the Texas legal profession from 1985 to 1995." Business Week has called him "a lion of the Texas Bar"; Town & Country, "the Houston courtroom gladiator best known nationally"; the Houston Business Journal, "the reigning prince of Houston business litigators."
Although the stakes are high and the challenges immense in his private practice, that doesn't stop Susman from tirelessly pursuing issues of justice and reform. Teaching lawyers around the world effective advocacy, instituting reforms in the civil justice system, and through ABA Task Forces on which he serves, improving jury comprehension, streamlining class actions, and promoting efficient trials are top priorities in his dedication to law. Currently chairman of the Discovery Subcommittee of the Texas Supreme Court's Advisory Committee, Susman has been instrumental in discovery rule revision, tantamount to making trials quicker and less expensive. A board-certified civil trial specialist, Susman is a member of the American Board of Trial Advocates.
EDUCATION
Yale University (B.A., magna cum laude, 1962)
University of Texas (J.D., with highest honors, 1965)
HONORS & DISTINCTIONS
Fraternities: Phi Delta Phi; Order of the Coif; Chancellors, Grand Chancellor; Phi Kappa Phi
Friars Society
Editor-in-Chief, Texas Law Review, 1964-65
Law Clerk to The Honorable John R. Brown, United States Court of Appeals, Fifth Circuit, 1965-66
Law Clerk to Justice Hugo L. Black, United States Supreme Court, 1966-67
Visiting Professor of Law, University of Texas, 1975
Special Counsel to Attorney General of Texas, 1975
Editor: "ABA Civil Antitrust Jury Instructions" 1985
Board Certified, Civil Trial Law, Texas Board of Legal Specialization, 1978
University of Texas School of Law Outstanding Alumnus 2001
Distinguished Counselor Award from the Antitrust and Business Litigation Section of the State Bar of Texas (2005)
Recognized in Who's Who Legal: Texas 2007 and 2008 as a pre-eminent lawyer in the areas of commercial litigation and competition.
Recognized in Chambers Global Guide: The World's Leading Lawyers as Leader in Their Field in 2007 & 2008.
Recognized as a Lawdragon 500 - Leading Lawyer in America (2006-2008)
Recognized in Best Lawyers in two categories: "Bet the Company" lawyers and commercial litigation (2008)
Recognized in BENCHMARK Litigation Guide as one of America's Leading Litigation Attorneys (2009)
PROFESSIONAL AFFILIATIONS
State Bar of Texas (Chairman, Section on Antitrust and Trade Regulation, 1976-77)
District of Columbia Bar Association
New York Bar Association
Colorado Bar Association
American Bar Association, Current member of the Commission on Impact of the Economic Crisis on the Profession and Legal Needs, Section of Antitrust Law (member of Council, 1989-91), Section of Litigation (current co-chair of the Fellows Program, current member of Trial Advisory Board and Federal Practice Task Force, former co-chair of Task Force on Training the Advocate, chairman of Task Force on Fast Track Litigation,and member of Committee to Improve Jury Comprehension), and Section of Intellectual Property
American Law Institute
Editorial Advisory Board, BNA Civil RICO Reporter
Advisory Board, University of Texas School of Law's Review of Litigation
Texas Supreme Court Advisory Committee
Director of Texas Association of Civil Trial and Appellate Specialists
American Board of Trial Advocates
Director of the University of Houston Law Foundation
Charter Member of the Institute for Responsible Dispute Resolution
Texas Supreme Court's Task Force on Civil Litigation Improvements
National Council of Human Rights First
Board of Lawyers' Committee for Civil Rights under Law of Texas
MD Anderson University Cancer Foundation Board of Visitors
The University of Texas Health Science Center Development Board
The University of Texas Development Board
American Intellectual Property Law Association
Houston Intellectual Property Law Association
The New York Intellectual Property Law Association
Member, Warren Burger Society
Board Member, American Constitution Society
Leadership Council of the Yale School of Forestry & Environmental Studies
Picked up another 2 mill. Longgg
One of the many pump letters put out to members. No i am not a member.
I believe PIHN is holding up well without any news today and being pumped yesterday by Stockpalooza's newsletter!
Thank you!!