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Dr R -- The more I read these types of articles the more I am unfortunately forced to believe that justice be damned -- JPM and most likely Barclays will walk off scot-free and we will be screwed. Definitely hope I am wrong, but either way, I don't have a very good feeling about the future of this country.
GO4...... --- If your thoughts on this subject are accurate (which I pray are not!), this country is truly in some serious trouble.
If these execs clam up, then I honestly think we can win and then they will issue a cash settlement, send us all checks in the mail for $24 + a share, all of us that signed the joinder plus others will have our checks stolen by the post office and they will say that we cashed them and didn't report the taxes and WE will somehow end up in jail.
UNBELIEVABLE!!!!
Regarding the Senate Hearing -- If there truly was an illegal seizure which I believe there was -- Why would any government offical want it to come out that WAMU was solvent? Can we expect these hearings to be delayed/cancelled again? I would have to believe the execs would definitely at the first chance they had to say it wasn't their fault and they they truly believed they were solvent and something really bad went on that they couldn't control, thus leading to JPM/FDIC/ possibly others getting into big trouble. If JPM/FDIC trying to stop information from getting out shouldn't they be on the phone with that Senate committee begging them to cancel hearings?
Pre Seizure Common Holders -- Can someone who owned common shares answer a quick question? When the stock converted to WAMUQ from its previous ticker symbol, was an actual conversion of the shares done, or was it simply renamed and moved to another market? Or to put it another way, can one tell the difference between a pre-seizure and post-seizure common share? Thanks.
Sunshine--- In your opinion would the same then be true for owners of WAMUQ vs. the old WAMU commons -- that the post-seizure commons would get nothing?
Joshfm -- I know you didn't write this Y board post, but I am assuming you have analyzed/thought about it. To me, it sounds a little cryptic if commons post-seizure will benefit. Do you have an opinion on whether or not you think they will?
Thanks.
This guy keeps saying they are not asking for anything today, yet he keeps talking. Sounds like he is trying to treat WMI in a negative light and focus on WMB as far as the fact that bank was sold for less than fair market value.
RICKSZY
-- Regarding the Senate hearings with WaMu management, I agree that unfortunately it will be at least somewhat of a witch hunt.
Our only hope, is that for every question, they say something like, well, we did have some bad loans, etc, but were still in relatively good financial shape until the government and JPM interfered. If enough people say that, than hopefully someone in the media will pick up on it and want to be that eager beaver reporter to blow the cover off the greatest financial scandal of our time.
Fish ---- I can see why there are questions about this path of posts. It could be derived that Rosen is in somewierd way trying to help equity. It can also be reasoned that Rosen/Creditors/JPM/FDIC/ are doing anything to make sure equity gets nothing. The "more than a few exta million" in a recent post on this subject could indicate that somehow, there will be enough payments made to make everyone involved look good, yet just ome up short of leacving anything for equity. Would it be possible for someone (who is in this thread) to post thoughts based on most updated information as to how they see this playing out, whether they believe equity will get anything. I personally think this has quite a way to go before anything is determined, and then pray that there will be a true settlement as opposed to years and years of appeals. Thanks to all.
Any chance ec replies before or right after market opens monday
Chart- If one were to join the seasonality group, is the chatroom sufficient to get through the course of the day and be up to date, since I can't get my home email at work and don't want to have everything sent to my work email?
climber... Maybe they figured better not p*ss the judge off, since she would obvious reject the objections anyway.
Can someone come in and offer WMI say $4 common for the stock we all own right now and buy it out? If so, would the company still be BK? Or would everything go to JPM?
Uzual -- I hate to sound negative, but I never in a million years thought an offer like that would even be considered, let alone potentially accepted by some parties. I have to say that I now believe something crooked is going on. I sure hope the judge and/or EC can help get this injustice corrected. I am not so sure that can happen, even though it seems absolutely pathetic that this could have been "approved" potentially in the first place.
EC Question??????
I was out of town and had limited internet access over the weekend (including Friday). I didn't get all the details of the settlement(using the term loosely), but know we were screwed. Legally, does the EC have to sign off on this for it to be official? Or is it official and now the EC will have to sue? Can the judge say that settlement is ridiculous and just throw it out? Thanks.
Butty -- Thanks for the comments. My letter is ready to be mailed when I get a chance this morning. I was just hoping for something like an email campaign as well, to show just how pi**ed off we are about this. I thought if we all send an email with our true personal thoughts and include the letter from WamuTruth, she would see that we are serious about wanting a just resolution to the case.
Hopefully we will get what justice says we should in the end. Good luck to all here.
Letter to Judge: Is there an email that anyone knows that this letter to the judge can be sent to.
Comments below copied from a comment to the CNBC article from yesterday:
HA-HA-HA-HA-HA, you people SERIOUSLY think that the Government will walk into a Courtroom that they controll and LOSE, so then there will have to be a MAJOR investigation and Politicans will take a chance on going to jail in huge numbers, HA-HA-HA-HA-HA that's funny right there I don't care who you are that's funny. The thing that makes this case different is the amount of people that were involved, if it was just a 2, 3 or maybe even 5 politicans then WaMu might stand a chance but since there were so many involved it will simply get swept under the rug and something will be said to the effect of "due to the usunual circumstances surrounding the events of the Financial Meltdown extrodnary steps had to be taken to save these financial institutions and while all of the actions may not have been 100% correct they were absolutely necessary to the financial well being of the Country and therefore we see no reason for these proceedings to continue any further so it is therefore ruled that the case before the Court is dismissed and......."
If this happens, there should be rioting in the streets across America, because the end of this country will be very near. Can anyone even imagining a judge saying something like that.
Thanks Empty. I guess the question that remains to be answered is who would win in court?
It appears that many are betting that WMI would win enough to cover all classes of equity. I would think that with all the legal documents people on this board have kindly linked and interpreted, that we would have a good idea who proposed the delay to this Friday, but I must honestly say that I haven't gone through ALL the documents.Based strictly on numbers that again have come from various board members DD, and the fact that EC is theoretically representing all classes, even commons. The trading pattern of the stock is impossible to figure as a matter of fact. So with all that being said, most people seem to believe that $8.00 is a fair estimate for commons. Maybe those people are using numbers that may not apply. I was just curious how you came up with your numbers since you seem to be one of the more active and knowledgable posters on this board. THanks again.
Empty -- I know this board has been through this over and over, but to save time going through the thousands of daily posts entered here -- Can you elaborate on why you think $2 to $4 as opposed to more?
Huba-- I think we also see .35, then .65, then 40, then .55. These MM's are seriously beginning to get on my nerves :[
Uzual -- Can you clarify on the 3.7B IN one post, you call it the Holy Grail, and in the one right before it, you say you don't believe we'll ever see it. Are you saying that a settlement will not include that amount anywhere, as to make JPM/FDIC not look as bad? Or are you saying something else? Thanks for the insight.
DanBB or anyone -- Doesn't that take potential money off the table for WMI? Or is that part of the case commons don't care about?
DanBB or anyone -- Doesn't that take potential money off the table for WMI? Or is that part of the case commons don't care about?
FASTKEV -- What does it tell us? The P's are down as well?
Question about institutional investing. I would think that .50 cents for sure would have been a trigger for institutional buying, or for the most part, do they not mess with BK stocks?
JPM up slightly so far today. NO indications one way or the other whether those on that board believe a settlement is good or bad
JPM is up today. Do tjhose on the this board think that means that JPM shareholders believe that they will win, or that a settlement will come for a price that will still be beneficial to them in the long run? Or something else?
I was being kind and put my oder in at $30.00. It said that for Fidelity I would have to call an order in that big. otherwise a bunch of other rules, which I didn't feel like reading would be applied. It will sure suck to be rich :]
Interesting read about EC's:
http://www.mcmillan.ca/Upload/Publication/BHarrison_EquityCommittee_1006.pdf
Please explain Michael. Some say new (post-seizure) commons will be left out (get nothing), others saying all commons will be left out, others that pre-seizure commons will be left out. CAn you say which if any you believe it is?
Thanks.
I was left holding the bag on STXX. Now STXXQ is on fire. At this pace, I may break even.
Intervene -- from yahoo:
Motion to Intervene
Normally, a lawsuit involves the plaintiffs (who bring the suit), and the defendants (whom the suit is brought against). Sometimes, a person who is not a party to a lawsuit in progress wants to become a party. Such a party must file a Motion to Intervene. Generally, to be admitted into the lawsuit, the intervenor must have an interest in the subject matter of the original suit.
A motion to intervene in a case in Federal Court is addressed by Rule 24 of the Federal Rules of Civil Procedure. It provides in part that:
(a) Intervention of Right. Upon timely application anyone shall be permitted to intervene in an action: (1) when a statute of the United States confers an unconditional right to intervene; or (2) when the application claims an interest relating to the property or transaction which is the subject of the action and the applicant is so situated that the disposition of the action may as a practical matter impair or impede the applicant's ability to protect that interest, unless the applicant's interest is adequately represented by existing parties.
Source(s):
www.techlawjournal.com/glossary/legal/in…
Sounds like a formality to me as well.
Reply to "I don't think the PPS would move if JPM offered 20.00 dollars a share....this is getting OLD."
I bought in at .16 less than 3 months ago, so the PPS is moving about 80% up in 3 months. I'll take that any day
Short and simple. Thanks Chiron
marayatano (or others) The 9 billion that Lehman received... Not too familiar with Lehman, but if they got screwed, was that expected or a big surprise? What is stop us from getting screwed in the same way? Thanks.
Up and Up .... Is it possible that we could get screwed lose SJ for exactly the reason you state.... In this case to prevent a bank run even though the evidence is clearly in our favor?
Dragynn -- Greatly appreciate the response. Been busy for a while and hadn't been keeping up with all the posts. Went back and tried to catch up. The many posts some factual, and many many extreme opinions made my head spin. Your summary helps greatly in my getting back up to speed. Thanks again.
Dragynn - Seems like you are very knowledgeable on all this WAMUQ stuff. Do you think the things you mention in your post will reduce any settlement we may get? Please tell me we won't somehow lose the case.
Interesting discussion on mortgages, banking, FDIC, etc.
http://www.thinkbigworksmall.com/mypage/archive/1/29027