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I'm fine with that scenario plus the lawsuits and the 4 billion.
Works for me :) That paints a pretty picture.
As we see more information regarding Lehman's financial status we should see investors moving from the trust classes to the preferred classes.
Good job, I'm still working on accumulating my share. I was able to pickup 12,000 of lehcq though and those appear to be really tight.
I assume that those were purchased over a period of time as I have a hard time getting filled over 10K.
4 billion is a ton of cash to have in these market conditions. I think it will open a lot of doors for Wamu once we get it.
That's an idea... Do we have anyone on this board that has those skills... If so, give us a number :)
Yo Jackson... you didn't give up your preferreds... or did you?
That was an out of sequence trade (T).
That is the Tesla Electric car. I hoping to buy one after the settlement :). They are priced at 50k.
http://www.teslamotors.com/
Not according to Scottrade... LMAO.
that was me that bought. I had to call Scott Turd and to find out the current ask and he told me .07, but it's displaying .06. I told him that's manipulation and he said we make money regardless by the trade, so we don't care about the price...ok :) I bumped my price up to .07 and still didn't get filled so I called again and told him I'm sitting on .07 and still not getting filled, so he called the MM and finally I got filled @ .07.
Trying to get some and they are not letting go at the ask .06 and .061.
WaMu Makes JPMorgan $29 Billion as Shareholders Rail
http://www.housingwire.com/2009/05/26/wamu-makes-jpmorgan-29-billion-as-shareholders-rail/
Reports this morning are speculating that new accounting rules will allow JPMorgan Chase & Co. to gain an additional $29bn over the life of certain Washington Mutual loans, as shareholders in the seized bank are joining forces to criticize the handling of the entire affair.
JPMorgan purchased WaMu assets when federal regulators seized the bank back in September.
Now, new rules allow for fair value accounting to determine the worth of underlying collateral, though it is unclear at this point what type of assets are involved in these loans. Previously, JPMorgan would need to declare the value of those assets according to its value in the market. Considering the troubled nature of financials, the latter method is arguably more volatile.
Using the former method, however, JPMorgan is able to mark down $118.2bn of assets by 25% equally and, as of yet, unrecorded $29.1m in pretax income over the life of the loan, according to Bloomberg.
This morning, WaMu shareholders put out a joint statement declaring a rising concern on the way the feds are handling the seized bank.
According to the text, they feel the regulators are setting dangerous precedents that will adversely affect the banking sector in the foreseeable future and these actions not just affect individual shareholders, but the financial sector in general.
“The FDIC’s fire-sale of Washington Mutual assets to JPMorgan changed the game for potential buyers of banks,” says the statement. “The new rule seems to be: Get regulators to place the bank into receivership in order to buy the assets at a fire-sale price.”
The shareholders justify their stance by saying the same mishandling is happening in Florida, at BankUnited Financial Corp. (BKUNA: 0.4922 0.00%): “Bidders for BankUnited Financial Corp waited on the side lines, hoping for the new form of behind the scenes bailout being offered by the FDIC–assets on the cheap. This has the potential to leave bondholders and shareholders out in the cold, just as was done with Washington Mutual Bank.”
A shareholder at BankUnited told HousingWire that he “criticized the FDIC and the new appointed members of the board of directors,” at a meeting discussing the takeover of the bank.
“Why couldn’t the board look after the interest of the shareholders?” he asks. “They have an obligation and a fiduciary duty to look after the interest of the shareholders and they simply failed to do so.”
“We feel that the FDIC should give a small bone to the shareholders and avoid a future lawsuit, something very similar what happened to the takeover of Wachovia Bank with Wells Fargo Bank,” he adds. “Unfortunately this did not happen and I am afraid that there will be lawsuits forthcoming.”
I don't want to mention another bank on this board in respect of fellow wamuers, but you might want to look at another large bank in BK :)
I sure hope so buddy. I think we are all ready for our payday. Even though I enjoy reading and posting on this board, I would like to move on to something new...and retire from the stock market.
Guilty as charged. Pay up sucka...
I was able to purchase shares yesterday, but can't get any today @ .10. I called and they told me the ask was .15 at the time. Someone also posted that it's not on L2 either.
You should call your broker.
http://online.wsj.com/article/SB124329868153552955.html
America's largest bankruptcy is causing an international standoff between Lehman Brothers Holdings Inc.'s U.S. and U.K. operations.
Administrators for Lehman's U.S. estate plan to ask a federal judge Tuesday to approve an international framework for coordinating bankruptcy proceedings among subsidiaries spread across the globe. But administrators representing Lehman's main European arm in the U.K. are balking at the agreement, saying they are governed by local rules and the interests of their own creditors.
The stalemate is significant because Lehman's U.K. estate held about a third of the firm's roughly $630 billion in assets before it filed for bankruptcy . The London-based estate also holds data essential to insolvency proceedings among other smaller European subsidiaries.
[Lehman's European headquarters in London] Bloomberg News
While Lehman's U.S. estate wants a global agreement, its U.K. arm is resisting. Here, Lehman's European headquarters in London in September.
When a large company with global operations seeks Chapter 11 protection, it can spawn numerous legal proceedings with different rules in other countries. Since the U.S.'s fourth-largest investment bank filed for Chapter 11 in September, nearly 80 Lehman subsidiaries world-wide have folded in more than a dozen countries and legal jurisdictions. On the horizon: a possible bankruptcy filing by General Motors Corp., the world's largest auto maker with operations in some 140 countries.
Lehman's U.S. team wants to work with other estates to hold and manage assets with a goal of recovering more for creditors, rather than watching other estates sell assets at fire-sale prices. The international agreement would also discourage subsidiaries from lengthy reviews of accounting records when settling debts between estates.
Supporters of the international protocol fear Lehman could be mired in bankruptcy for years without some agreements to speed administration of certain claims and other matters.
In the Netherlands, a Lehman subsidiary issued some 4,000 notes that were mainly drawn up by Lehman officials in the U.K., said Rutger Schimmelpenninck, a court-appointed bankruptcy trustee for Lehman's Dutch subsidiary and partner at Dutch law firm Houthoff Buruma. Mr. Schimmelpenninck hasn't yet received all the information he needs from the U.K. estate to help him value those notes.
In addition, some subsidiaries failed well after Lehman sought bankruptcy protection in New York, raising questions about the proper accounting dates to use when valuing certain claims and other contracts, he said.
Lehman's U.S. administrators haven't pointed to any specific actions taken by the U.K. estate that would undermine other bankruptcy proceedings. But the international protocol document outlines areas where Lehman's U.S. restructuring team hopes to align estates' administration.
Administrators in Hong Kong, Singapore, Germany, Luxembourg and Australia have signed on to the protocol. The pact won't be legally enforceable, as administrators are bound by rules in their own jurisdictions. Still, U.S. Bankruptcy Judge James Peck has said international cooperation should be "pursued with vigor and in good faith" to smooth Lehman's trip through Chapter 11.
"There need to be international standards when dealing with a global company that collapses," said Bryan Marsal, Lehman's chief restructuring officer and co-CEO of turnaround firm Alvarez & Marsal LLC. "Otherwise, every country acts like 'Every man for themselves.' "
PricewaterhouseCoopers, which administers Lehman's U.K. estate, said it has made progress reaching other agreements with subsidiaries to coordinate restructurings and won't submit to multilateral negotiations. A global protocol is "unnecessary, insufficiently tailored and unacceptably burdensome" for Lehman's U.K. estate and its creditors, said Tony Lomas, a PricewaterhouseCoopers partner and administrator of the London estate.
International protocols have emerged in bankruptcy cases before, but never on such a massive scale. Lehman's efforts to persuade estates to submit to the framework underscore the complexities wrought by a new wave of bankruptcies flowing from the global financial crisis.
"With the increased internationalization of bankruptcy, it's more and more important for the different jurisdictions to come to an informal agreement," said Edward Altman, a New York University business professor who focuses on bankruptcies. "There is no official code that brings them together."
Me too. I have only 5000 sitting on .08 and not getting filled.
I saw it on the Google finance board last night too.
http://www.google.com/finance?q=wamuq
Love it!!! Go WAMU!!!
For the record... I only own preferreds so I would love to get full face value, but I'm trying not to be too optimistic as there are still too many unknowns. We really haven't had one full day in court yet as they keep getting delayed.
You misread my email. I didn't say we won't possibly get the full face value over time, but at the moment what leads you to believe you will. I haven't read anything yet that indicates we will... I understand there are several things pending... but like I said they are pending. If everyone believed that this stock was going to be paid full face value the PPS and volume would be much higher. That is what I'm basing it on.
Also, I don't feel this will get in front of a jury therefore the numbers could be much lower than if it did go in front of a jury.
I agree with John we need to stay grounded and focused on the court documents and the PRs. Even though I think the 12.00 figure is nothing more or less than an arbitrary number that someone has thrown out... I hope they get it, but do I think it's realistic based on the current facts...no.
In addition, do I think the preferreds are going to get full face value at the present time...no, but that could change in time.
Thanks everyone. I don't want to be left emptied handed. I will figure out a way to free up some money without selling my PQs.
Has anyone tried to fill an order around 25,000 shares? Are they tight on shares?
I was going to sell my PQs for this, but I'm afraid that I won't get filled at .18 cents with the ask at 2.50, 5.00, and 25.00 :)
5.00 on the ask? What is that all about? Look below.
Just give me the divis and I will be happy.
That is a great picture for my dart board, and I'm sure it will spark some good discussions at the shooting range. Thanks!
Don't forget they are sitting on 11 billion in CASH. I love this play, however I don't have the position that I would like to have since all of my money is sitting in wamu preferreds waiting to explode. I hope they don't fire off at the same time.
And finally, liquidity is king. Looking at the Lehman estate today, we can see how the mentality behind the U.S. Chapter 11 process has allowed the once-venerated firm to rebuild its cash coffers even in bankruptcy, to the ultimate benefit of its creditors. Lehman today is sitting on nearly $11 billion in cash, up from $200 million when the firm filed for bankruptcy. These reserves mean the firm does not have to sell its real estate and other proprietary assets until the markets for those assets sufficiently recover.
http://online.wsj.com/article/SB124226262220517739.html
Thanks. That seems reasonable. I hope she can speed read and have a decision this weekend :)
I was thinking the same thing. Why would the Judge announce that she might decide before the hearing?
Judge: I'm going to delay this hearing until June 24th, but I might make a decision before then... WTF Nothing like having a indecisive Judge.
I'm going to sell my shares tomorrow, but maybe not :)
How long did they spend in court today? I heard around an hour...is that accurate? If so, doesn't anyone find that strange for this huge case with the agenda they were suppose to cover today.
It just leads me to believe there is a deal already in the works or it's a done deal.
That doesn't surprise me...more corruption. Sure, the Wamu shareholders haven't been screwed enough, so let's screw them some more.
Tell them to skip lunch...we have been for this for almost a year now :) I want my money, and I want it now.
There is no way that 4 billion is priced in the PPS. If that is granted and we receive the 4 billion up, up, away.