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Jerle-- Are you hanging out with Jack and Johnny again? I hope you are not delusional again tomorrow morning. Remember moderation my friend :)
It appears you have a strong agenda here. Either you are trying to cover your short position or you are trying to drive the price down to load up. Which one is it?
There is no way you don't have a position is this stock. It's okay if you tell us...It will help us understand your motives much better...and maybe you will gain some respect.
Again, which one is it?
BOPHAN (YAHOO POST)
A/L: No Cause For Alarm 20 minutes ago
I am delighted that the A/L came out, and unsurprised by its contents.
When WMI filed its petition it listed about $32 billion in assets, including its interest in the seized subsidiaries. The A/L lists about $6 billion in assets, leaving a great many assets (including the value of the seized subsidiaries) ‘undetermined’. Also omitted from the A/L are the NOL ($20 billion), capital losses (about $26 billion), fraudulent conveyance claims (equivalent to the value of the capital losses), and the avoiding powers (i.e., neutralization of certain contingent obligations – such as the ‘new’ preferreds -- totaling $3.9 billion as avoidable preferences).
The omitted value of the seized subsidiaries consists of WMI’s capital losses diminished by what it can recover on a fraudulent conveyance claim, to a maximum of about $26 billion. At today’s capital gains rate of 15% it is worth around $4 billion. (President-elect Obama intends to raise the capital gains tax to around 25% in the next few years, so it would be worth about 50% more.) If JPM were WMI’s suitor it could NOT claim the capital losses as it holds the seized assets. Accordingly, it would be at a $4 billion selling price disadvantage vis-à-vis another suitor. (This would not eliminate JPM from consideration, however, as I will discuss later.) The fraudulent conveyance claim, though worth considerably more, would take six months to one year to liquidate. I think the probability of WMI prevailing against JPM and the FDIC is 100%, and discounting for time is worth about $24 billion. If WMI is sold to another suitor that suitor could sue on state fraudulent conveyance claims, and JPM and the FDIC would have to brace themselves for a $26 billion hit.
Though it could not claim the capital losses, JPM can easily match any buyout offer by crediting the price of the offer against the true worth of the seized assets (i.e., the immensely valuable branches and deposits – value well in excess of $100 billion). JPM is hard-driving, but so doing would kill any threat of liability for damages on the asset seizure, and is therefore more than worth the extra few billion.
Accordingly, when you tack on the value of the combined tax losses and lawsuit claims you realize that there is a great deal of value hidden in the A/L: more than enough to pay off debt, preferred, and provide a return for common. That value will be quite obvious to possible suitors with CFAs and CPAs who perform complex financial analyses and are more competent at assessing value in WMI than most people reading this board.
I anticipate that the market will be relieved by the fact that the A/L was filed (so common should remain in the $.03 range), but I wouldn’t count on a huge rally for the common. My view is until the first buyout offer (from JPM, most likely) is made the market will continue will mistreat WMI equities because it can. The market’s greatest concerns right now are capital safety and liquidity. Only the promise of a buyout provides both.
It would certainly work in JPM's favor again...to give these type of results if they were looking to keep other players off the field, so they can make a low ball bid. You guys don't want to invest in this BK company they have more debt than assets. Sold to the lowest bidder again JPM.
That would not surprise me one bit.
I see this report as a quick and dirty estimate of the A/L. As Z indicated there is still a lot of unknowns (i.e undetermined value). This could still play out in our favor. Where is the 55 million? I haven't seen that yet either.
50% ownership in jpminvestments llc on document 475 line 14. They have a 50% partnership with jpm
As you have heard many times on this board... I really appreciate your honesty and keeping us grounded.
Thanks Z. I hope you make a TON of money on this deal.
Good thing the gun didn't have any bullets :)
Look at the last buy for WFC 12,936,200 @ 29.36 a share. Now that is a HUGE buy.
My account is tapped now.... can't even purchase 1 wampq to see if it's really halted :)
It hasn't moved off of 18,622 in volume... I agree with that.
I'm watching trades flow through...wamkq has doubled in volume in the last 10 min.
I was outside and Santa was going over my house and I heard him yell "Go WAMUQ". He might be delivering gifts early to us this year.
What floor? Please push the WAMUQ suite button.
Going up!!! Go Green baby!!!
I was able to do it online with Zecco.
I just put a limit sell order in @ 100.00 a share. MMs are not going to play games with my shares :)
They are now locked up in the vault.
Maybe I'm not interpreting the legal jargon correctly...
Partial definition: Any part of a payment stream that is less than the full amount due.
In the order it references "partial final judgment" several times.
Does that mean there is more to come in terms of money (i.e partial payment)?
Everything is riding on this A/L report.
What is significant on the Dec 30th schedule? We already know the 4.5 billion is accruing interest and postponed indefinitely and we have the NOL, and we won a 55 million lawsuit.
So technically they could be released at any time before the Dec 19th. Correct?
GO WAMUQ!!!
Here are all of the court documents for today... Please take the time to thank preferredso on google finance for compiling a nice list for us.
http://finance.google.com/group/google.finance.611408/browse_thread/thread/5fcc1ff50b9fdb87?
News for 'WAMUQ' - (=DJ WaMu, First Southwest To Buy Back ARS Under Finra Settlements)
DOW JONES NEWSWIRES
The Financial Industry Regulatory Authority has reached final settlements with Washington Mutual Inc. (WAMUQ) and First Southwest Co. of Dallas, which agreed to buy back auction-rate securities at the price they sold them.
In addition, WaMu and First Southwest agreed to censures and fines of $250,000 and $300,000, respectively.
Meanwhile, the Securities and Exchange Commission announced final ARS settlements with Citigroup Inc. (C) and UBS AG (UBS) and agreements in principle with Bank of America Corp. (BAC), Merrill Lynch & Co. (MER), Royal Bank of Canada (RY) and Wachovia Corp. (WB). Finra has done the same with Mellon Capital Markets, City National Bancshares Corp. (CYN.XX), Comerica Inc. (CMA), Harris Investor Services and SunTrust Banks Inc. (STI).
Formal settlements in those cases are expected soon. Finra is investigating two dozen other firms in ARS-related cases.
The settlement agreements, which began in August, defused a regulatory and legal showdown about sales practices for securities that were touted as safe and tantamount to cash, but couldn't easily be sold and lost value in some cases.
-By Kathy Shwiff, Dow Jones Newswires; 201-938-5975; Kathy.Shwiff@dowjones.com
(END) Dow Jones Newswires
December 16, 2008 16:01 ET (21:01 GMT)
Copyright (c) 2008 Dow Jones & Company, Inc.- - 04 01 PM EST 12-16-08
I would be lucky if my wife bailed me out for $10.00.
Ex-Nasdaq chair arrested on fraud charge in NYC
Bernard L. Madoff, his silver hair reflecting the lights of a federal courtroom, was released on $10 million bail secured by his signature and that of his wife. He declined to comment as he walked out of U.S. District Court in Manhattan.
This guy must be shorting wamuq :). Look out shorty...longs are coming through soon.
Lets focus on making 10% first :)
Lets focus on making 10% first :)
Someone got a good deal on those 220 million shares. They must of had a deal with the MMs prior to buying. Not one uptick...
GO CXAC! I'm only holding 775,000 shares that I bought @ a much higher price.. and was treating it as out of sight, out of mind, but this looks promising. Someone feels the price is going up.
The last time Indian replied he was holding 40,000 shares. Not sure if he dumped them or added to his position.
Indian, are you still in or out?
I will go down with the ship before I give up my shares.
Go WAMUQ!!!
Amazing...talk about chomping at the bid.
tons of small orders in time and sales....very strange.
A/L schedule was to be filed by the end of today. We should see something tomorrow morning.
See court doc 245
http://www.kccllc.net/documents/0812229/0812229081107000000000003.pdf
I don't want to put a negative spin on this... regardless of the fact if we get bought out, emerge from BK, or merged. I think there will be pre and post BK share prices or some ratio. I don't think all shareholders will be treated the same.
I hope I am wrong.
IMHO.
JPMorgan retains WaMu branch staff, cuts office jobs
10 minutes ago - Xinhua Financial News
Related Companies
Symbol Last %Chg
JPM 31.66 3.40%
WAMUQ 0.049 5.38%
As of 12:59 PM ET 11/28/08
JPMorgan Chase & Co, which bought the banking operations of Washington Mutual Inc in September, said on Friday it would retain most of the giant thrift's branch banking staff, but planned substantial job cuts at its former headquarters and elsewhere.
JPMorgan expects to retain 9,000 employees who worked at Washington Mutual (WaMu) branches, as well as 2,000 employees in other roles such as mortgages and wealth management, spokesman Tom Kelly said.
The combined company has about 5,400 branches and JPMorgan has said it will close no more than 10 percent.
JPMorgan said it remained on track to tell all former Washington Mutual employees by Monday whether they would have jobs and for how long, but overall numbers were not available. Washington Mutual had 43,198 employees as of June, according to a filing with the U.S. Securities and Exchange Commission.
Some 1,600 WaMu staff who worked in back office roles in California handling credit cards and other consumer banking businesses were told their jobs would be eliminated by March.
Substantial job cuts were also expected in WaMu's Seattle headquarters where much of the work done could be absorbed by JPMorgan's existing operations, Kelly said.
JPMorgan bought Washington Mutual's banking business on Sept 25 for $1.9 billion, as the government closed the thrift in what remains the largest failure of a U.S. bank. Washington Mutual's holding company later filed for bankruptcy protection.
The acquisition made JPMorgan the nation's largest bank by assets and the second-largest by deposits.
(Reporting by Elinor Comlay, editing by Leslie Gevirtz) Keywords: JPMORGAN/JOBS
(elinor.comlay@thomsonreuters.com; +1 646 223 6116)
COPYRIGHT
Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
MMMM
I truly believe they know down to the penny. We are talking about a finance company...that is their specialty (numbers).
There is a time and place for this information to be fully disclosed. Now is not the time and this is not the place.
This is the leverage that everyone is looking for (including me), so they are going to guard it.
True, but that is just the front end interface... All of the data is stored in the backend database which data can be retrieved by using third party tools.
You bet the data is backed up, and it also stored off site as part of their disaster recovery plan. The data is stored in multiple locations...the issue is legally accessing the data.
Market closes tomorrow @ 10am PST. Should be interesting as Dimon is expected to deliver a speech on Monday. I hope we get some sense of direction and information prior to Monday.
I know if it was me... If I didn't hear anything positive in the meeting I would just get up and walk out.
He reminds me of one of those executives that like to hear himself talk. Those are the kind of meetings I just get up and walk out. Working for a large corporation I see and hear those type of executives all the time...blah blah blah. Bye.
just another glitch in the system. They also changed institution ownership from 24% to 1% which is incorrect.
Keep in mind Google Finance is still under beta testing, therefore it's not always reliable information. I suggest using another resource for your information.
I can see that happening as well. He might want to arrive in an armored truck even if he plans to deliver good news.
I find this paragraph interesting...
Later he will speak to a lunchtime group of business and civic leaders at the Greater Seattle Chamber of Commerce's Community Development Roundtable at the Washington Athletic Club. The roundtable, which meets weekly, is not open to the public and does not disclose who its members are or even how many there are.