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good post.
For sure! Hopefully when this is over someone on the board can arrange for some type of banquet party in Vegas or something! It would be awesome to meet everyone.
Ya definitely. Just thought I'd post it for reference.
I have listened to the audio 4 times now, Brian Rosen's tone was significantly more optimistic and upbeat compared to past hearings.
Global Understanding = code for Settlement.
Rueters - WaMu may reach deal soon on $3.7 bln deposit
http://www.reuters.com/article/idCNN0424397920100304?rpc=44
* Deposit was one of WaMu's largest assets
* Deposit is claimed by WaMu, JPMorgan and FDIC
* Court hearing on dispute postponed for one week (Adds details, background from paragraph 10)
By Tom Hals
WILMINGTON, Del., March 4 (Reuters) - Washington Mutual Inc could reach agreement with JPMorgan Chase & Co and a government agency over a disputed $3.7 billion bank deposit in the next week, the bankrupt company's attorney told a court on Thursday.
Washington Mutual (WAMUQ.PK) was in court to try to resolve a dispute centering on one of its largest potential assets, billions of dollars that the holding company said was a deposit it had at its banks.
The deposit was seized along with the company's lending operations in September 2008 in the biggest bank failure in U.S. history.
Washington Mutual's attorney, Brian Rosen of Weil, Gotshal & Manges, asked the court to adjourn the hearing for one week to give the parties more time for talks. The parties plan to return to court on March 12.
He said the U.S. Federal Deposit Insurance Corp and JPMorgan requested the added time but Washington Mutual was reluctant, an indication that the company might expect a favorable ruling.
He also said there was "momentum" to the negotiations, and Thursday's hearing was delayed for an hour while the parties held talks in the hallway outside the courtroom.
Bankruptcy Judge Mary Walrath granted the request to postpone the hearing for one week.
During the height of the 2008 financial crisis, Washington Mutual's banks were seized and immediately sold by the FDIC to JPMorgan (JPM.N) for $1.9 billion. The Seattle-based holding company filed for bankruptcy the next day.
JPMorgan has described Washington Mutual's bookkeeping as a "shell game" and said the money might have been a capital contribution that allowed the bank to meet regulatory requirements.
In October, Washington Mutual argued before Walrath for a summary judgment determining that the company owned the deposit. Walrath has not issued a ruling.
Separately, the FDIC asked the judge to allow it to invoke a clause in its sale agreement with JPMorgan and take back the disputed deposit.
Both the FDIC and JPMorgan have said they have claims on the bankrupt estate of Washington Mutual that exceed the amount of the deposit.
The case is In re Washington Mutual Inc, U.S. Bankruptcy Court, District of Delaware, No. 08-12229. (Reporting by Tom Hals, editing by Gerald E. McCormick)
I think there getting ready to run this hard. North that is.
lol I knew there was something wrong with me.
Anyways great day everyone! Tomorrow shall be interesting to say the least. I am a bit curious how tomorrow is going to play. I expect the MM's to try there best to make money tomorrow. Good luck to everyone.
Lol I should of worded that differently, I meant 'Vegas around the corner' in terms of a settlement :) - wish i was going to vegas this weekend!! Hopefully some tickets will be coming in the near future from Jamie D. ;)
Have a great weekend everyone! Vegas soon around the corner? ;)
oh snap where did lindi go!!! NOOO!! lol
I honestly do not think that the 'shorts' are going to make this rocket by covering. The 'short' figure has been 40-55 million for the last 4-6 months. I bet that number is wrong and if there is anyone that is short they are most likely a market maker. I am pretty sure that their responsible for a majority of the so called 'short' volume. They are in control of the price not the shorts. They consolidate buy off the weak hands, let it run and then sell into the run, rinse repeat....that is what they do. Big news along with Big buyers is whats going to drive this.
Give this a little time soak in, I don't expect a huge increase in pps given the conditions of the markets and that it is a Friday. May see a little run this afternoon, next couple weeks should be very interesting.
chicken farms? Uh eh...
you should watch that movie called Food, Inc it is very good and will open your eyes to what is really in the supermarket and how farmers are really treated :)
is the hearing over?
V E G A S!!!?
Audio file #5 up now:
http://www.viewip.net/WMI/Hearing/2010-01-28/
Beeps here too. Can't believe this. Or can I? :)
Nice article! Gonna have to stock up on some popcorn for the coming weeks this is getting good!
Thanks.
Ive been watching a little bit of the hearings yesterday and today, has Wamu even been mentioned or questioned?
Dimon is hounded by the media right now in the break.
Jamie on right now:
http://www.c-span.org/Watch/C-SPAN2.aspx
"You can fool some of the people all of the time, and all of the people some of the time, but you can not fool all of the people all of the time."
Abraham Lincoln (i think)
:)
Live stream here:
http://www.c-span.org/Watch/C-SPAN2.aspx
I just got it in my email, wasn't sure if it was posted ;)
NOTICE OF APPOINTMENT OF COMMITTEE OF EQUITY SECURITY HOLDERS
http://www.kccllc.net/documents/0812229/0812229100111000000000031.pdf
I feel so stupid. I thought I put a stop limit sell order in, just incase this tanked and accidentally placed a sell limit order instead. Someone got my shares ;(
LOL ya you might want to get your prescription dosage increased ;) j/k
This is just the start. Just wait till this progresses a little more and becomes viral. This is the OJ simpson case of Bankruptcies. Lets just hope the glove fits.
patience...mm's are playing there game early for the fireworks later.
moved from .20 to .175 on 2 million in volume, watch for reversal. Shake out. IMO
Good morning all.
she might not know the exact numbers they are throwing around, im not sure if she is involved in that (impretty sure she isn't), but theirs evidence of settlement talks in the attorney's billing statements that are posted monthly.
She also knows that WMI doesn't want to deal with the EC, this was made clear in court from WMI attorney as he stated that he felt the equity wouldn't be in the money. But She appointed the US Trustee to go ahead and get started forming the EC. I am speculating that she will approve the EC to throw a curve ball into the negotiations given that she knows that the American people were taken advantage of.
Thank you very very much for sitting in on the EC meeting. Much appreciated! Look forward to hearing both the good and bad, so I guess if I see a 538,000 sell block go through i will sell as well :) lol
Hi im Tom! Who are you?
I believe that the price will either go up or down tomorrow. I think that there will be indeed a lot more investors that will be buying shares tomorrow on a whim. It will probably go up tomorrow but I am hesitant to say as high as .30 cents. Keep a close eye on the MM's. They will probably be selling into the buying like usual. If we get an extraordinarily high volume day with little price movement that will be the tell tell sign that they want more shares so they will probably try to keep the price in a accumulating range for a few days to scare off the weak longs. Then they will rinse and repeat.
.30 tomorrow probably not, maybe by the end of the week. Never know though, all it takes is a viral news situation and bam they wont be able to hold it down.