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Just another silly month has passed. The diatribe of outstanding metrics continues while the stock price still languishes. I believe it's now a year since the announced "impending financials restatement" due in Apr, and I recall that I was chastised last August that the financial restatement was imminent. Think I'll look up the definition of imminent. Guess I'll look back in next month and see how "imminent" the restatement truly is.
I use Zecco, my ballot was received by Penson Financials yesterday and my shares are not yet locked. May take a few days is my guess.
I believe the DS stated that broker balloting cost to covered by Debtors, did it not?
So, Does that mean I shouldn't send my ballot to KCCLLC?
Just kidding. LMAO
It should be an issue for ALL preferred holders. After all, we are here to maximise our ROI, and Preferred should be paid ahead of common. I'm quite sure you would agree if you holding preferred class only as well.
34. For holders of Preferred Equity Interests in Class 19 entitled to vote, the
Debtors shall provide each Voting Nominee with a Class 19 Master Ballot, substantially in the
forms annexed hereto as Exhibits 4-12(P) and 4-12(R), as appropriate, and Solicitation Packages
for each beneficial holder represented by the Voting Nominee, each of which shall contain a
Class 19 Beneficial Ballot substantially in the forms annexed hereto as Exhibit 4-13(P) and 4-
13(R), as appropriate.
35. To registered holders of Common Equity Interests who hold such
securities directly, the Debtors shall send a Class 22 Direct Ballot substantially in the form
annexed hereto as Exhibit 4-14. With regard to holders of Common Equity Interests that hold
through Voting Nominees, the Debtors shall provide each Voting Nominee with a Class 22
Master Ballot substantially in the form annexed hereto as Exhibit 4-15 and Solicitation Packages
for each beneficial holder represented by the Voting Nominee, each of which shall contain a
Class 22 Ballot substantially in the form annexed hereto as Exhibit 4-16.
36. Each Voting Nominee must forward the Solicitation Package to each
beneficial holder with instructions for the beneficial holder to return the Beneficial Ballot to the
Voting Nominee. Upon return of the Beneficial Ballots, the Voting Nominee shall tabulate the
Beneficial Ballots on a Master Ballot, tender the beneficial holder’s securities into certain
election accounts, as appropriate, and return the Master Ballot, but not copies of the Beneficial
Ballots, to KCC. The Voting Nominee shall provide each beneficial holder with the appropriate
materials within two (2) Business Days after receipt of the Solicitation Packages. Voting
Nominees may not “prevalidate” Beneficial Ballots or instruct beneficial holders to return such
Ballots directly to KCC.
37. The Debtors shall reimburse each Voting Nominee for its reasonable and
customary out-of-pocket external costs and expenses associate with distribution of the
Solicitation Packages and tabulation of the Beneficial Ballots.
38. In lieu of returning copies of any Beneficial Ballots received to KCC,
Voting Nominees shall input certain registration information regarding their beneficial holders at
a website maintained by KCC. Additionally, Voting Nominees shall retain such original,
completed, executed Beneficial Ballots for one (1) year after the Voting and Election
Deadline, and shall, upon written request from the Debtors, submit such Beneficial Ballots
to KCC so as to be received within two (2) Business Days of such written request.
42. Finally, with regards to beneficial holders of Equity Interests in Classes 19
and 22 that fail to return their completed and executed Beneficial Ballots to their Voting
Nominees in time, such that their votes are not able to be tabulated by the Voting Nominees on
their respective Master Ballots, such holders may still return their Beneficial Ballots to their
Voting Nominees so that their Release Elections may be accepted and processed. In order for
such beneficial holders’ Release Elections to be processed, the respective Voting Nominees must
tabulate such elections on either a Class 19 Master Election Form or Class 22 Master Election
Form, substantially in the forms annexed hereto as Exhibits 4-21(P), 4-21(R), and 4-22, as the
case may be, and return such Master Election Form to KCC so that it is received by the Equity
Release Election Deadline.
The Voting and Election Deadline
46. The Voting and Election Deadline is set as February 9, 2012 at 5:00 p.m.
(Pacific Time).
47. With respect to holders of Equity Interests in Classes 19 and 22 only, the
Equity Release Election Deadline is set as February 29, 2012 at 5:00 p.m. (Pacific Time), or
such later date as agreed to by the Debtors and the Equity Committee or otherwise ordered by the
Court; provided, however, that notice of any later date shall be posted with DTC and at
www.kccllc.net/wamu.
48. All Ballots (excluding Beneficial Ballots) and Election Forms must be
properly executed, completed, and delivered to KCC by first-class mail, overnight courier, or
personal delivery, so that they are actually received by KCC no later than the Voting and
Election Deadline (or, with respect to Release Elections submitted by holders of Equity Interests
in Classes 19 and 22, the Equity Release Election Deadline).
Parties Entitled to Vote
K. Pursuant to the Plan, Claims and Equity Interests in Class 2 (Senior Notes
Claims), Class 3 (Senior Subordinated Notes Claims), Class 5 (JPMC Rabbit Trust/Policy
Claims), Class 6 (Other Benefit Plan Claims), Class 8 (WMB Vendor Claims), Class 9 (Visa
Claims), Class 10 (Bond Claims), Class 11 (WMI Vendor Claims), Class 12 (General Unsecured
Claims), Class 12A (Late-Filed Claims filed on or prior to the General Record Date), Class 13
(Convenience Class Claims), Class 14 (CCB-1 Guarantees Claims), Class 15 (CCB-2 Guarantees
Claims), Class 16 (PIERS Claims), Class 18 (Subordinated Claims), Class 19 (Preferred Equity
Interests),
and Class 22 (Common Equity Interests)
are impaired and are entitled to receive
distributions under the Plan and, accordingly, holders of Claims and Equity Interests in such
Classes (to the extent eligible)
are entitled to vote
on account of such Claims and Equity Interests
(collectively, the “Voting Entities”).
Yes, but millions of drops make for a very large bucket
I concur, While an adjustment can and should occur, favorable to Preferred, I cannot see the judge zeroing out commons. 80/20 to 85/15 is most likely, IF an adjustment is made, by TFJMW. IMHO
Even if P's vote no to the POR, very, very unlikely the POR gets rejected. A no vote from the P's only opens the door to an increased % of the equity split for the P holders IMO
Make no sense to beat your head against a brick wall.
Yes, to require an affirmative rejection of the releases would greatly simplify the entire process.
It would have been so much simpler if they had made the default "granting releases" Too easy of course so it would never happen.
I don't think anyone except equity really cares how the equity split ends up if that's all that gets changed. I don't think a chag in the split % will jeopardize the settlement. Just my very HO.
Correct, and, I would expect confirmation over a P no vote. A P no vote will inform our TFJMW that preferred are unhappy with the split, IMO, and may result in a positive adjustment of the split for preferred.
Agree. For Ps to vote yes is insanity IMO.
Apparently, for some, it depends on what their definition of "IS" is. Seemed fairly clear cut to me also.
Hence my NO vote on POR and YES vote on releases. I bought preferred for a reason, if you bought(baught) common - too bad, soo sad.
Yes, It would really be nice to have something positive to post about. I'm also keeping my fingers crossed and patiently waiting.
Just another silly month with nothing to show for it, except perhaps an increasing number of 0 volume days and declining PPS. Maybe next month/year/decade? Eventually for sure! Forever optimistic like so many others here. See ya next month.
So, How are all those "site ranking, site visit, followers, downloads, etc, etc, etc" metrics working out for you without one iota of empirical evidence to support the outrageously optimistic claims and projections?
So, Let's see. Another month passes and the only info we've gotten from the Co. is: we have and are hiring- increasing expenses and "screw You" we're not telling you anything about our financials till we're damn good and ready. Gotta Love it. See you next month with a nearly identical result!
And yet ANOTHER month drifts by with absolutely no financial news and a lethargic PPS. Sorry, news of a COO and CFO at this point only shows 2 new payroll obligations with money outflows.
Don't even try to tell me they couldn't provide quarterly revenue and income data while the never ending revision of previous financials continues -- because it just wont fly.
Maybe I'll get to post something different in my next monthly post, BUT, I REALLY DOUBT IT.
Another month passes us by, no financials and our PPS continues to languish!
On March 30th, IDLM released an 8-k filing (LINK TO FILING) stating that revenues were understated by $213,000 in FY 2009 and $255,000 in FY 2010. Full financial restatements are expected to be released before the end of April, 2011. Until that point, all financial information listed in the tables below cannot be relied upon.[color=red][/color]
Fiscal Calendar??
Q2 Ending: Mar 31st Q2 10Q Due by: 5/16/2011 (late: 5/23/2011)
?Q3 Ending: Jun 30th Q3 10Q Due by: 8/15/2011 (late: 8/22/2011)
?Q4 Ending: Sep 30th Q4 10k Due by: 12/29/2011 (late: 1/13/2013)???
Annual Financial Summary
FY2009 10K FY2010 10K
Net Revenue $624,964 $1,425,523
Net Income $223,805 $746,523
*These values to not reflect the forecasted adjustments from the 8k released 3/30/2011
I thought the 30 mil monthly burn rate was based on contract rate of interest acrual with another approx 10 mil for legal costs. If contract rate is the 7 - 10%, can't remember exactly, then FJR should cut monthly burn rate to approx 7 - 9 mil. 20 mil x 36 months = 720 mil. Am I wrong?
I saw No reference to inappropriate behavior by debtors.
Fiscal Calendar
Q2 Ending: Mar 31st Q2 10Q Due by: 5/16/2011 (late: 5/23/2011)[color=red][/color]
Q3 Ending: Jun 30th Q3 10Q Due by: 8/15/2011 (late: 8/22/2011)[color=red][/color]
Q4 Ending: Sep 30th Q4 10k Due by: 12/29/2011 (late: 1/13/2013)[color=red][/color]
Financials
On March 30th, IDLM released an 8-k filing (LINK TO FILING) stating that revenues were understated by $213,000 in FY 2009 and $255,000 in FY 2010.
----- Full financial restatements are expected to be released before the end of April, 2011.-------
----Until that point, all financial information listed in the tables below cannot be relied upon. ----
That makes way too much sense. Soooo, No way in H_ll
I've been here a long time. I have also brought my average PPS under .30 with many, many shares bought under.20. While I haven't sold any shares and intend to hold my substantial position indefinitely, I cannot justify increasing my exposure under the current circumstance.
As it appears we must be cheerleaders here and cannot have legitimate civilized discussion I choose to no longer play this game. I will no longer monitor or post here.
GLTA
Not fear mongering. Raising a legitimate concern and I did call and basically got blown off. This stock is worth no less today than yesterday unless you have a million or more shares and the volume to trade them for a penny or less profit per share.
This stock is languishing as a result of the filings issues.
Raising THAT concern IS NOT FEAR MONGERING.
Yea, this ones been a stand out for a long time now, Left us shareholders standing outside in the rain
Didn't get a clear answer. It appears that, as is typical, SEC requesting additional info on a filing, which ever filing it may be. It doesn't mean the financials aren't done to me, indicates SEC wasn't satisfied with quantity, quality or format.
He did also indicated there were other issues as well but didn't elaborate.
First time I called and got thru on first attempt.
I called and got thru. There rep stated no info can be released until restated financials are complete.
I specifically asked about quarterly revenue or income information from subsequent quarters or pr release updating shareholders on status. No can do according to him!
The rep said SEC was a part of holdup, requesting additional information when they make their submissions. But he also stated that was only part of the story.
That's all I could get. I've been given the run around before, and this has that smell to it if you ask me.
Again, yes. I am still very optimistic based on the available metrics. But the lack of financial update is gradually raising my level of skepticism. The data needs to be completed and released. Then I believe we are golden!
Yes, I believe their are many out here who feel the same way, I know I do!
Agree, This is beyond reasonable by any measure.
I calculated my 60 YEARS lifetime balance of social security money, if I had been allowed to put it in a private account and earn a very doable 5% annualized return, IN ONLY A COUPLE HOURS!.
Believe me when I tell you you would be far better
off with a privatized social security (retirement) program.
AND THESE GUYS HAVE HAD , WHAT, 6 TO 8 MONTHS? Give me a break; Get the freagin financials out for _____ sake!
Just got to love it! Trade 500 shares @ .20, so let's keep lowering the ask. Don't raise the bid, just go lower till someone bites.
As I suspected! LOL Still waiting patiently though. GLTUA
You mean like the judge in GM's BK ruling in contradiction to the law which was upheld in appeal though the LAW was violated and summarily dismissed by our illustrious Supreme court. Oh Yea, They have to rule IAW the LAW! Yea, RIGHT!