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My Sharebuilder shares show the same thing. I did call them and received the following email:
From ING DIRECT Investing Customer Service
Hi "Qbert",
I have great news! We did receive your election ballots for your shares of Washington Mutual (WAMUQ), and you're all set to go at this point. It's just a matter of hanging in there a little longer and awaiting what the results were.
Glad we could be of help. Should you have any further questions about this issue, feel free to contact us again.
You’ll also find a wealth of information (about this and many other issues) in the ShareBuilder Help Center: http://www.sharebuilder.com/sharebuilder/Help/Default.aspx
Sincerely,
Eveline Tien
ING DIRECT Investing Customer Service
Plus we have the benefit of the NOL's. This is looking better than I originally expected. Best of luck to all!
Thanks. Still digging but it appears many are trading in the $35 -$70 range. Let's hope we do as well. Here is an interesting article from April.
http://www.marketwatch.com/story/reinsurance-stocks-hit-records-2011-04-04
Question for the board. Does anyone know any of the currently trading comparable re-insurance companies and what they are trading at? what kind of OS is each comprised of?
Trying to see if we can determine a possible trading range for NEWCO. Hadn't seen it discussed here or on Y! Thanks!!!
~Scott
JPM just raised another $1B....hope it is for us.
http://ih.advfn.com/p.php?pid=nmona&article=49324914
Congrats everyone. Long since 2009. Holding for the gold!! Hoping JPM comes to their senses. If not, I'm sure Susman will persuade them.
Nice job Beth! SteakUms do wonders for your thought process!!!
[She will understand]
~Scott
I just saw this as well. What does it mean for us? I have a very small holding here, but would like to see some type of justice.
I would think we'd see a reservation of rights at least. If not there will probably be an agreement with the debtors to extend the deadline, similar to the last one that is not public knowledge at this point. If we do not see an objection or reservation of rights, things are on track with POR v.7.
AIMHO
As an aside, wouldn't we get the EC's objection to POS v.6.5 on June 10th if things are at a stalemate?
Nice reminder. I remember this from a while back.
http://localmotiveproject.com/profiles/blogs/heidis-bar-derivatives-101-or
Question for the board:
In past S&G and A&G billings there were references to a proposed settlement from the debtors. To me, that means there was some type of offer on the table. Probably minimal, but a proposal nonetheless.
Seeing as they have already proposed some type of offer to equity, shouldn't we figure that at some point, if the EC really felt we were in dire straights, they would revisit this proposal? Do we REALLY think they will sell us out for nothing? Just curious as to the thoughts of the board.
Thanks.
THAT is freaking awesome! Go Jake! Go Susman! Go THJMW!!!
I think he is referring to Seth Ard of Susman Godfrey.
http://www.susmangodfrey.com/?id=11123
but how much with a "s"? :)
Is it just me, or are we seeing lots of blue buys, yet they keep dropping us. Hmmmmmmmm.
For months we've seen references to the "trial team". Any thoughts on Susman/EC filing charges independently on behalf of the shareholders outside of bankruptcy court?
Still holding my tickets! GLTA!!!!
My faith still in Susman, Hochberg, Nelson, THJMW!
Summary of Third Monthly Application of Susman Godfrey L.L.P.
http://www.kccllc.net/documents/0812229/0812229100820000000000010.pdf
Check out post #227586. Maybe you can find a correlation. I'm still looking.
Millman Materials:
I did a search for Millman and WAMU and came up with a name Joel Millman. The few things I saw seemed to reference 2008 articles that were no longer online. Someone else want to see what they can find? Looks like he is a WSJ reporter.
not mine. :) Go Susman! WAMU! EOM
POR 5 just arrived. Just got mine today. I now have 3 sets in duplicate. Saving them to be mailed as a big gift to someone for Christmas. Possibly with a carton of sour milk.
What a friggin waste!
Great Post WaS. Go WAMU, EC, Susman, THJMW!!! eom
Thanks uz. No PM. Fixed.
Fantastic. Susman is a class act! We will win. Just Watch.
Sold off half of my commons yesterday and bought P's at 29. Glad to hold some preferreds now.
Go Susman, EC, THJMW, and TEAM!!!!
Hoping today leads us to positive outcome!!!
IRON GRIP!!!
GO WAMU, Susman, Solomon, EC, ET AL!!!!!1
If I remember correctly it was $33/share (not sure on this)on the Friday before this was announced: Found this below about how it went down:
Fed bailout and sale to JPMorgan Chase
On March 14, 2008, the Federal Reserve Bank of New York, agreed to provide a $25 billion loan to Bear Stearns collateralized by free and clear assets from Bear Stearns in order to provide Bear Stearns the liquidity for up to 28 days that the market was refusing to provide. Apparently the Federal Reserve Bank of New York had a change of heart and told Bear Stearns that the 28 day loan was unavailable to them. The deal was then changed to where the NY FED would make a $30 billion loan to J.P. Morgan (collaterallised not by any J.P. Morgan assets but collaterallised by Bear Stearns Assets), who would buy Bear Stearns for 2 dollars per share.[16] Two days later, on March 16, 2008, Bear Stearns signed a merger agreement with JP Morgan Chase in a stock swap worth $2 a share or less than 7 percent of Bear Stearns' market value just two days before.[17] This sale price represented a staggering loss as its stock had traded at $172 a share as late as January 2007, and $93 a share as late as February 2008. In addition, the Federal Reserve agreed to issue a non-recourse loan of $29 billion to JP Morgan Chase,[18] thereby assuming the risk of Bear Stearns's less liquid assets (see Maiden Lane LLC). This non-recourse loan means that the loan is collateralized by mortgage debt[19] and that the government can not seize J.P. Morgan Chase's assets if the mortgage debt collateral becomes insufficient to repay the loan.[19][20] Chairman of the Fed, Ben Bernanke, defended the bailout by stating that a Bear Stearns' bankruptcy would have affected the real economy[21] and could have caused a "chaotic unwinding" of investments across the US markets.[17]
On March 20, Securities and Exchange Commission Chairman Christopher Cox said the collapse of Bear Stearns was due to a lack of confidence, not a lack of capital. Cox noted that Bear Stearns's problems escalated when rumors spread about its liquidity crisis which in turn eroded investor confidence in the firm. "Notwithstanding that Bear Stearns continued to have high quality collateral to provide as security for borrowings, market counterparties became less willing to enter into collateralized funding arrangements with Bear Stearns," said Cox. Bear Stearns' liquidity pool started at $18.1 billion on March 10 and then plummeted to $2 billion on March 13. Ultimately market rumors about Bear Stearns' difficulties became self-fulfilling, Cox said.[22]
On March 24, 2008, a class action lawsuit was filed on behalf of shareholders, challenging the terms of JPMorgan’s recently announced acquisition of Bear Stearns.[23] That same day, a new agreement was reached that raised JPMorgan Chase's offer to $10 a share, up from the initial $2 offer, that meant an offer of $1.2 billion.[24] The revised deal was aimed to quiet upset investors and any subsequent legal action brought against JP Morgan Chase as a result of the deal as well as to prevent employees, many of whose past compensation consisted of Bear Stearns stock, from leaving for other firms. The Bear Stearns bailout was seen as an extreme-case scenario, and continues to raise significant questions about Fed intervention. On April 8, 2008, Paul A. Volcker stated that the Fed has taken 'actions that extend to the very edge of its lawful and implied powers.' See his remarks at a Luncheon of the Economic Club of New York.[25] On May 29, Bear Stearns shareholders approved the sale to JPMorgan Chase at the $10-per-share price.[26]
An article by journalist Matt Taibbi in Rolling Stone magazine contended that naked short selling had a role in the demise of both Bear Stearns and Lehman Brothers.[27] A study by finance researchers at the University of Oklahoma Price College of Business studied trading in financial stocks, including Bear Stearns and Lehman Brothers, and found "no evidence that stock price declines were caused by naked short selling."[28]
Thanks you so much for the tremendous effort!
Thanks ssb. Back at ya!
Thanks for the PM. Need to sign up for full subscription. I browse the Den everyday, just haven't joined into the daily festivities! I'll try to join in on the other plays as well as powder becomes available.
Thanks Lone. Plan to add and hold as I am able. I'm new to the FLD's but fully understand the concept. I'll look for my lead as the $$$$ goes up.
Hey everyone. I got on this bus last week at .51. How is the exit point determined? I got nothing but time. ;)
Sussman is the friggin man!