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Just flew from .27 to .28 maybe we do have momentum.
Anyone notice the bid/ask I never remember it being so far apart.
.2763b/.2805a
Maybe things are running late because she is signing settlement papers. We can only hope.
"Your conference will begin shortly!!!"
So close to breaking through yesterday's close.
Now she is beginning to move in the right direction.
2m traded in like 20 sec on open
I fully agree with you. I have to say that I probably would have been swayed by my family telling me to sell if it wasn't for this board. I don't have that good of understanding of court docs or bankruptcy cases, but seeing the docs and having them explain has been an excellent learning experience.
I unfortunately have not been able to get my family involved. Told one family member who is really the only real investor in the family to buy but said he talked to a friend who told him this was a worthless investment. (I told him to buy PQs @$12 and UQs around .12) I almost don't like talking about it because I don't want it to seem like I am rubbing it in his face.
Hope for the best tomorrow.
GLTA
Many of us have claimed that we will hold regardless of movement in this stock, if that is the case I would be interested to know who in fact would rather wait until 3/4 to even look at the trading of wamuq. I for one, spend a relentless amount of time, reading posts and watching how this trades. I am still in school, so that plays an integral role in my efforts to track this stock.
I have been in wamuq since pre-seizure, a very small position, which I've increased over the last year and a half. I am contemplating staying away from following the information that is accompanied by this security. I have vowed to not sell until the end result and, I guess, I am wondering what is the point of following this everyday to see what new doc or "thestreet" article has come out. I seems many of us are in this for the end result and will not release any shares until a settlement is reached.
Sorry for the long post, just needed to vent about my frustrations that have occurred approaching every court date and the time in between.
Good Luck To All.
Can't wait to listen on 3/4
Well at least we know they are discussing it. LOL
Next is the 30m shares
I'm not sure if this has been brought up before in discussion of the forced liquidation by JPM, but I'm wondering the following:
Is it possible that JPM's forced liquidation is a way to get the EC to accept a lesser offer? I say this because if the EC's intentions and approval are for both pre/post shareholders, then all those ex-employees would most likely hold pre-seizure shares. Therefore, if the EC was to take a "utilitarian" point on the matter, it would be to accept an offer so that those shareholders aren't forced to sell at such a low price.
Any thoughts?
Same here. We usually hear a beep once you sign on too.
Well I just hope that a settlement is reach before March 12th. That is the day I go to Europe for spring break. Also, March 16th is my Bday so I could then buy myself any present I want.
Jamie Dimon's Collusion?
This is a video of Dan Freed regarding his article for thestreet.com
http://www.thestreet.com/_yahoo/video/10675537/jamie-dimons-collusion.html?cm_ven=YAHOOV&cm_cat=FREE&cm_ite=NA&s=1#65047510001
Not sure if this has been posted, but I did not see it as of 1pm today.
Nice to see the highs coming in for the day. Hope it continues to rise.
I usually stay up to see the first 30 or so minutes. Unfortunately, I just look at Y! wmi.f quote. Looks like we opened up 1.27%.
I see .159 or .22 US.
Kirsten Grind: Big day for WaMu shareholders
Thursday, January 28, 2010, 4:51pm PST
On the same day that Washington Mutual's shareholders finally won representation in the company's complicated bankruptcy, Sen. Maria Cantwell publicly criticized the federal government's abrupt closure of the bank on Sept. 25, 2008.
"My constituents ... are having a hard time, as I am, understanding the logic and the strategy that one day closes one of the largest banks in our state, Washington Mutual, wiping out 30,000 creditors and basically putting in jeopardy the retirement of many employees, and then four days later we pass a TARP bill," she said on the floor of the U.S. Senate.
The remarks, which appeared to the her first since WaMu's collapse, came as the Washington Democrat's voted against a second term for Ben Bernanke, the chairman of the Federal Reserve Bank, who was at the head of the financial system when WaMu collapsed. He eventually was confirmed today.
Cantwell has been silent about WaMu's closure after initially demanding an explanation from regulators about why they took the bank in September 2008. Shortly after the bank was closed by the federal Office of Thrift Supervision and sold to JPMorgan Chase by the Federal Deposit Insurance Corp., Cantwell said she was looking for answers to help her decide whether to pursue a federal inquiry.
Since then, it appears two congressional subcommittees, the Senate Permanent Subcommittee on Investigations (PSI) and the Subcommittee on Oversight and Investigations, part of the House Financial Services Committee are investigating WaMu's collapse.
Meanwhile, in Delaware on Thursday, WaMu's shareholders fighting for an equity committee in the bank's ongoing Chapter 11 bankruptcy in federal court packed a courtroom to hear whether a judge would rule in favor of the committee's appointment. An equity committee in the bankruptcy case is a big deal, because it gives shareholders at chance at recouping billions of dollars in lost wealth.
A federal judge ruled in favor of shareholders and against the bankrupt WaMu holding company, which recently filed a motion to disband the group.
"I think we are now a step closer to a positive outcome," said shareholder Ho Pham, one of many to attend the ruling, in a text message.
Not sure what to make of this. Maybe somebody got a heads up from somebody important. While looking for info or anything about that trade, I did come across a barron's article. May not mean anything, but it could mean something...
JPMorgan Exec's $1 Million Sale
http://online.barrons.com/article/SB126506522679338823.html?ru=yahoo&mod=yahoobarrons
I did notice that from a percentage of par standpoint. I was going to pick up some K's to go along with my (minute compared to others) shares of P's and U's, but went ahead and picked up some U's instead. I can't really complain though, I'm still in school. Lol
GLTA
K's in the red now.
GLTA
http://www.reuters.com/article/idCNWEN928720100128?rpc=44
Word is getting out.
Congrats to everyone, especially the longs. Maybe tomorrow's hearing will announce a settlement... Well we can hope.
I also want to thank everyone involved here on the iHub board, especially those who set up the phone conference, the tweets, and especially those that made the trip and represented all of us here.
Good Luck To All
Agreed!!! Can't wait for tomorrow.
WWWWWAAAAAAMMMMMMMUUUUUU!!!!!!!!!!!!
We have a place at the table!!!!
Did I hear that right??
Come on Baby!!!!
GLTA
Anyone have an attendee phone number, we could at least get some texts since no twitter updates..?
At least it hasn't adjourned after only 15 minutes. That is a plus, right?
That's funny. I got an iTouch for the same reason. We have wireless throughout campus so if I want to watch the action I can do it while in class.
GLTA
My WAG guess 3/16/2010 8:16pm
It is amazing to me that he admits to being a snakeoil salesman and then says he wishes that the CEO's of the banks be prosecuted.
Wouldn't the first statement nullify the second?
Cramer on CNBC
http://www.cnbc.com/id/15840232?video=1391325287&play=1
Around 3:00 is when he starts mentioning Dimon and Wamu
Washington Mutual Seeks March Deadline For Chapter 11 Plan
14:31:20 Today DOWJONES
Washington Mutual Inc. (WAMUQ) says it needs more time to file a Chapter 11
plan due to continued battles with J.P. Morgan Chase & Co. (JPM), which bought
its chief property, Washington Mutual Bank, or WaMu.
Creditors have been hoping for a quick deal to settle disputes over who gets
some $4 billion in Washington Mutual cash and who will get to collect a tax
refund that may reach $5.6 billion, thanks to WaMu's losses.
A filing Friday with the U.S. Bankruptcy Court in Wilmington, Del., holds out
little hope of a speedy ending to the saga of WaMu, the mortgage-burdened
thrift at the heart of the biggest banking collapse in U.S. history.
Monday was the deadline for Washington Mutual's plan to be filed, setting out
how the bank holding company plans to distribute its assets to creditors.
Washington Mutual, however, says it can't file a plan yet because "there is
still substantial uncertainty regarding the ownership of (Washington Mutual's)
most significant assets."
Those assets include some $4 billion in cash that was in its bank accounts at
WaMu when the thrift was seized and sold, along with tax refunds that may total
as much as $5.6 billion. Washington Mutual is fighting J.P. Morgan for the
money, with the Federal Deposit Insurance Corp. also weighing in.
WaMu's former parents has asked that the plan filing deadline be pushed to
March 26 due to the "hurdle" of continued litigation.
Unless it knows what it has to distribute, formulating a Chapter 11 plan will
be "extremely difficult, if not impossible," lawyers for Washington Mutual
wrote.
Regulators worried about the thrift's soundness seized WaMu in September 2008
and sold it to J.P. Morgan for $1.9 billion, sending parent company Washington
Mutual into bankruptcy.
Besides dealing with the cash fights, Washington Mutual is trying to question
former U.S. Treasury Secretary Henry Paulson and dozens of others in a
wide-ranging probe over how the WaMu deal came about. Creditors suspect J.P.
Morgan engineered WaMu's near collapse in order to acquire the thrift at "fire
sale" prices.
J.P. Morgan has declined to comment.
Judge Mary Walrath will hear debates over the probe later this month. She is
already weighing the question of who gets the $4 billion cash.
Washington Mutual says the money in the accounts belongs to it, just like the
cash of other WaMu depositors remained theirs when J.P. Morgan bought the bank.
According to J.P. Morgan, the cash should be treated like a capital
contribution from a worried parent company to an ailing subsidiary.
(Dow Jones Daily Bankruptcy Review covers news about distressed companies and
those under bankruptcy protection.)
-By Peg Brickley, Dow Jones Daily Bankruptcy Review; 302-521-2266;
peg.brickley@dowjones.com
Saw this on Yahoo, not sure if it was posted yet.
GLTA
I can't really see her ruling on it before the 28th court date. If you kind of look back on the whole sequence of rulings that have gone on, not many (that I can recall) have been ruled on outside of the dates set-up. Just like in the past about the judge ruling on the 4 billion, we had to wait and wait even when she said she would make the rulings quickly. If you don't agree please explain why since this is my opinion.
GLTA
Then everyone would think you were from Capital One. Aren't they the company with the Viking commercials.
Never thought I would say this, but I am actually looking forward to watching C-span tomorrow to here the discussions. Today's discussion were a lot like the auto industry discussions in that a lot of talking was done, but very little answers were given.
GLTA
They announced that tomorrow the meeting will cover investigations. Should we assume that Wamu will get brought up to Bair..? or not due to the ongoing court hearings/investigation?
Thanks
The way this seems to be going, I wouldn't be surprised if Dimon didn't come back and the panel was like, "Oh well, guess we will continue without him."
Anyone else see Dimon run out of that room when break was called.
Also, I can't understand why the panel asks a question to everyone and it seems like Mack and the Blank guy answer everything.