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Come on spin, you know that this company engaged in convertible debt financing and you know when the conversion is exercised it results in new shares being issued at a discount to current share price. So there is no question here, new shares are being issued.
That's not a accurate statement spin, because a fraction of the money goes to the company.
The gig is up here and the well is dry. This thing is in a death spiral that it will not pull out of. It's like reaching the event horizon of a black hole where there is no escaping the gravitational pull.
You clearly do not understand the terms "authorized shares" and "issued shares", because if you did, you would know that share supply is expanding as new shares are issued to cover convertible debt. When supply increases, price decreases, and hence the dropping price. So the good doctors share count is irrelevant.
This company is in a death spiral. It is toast, with a reverse split coming in the near future. With the loss of confidence after the next reverse split, it will be very difficult for this company to raise any capital and it will be a quick death. The price you pay when you can't execute.
56 million shares traded and the price does not move and you say it is not dilution? Not a chance. They increased the authorized shares for a reason, and it was not to keep a lid on the number of outstanding shares.
How about if you give up the evil twin in your head...
You are correct New, I re-read the article I saw and no mention of second objector.
Article I had read said there was a second party that had objected to the $4.5B settlement. So not clear if all obstacles are out of the way.
I don't think this can be over until the JPM $4.5 Billion MBS settlement is finalized. There was a recent article that one of two objectors to the agreement settled and only one objector remains(?).
When high level government employees do it, it is not called a "Job Kickback". it's called "Business as usual".
There may or may not be a POL, but certainly the Trustee owes all participants in the BK a closing letter. I was involved in a BK of a small business a few years ago and all claimants were notified in a formal letter of the closing of the BK. And we have not seen any such document in this case.
That lady is a class act in my book. She should be rewarded and instead she is ignored. What a country, full of greedy fraudsters that value the dollar more than personal integrity.
Especially in light of the fact that JPM lost $6B a short time later in the whale trading scandal and JPM was unfazed.
Thanks to Hanky Panky, TPG knew their initial investment was dead money in the summer of 2008, so they shorted the hell out of WAMU knowing that they would convert their Preferred shares to common to cover their short position (if necessary). If you know for sure a stock is going to 0, you don't even need to worry about covering your short position, but it's nice to have a safety net.
In addition, once TPG converted preferred to common, that significantly increased the number of shares that could be loaned and shorted (legally).
TPG shorted the hell out of the WAMU stock. Hanky Panky gave them advanced notice on what was going to happen and that's how they recovered their investment. They had nothing to worry about given how many shares they got on conversion of the preffered so they had no upside exposure. Why do you think they were not put on the no-short list? Hanky Panky needed to give his friends an exit strategy at the expense of the dumbass public. all IMO.
And there lies the problem, elections are bought by those who have the most money. If on the other hand campaign money were capped and it came from taxpayers, we would find out who makes the best use of a budget to achieve a desired result with no obligations to special interest groups.
Problem is that the two entities involved, JPM and FDIC, between them can forge just about any record they need forged to show any result they want (in my opinion). And yes, I do think the ethics in this country have reached that low where the line between ethics and fraud has been completely erased.
Does anyone know the formula used to determine how many shares of WMIH escrow account holders got with the latest distribution of WMIH shares that were held in escrow?
I own only K Preferred markers and am trying to figure out how they determined the number of shares I should have received with the recent distribution.
Letter hits the mark 100% and everything he foretold came true. As we all know, Bair did try to gift Wachovia to Citi before Wells Fargo stepped in and paid a Market price. She is an idiot that should be held accountable, imo, along with Paulson. Grrrrr.....
I have often wondered how the initial filing showed $38B in assets and $8B in liabilities. Was the debtor really that far off in their estimates? How can that be when Weil was in the offices at least a few weeks before seizure? We're the people involved so incompetent that they were off by a mere $30 billion in their initial filing? Lots of smoke and mirrors here.
On top of that, don't forget they got a few Billion from the tax refunds. Highway robbery at its worst.
One problem with that analogy. JPM already looked in all the boxes and new what was in them.
You guys don't get it. This JPM-WAMU transaction had nothing to do with value and everything to do with politics and the good old boys club.
Unexpected bonus my ass, they knew exactly what they were stealing, in my opinion.
I think you have to assume we are dealing with unethical entities. Most likely scenario is that Guy was taken care of since he was the force behind the suit, and shareholders get nothing.
It's not right, but who is going to stop them?
And what exactly did old Jamie Dimon pay? How quickly he forgets that he got over $2 billion in WAMU tax refunds so effectively he did not pay squat. He is quite the spin doctor.
What am I missing here? In the BK, DIME was deemed to be equity and received shares in WMIH at a certain exchange rate.
the Anchorage litigation Value was than transferred to JPM. As the Anchor litigation progressed, the government, as defendant, tried to argue that JPM was not a party in interest and tried to get the case thrown out, and failed per Judge Blacks ruling.
I seem to recall that after Walrath made her ruling, one of the original authors of the DIME LTIs made a late filing that the DIME LTIs were never intended to be equity, but ruling had already been made (more JPM stolen goods). So it seems to me that JPM will be getting all that money.
Good to hear that people have stopped doing business with Chase. I too have moved everything I can away from Chase. I refuse to do business with unethical organizations and that is a choice we all have.
I wonder how Sheila views Jamie Dimon now? maybe she needs some exposure to the details of what led to the 13B settlement with JPM and the gal that was the whistle blower who worked at JPM?
So just who got punished when WAMU was seized? The big fish still got millions and the average equity investor got crushed.
Too funny :)
I find it odd that dictionary.com does not know that word :)
Ok, I will bite. What is an "empath"?
Volume is up to 268 Million and the price is still .0001. I would have to say we are still in the dump cycle.
I see the reverse split train coming down the tracks. Rinse & repeat. They will save any PRs until after the reverse split so they can entice another group of suckers.
The Dr was absolutely right in his analysis. But take-down of WAMU was an intentional act for some concocted greater good and it was not going to matter what the financial numbers were. We are a country of laws when the laws are convenient and serve the interests of the elite. When they don't, they do what they want and lie through their teeth.
My theory is that Hanky-Panky tipped off Bonderman early on and Bonderman shorted the hell out of WAMU to recoup his investment. Would explain why WAMU was not put on the No-short list. Conversion to commons allowed more shares to be "borrowed" for short sales. We know from phone records that Hanky Panky talked directly to Bonderman in Summer of 2008.
Not to mention that banks have certain capital requirements that would make ownership of over $100B in loans at the WMI level impossible.
Here is what is going on: The stock trades at .0001. What more do you need to know?
Simple, they haven't worked through the authorized shares yet.