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Thanks to Davkaine on YMB
http://www.genengnews.com/analysis-and-insight/what-comes-after-dendreon-s-provenge/77899342/
Article re autologous oncology vaccines with BiovaxID in the lead position.
Ten
IMO
If the Examiner comes back with a report which supports the claim that the POR as presented is without merit we'll see upward movement in the pps, especially the Prefereds. If the report supports the claim that there may be enough assets to allow recompense to common shareholders but the debtors cannot be trusted to administer the assets fairly and a Chapter 11 trustee should be appointed a much more significant rise in pps will occur.
Ten
Look at the Date of the Email!
9/15-18/08
And the context.
'Rumor? What rumor? Combining OCC and OTS? Treasury knows nothing about that. A Member of Congress wants to know? Well,it is in one of our publications.'
'Takeover of WaMU by JPM? Affecting OTS? Treasury knows nothing about that.'
JPM took over WaMu with Treasury's assistance a week later which expedited OTS merging into OCC. Whadda coincidence.
Ten
To those who want these latest examples of collusion passed on to the Proper Parties, if by that you mean participants and legal advisors in this particular BK case IMO that has been done; if you mean the media this information is available to them on line thanks to a FOIA suit; if you mean Congressional Representatives and Senators that would be best done by you. Send them the link and a WTH query.ie. "According to what I read here the seizure of Washington Mutual Bank was coordinated by the government in conjunction with a private bank.What effect would that have had on fueling the recession and if there is any truth to this what are you going do about it?"
As for the ballots no vote is necessary until the POR is approved by the Court.Hold on to them but IMO including them in a request for DS approval is a psychological ploy to plant the seed of acceptance in the minds of those who don't participate in community discussions(MB's mostly).Also note the date of inclussion has moved to holders as of 10/18/10.
I started with this saga in June,10 and had researched the prospectii,court filings, media releases and had gone back in the MB postings for more than a year before buying.
There have been many estimates of the worth of various shares but it is only lately that I have seen such active probing into what we as individuals would accept.
Ten
Edit: Bandying the horrific demise of JD about by injured parties both here and on the JPM boards hopefully wasn't a well thought out gambit as it could be sensationalised by any interested media outlet.(see J Cramers demonization of Dendreon shareholders as an example)
PS. Thanks for the edit feature.
http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_W/threadview?m=ts&bn=86316&tid=569231&mid=569231&tof=3&frt=1
From Gov on Yawnu. I believe it was provided as respone to a FOIA request but I may have read that wrong.
http://www.ustreas.gov/offices/management/budget/strategic-plan/2007-2012/home.html
Ten
Uzualsuzpects
Was it you who was seeking info on the preferreds?
http://www.sec.gov/Archives/edgar/data/933136/000095013407025343/v36123b2e424b5.htm#108
Ten
I hit submit not preview to see if the format was acceptable.
I've edited in the rest of the message.
Thanks
Ten Fat Fingers
Dr.
Dude 50K x 12 = 600k
400 x 1k =400k
______
1000k
or 1mil back for 20k in
Kinda ups the return ratio.
Considering that only a very Eccentric investor would throw money at every BK in hopes of scoring 1:99 you'll have to take into account the customer base the customer base.Assume a savvy investor knowing the odds would expect to find 10 out of 1000 sucessful(in terms of positive returns) BK actions. I imagine said investor would have specific criteria in place to determine the BK's with the highest probability of producing a profit. Say this hypothetical investor places 20k dollars on each of 10 chosen actions or 200,000K but only one is favorable at the prices you suggest. That is still a 500% return on the total investment.
Ten
FDIC is covered, taxpayers are on the hook.
From a Ya thread by Govinsider.
http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_W/threadview?m=tm&bn=86316&tid=568297&mid=568317&tof=-1&rt=1&frt=2&off=1
"Director Reich then inquired whether litigation risk could
come about from the fact that equity and debt holders were wiped
out in the acquisition of Washington Mutual Bank, Henderson,
Nevada, by JPMorgan Chase, National Association, Columbus, Ohio,
facilitated by the Corporation just on September 25, 2008. Mr.
Thomas responded that no one has a right to a systemic risk
determination. Director Reich then asked whether there is any
exposure to the depository institutions industry for a special
assessment...
... Chairman Bair then added that
the Department of the Treasury has already agreed that, if there
are any losses attendant with the transaction, it will
separately fund those so that the Corporation's cash balance
would not be depleted in any way."
On another issue there are Trustees then there are Trustees.
The kind the WMI Noteholders want is the kind who couldn't care less about 'Equity'
http://www.wellsofjustice.com/trustee.htm
>A description provided by the National Association of Bankruptcy Trustees describes liquidation trustees as … "the Chapter 7 Trustee works primarily for the benefit of the Debtor's unsecured creditors."<
Guess who?
http://www.reuters.com/article/idUSTRE6435YU20100505
"The funds said appointing a trustee to liquidate the company would eliminate the risk that shareholders, who have nothing to lose, will launch protracted legal fights against the company's "virtual army of expensive, but unsupervised, professionals."
The kind shareholders want is assigned by UST.
http://www.uscourts.gov/FederalCourts/Bankruptcy/BankruptcyBasics/Chapter11.aspx
" Moreover, the U.S. trustee is required to move for appointment of a trustee if there are reasonable grounds to believe that any of the parties in control of the debtor "participated in actual fraud, dishonesty or criminal conduct in the management of the debtor or the debtor's financial reporting." 11 U.S.C. § 1104(e). The trustee is appointed by the U.S. trustee, after consultation with parties in interest and subject to the court's approval. Fed. R. Bankr. P. 2007.1. Alternatively, a trustee in a case may be elected if a party in interest requests the election of a trustee within 30 days after the court orders the appointment of a trustee. In that instance, the U.S. trustee convenes a meeting of creditors for the purpose of electing a person to serve as trustee in the case. 11 U.S.C. § 1104(b).
The case trustee is responsible for management of the property of the estate, operation of the debtor's business, and, if appropriate, the filing of a plan of reorganization. Section 1106 of the Bankruptcy Code requires the trustee to file a plan "as soon as practicable" or, alternatively, to file a report explaining why a plan will not be filed or to recommend that the case be converted to another chapter or dismissed. 11 U.S.C. § 1106(a)(5)."
Ten
Also could be part of their deal with WGM in return for inclusion in a settlement,ie. objections from Parties not representing the BOD to add legal weight to Rosen's efforts to forestall a shareholders meeting.
Ten
"You know our society, right?" Chief Executive Officer Jamie Dimon, told analysts on a conference call today,..."
..."And it ain't going away, it's becoming a cost of doing business," he said. "When we're wrong, we're going to settle, and when we're right, we're going to fight."
Interesting that the Bloomberg reporter would "quote" words JD didn't say;
"When we're wrong, we're going to settle,... "
more like
"...it's becoming a cost of doing business," he said. "We'll move on, we're going to settle,...
JPMC is never "Wrong"
Ten
"The Federal Reserve's policy of keeping interest rates low, which has helped boost bank earnings over the last six quarters, is beginning to make it harder for the biggest U.S. lenders to make money."
If JD has been contradicting the FED, suggesting that it's time for rates to rise (to increase private capital outflow to business,as it were),that may have influenced the decision for persona non grata at the WH.
Just a thought.
Ten
The TPS trial STARTS on 11/01. The same day the Examiners report is publicly presented to the Court. With TPS depositions already out to mid Nov I wouldn't expect a rapid (in modern expectations)
resolution to this saga.
Also consider that confirmation of any POR, that is to say a legitimate POR not the P'sOS so far presented, will be contingent upon information revealed in court.IMO
Judge:
"Well why don't we just say November 1st and, uh, we will Tee up the uh 'TSP', the uh, TPS '(I keep saying 'TSP' is the thrift saving plan for the government employees that's why ...<trailing laughter>) um the TPS <interrupted by TPS>
TPS:
"This was kind of the reverse. The money you put in didn't come out."
Judge:
"That's right."
TPS:
"Umm I'm sorry your honor so we would schedule the 1st for trial?"
Judge:
"1st for trial and we will simply have your issue as the, uh, the first issue to be resolved."
TPS:
"That's fine your honor. Without..."
Judge:
"But I think it should be part of the confirmation to the extent that others may want to ride your coattails on some issues that you prove. Umm I think you should be part of the confirmation process."
"Umm I think you should be part of the confirmation process."
Ten
See the transcript from 9/7 above
When the examiner requested an extension of time he commented that cooperation from all parties had been forthcoming from all parties with substantial amounts of input from EC.
"We are pleased with the overall level of cooperation that we are receiving particularly from the settling parties we have had numerous conversations with the debtor the has made witnesses made available to us on a timely basis, has given us access to records and has assisted us in conducting the examination, as I mentioned we have reached an agreement with JP Morgan whereby they produced additional documents to us they have also already made available and have agreed to make available members of their senior management team who were involved in the transactions between JP Morgan and the debtors and Washington Mutual Bank … we will be continuing those depositions in the next couple of weeks, we reached an agreement with the FDIC which will involve production of documents we also plan on interviewing several employees of the FDIC. We have had some …. We started some discussion with some third parties, non settling parties from whom we would request information we don’t have any particular issues or problems at this point with respect to third parties we are continuing to work to obtain information from them on a voluntary basis. We also met and had conversations with both the unsecured committee and the equity committee who had both given us significant information that has been of assistance to us in conducting the examination."
Ten
“information of a kind, and in sufficient detail, as far is reasonably practicable in light of the nature and history of the debtor and the condition of the debtor’s books and records..."
Apparently the books and records are abysmal and until they aren't,which will be dependent on the examiner, the DS won't be approved.
Ten
Documents submitted to the Tampa Bankruptcy Court today, 10/11. for consideration tommorrow are mostly related to the terms of exit financing for Biovest.Accentia states it will need no recourse to exit financing and petitions the Court to waive that requirement of its POR.
Up to $8mil loan to Biovest payable in full 2 years after financing is granted. 7% per annum interest payable monthy in cash, shares or combination. The conditions and terms for the possibility of returning the principal in shares is defined as are penalties for non performance.
There are other items related to accelerated payments of principal, the fees to Roth Capital, 90 day lockout of certain heavily invested parties and the boiler plate regarding this financing being in the best interests of all concerned.
I went through the documents hastily but it looks like ABPIQ/BVTI want this cleared this month with the final order in November.
Hopfully, in short order, we will be shareholders of a small solvent biotech company(s) with very interesting products and an extremely bright future.
Good fortune to us all,
Ten
edit: http://www.srbp.com/
Going back to the first posts on this board I am reminded of how little and how much has changed since late 2007. BiovaxID is much closer to being available for treatment but the company still languishes in the morass of "one of hundreds of small biotech companies".
With the hurdles of bankruptcy and undercapitallization soon to be part of the historical record of ABPI/BVTI I expect management to put more effort into alerting the public to the potential of oncology vaccines, specifically as related to blood bourne cancers. The lack of awareness among oncology professionals and patients that I have met in the past few years is understandable given the day to day focus of most of these people. On the other hand I am slightly disconcerted that even with the success of Provenge most of those affected by cancer(s) have little or no appreciation for the potential treatment paradigm shift which looms in the near future.
Good fortune to us all,
Ten
Hi,
I have been following this company and its subsidary Biovest(BVTI) for a number of years. I didn't realize there is a dedicated board at IHub. I'm glad to have found it and glad to be here.
IMO. The emergence from BK is virtually complete. This resolution will provide that the common shares of the current companies will be exchanged on a 1 to 1 basis for common shares in the reorganized companies. I am not so naive as to believe that management will,nor should be expected to, place the interests of the individual retail investors above the well being of the companies as a whole but to me not wiping out their small investors illustrates and enhances the integrity of these corporations.
IMO. Any recent delays in having the POR approved will be dealt with as forthrightly as possible.The next hurdles to be overcome to improve the pps will be in the public relations and information dissemination arenas.
Good fortune to us all.
Ten
Getac1ue2,
I hope you don't mind if I add a a deleted message from Ya,? to this reply.
The delays to date for the emergence from BK aren't outside the realm of legal probabilities and more than likely have more to do with legal wrangling than actual company difficulties. Patience is my watchword.
Below is the post not allowed on that other board.
Thanks,
Ten
>Amraph,
There could be many reasons, some benign some malignant.
Speculation without sufficient evidence, outside of mysteries of the universe
and mystery novels, is more stress inducing than fulfilling.IMO
Here however is another variable to consider."Every single impaired creditor
(most all) will need to approve these terms." You will have notice that Cock and
LaHive are chronic objectors. Prehaps ABPI/BVTI don"t want to approach the Court
with an Exit Financing plan w/o unanimous consent.
Adding an obstructive creditor to the speculation of delay can exponetially
increase the vectors of speculation.
To keep myself from squirrel caging I use a method employing the the 'right hand
rule' of Cartesian axes. I designate an object directly before me as "Fate".
Extending my right arm toward that object with my palm facing me and my fist
slightly curled I entend my thumb. This becomes the X axis. The forefinger
opened becomes Y and the third finger,also opened, delineates Z. Retracting both
the X and Y components to their intersection and rotating Z to the Y axis allows
me to commune briefly with Fate then return to what I know.
This may not be for everyone but it works for me.
Ten<
"As a corporate broker we act as the interface between the client company, the relevant stock exchange and the investment community to ensure that each understands the key drivers of the other. In this role we draft and review public announcements, create investor relations programmes and give market related advice. Collins Stewart acts for 36 companies listed on the Main Market and 63 listed on AIM."
http://www.collins-stewart.com/ServicesProducts/CorporateBroking.asp
More of an investment bank than a trading company. I wonder which client(s) it might be acting for in this instance.
Do you suppose JD would repeat this in a Deleware courtroom?
“I take full blame for all the American banks and all the things they did,” said Dimon, 52, the only CEO of a major U.S. financial institution to attend the conference this year, adding that he knows that’s what people want to hear."
http://www.bloomberg.com/apps/news?pid=newsarchive&refer=home&sid=abAA1ieh6wTk
Ten
More Fuel for the fires of resentment.
Ten
From Ya,
http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_W/threadview?m=ts&bn=86316&tid=563353&mid=563353&tof=2&rt=1&frt=1
"Example of wasting everybody's time.
So the Texas group gets an order, dated October 5.
'Order Regarding the Texas Group's Motion to Compel Production of Documents from Debtors and to Exercise Its Right to Participate in General Discovery Available to All Parties.'
Order is written in terms that permit the Texas group to participate in discovery related to confirmation of the fifth amended plan. Who wrote it-did Debtors counsel know when they approved this form of order there would be a new plan in less than 24 hours?
Then, Debtors file the sixth amended plan. Now what the heck goes on, because the order the day before only refers to discovery associated with the fifth plan. So lawyers get to bill to correct this narrowly drawn order, wasting the court and everybody's time and money. Maybe the order should have said "fifth amended plan and any subsequent amended plan" but that would be too simple and straightforward. Contempt for efficient legal process is apparent."
Jestiron,
I agree,WoW.
The info from the Preferred LLC's indicate that WMb was to keep OTS abreast of WMB's condition quarterly on OTS Form 1313,"Thrift Financial Report". Including Consolidated Statements of: Condition'Operations,Cash Flow Information,Capital Requirements and other supporting schedules as of the end of the period too which the report relates.
Maybe that's the side letter.
I wonder if WMB got a chance to prepare one for Q3,08 that would support the letter to Bair.
Thanks,
Ten
"Whomever said that is misinformed..."
The confusion may be based in the prospectus. At that time the conversion price was $21.25. At that same ratio the commons would have to exceed $1.909375 as of today's closing even if the conversion process was not in abeyance due to BK.
Ten
http://www.sec.gov/Archives/edgar/data/933136/000095013407025343/v36123b2e424b5.htm#108
"Mandatory Conversion at Our Option
On or after December 18, 2012, we may, at our option, at any time or from time to time cause some or all of the Series R Preferred Stock to be converted into shares of our common stock at the then applicable conversion rate. We may exercise our conversion right if, for 20 trading days within any period of 30 consecutive trading days, including the last trading day of such period, ending on the trading day preceding the date we give notice of mandatory conversion, the closing price of our common stock exceeds 130% of the then applicable conversion price of the Series R Preferred Stock."
on page 35 of 43,/
What do you make of these items?
From 08/13/10 by B.Olasov: Review of NDA,P&A, and marketing materials from March 2008
From 08/15/10 by W.L.Floyd: Review Purchase and Assumption Agreement with JP Morgan and FDIC; continue review of Preferred Funding LLC documents;Review side letter agreement with WMI and OTS;Review non-disclosure agreement with JP Morgan.
"Marketing materials from March 2008" is this a remainder of Project West? any idea of what the side letter agreement with WMI and OTS might contain?
TIA,
Ten
"Does someone have the monthly billing for the examiner available...."
http://www.kccllc.net/documents/0812229/0812229100929000000000004.pdf
Ten
Slapdog,
It seems to me WaMu had been in the process of divesting poor performing loans for the better part of 2 years before the seizure (I so badly want to say the seizure Bair might have had that fed into her meglomania, pushing for the WaMu takeover without considering the ramifications of ignoring the FDIC processes and protocols,belittling OTS feedback about WaMu to the point of calling them liars... but I'll forebear) of the company.
IMO,
Whether WaMu had $30Bn of defaulted loans is still an open question.
As JPMC can't seem to find the records of what they took or what they did with with what they took, then the loans that were written off by JPMC are still open to interpretation. It is possible JPMC balanced their losses against WaMu's assets kept the surplus on the books as profit and are still carrying the loans they said they wrote off. IMO.
Ten
The way I understand the situation(I may have this wrong and am open to learning) is that the valuation of WaMu in September 2008 has yet to be actually determined.
WMI says, A.
FDIC states, B.
JMPC shrugs, Dunno.
The purported $30Bn write offs may be questionable. Prehaps those loans actually preformed well.
http://money.cnn.com/2009/01/15/news/companies/jpmorgan_chase/
"Helping boost the results was a one-time gain of $1.3 billion, related to its purchase of the failed savings and loan Washington Mutual last year. Excluding this, JPMorgan Chase said it would have reported a loss of 28 cents per share during the quarter."
http://www.nytimes.com/2010/01/16/business/16morgan.html
"In a remarkable rebound from the depths of the financial crisis, JPMorgan earned $11.7 billion last year, more than double its profit in 2008, and generated record revenue. The bank earned $3.3 billion in the fourth quarter alone."
A troubled JPM takes over WaMU writes off $30Bn makes $1.3Bn (thank you WaMu) in that quarter alone and $11.7Bn the following year. Hmmmmm.
Basing worth on amorphous figures might be premature. I have taken positions in P's and U's and am waiting(as are we all with varying degrees of patience) for more concrete figures.
GLTY
Ten
Given the new rules coming into effect in Q4 it is probably in the the debtors(WMI) best interest to limit the effectiveness of a proxy vote if they are unable to forestall a shareholders meeting entirely.
Ten
http://articles.latimes.com/2010/aug/26/business/la-fi-sec-proxy-20100826
"This is groundbreaking for U.S. shareowners," said Ann Yerger, executive director of the Council of Institutional Investors. "Access to the proxy will invigorate board elections and make boards more responsive to shareowners and more vigilant in their oversight of companies."
I believe this section involves the subject of a hasty DS.
Her Honor states she will address the issue of postponing the DS on 9/24.
Ten
>Judge: Anybody else?
Arthur Steinberg: With respect to Mr. Rosen’s last comment a confirmation hearing of December assumes that approval of the disclosure statement before the examiner has actually written a report about the substance of the global settlement and we reserve the right to make the argument that the next hearing date on the disclosure statement that the disclosure statement should not be disseminated until the examiners report has been issued and that the contents of the report and its significance as to the plan is fully disclosed in one document. I think people talked about trying to do this as a parallel track and cited the Tribune case as an example of the benefits of doing a parallel track well after the disclosure statement was out and money was spent to circulate the plan of disclosure statement the examiners report came about and based on the examiners report the fundamentals of the plan had radically changed to the point that the debtor withdrew the disclosure statement and I just think in the context of this case with so many people who have commented on the discloser statement that I think that there are probably 600 filed objections at various points in time that we want to reserve the right to be able to ask your honor not to disseminate the disclosure statement until the examiner has fully commented on the global settlement.
Rosen: Your honor Mr. Steinberg started out {??? 36:18} September 24th and we will be happy to address that at that time.
Judge: Alright I will address it on the 24th, well with respect to the extension of time I think this is no objection to the examiners request and I will grant that, with respect to the confidentially I think that the …I agree that there shouldn’t be a reference to Judge Shannon’s order I don’t know why the revised order fell thru the cracks …but I will endeavor to find the 3rd certification and enter that order and then if you just reference …I guess I can just reference that I think it’s a more a generic reference …because I think there are other confidentiality agreements already in place should we just make it a generic any document that is the subject of a confidentiality agreement would be subject to these procedures on {a notice summary 37:29} redaction.<
This is not a reply but rather impressions of the 9/7/10 proceedings.
Herr Schnabbel(sp?) wrote the objection that was much admired on this and the Y board last week. From my point of view he was caught off guard by the request from Her Honor to speak.Being thrust unprepared into the public limelight would un-nerve most of us.IMO he acquited himself well dealing with foreign language leagalese and reserved a point for further objection if need be.
I'd like to point out the examiner's intention is to publish their findings with redaction only of the names and or identifying information of parties not directly involved with the transfer transactions, if Her Honor agrees.It seemed to me she was keeping a person by person redaction ruling option open.I note that the examiner made special mention of the information forwaded by the EC. The examiner team seemed less than buddy buddy with anyone and in my impression while in the courtroom were treated with the wary respect late commuters grant the Staties on a busy freeway.
The lawyer from SC for JPM who stated that the valuation documents TPS is seeking do not exist but that JPM will continue to look for them had some difficulty controling a self pleased smirk as he rejoined his cohorts until the senior member of their trio spoke at which point they went into heads adjoined conference with frequent Blackberry outreach.
The attorneys for TPS did not appear to be overly disconcerted by having their requests rebuffed.
As an aside this is a bankruptcy proceeding,Her Honor is in fact in control of any expenditures made by WMI and as such can grant or deny WMI's request for a shareholder meeting. WMI has not asked for such. To force a shareholder meeting on a company over the debtors objections is a matter not to be undertaken lightly.
That being said, Atty. Sargent seemed pleased,as in smiles between the team members, that the Court had set firm dates for discovery and a ruling on the shareholder meeting matter.
There were approximately 40 suits and 15 in mufti including the press excluding Her Honor and court functionaries.More toilers than I had expected for the amount of work accomplished. I wonder if the items to be resolved on the 24th will bring out the same crowd?
Lastly, Rosen asked for a continuation of resolution to the first week of December based on the expansion of the examiners research.There were no objections as long as the POR/DS is to be considered unresolved until that time.
If I remember correctly.
Ten
"Brings to mind another question. Just how high can the FDIC go in adjusting the price?"
Treading through this series of events has been like walking through clay on a rainy day and I don't know enough to back this to the Bible but Book Value and Market Value seem to be the default positions...
>Clause 3.2
(a)Assets and assets of
the Failed Ban subject to an option to purchase by the Assuming
Ban shall be purchased for the amount, or the amount resulting from the method specified for
deterining the amount, as specified on Schedule 3.2, except as otherwise may be provided
herein. Any Asset, asset of the Failed Ban subject to an option to purchase or other asset
purchased for which no purchase price is specified on Schedule 3.2 or otherwise herein shall be
purhased at its Book Value. Loans or other assets charged ofT the Accounting Records of the
Failed Ban prior to the date of Ban Closing shall be purchased at a price of zero.
(b) The purchase price for securities (other than the capital stock of any Acquired
Subsidiary) purchased under Section 3.1 by the Assuming Ban shall be the market value thereof
as of Bank Closing, which market value shall be (i) the "Mid/Last", or "Trade" (as applicable),
market price for each such security quoted at the close of the trading day effective on Bank
Closing as published electronically by Bloomberg, L.P.; (ii) provided, that if such market price is
not available for any such security, the Assuming Ban wil submit a bid for each such security
within thee days ofnotification/id request by the Receiver (unless a different time period is
agreed to by the Assuming Ban and the Receiver) and the Receiver, in its sole discretion wil
accept or reject each such bid; and (iii) further provided in the absence of an acceptable bid from
the Assuming Ban, each such security shall not pass to the Assuming Ban and shall be deemed
to be an excluded asset hereunder.
(c) Qualified Financial Contracts shall be purchased at market value determined in
accordance with the terms of Exhibit 3.2(c). Any costs associated with such valuation shall be
shared equally by the Receiver and the Assuming Ban.<
Ten
EDIT. (last allowed message today.)
Nominal value probably not entirely credible at that period in the meltdown.
http://sternfinance.blogspot.com/2008/10/wamu-story-lawrence-j-white.html
"Recall that JPMorgan Chase absorbed $240 billion in nominal assets and $188 billion in deposit liabilities, plus some unstated value for the branch network. The net value of this package should be somewhere north of $52 billion. But JPMorgan Chase paid the FDIC only $1.9 billion--and this was the best bid that the FDIC received!"
Ten
EDIT EDIT/last note
"We still havn't seen the first 1.88b from the sale."
The Settlement date has not yet arrived.
I pay some of my bills in advance but I let most of them hang to the last day.
Ten
Settlement Date has a specific meaning within the BK code and needn't be redefined for each transaction any more than the word "assets" must be redefined.However the specific assets must be delineated.
In this P&A document the date to settle is delineated as 180 days after Bank Closing (rather than a specific date ie. 02/02/09). According to the P&A the Settlement Date may be modified by Receiver alone(after 180 days) or Receiver and Assuming Bank jointly(less than 180 days).Any forged or criminaly contaminated instruments can be returned to the Receiver by the Assuming bank within the Settlement timeframe.
The last POR/DS with the Global Settlement, submitted by WMI/Weil et al., is set to expire on 8/31/10 if it is not accepted by the Court. The last extension of the P&A Settlement Date made by the FDIC in mid June,2010 is also 8/31/10.
While this may ultimately not be reflected in any future resolution of the value inherent in WMI preferred or common stock, the point is that the sale of WAMU to JPM by FDIC has not yet been concluded and the terms of the sale can still be modified.
Whether they will remains to be seen.
Ten
EDIT I was writing this while others posted. Apologies for the redundancy.
http://www.ecb.int/home/glossary/html/glossf.en.html#338
"final settlement (final transfer)
A settlement or transfer is final when it is unconditional, enforceable and irrevocable, even in the framework of insolvency proceedings opened against a participant (except in the case of criminal offences or fraudulent acts, as determined by a competent court). In the European context, a distinction is made between: 1) the enforceability of a transfer order which is binding on third parties and protected from insolvency risks, provided that the transfer order was entered in the relevant system, in accordance with the rules of that system, prior to the opening of insolvency proceedings (with transfer orders entered in a system following the opening of insolvency proceedings being legally enforceable only in exceptional circumstances); and 2) the irrevocability of a transfer order which cannot be revoked by the participants as of the point in time laid down in the rules of that system. Finality of transfer order is distinguished from finality of transfer, when entitlement is legally transferred to a receiver."
"The completion of a transaction or of processing with the aim of discharging participants’ obligations through the transfer of funds and/or securities. A settlement may be final or provisional. See also final settlement"
"settlement day (settlement date)
The day on which settlement actually takes place."
The setlement date for this particular(Washington Mutual) Acquisition is defined as being 180 days after bank closing or prior by mutual(receiver/acquirer) agreement but may be unilaterally extended by the Receiver
According to the Purchase and Assumption doc. the Puts (put right) may be made in the time frame up through one business day prior to the settlement date,(clause 3.4(b)There are also provisions to determine the Settlement Interest due during the intervening period from bank closing to settlement date.
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