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I agree that the GSF issue will be forgotten very soon. We had good news today but there was a negative article about Chinese Solar’s going BK by our market controlled paid media. Trying to stew negative news is because China Solar is undercutting other countries solar, including the US cost and our media is trying to run down China solar businesses. This will iritate the Chinese Govt. and they will support these solar companies and make them stronger thru further competition. I believe STP will benefit tremendously. Everyone needs to do their own DD work.
As I said earlier, we should close green today.
The shorts are holding down or awhile but I believe we will finish green today and when additional news is released we will be on our way to $2.
Suntech Initial GSF Litigation Succeeds!!
WUXI, China, Aug. 14, 2012 /PRNewswire-Asia/ -- Suntech Power Holdings Co., Ltd. (STP) ("Suntech" or the "Company") today announced that it has obtained court orders to freeze the worldwide assets of GSF Capital and Mr. Javier Romero and to have an independent, court-appointed manager (the "Manager") oversee their assets. In addition, the Manager has exercised the powers granted by the court to replace Mr. Romero as the manager of the general partner of the Global Solar Fund, S.C.A., Sicar (the "Fund"), thereby allowing the court-appointed Manager to take control of the Fund.
http://finance.yahoo.com/news/suntech-initial-gsf-litigation-succeeds-121100687.html
Sina Surges as Easing Bets Trigger ADR Advance: China Overnight!
Aug 9, 2012 3:52 PM MT
http://www.bloomberg.com/news/2012-08-09/elong-surges-as-easing-bets-trigger-adr-advance-china-overnight.html?cmpid=yhoo
Chinese stocks traded in New York gained and Sina Corp. (SINA) rose to a six-week high on prospects the slowest industrial output growth in three years will prompt the government to take further easing steps to boost the economy.
Interesting that they are near Susman Godfrey. Perhaps they have adjoining rooms. I don’t think this is a Coincidence.
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It has been said enormous times that the LT does not have enough money to go after the Big Boys, but I still think Susman Godfrey would work on a percentage, when it comes to Billions of Dollars in Claims.
This is my take which I believe to be correct. The 75/25% applies to the ownership in WMIH when the court created the new company stock along with LT for your escrow stock. WMIH us now a separate company with NOL's and will stand alone and separate from LT.
The LT will transfer funds by check to all classes of the escrow using the APR when and if there are funds available.
My history is wiped clean of all H's, as if I never onwed them. Nothing in my account to show any ownership. Naturally I have kept copies of my transactions but what interest me is how they are able to wipe out your history in the first place.
I’m sure transactions will be corrected but it is scary when your own personal account can be manipulated as it has been for the H holders.
Exactly what happened to my H's. Puzzling how the history is wiped clean as if you never owned H's. I'm sure things will be put back in place tomorrow but interesting how they have played around with the History.
Good article. Thanks for sharing.
EC just filed KCC in regard to proportional distribution!!
Look at bottom of page 17, "the Plan permits the Court to modify, completely or in part, the proportional distribution of Reorganized Common Stock as between the Preferred and Common equity classes".
Looks to me that the EC is giving the judge the OK to change the percentage in P's favor to help with the acceptance of the plan.
http://www.kccllc.net/documents/0812229/0812229120213000000000021.pdf
Gop,
Great point. I was just looking at the same number. This should really benefit the P's.
Class 19 (pfds) did not get adequate votes to accept the plan. 62.16% in favor by value. Needs to be 66.66%. Will now get interesting.
http://www.kccllc.net/documents/0812229/0812229120213000000000026.pdf
With discussion being aboout APR, I would say that this is very good news. Judge can can make adjustments to the percentage of split with EC's and Debtor's blessing.
Rosen just stated that the present proposed split is 70/30% but if the judge wished to adjust that split it would be acceptable with the EC and Debtors!
There is also the chance that Common will get 30% and Preferred will get 70% of the new company and in addition to that split, JPM and FDIC might kick an additional 30% cash back to Preferred to complete the deal. Just a thought.
100% AGREE WITH YOU!
From day the DS was issued, I felt there was something rotten somewhere and it started with denying both TPS and DIMEQ participation in the mediation
No reason to answer since P's are now trading at $23.75. Personally you will get a lot more if you would have held.
chaares
I for one have always thought this review of how it will work out for everyone is the easiest and gives all parties the potential to be made whole while injecting cash into the new company. Thanks for the post.
“IMO there wont be a cash payout for any class of equity, instead equity will be getting a combination of new securities of this new company and that will include senior and junior debt and preferred and common equity. “
TPS has $4B part of the $7.5B preferred which is all part of equity. Also the K's and common are part of equity. EC represents all equity and therefore all is included in mediation.
TPS should not be a problem. The judge has ruled they are equity. TPS is appealing that ruling so they have to object to being left out.
I believe the facts speak for themselves. TPS is now equity and being represented by EC. No need to allow them to argue their own case.
fio1259,
Very informative. Thanks for sharing.
Growth Fund Of America Inc 0.68% Institution 24,571,428
Growth Fund Of America Inc -13.06% Multi-Cap Growth 24,571,428
http://www.mffais.com/stock/washington-mutual-inc.html
Total owned shares equals 49,142,856 is the way I am reading the information.
Allowing your 2nd and 3rd strings to play in the champion football game tells me our team knows they are many points ahead in the game. Confidence in winning tells us everything.
Happy Veterans Day to all WAMUQ longs and salute to all veterans. 11/11/11 at 11:11a.m.
Night, Thanks for the post. Mffais is showing that Growth Fund of America actually owns twice that figure. Institution has 24,571,428 and also Multi-Cap Growth owns 24,571,428 shares. Last Updated: 2011-11-10 11:29 AM
http://www.mffais.com/stock/washington-mutual-inc.html
Thanks for the post. Bill Black's and Reich's video were excellent.
LEHMQ came to agreement with creditors. That is the reason they were up 24% earlier. WAMUQ could be next.
Key creditors agree to Lehman deal!
http://www.ft.com/intl/cms/s/0/c6809806-001e-11e1-ba79-00144feabdc0.html#axzz1c5oCpjig
You come into this world with nothing and you leave with nothing.
Everything else in between is just your attitude and outlook on life itself.
Like the wording:
Reviewing of settlement options.
Reading and responding to settlement proposals.
Looks like everyone is buying shares today by all the posts. Only 35 shares traded so far. What's everyone waiting for?
Thanks Clawman. Good read on bankruptcy mediation.
I am not a great fan of WAHUQ at the present time but will pick up a fet shares if infomed people on this board think the voting rights are important.
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WAHUQ - but make sure you have some (even 1 share will do) for voting purposes.
GO4
You are right. It's has been a long day. I did find the answer on I HUB. Outstanding: 3,000,000. Liquidation Value: $1,000
Appreciate your follow up.
GO4AWILDRIDE, Claw and Everyone,
I apologize for the misinformation, for it was my error. I got to typing to fast this morning and typed the market cap instead of outstanding shares. Everyone is correct that Yahoo shows shares outstanding5 : to be the 1.7 Billion.
Seems interesting that everyone is posting that the switched to P's today but a pretty small float when there is only 4,223 shares traded on a day like today with such good news. Good luck to everyone thanks for bringing this to my attention.
http://finance.yahoo.com/q/ks?s=WAMPQ.PK+Key+Statistics
I agree, the Judge handed him his head. Things are looking good for equity.
Claw I agree with you and was able to pick up a few more shares today. What I do not understand is how can there only be 1,700 shares traded 1/2 through the day. Showing almost 42 billion shares outstanding??
I agree 100% Keep the parties as few as possible to reach an agreement. The 4 billion plus interest will come up as it did in depo's by the hedge funds.
At this point it is better not to include JPM and FDIC. The more parties stirring up problems at mediation the harder to come to agreement for the whole. The Hedge Funds have already said in depositions that JPM had admitted that the 4 billion belonged to estate so let the parties at mediation include that plus interest. The Judge did mention that JPM and FDIC may be included later. Over all I think the Judge did a great job and basically what we wanted. I believe longs will end up with new company. Good luck longs.
Rosen and Unsecured Creditors are purposing the opposite of what the Judge has ordered. Not only did the Judge rule that the parties go to mediation on the IT but also mediation on issues that remain an impediment of confirmation of any plan. Now Rosen and Unsecured Creditors say the scope should be limited to only equitable disallowance and not include any confirmation issues.
I still believe tomorrow THJMW will put them in their place. These motions are in direct conflict with what the Court has ordered.
In the Opinion (D.I. # 8612) (the “Opinion”) accompanying the Order,
the Court wrote: “the Court will direct that the parties go to mediation on this issue, as well as the issues that remain an impediment to confirmation of any plan of reorganization in this case.”(Opinion at 138-39.)
2. The scope of the mediation should be limited to equitable disallowance, and not include any confirmation issues.”[/color]
I believe Rosen is an excellent attoney and knows exactly what he's doing. He has been in complete control the BK process all along until the IT issue surfaced. Now hedge funds are saying others were also involved in IT. Starting to hit a little to close to home for Rosen now. Rosen knows he's losing control and yesterday's stunt was his last ditch effort to get back that control of this BK Court.
I don't think his filing will help him at all and should be an insult to the Court. I think come Thursday the Judge and EC will put Rosen in his place. Rosen now has become a desperate man. We will see.