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Delaware Corporate Law Once Again Invoked In Fannie Mae And Freddie Mac Litigation
http://seekingalpha.com/article/3958463-delaware-corporate-law-invoked-fannie-mae-freddie-mac-litigation
Book Value
It is the value on the books as of bank closing of the assets and liabilities.
It is exactly the value in the Trial Balance Sheet (WASHINGTON MUTUAL BANK CONS FKA WMBFA) Quarter 3 FY08 found/posted by Govinsider in the year 2014.
This Trial Balance Sheet was available for JPM in the FDIC's virtual data room to prepare the bid.
Book Value as of 09/17/2008, PDF page 81 (the last page of Asset Account Detail) and especially PDF page 122 (Liability and Equity Account Detail) are interesting:
http://reorgwmi.com/documents/misc/Govinsider_Trial_Balance_Sheets.pdf
Be patient, it could take up to three minutes to load!
Shareholders' Equity Q3/FY08: $25,877,676,892
Nothing we dindn't already know
FDIC stated that "Equity claims are paid in accordance with 12 U.S.C .sec.1821(d)11"
Search the quoted part in google and click the 3rd link for the pdf and look at page 33, the FDIC response for WMI claim.
(11) Depositor preference
(A) In generalSubject to section 1815(e)(2)(C) of this title, amounts realized from the liquidation or other resolution of any insured depository institution by any receiver appointed for such institution shall be distributed to pay claims (other than secured claims to the extent of any such security) in the following order of priority:
(i) Administrative expenses of the receiver.
(ii) Any deposit liability of the institution.
(iii) Any other general or senior liability of the institution (which is not a liability described in clause (iv) or (v)).
(iv) Any obligation subordinated to depositors or general creditors (which is not an obligation described in clause (v)).
(v) Any obligation to shareholders or members arising as a result of their status as shareholders or members (including any depository institution holding company or any shareholder or creditor of such company).
(B) Effect on State law
(i) In general
The provisions of subparagraph (A) shall not supersede the law of any State except to the extent such law is inconsistent with the provisions of such subparagraph, and then only to the extent of the inconsistency.
(ii) Procedure for determination of inconsistency
Upon the Corporation’s own motion or upon the request of any person with a claim described in subparagraph (A) or any State which is submitted to the Corporation in accordance with procedures which the Corporation shall prescribe, the Corporation shall determine whether any provision of the law of any State is inconsistent with any provision of subparagraph (A) and the extent of any such inconsistency.
(iii) Judicial review
The final determination of the Corporation under clause (ii) shall be subject to judicial review under chapter 7 of title 5.
(C) Accounting report
Any distribution by the Corporation in connection with any claim described in subparagraph (A)(v) shall be accompanied by the accounting report required under paragraph (15)(B).
Whatever the case may be, I think Deloitte should be scared EITHER because of the plaintiffs OR because of the Government trying to use them as a patsy. I wouldn't like to be in their shoes at the moment, but I think it is very positive for GSE shareholders...
Is there the slightest possibility that the Treasury could use Deloitte as a kind of "scapegoat" to save their own a***?
Like "Because Deloitte delivered wrong numbers ... we HAD TO assume that ... and HAD NO OTHER CHOICE than ... and HAD TO bail out the GSEs"???
Just wondering...
Shorties gonna cover before weekend and after the opinion of the 9th Circuit Court of Appeals that FNMA and FMCC are PRIVATE and not federal companies. I think we will see a strong GSE Friday
Wait and watch...
JMO
The surge continues after the "Three Advancing White Soldiers" pattern two days ago! We are riding the upper Bollinger Band!
FNMA Chart:
http://schrts.co/yCF6ym
Explanation for "Three Advancing White Soldiers":
http://www.chart-formations.com/candlestick-patterns/three-advancing-white-soldiers.aspx
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Just my opinion, no investment advice!
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It is an age-old post from iPrelude dated Monday, 11/24/14 but nonetheless important IMO
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=108472944
Probably the Treasury will give Deloitte a bail-out if they lose the lawsuit and put them into conservatorship
I think the plaintiffs want to "force" Deloitte to defend themselves and thereby reveal the pressure or even enforcement from the government to "cook the books"! A brilliant move! That's very huge! JMHO
I think the ratio between both stays the same. On higher PPS the absolute gap between both is also greater...
Volume is drying up at this level, either further up or back down again with the next big trades IMO...
http://ih.advfn.com/p.php?pid=webchart&btn=s_ok&ctl00%24sb3%24tbq1=Get+Quote&as_values_IH=&ctl00%24sb3%24stb1=Search+iHub&symbol=USOTC%3AFNMA&s_ok=Get+Chart&period=0&drawmode=0&size=19&volume=1
They tried to close the opening gap but failed so far IMO! Too much buying pressure...
FNMA $1.815 HOD, reversal seems to continue
http://ih.advfn.com/p.php?pid=webchart&symbol=FNMA&period=0&size=19&volume=1
Bullish Pattern: Three Advancing White Soldiers
FNMA Chart:
http://schrts.co/yCF6ym
Explanation for "Three Advancing White Soldiers":
http://www.chart-formations.com/candlestick-patterns/three-advancing-white-soldiers.aspx
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Just my opinion, no investment advice!
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Shorties get squeezed today
Yes, two big buys out of the Ask, but overall volume could be better...
http://ih.advfn.com/p.php?pid=webchart&symbol=WMIH&period=0&size=19&volume=1
With higher volume this could rise pretty fast...
New HOD $1.67, poor shorties
I bet shorts gonna cover before weekend
cura_asada, I've talked about stop loss orders, not short selling!
Here is more about Rule 15c2-11
http://www.otcmarkets.com/services/otc-link-ats/faq
COULD this be because of an imminent up-listing? Or trading halt at least?
TIA
It will stop! This Friday! At least for NYSE and NASDAQ...
http://www.marketwatch.com/story/nyse-joining-nasdaq-in-eliminating-stop-orders-2015-11-18
But broker internal SL orders should still be possible...
I've watched Level 2, it was a drop with 100(!) shares to $2.30, then back to $2.38 again...
Fishing for cheap shares, the MMs can see all stop loss orders in the system...
Thank you for the information. I've seen these extreme bids and asks before the bell many times, but today we have a bid/ask of 1.38/1.39 but the PPS is 2.28 for FNMA and 2.18 for FMCC.
Either it is an ADVFN internal glitch, or a pre-market/after-hour trade for that PPS must have gone through, the MMs cannot cause it IMO
ADVFN shows FNMA @ $2.28 currently. A glitch? Or Form-T trade?
Also in the chart:
http://ih.advfn.com/p.php?pid=webchart&btn=s_ok&ctl00%24sb3%24tbq1=Get+Quote&as_values_IH=&ctl00%24sb3%24stb1=Search+iHub&symbol=USOTC%3AFNMA&s_ok=Get+Chart&period=4&drawmode=0&size=19&volume=1
Probably only an error, but pretty to watch
Chart: Big symmetrical triangle (2 months!), break-out should occur at any day
Chart courtesy of StockCharts.com
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Just my opinion, no investment advice!
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Red, blue and green volume bars explained HERE!
http://uk.advfn.com/help/charts/studies/volume
The volume of units traded at the asking price, the buy volume, is plotted in blue.
The volume of units traded at the selling price, the sell volume, is plotted in red.
All the other trades are plotted in green.
If FNMA opens in this price range ($47) one day (after release from conservatorship after-hours or pre-market) then a never seen before short squeeze will follow the next days and will boost the PPS to a multiple of it. The "Volkswagen" short squeeze will be nothing compared to it. All IMO
tanja thank you, and what's your take on this one. All coincidence?
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=120602020
bkshadow, that was not my question. For sure the $151 bln. will not come back THREE times! I didn't even say it will come back one time! I just wanted to know if there is any relationship between the THREE $151 bln. figures. (except for the number "151" itself )
My both original questions:
* Pure coincidence or are there any coherences?
* Any ideas if this could be somehow related?
But your answer below suggests that you actually wanted to say that the result from the subtraction ($151 bln.) from screenshot 1) is by coincidence the same as the FDIC subrogated claim ($151 bln.) from screenshot 2) which is also by coincidence the same amount as the reduced cash assets from JPMC ($151 bln.) from screenshot 3), right? Just for the record...
A simple "YES" would be sufficient...
JusticeWillWin, wow, you've nailed it...
...so will $151 BILLION be coming back once?
...or will it be coming back three times?
...first from the FDIC-R from keeping it off balance sheet since seizure?
...then from the FDIC-Corporate, reported as the subrogated (insured deposits) claims paid?
...and finally from JPMorgan Chase from taking it from their customer deposits in 2016?
...thanks, great find.