is... well . . . "Just Chillin!"
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LOL! That's a bummer. Thanks for smashing my hopes.
Good luck Strike and hope this turns out well for those poor souls that lost almost everything back in those days. I'm surely hoping we do see "fair and reasonable" for them.
Whatever happened with this??
WaMu seeks access to $5 bln deposit at JPMorgan
Fri Oct 3, 2008 12:16pm
WILMINGTON, Delaware, Oct 3 (Reuters) - Washington Mutual Inc WAMUQ.PK, the bankrupt holding company of the failed regional bank, is seeking to access a $5 billion cash deposit JPMorgan Chase & Co (JPM.N: Quote, Profile, Research, Stock Buzz) gained control of when it took over its deposits last week, a Washington Mutual lawyer said on Friday.
In first-day motions in U.S. bankruptcy court in Delaware, concerns about the status of the $5 billion deposit dominated the proceedings.
"It is our understanding that those deposits were taken as part of the transaction with JPMorgan," Marcia Goldstein, a bankruptcy lawyer representing Washington Mutual, said in court.
"They (JPMorgan) have indicated to us that they would like some opportunity to review the facts that are related to those assets," she continued.
Washington Mutual was closed by the U.S. government last week in the largest bank failure by far in the United States, and its banking assets were sold to JPMorgan for $1.9 billion.
In a U.S. Securities and Exchange Commission filing this week, the holding company said it had $5 billion of cash deposited with Washington Mutual Bank prior to it being taken over by U.S. banking regulators.
Goldstein said the company had reached a "standstill agreement" with JPMorgan that would require both parties to give each other 48 hours notice if WaMu seeks to withdraw the deposit or either party decides to take any court action related to the deposit.
"Even JPMorgan might have trouble with a withdrawal request of $5 billion," Goldstein said.
The $5 billion could potentially be used to pay creditors of the holding company.
"It sounds very unusual for the holder of a $5 billion account not to be able to make withdrawals from that account," Thomas Lauria, a lawyer representing a group of note holders in the case, told the court.
The standstill agreement is in effect until Oct. 15, Goldstein said.
Goldstein also said at the hearing that WaMu was not seeking outside bankruptcy financing at the time, as it currently has "adequate cash" to fund the costs of the bankruptcy process. (Editing by Brian Moss)
Sometimes it's good to go back to the "Good Ol Days" and remember where we started . . .
STRIKEEAGLE
Monday, 03/22/10 09:01:23 PM
Re: None
Post # 178564 of 570579
HOW MUCH IN A FINAL SETTLEMENT?
Hopefully the EC is beginning with a very high number... especially if the other side is planning on keeping the guilty out of jail and all the dirt from becoming not only front page news but also from being splashed on all of the networks.
$1 - $5 PPS... you must be NUTS!! If you are one of those who held shares at $40PPS and woke up to essentially nothing two years later, how much would you be seeking as a settlement? Right... nothing close to even $8PPS. So why are there so many claiming they would be happy with less than $40PPS?
I am in this LONG... and will not sell one share to anyone! Period! The legal process is what it is... the attorneys for BOTH sides will make sure that BOTH sides are happy enough so that BOTH sides can settle in the most favorable manner possible (to BOTH sides). Remember, these guys are like police officers or any other "club" member... they take care of each other... no matter what! No exceptions! That is the number one club rule.
Therefore, we can only continue to believe that the EC has it within themselves to fight for as much as is realistically possible... INCLUDING FOR EQUITY!
The process stinks! But, so far, the dominos appear to be lining up in our favor. Don't forget for a single moment... Rosen and Company want you to believe that the cookie jar is basically empty and that you will get whatever crumbs, if any, are on the bottom. This case for those that have been in it for the duration know full well that this is the time to hold long.
Those crooks have already tried to shake many... to bail out, sell out and give up... if you really believe that the other side flat out took this solvent bank to the point where they are actually claiming that few cookies are left, then you are mistaken and simply have not read the I-Box.
The math is clear regarding solvency, NOL's, and the simple truth that Assets far exceed Liabilities... and the dirt-bags want you to believe otherwise.
The stock price will fluctuate until there is an agreed upon final settlement. Relax and wait for it... the EC has a stake in this... fortunately for us!
I am most appreciative of those that have provided me with the incredible DD as you have... you know who you are... the same ones that provide real information so that all of us can benefit. THANKS VERY MUCH!
Keep the wings level... GO ALL SHAREHOLDERS, including COMMONS!
I think I'm with you on that. I will probably make a swift exit in the morning as well. Been fun!
Appears that way. Here's hoping for the best.
I surely hope so. "2X VALUE PLUS"
I would retire the day the funds cleared my account. Nice to dream though.
Unicorns may be real, who knows until you see one.
Oh yes indeed. LOL!
WoooooooooHooooooo!
I know right! We need this to end.
Dmdmd2020 Saturday, 10/13/18 12:01:40 PM
Re: wwhatthe post# 541634
Post # 541668 of 570484
Wwhatthe,
Great post! Thanks for the DD, along with the great reasoning!
IMO...my calculations:
Recoveries = $314 billion assets - $272 billion liabilities = $42 billion
Old WAMPQ = $4,442.72
Old WAMKQ = $111.06
Old WAMUQ = $8.79
___________________
Now also include bankruptcy remote beneficial interests in certificate participation in MBS Trusts created by WMI subsidiaries:
Old WAMPQ = $18,247.09
Old WAMKQ = $465.17
Old WAMUQ = $36.10
Per post#536252
_______________________
IMO...my conclusions as of October 12, 2018
WMI Escrow Marker Holders:
Old WAMPQ = $4,442.72 + $18,247.09 = $22,689.81
Old WAMKQ = $111.06 + $465.17 = $576.23
Old WAMUQ = $8.79 + $36.10 = $44.89
All of the calculations above do not include annual compounded interest.
GLTA...draw your own conclusions!
Agree.
May try to jump in before this goes haywire. Thanks!
I think we will never know anything or receive anything. There is money out there and someone is profiting from it or something would have been done by now. I'm starting to believe we have gotten all we're going to get.
Looks like this "squeezed" the wrong way. What's the deal here? Still think this is a good bounce play? TIA!
I'm confused; isn't "Reorganized WMI" now "COOP"?? So would that mean the "common shareholders of Reorganized WMI" be the current shareholders of "COOP"??
Oh my god, this is so pathetically convoluted to no end, geesh.
Yep, according to DmD's numbers. Sounds like a plan to me.
End result, U escrows get ~$40 each!! Yeah, that should do it, "Fair and Reasonable".
I surely hope so.
Have no clue.
I put wayyyyy too much money in this back during the "Cowboys and Alien" days . . . smh.
NO CHIT!!! WOW!
After all these years that would be great. Thanks!
NO CHIT! I WANT MY MONEY!
:O
Well, I hope she gets that azz in gear . . . got long way to go.
But yes, hopefully.
Yep, that'll do it. Thanks.
Why is the Ethereum Trust blowing us out the water right now? Shouldn't GBTC be higher?
NICE! Had me worried for a minute. Thanks Large!
"Have I told you lately how much more I really love my Escrow ShareMarkers which continues to grow immensely every single day forward?"
Yes we will. Thank you.
I noticed you don't remind us anymore about "how much you love your escrows" more and more each day.
What's up with that?
Welcome back Eagle, your post reminds me of the "good 'ol days" when we had a majority of "intelligent" posters supporting this board and DD. Now, not so much.
No reason this should be at this level.
So far so good. Thanks again!
Thanks!!
Sigh....so sad.
Thank you.....