Washington Mutual Mortgage Reinsurance, Inc. - stock holders won in this major bankruptcy case.
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It takes all kinds. Some give more than they take and others take more than they give. Now some take more on one level and less on another...
The big picture thinking is fun for me. It puts a perspective on who, what, and why. For example, President Bush's behavior was apparently necessary to move enough voters to action. What action? We shall see! ...pendulum and cycles and things...
With JPM's purchase of WMB the Northwestern citizen is faced with the decision to support a big, East Coast banking monolith or side with local bankers. Another decision to be made.
At the Justice Department level, no matter what systemic protection was desired Judge Walrath is going to have to decide in line with objective laws and precedents.
I'm wondering where the good, solid arguments for JPMs position are. I guess there aren't any!
Lawrence, Thanks for the daily overview. I agree with your assessment. The talk about WMB or WMI going forward as an operating entity or entities seems even more unlikely than any of the other more immediately gratifying financial developments available for all involved. And if the U.S. is not about immediate gratification I don't what it's about! LOL
We can all wait if we must. But, even if you think you can it doesn't really matter, the Judge may not want to.
Silly.
Yes, the distinction between the holding company, WMI and the company that was seized is PARAMOUNT to making money in WAMUQ, WAMKQ, WAMPQ, etc.
When all is said and done it's better to be optimistic because it's more fun and life is too short to waste a good time on being too "realistic".
On the other hand, if anyone is sure the share price is going down please share why that may be.
Thanks!
I was wrong. The judge has not ruled by tonight. I just want to go on record on this.
I predicted she would have. It may have been the 335 page WMI filing this week that held her up!
That's a nice filing. I like that filing. I'll take that and a few more days of waiting since I have to.
That's the stuff I can back Soldier Hard: the retail news coming up, the float being what it is; relatively small, and the sector is on trend with the current recession; liquidating inventories.
Holding strong here and will flip when ready.
Personally, I get just enough of Bopfan here at iHub. Her insights point to higher stock prices this month or next. That's all I really need to know.
But I do like to get some substantial food for thought and Mordicai and more lately, maryatano have helped with that.
Here's where "we" come in. This is from that link I just posted. As long as the PR writers can get their facts straight and spelling correct we are the media:
"When Judge Gerald P. Garson was confronted with evidence of his improper conduct with a lawyer to predetermine the outcome of cases that were brought before him, his attorney successfully argued at trial that he had merely violated the Rules of Judicial Conduct, for which there was no criminal penalty. However, in an important precedent-setting decision, the New York State Court of Appeals overturned the lower court's judgment and held that Judge Garson could be criminally prosecuted for actions that grew from those violations. The media should be credited for bringing the judge's corrupt behavior to the attention of the public as it was a major part of the story, "Chamber of Secrets," that was hosted on the CBS program 48 Hours on February 19, 2005 by Lesley Stahl and on June 2, 2005 by Charlie Rose. CBS News has also provided a transcript as well as video clips (2 to 4 min) in wmv format: 1) Catching a Judge, 2) Case Fixing, and 3) The Pay Off. The final chapter, when completed, should put judges on notice that the public will not tolerate the corrupting practices that unconditional immunity encourages. Investigations by the media are crucial to the exposure of judicial corruption."
I was thinking what might happen to Judge Walrath if she decided to compromise her integrity and accepts a bribe from JPM interests so I did a quick search and found this.
http://www.tulanelink.com/tulanelink/misconduct_06a.htm
It's not directly related to BK cases but it does remind me that judges do get prosecuted.
LOL
What else could stop her gavel from coming down in favor of WMI?
Thank you for the end of the week overview! Nice to have an inside track to FDIC sentiment.
Thanks Doc, I have a copy. I just want a printed copy!
I'm not asking you for one but that's what I meant.
I would use as a coffee table book for a year or so!
I think there's something missing in our judicial system. This is a huge case, and it's bringing the best and brightest and it has large dolllars, way beyond most people's imaginations.
The issues at hand are simple yet the drama is so high.
Isn't there a way to boil down the issues onto a single 8.5 x 11 page. Like in all court filings the court will not accept the paperwork without the 2" margins and standard structure. How about the court say that if you can't get the main issue in about 3 paragraphs f'it and shoot it out in the street or something.
I don't know! This is so ludicrous to be able take and walk with records and billions and then blow smoke up everyone's a...
anyway!
I like the briefs I have; Hanes Classics! But thanks.
You know what I would like is someone to send me a printed copy of the recently published historical filing of 355 pages.
That would be a prize worth keeping for years to come; a proverbial fountain of legalese and BK banking law written by the best.
I'm holding. This stock has been to .02 in the last 200 days. Reducing inventory is great way to make a business's books balance during low sales. BizAuctions meets that need.
Summary judgment is the least cost to the tax payer!
The BK court has to move this along.
Slam dunk for the JPM lawyers now!
Hey, what's 355 pages to us? WE already have the money!
.... Dimon: "'Is' meant 'is' back in September, back then, but that was then and this is now and the money is in our bank so that 'is' may have been true then, but that's what we are hear to dispute, your honor. Clearly the money is in our possession and we have constituents who really want us to keep it. Since WMI doesn't have their banks any more anyway and they have been a big pain in the ass anyway, why not just let us keep the money? They don't have anything cool as us to do with it anyway. So, let's just say that 'is' is now a 'was' and based on this simple reasoning we can all agree that it was theirs. We are not disputing that. But, by the definition of the word 'was' the money is clearly no longer theirs. Who can disagree with this?"
See what I mean? It's like how exactly is a deposit made by WMI a deposit of WMB?
The fact there JPM decides to dispute something doesn't mean it is, in fact disputable on any logical grounds.
It would seem to me that there is a huge gap in due process in our legal system.
If I come over to your house and take your car and keep it. Does that mean the ownership is now disputable?
LOL
ohm ma ha rengay kee o ho (spelling?)
I see big headlines coming:
"JPM lawyers refuse to forward bogus case arguments, call for Jamie Dimon to represent the bank at next hearing"
I'm meditating more than usual lately. The parlay is on so many levels.
I'm down for that/this.
I think it's a mistake in thinking that because the press release today was put out by bloggers or what ever, that there is something less legit about it.
That is a self-esteem issue that some people might be sharing with everyone that we really don't need to cop to, so to speak.
For example, who better to construct a well informed press release than the avid DDers on these boards?
Just because one owns a stock doesn't mean one can't translate court filings without bias, especially in this case!
Unfortunately there seems to be, lurking around the edges of our logic here, some idea that maybe there is some legal maneuvering that could possibly turn a out-and-out theft into something good for JPM in court!
The 355 pages pretty much ends that idea. They covered it all there, I think.
Ruling please!
exactly.
That's the look I like; legit.
Thanks.
Well if it's on Marketwatch that will help.
The link you posted doesn't work though.
I just want to say that I appreciate your exchanges with maraytano today. The discussion helps us all see a few angles here.
Thanks.
Apparently, the Ps represent the more informed investor and they have decided that the recent filings are encouraging!!!
It helps to put up sell orders way over the expected next hourly run to make shares less available, right?
are we trading?
are we trading?
are we trading?
By the way, JPM Chase has executed the new retail bank sign replacement in many local banks around Seattle.
Also, they are running a trendy new TV commercial. Luckily a local bank is also running one back to back in the same commercial breaks here in the NW.
350 plus pages trumps the smoke screen from the FDIC and JPM.
Maybe, maybe not.
The judge is on the line to pull off an upset in either direction.
This is truly a crucible moment for American business justice, imho.
Good reminder. That interview is TO THE POINT.
There are few stock plays today that hold such a great opportunity for those who are dissatisfied with the status quo to invest and win.
Here's one, in my opinion.
For the timid, the newbie, or the reader-challenged investor here, I urge you to read only the first 3 pages of this file to see why I am, and I believe many others, are expecting a clear and definitive win in favor of WMI stock issues.
http://wmish.com/doc/gov/0603/JPM_V_WMI_-_ANSWER.PDF
The logic is unassailable. The clarity is crystal-like, and the reasoning is sound.
JPM is obsequiously bending to new lows in an effort to continue it's raid on Washington Mutual Incorporated's assets with the help of the FDIC.
This document from the WMI lawyers is a simple argument calling for the court to use common sense judgment to cut through the legalese and allow the banking holdíng company's, WMI's, property to be returned to it and for JPM to cover the cost and damages of such a outrageous raid on the bank holding company.
Sheila Bair, of the FDIC, has rightly stated on TV and other forums that the FDIC has no power over bank holding companies.
The longer JPM remains unreasonable and resistant to good judgment, the stronger the claims against it will become thanks to the good work of the WMI attorneys.
Read the first three pages!
Intelligence and experience can cut through the smoke screen.
Again, just because someone can put words together and sound like it makes sense; IT DOESN'T.
Thanks Mordicai. NO matter what happens, at least those of us on this board can know someone gets IT.
I thought that too: this isn't all about WMB! It's about WMI!!!!
I hope Judge Walrath sees that. The gall of the FDIC to make and effort to further meddle in private property seized under false pretenses in collusion with JPM who planted moles to take over their prime competition!
So this is what one of THESE looks like!!!
High of the day at the close? Right?
This is the real thing; through .0047
Now that and the volume and the morning is looking ridiculously attractive.