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yep. we're getting closer and closer.
quite a few articles over the past couple days indicating that JPIG got WAMU for a LOT LESS than fair value. fair value. fair value. i hope we get our fair value back soon in court.
"J.P. Morgan has benefitted from the WaMu transaction. The bank recorded a $2 billion gain based on accounting adjustments in 2008 and 2009, concluding the fair value of the assets was higher than what it paid."
well well, we'll soon be at the cusp of finding out what the assets really are
so really.. what does rosen mean by 'ongoing negotiations' as his reason for delaying the DS issue? or is he just blowing smoke?
something's gotta buckle soon... either we hear his pos DS in court and watch it get shot down.. or he'll be ripped apart come Nov 1..
i wonder if the company is getting ready to re-issue new shares post bk? the bk plan is anticipated for sometime in mid-nov right?
i am also wondering.. susman's been relatively quiet lately.. i wonder if he has an arsenal of damning filings ready after the examiner's report comes out Nov 1? (assuming the report will be pro equity).
walrath is not stupid. she knows the DS is garbage. come friday, she should just reject it out right and stop the bs double track, triple track crap. she's already said in a hearing a month or two back that the person everyone needs to hear from is the examiner. so by rejecting the garbage DS, the POR will be dead and no new DS/POR can be drafted up until AFTER the examiner's report.
i think the single most important decision the judge has made for us (equity) was obviously allowing the formation of an equity committee.
i think this will end when judge walrath wants it to end.. come nov 1 with the examiner's report in hand (assuming its pro-equity, simply A>L).. she should be in the position to cram down rosen and send him packing.. at that point JPM/FDIC will freak out because their master plan to hide assets and then reorganize will evidently disintegrate.. then we'll be rolling :D
who cares about rosen's POS DS/POR? EC/Susman at any time can submit their own POR now that will blow rosen's out of the water.
the EC/UST fought for the examiner.
susman has presented solomon's work to the examiner.
it would entirely make no sense if the examiner comes back with something that favors weil/fdic/jpm.
and even if that were to happen, susman would drop the solomon bomb in public and ask for a trial. i mean the friggin assets aren't that hard to add up as long as you know what the assets are. and for a 100+ year old thrift that wamu was, you'd think a gazillion copies of accounting and tallying of assets is sitting on some accountant's report somewhere.
thanks catz, i bet the EC/Susman have a good grasp of what the final report may look like.. at least from a baseline numbers (A vs. L) perspective.
well said.. less than 2 months to go everyone.
we'll know that A>L one way or another... either the examiner blows all this out wide open on Nov 1 or the bad guys settle beforehand (implying A is still bigger than L)
christmas in vegas this year. eyes on the prize boys and girls, eyes on the prize.
essentially November 1, 2010 is the big date we've been looking for the past 2 years. as long as A>L come halloween, we'll be golden!
why couldn't walrath just hear the POS DS/POR today and throw it out.. obviously it's incomplete... there aren't even proper assets and numbers attached to it.. and rosen can't change it any more..
can they kick rosen out today?.. probably not.. but hopefully the judge bashes him up in open court
Hopefully colonial can get it all together and submit a BK plan where Assets are greater than Liabilities =) Then we'll all be in the money.
lol look at the mm's go at it today.
thanks.. but when would this 900 million be confirmed to be returning to the estate (i.e. in the bank such that it'll be considered an asset)? next time colonial files a 3rd quarter statement etc.?
i guess this is all dependent on whether the FDIC appeals.
when would this 900 million be confirmed to go back to the estate? (assuming the FDIC does not appeal). i was just wondering because according to your numbers, at that point; A would be greater than L and commons would see recovery.
i wonder if colonial's debtors are corrupted like wamu's.
does anyone know if the holding company still files Monthly Operating Reports? similarly, what's the status of assets vs liabilities at the moment?
good for those colonial guys.. but this has happened because their judge actually ruled on something of $$$ value.. walrath has yet to do that. $4 billion ASAP right?
the examiner should subpoena the bair biatch.. like NOW.
i forgot who said it.. but someone in court said a couple hearings ago. the examiner is to "protect equity" and protected we are and will continue to be. patience pays everyone.
it's possible that the examiner files his report under seal.. to give rosen et al. a chance to fork out the big $ before this is all blown wide open into the public.
i think the trial date tps bs for Nov 1 is what it is, bs.
all the heck that needs to happen in this case is A is shown to be greater than L (namely a list of tens of billions of dollars in assets). after that happens, hopefully in the next couple of months, all else becomes chicken scratch.
does anyone think the Susman/EC is still negotiating with Weil/JPM/FDIC behind the scenes? despite the fact the examiner is onboard now and starting to dug up stuff.
would the bad guys ever let this case fall into the hands of a trustee? as wouldn't a trustee coming onto this case mean the debtors would have lost total control of everything.
yup. susman's loading up all his guns. getting them all ready to fire at a moment's notice. and isn't his firm one of the best trial firms in the country?... if dimon was smart , which he may not be. he should stay away and pay up SOON
i hope they issue subpoenas for dimon and bair.. and that they both show up to court together (if they let it get that far..haha..)
what's susman's role at this point?
help feed the examiner with info?
i'm sure if susman is providing info.. whatever he's providing would be pro-equity stuff..
c'mon judge W, give the examiner his subpoena powers TODAY!
i sure hope walrath grants the examiner subpoena powers tom.. especially if she wants this case to move along. at this point, there is no reason to delay anything anymore.
good letter. should joe mcmahon be still cc'ed though? i thought he's leaving the DOJ or has done so already..
well the worst that could ever happen is that equity is worth nothing and that we'll be completely wiped out.. but honestly.. with all the research that's been done the past 2 years almost.. i just find it hard to fathom nothing good will come out of this for the equity classes.
he's not on any wrong pile right now. if anything, the EC/Susman/UST may be guiding him to the pile of rocks he should turn over. won't be hard for him to uncover things though as probably every dirty rock that Rosen(Weil)/FDIC/JPM have touched is covering something.
yea i'm not sure about the 'wamu execs'.. like others have mentioned.. there may only be a hand full left.. i.e. some on the 'fictionary' BOD.. but other than that.. i can't see them each collecting billions of dollars each.. as that's what the EC / UST is fighting for..
and yes the banking system is already known to be corrupt.. our main hope is that those helping us as well as the good judge are not corrupt
she should wait.. the wamu saga isn't over yet.
great point des. as far as us shareholders are concerned.. asset valuation is the key component to all this.. once we know how much they 'got' and the value for it.. we can make them pay up.. as for the fraud and criminal aspect of this fiasco.. well that's another issue.