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I just started doing ebay like crazy, even have the ebay store thing now... I took my OCD to that, keep hitting refresh waiting and wondering why no one is buying my overpriced items!
I am actually doing it to get a few extra bucks to invest here, it is a strong motivator. Every dollar earned is potential to double it or more.
I'm kind of in a hard spot right now. But once some funds clear, I plan on adding another 200$ worth in the short term.
I'm still here with my 5900 shares.
Well, this brings up another point i had. If you don't vote, you don't get reorganized right? So if this is the case, what if you vote and then buy more shares, do they count? That is sort of what I think will be the case but I don't know...
Now perhaps, a freeze will be placed before ballots go out, this makes sense to me but I don't know if they can do that or not.
I hope we get a head and shoulders out of this (looking at the 3M) ;)
Hope ya'll picked up on the joke there
I kind of like the idea of a vote... makes me think good things are coming, IDK.. anyone else feel this way?
Oh, that is consolidation haha. Ok, looking better now.
I really hope and think I will hold my measly 5900 shares but it seems like it is running out of steam lately.
5 day is a digital head and shoulders :) Looks cool on my etrade.
Well I could sell wamuq and bbuy more....hmmmm That is a risk in and of itself.
Only could afford 3000 but on the train
I am royally confused, what is this whole "if you don't vote, you forfeit distribution"? Also, since voting is now restricted (if I am not mistaken), then would this mean that the current shares being purchased are worthless now?
And Uzualsuspect, I much appreciate bringing this information to light.
I am big in to speculation, some hate speculation and others scream at those that speculate that don't have the information they have, and sometimes warranted and sometimes not. I like speculation and am open for reasons of which I am incorrect. My speculation of course on WAMUQ is nothing more than what I think a bankrupt stock would issue back to a non bankrupt stock based off of just what I think would happen and not from previous experiences.
If your math is correct, a 60$ at .06 will warrant 1000 shares. Your conversion at 30$ and a 1 to 28 = 1070$ or so. That is approx. 17-18 times the current price. Many of us have bought in higher, much higher, so this rate will change. I'm sure your numbers are also subject to change.
Standard transaction fees also apply. Anyway, that isn't too bad at all but it would be nice to see it sooner, I was hoping shortly after this is finalized to see at least 2$ equivalency with a stock price that hopefully rises over time. But that is probably wishful thinking.
Wow, that is a lot of cash to plop down. Everyone still comfortable with Us? That is where I am at currently.
Agreed, in fact, if it were so easy to make money without deception, everyone would be doing it. I hope we are the "smart" and/or intuitive ones that had the foresight to see just that.
One thing I have noticed is that a lot of new faces and people have popped up acting like they have been here all this time or something and how they are bailing or we are screwed. IDK why this is or what this is about but something I have observed. If the long-timers whom I recognize are still here, maybe I would listen a little more.
One thing that has me a little worried is that something won't be right and this thing doesn't actually go completely through and we are all stuck here with our monies tied up. I am optimistic this won't happen and if it does, I just hope it is for all of the right reasons. I also think if this deal is going to screw all of us it is this very reason for such a halt but I think all parties have agreed on a fair settlement for a reason, let's just hope I am right. All of the technical aspects of this case are way over my head and I am relying on a few on this board to make sense of it and rely on my intuition as I have done in the past with stocks. I appreciate those that are kind or caring enough to share the information they spend time on getting, but do know, you are helping the lower and middle class with your information more than those in the know, so feel good about that.
Happy holidays everyone and let's remember what is most important (to each his own and let's hope it isn't just about money and gifts). Ok, the answer is FOOD people ;) If you don't support the holidays, I hope at least you get a break from work and that goes for those that do support the holidays.
I just hope we get a late holiday present!
Well, why would they announce 75million + and then pull a huge figure out of these other assets? It seems to me that would almost be deception of sorts. I am sure I am misunderstanding something, can someone clear this up?
After hours drop, I might take a look at this in the AM.
Did anyone get in on Tuesday/Wed? If so, how did you find out about it?Just curious for future investments.
Chiron, what I don't get, and this is why I didn't buy any P's is the fact the chart doesn't look like they took much of a hit from this bankruptcy. So I question how they are going to make out on this deal? But the U's definitely took a serious hit so if they get monies back then I can see it doing some damage. What other factors am I missing?
Thanks Knick, I do appreciate it. I guess what I am unsure of is who actually delivers this? Will my broker call me or post a message in my account?
Truthfully, stocks, just like most things in my life, I only delve so deep. I figure I can rely on others for information that I don't have. It does allow me to know some things about a lot of things but there are downsides such as relying on others. Since chat forums are very impersonal, we all tend to act very differently than we would in person. Anyway, if I came off as cold or w/e I apologize. I don't even really care that much, I will probably keep checking the forums as it is something else for me to do with my spare time...
So can someone else answer this since I didn't get a real answer? I will simplify my original question since I have poor communication skills...
Do we have to do anything to get our new shares? Some people are saying we can either take a buyout or new shares, or is that only financial institutions? Will our new shares automatically be exchanged in our account?
I'm thinking of committing to not looking at this stock for awhile, my question is, if i do so, will i miss out on anything, such as what I am expected to do to get new shares in new company? Also, once new shares are issued, does Wamuq still exist or do the shares vanish?
"So, your 100K shares actually gets you 33,432 Reorganized Co shares. "
Math error.. .3 (not .03) is 33% which is also 1/3.
Looks like a bottom IMO
Common shares? Are you sure on that calculation, seems a bit high IMO, if we get that, I won't know what to do with myself.
Anyone intend on picking some up in the AM? If so, what is the target buy/sell? I plan on holding to about 10,000 but might try to short a few.
So does that mean we are getting something?
Washington Mutual, Inc. Announces Settlement With Significant Creditors and Equity Committee
Dec 12, 2011 23:00:00 (ET)
SEATTLE, Dec. 12, 2011 /PRNewswire via COMTEX/ -- Washington Mutual, Inc. ("WMI" or the "Company") today announced that the Company and certain significant parties in the Company's chapter 11 proceedings (including the Official Committee of Equity Security Holders (the "Equity Committee")) have reached a comprehensive settlement of the disputes that the Company and the settling parties believe facilitates the filing of, and confirmation of, the Company's Plan (as defined below).
In connection with the foregoing, and in accordance with chapter 11 of the United States Bankruptcy Code, the Company and WMI Investment Corp. (together, the "Debtors") filed the Seventh Amended Joint Plan of Affiliated Debtors (as amended, modified or supplemented from time to time, the "Plan") and a related disclosure statement for the Plan (as amended, modified or supplemented from time to time, the "Disclosure Statement"). The Plan and Disclosure Statement were filed earlier today with the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court").
"The comprehensive settlement announced today represents a fair and reasonable recovery for the thousands of equity holders of the Company who have been following this case closely for three years. The Equity Committee and its advisors are pleased with the result and look forward to and support the swift confirmation of the Plan," said Michael Willingham, chairman of the Equity Committee appointed in the Company's chapter 11 proceedings.
As more fully described in the Disclosure Statement, the Plan largely mirrors the Company's Modified Sixth Amended Joint Plan of Reorganization (the "Modified Sixth Plan") and is premised upon and incorporates the terms of the Second Amended and Restated Global Settlement Agreement (as amended, modified or supplemented from time to time, the "GSA") previously entered into by parties including the Company, JPMorgan Chase Bank, N.A., the Federal Deposit Insurance Corporation (both in its individual capacity and as receiver for Washington Mutual Bank, the "FDIC"). The Bankruptcy Court previously determined that the GSA, and the transactions contemplated therein, are fair, reasonable and in the best interests of the Debtors' estates.
In addition, under the terms of the comprehensive settlement announced today, which remains subject to approval by the Bankruptcy Court, the parties have agreed to the following:
Upon the effective date of the Plan, reorganized WMI's assets will consist of its equity interests in WMI Investment Corp. and WM Mortgage Reinsurance Company, Inc. ("WMMRC").
The reorganized Company will be funded by a $75 million contribution from certain creditors.
In addition, subject to execution of definitive documentation, the parties generally referred to as the "Settlement Noteholders" have committed to provide exit financing in the form of a $125 million senior secured, multi-draw credit facility to fund working capital, general corporate purposes and eligible originations and acquisitions.
The majority of the common equity in the reorganized Company will be distributed to the Company's current preferred and common equity holders in accordance with the Plan and as described in the Disclosure Statement. The reorganized Company's board of directors will, initially, be composed of four members selected by the Equity Committee and one member selected by the lenders under the credit agreement.
As in the Modified Sixth Plan, the Plan provides for the establishment of a liquidating trust (the "Liquidating Trust") for the benefit of holders of allowed claims against the Debtors. The Plan contemplates that the Liquidating Trust will be capitalized with an initial budget of between $50 and $60 million, a significant portion of which will be available to pursue litigation as described in the Plan. Consistent with the opinion issued by the Bankruptcy Court in relation to the Modified Sixth Plan, the Plan incorporates modifications to resolve certain governance issues related to the Liquidating Trust, including the management and prosecution of certain claims and causes of action transferred to the Liquidating Trust by the Debtors.
WMI issued the following statement:
The proposed settlement agreement represents a positive step toward completing the Chapter 11 process. WMI has worked closely with all significant creditor groups and the Equity Committee to achieve a plan that will result in the distribution of over $7 billion to the estate's parties-in-interest upon confirmation and approval by the Bankruptcy Court. WMI believes that the value of the estate and recoveries for its creditors will be maximized by the implementation of the Plan.
WMI has requested, and the Bankruptcy Court has agreed, to schedule a hearing at 2:00 p.m. (EST) on January 11, 2012 to consider approval of the Disclosure Statement. Following approval of the Disclosure Statement, WMI will ask the Bankruptcy Court to schedule a hearing in mid-February to confirm the Plan. The Company hopes to emerge from chapter 11 by the end of February.
Additional details regarding the settlement agreement are available at www.kccllc.net/wamu .
Guys, let me ask something, awhile back someone mentioned some sort of class action or something dealing with this stock for those that were holding before the bankruptcy. Now, here is my question....
What is stopping a settlement from giving a reasonable price to those that held their stocks through thick and thin and not paying the rest of us that got in after the fact?
Hope you guys are right.
On the fourth day of Christmas Ike generously gave to me:
A false "cents" of "security" down here in good ol' penny land
Ok, that was pretty dumb but I was thinking of something with bath tissue and stocks....ack, just forget it.
I can't believe people post here anymore, glad it is still alive.
I'm still invested. I am just saying, being too optimistic without looking at any facts is never a good idea IMO. With that said, I have better things to put my time in at this point so I will cross my fingers on this investment, monitor the boards here and again and hope for the best. But I also realize this isn't the smartest way to go about things.
Roger that Catz, just like anything else in life, it is easier to believe someone that paints a pretty picture than the other guy.
I have lost a good deal of money for blind optimism before, most of it came from other posters being unrealistic about what was going on. Being realistic is never a bad thing but on the flip side, not being optimistic could keep a person from investing at all, which might be a good or bad thing. I honestly have no clue what is going on with this case and the rest of my peanuts that I have left over from other penny stocks is still sitting here so if I lose out here, it isn't the end of the world.
What?! What does this mean for us? It looks great if the funds can be retrieved, assuming they are found guilty if this comes to fruition, however, it also seems to me that this thing could drag on for eternity...
Guys did you hear the recent black friday special? You can get WAMU-Q for pennies on the dollar!
Good point, that is kind of what I think too. I like bankrupt stocks personally, I have seen at least two before my eyes (and made a lot of easy money on one before I lost it all) that went from pennies to at least a dollar in the blink of an eye.