WAMMMUUUUUUUUU
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I wouldnt worry about not getting back divis as I have always blve WE WILL get them!! Reasons I will keep to myself at this time...
Im in the Prefferreds for the divis! and of course a 1000/sh payout will be nice as well !! well lets say future divis...
Chiron who posts here and I are firm on this...
Hardasset -- your wrong.. I suggest you talk and hire a bankruptcy attny to discuss this ---
I have and have gained big time knowledge and dont listen to 90% of the people who spout off what they only assume....
the were not declared -
On Sept 30,2010 is the 9th missed divi payment. We are also entitled to 2 BOD seats due to missed divys as well, I blve after 6 missed payments... this scares Rosiebuttcheeks if there is a shareholder meeting.... Not only for commons but Preferreds gain in this!!!
They didnt pay the sept 30,2008 divy payment due to declaring bankruptcy a few days earlier..
Sept 08
Dect 08
Mar 09
jun 09
sep 09
dec 09
mar 10
jun 10
sep 10
We are not entitled to miss divi payments --- according to the prospectus...
I blve and always stated JP will take over the prefferreds and pay up to date the missed divis and reinstate them as well and let the market dictate the actual share price.. this 7.75% is a very high Rate of return and will entice many to buy into esply into this economy ---
all this will do is increase there paper debt which already paid for it in the past 2 years... go figure...
STEVE Pls read again ---
Section 10. Mandatory Conversion at the Company’s Option.
(a) On or after December 18, 2012, the Company shall have the right, at its option, at any time or from time to time to cause some or all of the Series R Preferred Stock to be converted into shares of Common Stock at the then Applicable Conversion Rate if, for 20 Trading Days within any period of 30 consecutive Trading Days (including the last Trading Day of such period), ending on the Trading Day preceding the date the Company delivers a Notice of Mandatory Conversion, the Closing Price of the Common Stock exceeds 130% of the then Applicable Conversion Price of the Series R Preferred Stock.
(b) If the Company elects to cause less than all of the Series R Preferred Stock to be converted under clause (a) above, the Conversion Agent shall select the Series R Preferred Stock to be converted by lot, on a pro rata basis or by another method the Conversion Agent considers fair and appropriate, including any method required by DTC or any successor Depositary (so long as such method is not prohibited by the rules of any stock exchange or quotation association on which the Series R Preferred Stock is then traded or quoted). If the Conversion Agent selects a portion of a Holder’s Series R Preferred Stock for partial mandatory conversion and such Holder converts a portion of its shares of Series R Preferred Stock, the converted portion will be deemed to be from the portion selected for mandatory conversion under this Section 10.
(c) In order to exercise the mandatory conversion right described in this Section 10, the Company shall provide notice of such conversion to each Holder (such notice a “Notice of Mandatory Conversion”) or issue a press release for publication and make this information available on its website. The Conversion Date shall be a date selected by the Company (the “Mandatory Conversion Date”) and shall be no more than 20 days after the date on which the Company provides such Notice of Mandatory Conversion or issues such press release. In addition to any information required by applicable law or regulation, the Notice of Mandatory Conversion and press release shall state, as appropriate:
(i) the Mandatory Conversion Date;
(ii) the number of shares of Common Stock to be issued upon conversion of each share of Series R Preferred Stock; and
(iii) the number of shares of Series R Preferred Stock to be converted.
You got it Chiron --
Cha Ching!
Preferreds have ALWAYS been in the Money! Its an allocation game Rosen was playin and he was playin with the Assets of the estate of gifting and deverting...
its a shell game...
IMO
b i n g o !
anyone read the work plan from the examiner??? very interesting -- fdic will not cooperate.. bla bla bla --- what else is new...
I like the 44 pages --- nice reading ---- I love the WEIL vault!! LMFAO!!
In the wamu case ---
lets face it-- there will be no trial - never - no jail for anyone -
the corrupt gov will never let it happen... if it did it will cause our nation to fold on all levels...
Money will make this go away...
Unusual activity coming in to
DIMEQ...
anyone following the bonds???
Someone is either buying or dumping the DIMEQ's....
They just raised the ASK to 29.50.... after all day at 29.25....
All BUYS!!!!!
Dammmmmmmm ---
and maybe the examiner wont...
We wont know until that time comes...
never look back,
always look forward.
Never wish of what it could been,
but look forward to what it "will" be...
no no no -- not that low ---
what concerns me is
the lack of action of the share price in all classes -- examiner, examiner, examiner should of been a jump but actually went south... look at the P's ---
at this point we have no clue unless you did the buyin or sellin...
bring it down lower --
Im on the sidelines with availabity of Wells Fargo at a moments notice! I have a weird feelin to not make a move at this time but to hold and observe...
DUDE -
That date was from WMI own filing... They stated that Not me ----
and as you know we were all duked by the false filings/info given to us by our own wmi attnys....
I laugh when people talk about settlement... and give times, dates ect ect....
http://en.wikipedia.org/wiki/Statute_of_limitations
"Statue of limitations"
BUT what has happen recently --Behind Closed Doors -
Exclusions
"Fraud upon the court"
In the U.S., when an officer of the court is found to have fraudulently presented facts to court so that the court is impaired in the impartial performance of its legal task, the act, known as "fraud upon the court", is a crime deemed so severe and fundamentally opposed to the operation of justice that it is not subject to any statute of limitation.
Officers of the court include: Lawyers, Judges, Referees, and those appointed; Guardian Ad Litem, Parenting Time Expeditors, Mediators, Rule 114 Neutrals, Evaluators, Administrators, special appointees, and any others whose influence are part of the judicial mechanism.
"Fraud upon the court" has been defined by the 7th Circuit Court of Appeals to "embrace that species of fraud which does, or attempts to, defile the court itself, or is a fraud perpetrated by officers of the court so that the judicial machinery can not perform in the usual manner its impartial task of adjudging cases that are presented for adjudication." Kenner v. C.I.R., 387 F.3d 689 (1968); 7 Moore's Federal Practice, 2d ed., p. 512, ¶ 60.23
In Bulloch v. United States, 763 F.2d 1115, 1121 (10th Cir. 1985), the court stated "Fraud upon the court is fraud which is directed to the judicial machinery itself and is not fraud between the parties or fraudulent documents, false statements or perjury. ... It is where the court or a member is corrupted or influenced or influence is attempted or where the judge has not performed his judicial function --- thus where the impartial functions of the court have been directly corrupted."
No activity going on... just a wait and see approach on the PREFERREDS --
Hmmm ---
love the current spread 10.10 /// 2000.00
GO FIGURE!!!
STEVED_45 on the pinks -- nobody knows... Being the pinks means a free for all and the MM's have complete control of manipulation...
imo
NO CLUE at all ---
Interesting Classic INFO -- Does anyone see the LIGHT???
http://www.squidoo.com/wamuq
WAMU (Washington Mutual - WM).
According to the latest financial data submitted to the court on 12-19-08, Washington Mutual Inc (WMI - the holding company), has assets of $7.7 Billion of which $4.5B is cash, and liabilities of $7.8 Billion. (See True Valuation section below).
While this gives WMI a negative net worth of $100 Million, several factors need to be taken into account.
First, the liabilities listed are not final, and are still subject to compromise.
The assets include over $4 Billion Cash. The liabilities consist mainly of notes/bonds, with due dates from 2009 to 2041. One month interest due on those is about $75 million, easily paid considering the amount of cash available.
There are also about $20 Billion Net Operating Losses (NOL's), whose tax benefits need to be taken into account.
Also, WMI is suing both the FDIC, and JPMorgan, which could result in Billions of dollars in damages that would flow to the estate, and the shareholders of WMI.
It seems that WMI could emerge from Ch11 and remain a viable entity. Also, due to the large NOL's, another business/bank could merge with WMI to take advantage of those. Another bank could possibly buy WMI for the NOL's benefit.
While this Lens is focused on trading the existing stock, there is much information here that pertains to this situation. A lot of people lost a lot of money. And here is a way to possibly get it back. Sometimes you have to make the stove take away the burn.
For clarification, the stock trading under the WM symbol on the NYSE (WMI, the holding company) has changed it's symbol to WAMUQ, and is now trading on the OTC Exchange (Pink Sheets). Also, WMI (the holding company) had WaMu (the bank) as one of it's subsidiaries. They lost the bank to JPM, but the holding company is still alive, although in Ch 11.
Although the share price has dropped radically, it is NOT worthless, and is still trading. Yahoo has the symbol as WAMUQ.PK
There are several online forums where you can discuss WMI. Look to the Online Discussions section below.
Register Your Shares!: WaMu Equity Group: WaMuEquityGroup.org
Video: The True Story of The Fall of Washington Mutual Pt 1
Biggest Banking Heist in World History
WAMUQ'D: The Movie: WAMUQ'D
A Web of Debt
Be sure to read the What Can You Do section below.
You can read the court case filings at the KCC site (Free): KCCllc.net
Current Status:
WAMUQ Stock Chart
WAHUQ Chart
WAMPQ Chart
WAMKQ Chart
We've stopped the daily updates, since the charts above will show what happened.
Contents at a Glance
Latest Developments
True Valuation
What Really Happened
What Can You Do?
Dirty Deeds Done Dirt Cheap
All We Have to Fear
more...
Contents at a Glance
Latest Developments
True Valuation
What Really Happened
What Can You Do?
Dirty Deeds Done Dirt Cheap
All We Have to Fear
WaMued: The Story - More Info
JPMorgan Destroyed U.S. Financial System
Chapter 11 Court Case
Online Discussions
Reader Feedback
Senators and Others Express Their Thoughts
Links for Further Reading
New Cost of the War in Iraq
History of Developments #4
History of Developments #3
History of Developments #2
History of Developments #1
less...
Latest Developments
1-14-10 Equity Committee Appointed!!!
Equity Committee Appointed
We have succeeded in our efforts. Thanks to all that spent time and money in accomplishing this goal. Sorry I haven't been keeping this site up todate. Been super busy.
6-24-09 The motion for an order Directing a Rule 2004 Examination of JP Morgan has been granted by Judge Walrath. This order gives WMI broad investigative powers into the inner sanctum of JPM. Depending on what they find, this could bode very well for WMI.
Order for Examination
Opinion of Judge Walrath
6-3-09 WMI files Counter Claims against JPM seeking Billions of dollars in damages:
WMI Counter Claims
5-1-09
WMI has filed a Motion to Investigate JPMorgan, and their alleged misconduct. Phrases like 'far below market value', 'premeditated plan', 'designed to damage', 'purchase...on the cheap', 'wrongful conduct', 'sham negotiations', 'misusing confidential information', 'violation of confidentiality agreement', 'unfair advantage', and 'fire sale prices' are in the motion. The motion addresses a Texas suit against JPMorgan seeking Billions of dollars in damages.
WMI Moves for Investigation of JPMorgan
4-29-09
The last 2 days has seen tremendous trading in all WaMu stocks. At one point WAMPQ was trading higher than JPM!
Today's WAMUQ Statistics:
1. 5,400 Trades
2. Over $10M Traded.
3. Volume: 87M Shares.
WAMUQ: .117
WAMPQ: $30.00
4-27-09
WaMu Sues JPMorgan! They are finally going after the $4B deposit!
WMI vs JPM
4-21-09
Part of what happened behind the scenes, hidden from view. Some very powerful men and the havoc they wreaked:
The Goldman Conspiracy
4-06-09
A poster on Yahoo has found the WaMu Tower on Second Ave Title Document. This belongs to one of WMI's wholly owned subsidiaries.
WaMu Tower Title Document
3-25-09
JPM, not to be outdone, has filed suit against WMI and the FDIC. Seems like they are throwing the FDIC to the wolves. The 250 page suit states that they have claims to all things WaMu. Everything has been thrown at the wall to see what will stick. Starting on page 31 they even assert rights to WMI's $3.7B cash deposit at WMfsb. They claim it was a 'bookkeeping' entry.
JPM's Tome of a Suit
3-20-09
WMI filed suit today against the FDIC in a Washington DC Federal Court. The suit claims damages of at least $14 Billion. The suit also lays claim to WMI's equity interest in WaMu Bank. At the time of seizure that amount was claimed to be approx $30 Billion. WMI has demanded a Jury Trial:
WMI Sues FDIC
3-16-09
Indications that the FDIC/JPM will be the targets of litigation by attorneys of WMI fueled a massive run today. WAMUQ up 61% to close at .0475.
Insight from Weil Monthly Application
3-10-09
We have created a new website that consolidates all information about Washington Mutual, the seizure, and is a timeline of the events that happened:
WaMuStory.com
3-3-09
From a shareholders presentation by JPM on 2-26-2009:
"We did a lot of work over a long period of time..really analyzing the company, and then when the deal got done, it happened very very quickly.
Got the call from the FDIC on a Friday (9-19), they came to meet with us on a Monday (9-22), the deal was announced Thursday night (9-25). The deal was announced Thursday night, that night as Mike mentioned Rick raised $11B of capital, and then Friday morning, Todd was in California and Gordon was in California, different places cause uh Irvine vs San Fran.
I was out in ah Seattle, Frank came out to Seattle, J (Dimon) was out in Seattle, the place..you know it was ours the next day..very, you know non traditional transaction with immediate ownership"....."the business was seized by the FDIC" -- Charlie Scharf, Chief Executive Officer of Retail Financial Services.
2-18-09
WMI has apparently filed a motion for contempt against the United States, for not paying the $55M judgement against them:
Reference to Motion for Contempt
2-13-09
Washington Mutual Equity Group: Press release:
Seattle, Wa. 13 February 2009. Shareholders of Washington Mutual Inc.
(currently in Ch11) have united to form the Washington Mutual Equity
Group (www.WaMuEquity.org). Their goal is to ensure that maximum value
of the estate is preserved, that shareholder interests are addressed and
to obtain legal representation in the bankruptcy proceedings. While they
acknowledge that several leading law firms are litigating this matter,
they feel there is no representation focused on the actual owners of
Washington Mutual Inc. -- the shareholders, and that they can provide
valuable input to the proceedings.
One of their concerns is why a $4 Billion cash deposit has remained in a
checking account at JP Morgan for 4 months without adding interest
income to the estate.
A concurrent goal of www.wamuequity.org is to demand a Congressional
Hearing focusing on the circumstances surrounding the seizure of
Washington Mutual Bank. Stockholders claim there are enough questionable
circumstances surrounding the seizure and the sale of the bank to
warrant a complete investigation. Just as Madoff investors are victims
of alleged fraud, Washington Mutual investors feel they are victims of
the inept actions of several regulating bodies, in short, they feel they
are victims of their own government.
There are complex issues involving the FDIC, the OTS, the SEC, JP
Morgan, Goldman Sachs, illegal stock trading, claims of many years of
back taxes, and other banking issues that members of WaMu Equity Group
feel should be investigated with full transparency.
WaMu stockholders are urged to join the group at www.wamuequity.org.
The site encourages registration of types and amounts of stock currently
owned, offers a wide variety of information and collaboration with other
stockholders. Share registration is at no cost, and privacy is assured.
2-9-09
If the court can order the $55 million judgment against the United States be deposited into the registry, and subsequently into a Money Market account, why haven't WMI attorneys fought for the same to be done with the $4 Billion currently residing in a checking account at JPM?
Court Order Re: $55 Million Judgement
2-3-09
A group of equity holders has formed the Washington Mutual Equity Group in order to form, and admit to the Ch11 proceedings, an Official Committee of Equity Security Holders.
Please join the cause, and register your share holdings at their website: Washington Mutual Equity Group
1-27-09
WMI has withdrawn it's motion regarding the $4B on deposit with JPM. What this means is unknown. Maybe there will be some clues at the Jan 29 hearing.
Motion for $4B Withdrawn
11-6-08
Recently a lot of attention has been paid to preferred shares of WMI and they have had significant gains. Preferred shares are first in line, and have precedence over common shares. These could be a very nice investment at this point, and the reward ratio is very high.
WAHUQ - These are Trust shares/units, and are the very first to get paid due to restructuring/liquidation, even before preferred shares. Original value $50. There are only 10,073,595 shares trading. Current Price: $1.40.
WAHUQ shares were not issued directly by WMI, they were issued by WM Capital Trust 2001, as junior unsecured creditors to WMI.
WAHUQ shareholders are subordinate bondholders for WMI. Holders will get paid after senior unsecured debts, and before other preferred shares of WMI. If WMI doesn't have enough assets to pay off WAHUQ the full $50/share, then the other two preferred stocks will get paid nothing.
Many people don't know WAHUQ is trust preferred stock, that means it is subordinate unsecured debt to WMI.
WMI borrowed $436M from the company's trust, and the trust issued and sold 8.7M preferred shares at $50/share for that amount. WMI has to pay back this $436M debt to the trust, then the trust would distribute to shareholders.
WAMPQ - Series R Preferred shares. Original value was $1,000. There are only 3,000,000 shares. Current Price: $1.90
WAMKQ - Series K Preferred shares. Original value was $25. There are 20M shares. Recent price: .125
True Valuation
Please rate this Lens up above! This will help get the word out. Also, if you have links to more information on this ongoing saga, please put them in the Guestbook below. Thanks, z
The original True Valuation has been revised, using what information we now have.
Determining WMI's value is a difficult task, even for the company. They have had limited access to their computer systems, and WMI's and WaMu Bank's assets are commingled to a large extent. JPM and the FDIC are also making claims on various assets. They will have to agree on what belongs to whom, or the judge will have to make decisions on ownership of various assets.
Schedule of Assets and Liabilities
From the Financial Schedules filed on 12-19-08, we have assets of $7.7 Billion and liabilities of $7.8 Billion. The liabilities are mainly bonds/notes that accrue about $75 Million of interest per month.
The assets include over $4 Billion Cash.
JPM paid the FDIC $1.9 Billion for the bank, BUT that money will apparently be used to pay off creditors of the bank, whose balances were not assumed by JPM.
A new asset has appeared due to Net Operating Losses (NOLs) of WMI. These NOL's result in a significant tax break. Current estimates are $20B to $44B.
Assets:(In millions)
$4,485 - Cash and Cash equivalents
$10 - Insurance
$639 - Pension Plan
$743 - Tax Refunds
$84 - Life Insurance
$82 - Accounts Receivable
$110 - Venture Capital Investments (Exact current value undetermined)
$55M - Judgment in Law Suit against United States.
$1,491 - Investments/Stock (Book Value as of 9-26. Current value undetermined)
Total: $7,699
Liabilities (Subject to Compromise):
$6,500M Bonds. None of these are actually due, although it could be argued that they are in default due to the Ch11.
$1,332M - Other (See Financial Schedules)
Total: $7,832M (There are other liabilities as yet undetermined)
Outstanding Common Shares stands at 1.7 Billion shares.
Substantial holders have 884M shares
Trading Float: 816M shares.
There are still many unknowns, but we now have an idea of where we stand.
Analysis of each stock by WaMuRape.org/ WaMuCoup.com:
WaMuRape/WaMuCoup Analysis
Final Thoughts:
If they determine that they have enough assets to continue as a business, they could conceivably withdraw from Ch11.
Bondholders would have to be convinced they would keep getting interest.
WMI would need to start generating enough income to pay that interest, and the dividends on the pfds.
They could buy/start another bank for one. Or move into some other distressed business. Given the current financial climate, it's a buyer's market.
For that matter they could certainly buy stock in depressed firms, especially ones Uncle Sam is supporting/will support....
From the Operating Report, apparently now it is a given that the $4.4 Billion cash is ours. That's a hell of a nest egg.
The company COULD leave the OTC Pink Sheets market and return to the New York Stock Exchange. And the WAMUQ trading symbol would return to it's rightful place as WM.
WMI's Options:
1) Restructure their debt, acquire more income producing businesses (banks) and emerge from Ch11 a leaner, meaner entity. They could buy the old WaMu bank branches that JPM is closing for example. They would have $20 Billion in tax benefits.
2) Merge with another company/bank. As long as the emerging entity retains 50%+ of the existing ownership of WMI (read shareholders), every cent of the $20 Billion NOL's will be available for tax credits.
3) Be bought out by another company/bank. There is a recent new rule that says if a bank/bank holding company is acquired, all NOL tax benefits can be used by the acquiring entity. But there are some issues with this, since WMI no longer has a bank, and is therefore not a bank holding company anymore.
4) Liquidate. They would lose the $20 Billion value of the NOL's in that case. Hopefully this is not an option that is being considered. For one, we are in Ch 11 (restructuring) not Ch 7 (liquidation).
Updated Subsidiary Information:
Complete List of Subidiaries
Sources:
Court Documents from KKC Consultants
Pacer: http://pacer.psc.uscourts.gov/
PinkSheets: http://pinksheets.com/edgar/GetFilingHtml?FilingID=6093324
What Really Happened
WAMU, JP Morgan Chase, and the FDIC - Who exactly is looking out for you?
Question: Why was WaMu seized, when the Federal Reserve Bank of San Francisco was still giving them credit? - Amended Declaration of Stewart Landefeld
Nutzworld.com - How the Government Failed America
While the markets were closed, and the Chairman of Washington Mutual was on a flight from New York to Seattle, the largest theft in US history took place. Although there has been negative news about the financial stocks for the past few months, including Washington Mutual,the FDIC and Washington Mutual repeated assurances that the bank was in good shape through 2010 over and over and the fact that WaMu met it's daily requirements. If that is the case, the seizure and immediate for pofit sale of WAMU to JP Morgan Chase raises many questions.
This isn't so much about the failure of WAMU, as that may have happened eventually anyway, but suddenly the FDIC has become a for profit institution taking over and selling off a company for 1.9 Billion dollars. This is unprecedented in many ways, and in many ways probably illegal. The shareholders own WAMU, not the FDIC. Yes, the FDIC regulates banking, however shareholders own the company. WAMU could have literally gone bankrupt and sold off chairs, computers, land etc and shareholders would have received some portion of compensation. In this seizure, Chase gets the assets and deposits at a bargain, the FDIC gets 1.9 Billion dollars and shareholders get nothing. It is literally something you might think would happen in Nazi Germany, not the United States.
It seems as if these failures are following a pattern that we are seeing over and over. First, short sellers work to smear the bank's reputation. Major media outlets join the fray. Analysts downgrade. Ratings agencies follow with downgrades. Cost of insurance skyrockets creating self-fulfilling prophecy. The Bank forced to come up with reserve capital to please ratings agencies. Dilution of shareholder equity at sale prices. Share price falls further triggering more downgrades from above-mentioned entities. The Media really starts to salivate now and creates all kinds of instability with doom and gloom, and seem outright gleeful about it. Then institutions and high net worth individuals begin pulling deposits out of the targeted bank. Further ratings agencies downgrades. The media then creates a self fulfilling prophesy with constant reporting of doom and gloom and individuals also pull their money out of the targeted bank. Then the FDIC having all the ammunition it needs steps in and seizes the bank assets and sells them to whoever they are in bed with that week.
Basically the government decided that they liked JP Morgan Chase so much as an institution that they would gift them this company.
It's worse than that though, last week Goldman Sachs upgraded WM to hold knowing all of this was going on. Serious misrepresentation of the facts. The story told to the public was that Goldman was supposed to be brokering a sale. This at the expense of average Americans. Sure there are a lot of institutions that owned shares in WAMU, but there are an incredible amount of average Americans who had large portions of their retirements tied up in WAMU stock. Without that upgrade, many may not have kept the stock through this trouble. Some are now threatening suicide. Families are breaking up. People have lost everything. How can the American public not be safe investing in an American Bank. A bank that owns assets, that had a large deposit base and that stated it could sustain life until 2010.
That doesn't even begin to mention that by next week the whole dynamics of WM could change for the better with the government bailout coming. Stock could have increased in value once the toxic paper was taken from WM. More liquidity would have been available. The 2010 deadline would be extended to many more years once the toxic paper was removed. This was not a bank in trouble in any of the standards that have been repeated over the last eighty years.
You really want to get upset about it, take a look at the aftermarket trading volume. Before any of this was announced, there were three very large trades in the early aftermarket, in a three minute period totaling almost 13 million shares. The FDIC and the markets allowed someone to get inside and make away with some 12 million dollars. Nasdaq Screen Shot There is no way that trading should not have been suspended before this was allowed to happen, just another case of corruption and manipulation by the government and large institutions.
Possibly the most damaging could be what this could do to the American psyche as a whole. The corruption in the system has just killed the morale and spirit of many people. They have no trust in Wall Street, the financial system, politics and the future of America! Corruption, short selling, manipulation of stock, and abusive ratings downgrades are all responsible for bringing this company down to the point that this could happen, and then a corrupt government agency cherry picked a bargain for their buddies at JPMorgan who get a huge upside. The FDIC facilitated a transaction that was so corrupt and damaging words cannot properly describe it.
In the end, it is the system as a whole that will lose, as the average American can no longer trust not only it's banking industry, or Wall Street, but apparently it's government anymore.
What Can You Do?
Buy shares of WAMUQ (Common Stock), or one of the preferred stocks - WAMPQ, WAMKQ, or WAHQE, AND make your voice heard.
But most important: Spread the Word.
- Put an announcement in Craigs List (It's Free). In your announcement, tell other people to re-post it on Craigs List.
- Email your friends
- Contact everyone else you can think of
Just pass on the link to this Lens! (www.WaMu411.com or www.Squidoo.com/wamuq)
Let's make this a MOVEMENT.
Why?
Because as of 10-6-2008, the price is $0.139 (it has declined to .05 as of 11-28-08), and there are compelling reasons to believe that the price will move higher.
The outstanding shares are at 1.7 Billion. From 9-29 to 10-6, the total shares traded was 2.213 Billion, and she continues to trade over 100M shares daily.
That means the entire OS has been traded 1.3 times over. This indicates tremendous interest in this stock. Interest generally indicates share price increase.
Current estimates put the float at 1.4 Billion shares.
News of this undervaluation is spreading across the world, with many people buying shares.
If the share price increases, the value of WMI will increase, giving us a better chance to recover our portfolio value.
If you DO buy shares, make sure you lock in your profits by selling a portion, then let the rest ride.
Open a stock brokerage account:
Zecco (Free Trades)
TD Ameritrade
=====================================================
Other things you can do:
The most powerful thing you can do is contact your Congressional Representatives and Senators:
On the website below, put your Zip Code in the upper right to find them. Then spend just a few minutes to make your voice heard.
Congress Contacts
=====================================================
On Tuesday, 10-7-08, a small bond holder of WaMu filed a letter with the court. If more people did this, it would help keep the focus on the many that are suffering. A copy of that letter is in the Documents section.
Anybody can file documents with the court.
US Bankruptcy Court - Delaware
=====================================================
The following group has resources for making your voice heard. They have open letters that you can send to the government, the FDIC, Members of Congress, etc:
WaMu Shareholder Resources
Other Organizations/Websites:
WaMu Rape
WaMu Coup
Washington Mutual Giveaway
Dirty Deeds Done Dirt Cheap
By Daniel Wood, From:
http://www.wamu-shareholders-resources.com/
1.) It seems odd that of both of the only two institutions responsible for preventing bank runs, they both exploited this responsibility, by pre-emptively seizing WaMu on the slim chance a real bank run would ensue, and that these same two institutions are also the beneficiaries of the plundered WaMu. The FDIC didn%uFFFDt have to risk spending a dime of its reserves or borrowing on its credit with the treasury, while paid to insure deposits and the Federal Reserve/JP Morgan Chase now owns WaMu and paid a pittance for it. Could you explain?
2.) The 26% of WaMu%uFFFDs float that was short, about 429,000,000 shares, never covered, as required. Why has nothing been said about this? Were the banks that were attending the secret meetings held by the FDIC leading to the sale and seizure of WaMu, also shorting WaMu? Will these banks, if short, be prosecuted for insider trading? Is anyone investigating this?
3.) JPMorgan Chase is a major stockholder of the Federal Reserve, and JPMorgan Chase CEO Jamie Dimon sits on the board of the Federal Reserve Bank of New York. The Federal Reserve provides liquidity through its Federal Funds program for the banks. A bank failure as large as WaMu most certainly required contact and discussions with The Federal Reserve. WaMu was seized for lack of liquidity, and then JPMorgan Chase buys WaMu at a secret auction. There seems to be huge totally self serving agenda here, from which tens of thousands of WaMu investors got financially raped and murdered. Will there be an FBI, Justice Dept. or Congressional investigation?
4.) On Sept 11, 2008 WaMu announced it had $50 billion dollars in liquidity. On September 25th it was seized for a bank run totaling $16.7 billion. Was the seizure necessary when they still had $33.3 billion dollars in liquidity and the bailout meetings were already well underway? Wouldn%uFFFDt WaMu have survived without a problem through the bailout meetings and then like the other banks have been shorn up by the bailout. Why the seizure and immediate firesale on just this bank?
5.) The FDIC told the auction participants three weeks before the seizure that they anticapated seizing the bank and having an auction. Partly this would be so they could begin the secret review of WaMu's assets, using the material supplied by WaMu to the FDIC, and to arrange their bid and the finances to support it. JPMorgan Chase for example then contacted ten other parties to arrange financing (1). Surely the other firms did likewise. Hundreds of people on Wall St knew the deal was going down. Not only does this suck the wind out of WaMu's own efforts to find a buyer, as all the main interested parties know a better deal - a seizure and auction are in the works, but it makes it look as if something is wrong with WaMu as there are no takers. Worst none of this was disclosed to investors, and many people bought the stock in those three weeks. This stab in the back double cross by the FDIC, and the auction participants is totally unethical, and the FDIC knew this full well and should have made certain the shareholders were compensated in the deal. Instead they ignored their deception and let innocent shareholders get crushed by their diabolatry. This is abuse of government power, the FDIC suckered, double crossed, and then stabbed in the back, by essentially stealing the bank, WaMu and it shareholders, and then immediately passing it to JPMorgan, all late in the night, and answers to no one for doing it. Is this how America treats it citizens. The WaMu shareholders deserve reparations just as much as those who had their assets seized from banks during WWII. Will Congress seek a bill to correct this inhumane injustice?
6.) Per the presidents ban on short selling, all shorts had to be covered by the close of Wednesday September 24th. The short positions never covered in WaMu. At the time, the scheduled date for the completion of the bailout meetings was Friday September 26th. Wamu was scheduled to be given new life blood, or liquidity, from the bailout. This would relieve depositors fears and satisfy buyout customers need to know questions on WaMu%uFFFDs asset values, and thus make the sale of WaMu a certainty. A rumor was leaked on Thursday September 25th that the OTS/FDIC decided necessitated an immediate seizure of the WaMu bank. The seizure saved and protected the 429,000,000 million uncovered short shares from scrutiny. It also destroyed all plans for due process and an organized sale of WaMu, and subsequent compensation due to the shareholders. It is amazing how lucky well connected millionaires can be. Do you really expect us to believe this? Have you ever deliberately started a rumor?
7.) The Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA 1991), in SEC. 141. LEAST-COST RESOLUTION, subsection 4Gi (Sec 141/4Gi) says that with the appropriate votes from the Board of Directors from both the Treasury and the Federal Reserve %uFFFDthat to avoid Systematic Risk the Corporation (FDIC) may take other action or provide assistance under this section as necessary to avoid or mitigate such effects%uFFFD. In other words the FDIC does not automatically have to take the course of the bare bones least-cost resolution, if it will cause economic disruption, although this is still exactly what they chose to do with WaMu.
Did you really think that back stabbing and seizing the largest thrift in the country and sixth largest bank, late at night, in the middle of bailout resolution discussions, and in anticipation of a buyout merger resolution, destroying all shareholder wealth, in a time of economic crisis, and then pawning it off for pennies on the dollar, was not going to cause systematic risk? Really really really? Were you possibly so blinded by the money you would make, and the money that you would save, that you ignored the systematic risk?
More: http://www.wamu-shareholders-resources.com/
All We Have to Fear
All We Have to Fear
by Dale Spencer
Google Post by Dale Spencer
The collapse of Washington Mutual has been labeled as the biggest
banking failure to date. In the wake of its collapse people have been
asking what exactly went wrong. This question has been deafened by
the resounding noise of the recent stock market crash. Perhaps at
first glance the answer seems obvious. Washington Mutual allegedly
held a large portion of toxic debt such as the option ARMs and sub-
prime loans we have come to despise. This wraps up the Washington
Mutual story in a nice tidy bow and we may now busy ourselves with
larger concerns such as the impending recession. However, if we dig a
little deeper into the story we may find a chilling tale of federal
corruption that begins with Washington Mutual and Lehman Brothers and
ends with a stock market going belly up. Unfortunately, the tale of
woe does not end there for the American people. We are left to pick
up the pieces.
You may have asked yourself why the market would crash after the
government approved nearly a trillion dollars in bailout money for the
financial market. A cynic might answer that the government doesn't
know how to fix things and that Wall street knows this. I think
there's a bit of a cynic in all of us when it comes to the government
and it's easy to accept such an argument. However, it appears
increasingly likely that the market crash was due in no small part to
the collapse of both financial giants Lehman Brothers and Washington
Mutual. The reason may seem cryptic to the average investor.
Although, it is something that we are all familiar with and is
fundamental to any relationship or business transaction. Trust is the
necessary ingredient. Once trust is replaced with fear all bets are
off. We saw the power of fear amplified during the Great Depression
and the spectacular collapse of the stock market in 1929. President
Roosevelt and his advisors knew the necessity of trust. They knew
that fear was the cause. The administration sought to remove fear
from the public with his fire side chats. The government sought to
put trust back into the system with agencies such as the FDIC. That
trust suffered a terrible blow when the government stood by and
watched two giants fall as their competitors engineered their demise
through the aid of their political connections.
Trust also suffered a serious blow when the FDIC overstepped its
authority and seized Washington Mutual. The details of this seizure
have been a matter of speculation and the subject of an FBI
investigation. Many shareholders believed that the FDIC acted
prematurely given the forward looking 3rd quarter statement by CEO
Alan Fishman. Reportedly Washington Mutual had access to over 50
billion dollars in capital and enough liquidity until 2010 according
to outside analysts. This analysis was just days before the seizure.
The news came as shock to the CEO as well. Fishman was informed after
the fact while in transist. Several new pieces in the puzzle have
come to light as a result of the bankruptcy case filed by Washington
Mutual, Inc. It is clear that JPMorgan Chase received notification of
the OTS's and FDIC's intent a full 3 weeks before the seizure.
Washington Mutual never had a hope in a legitimate sale. The
competition could undercut any bids and wait for the seizure.
Apparently the seizure was a forgone conclusion. According to sworn
statements released October 28th, 2008 to the district of Delware's
bankruptcy court Washington Mutual was in fact well capitalized.
OBJECTION OF THE WMB NOTEHOLDER GROUP TO MOTION OF DEBTORS
PURSUANT TO
SECTIONS 105(a), 361, 362, and 542(b) OF BANKRUPTCY CODE SEEKING
APPROVAL OF A STIPULATION AND AGREEMENT CONCERNING DEPOSIT
ACCOUNTS AT
JPMORGAN CHASE BANK, NATIONAL ASSOCIATION.
"Although it has been termed the largest thrift 'failure' in
United
States history, WMB had capital in excess of the regulatory
standards
for 'well capitalized' institutions and was unquestionably
solvent on
a fair valuation basis when the OTS pulled the plug. Even more
remarkably, WMI had access to very substantial capital at the
time ..."
They continue to assert that the OTS was afraid (oops here we go with
fear) that despite being well capitalized that the FDIC would have to
cover the deposists they insure if things got worse. This sounds a
lot like the behavior during the Great Depression. Fear of the future
can be a powerful thing. Except in this case the very institution
that was created to alleviate fear was the biggest culprit of all.
The FDIC seized Washington Mutual out of fear and betrayed the very
mandate that they serve. They are there to protect us from fear; not
inspire it. Sadly, the failure of Washington Mutual may have well
been avoided. The problem they experienced was a withdrawal in large
deposits. The financial bailout approved only days later may have
reasured depositors. Something was needed besides the FDIC cowering
in fear over their budget. Public statements about their budget of
$46 Billion not being adequate to cover Washington Mutual's $300
Billion only served to spread that fear. It undermined the confidence
of the uninsured and insured alike.
The aftermath should have been expected. People with more money than
your or I can imagine lost their trust on that day. The institutions
themselves didn't just collapse. All the infrastructure connected to
these institutions came crashing down. Hind sight is always 20/20.
And despite that fact there will probably never be a conensus on what
the government's role should be. However, one thing is certain.
Negligence and corruption by the OTS and FDIC are not forgiveable.
The current FBI investigation is undoubedtly a dog and pony show. The
investigators involve the very organizations that should be the
subject of investigation. Despite all of my anger at this injustice I
chalk it up to an expensive lesson. Agencies like the FDIC are not
properly regulated and will continue to abuse their power as they have
in the past. I have come to realize that if a giant like Washington
Mutual can be systematically dismantled and made the patsy that my
civil rights are like dust in the wind. In the modern age of smart
guided warfare a precision strike against individuals raises less
alarm. This type of corruption festers under our noses and all we
have to fear is is fear from within.
By Dale Spencer
WaMued: The Story - More Info
The following is an excerpt from "WaMued - The Story", by Daniel Wood:
http://www.wamu-shareholders-resources.com/
JP Morgan Chase is one of the primary stockholders of the Federal Reserve Corporation. JPMorgan Chase owns a large piece of the Federal Reserve Corporation. It is the Federal Reserves job to insure that its member banks have the liquidity to transact business. The member banks borrow and lend among themselves electronically every night to keep each other liquid. If need be they can borrow directly from the Federal Reserve.
The FDIC was in a jam in that if WaMu was deprived of funds from the Federal Reserve and a bank run insued the FDIC would not be able to cover the insured deposits. JPMorgan Chase could tell the Fed Reserve to starve WaMu of liquidity and the FDIC would be bankrupt.
JPMorgan Chase had tried to buy WaMu months earlier and had been rebuffed. They now had a way to steal WaMu. They carried out the plan. The words Toxic Paper and Toxic Debt suddenly were all over the newspapers and the internet. Fear mongering was in the works. The fact that the FDIC could not make good on its insurance liabilities was well advertised.
Though Congress may authorize funds at some point to make the FDIC solvent, accounts over $100,000 would lose everything above $100,000. These accounts read the writing on the wall and began silently electronically removing their funds. As mentioned the Federal Reserve inspectors would be on hand to witness this day by day. WaMu's liquidity was being drawn down.
Did the Federal Reserve step in and loan them this liquidity as the system is set up to do for just these such type of incidents. No they did not. This all occurred as the congressional bailout meetings were beginning. Once the bailout was completed, WaMu's bad subprime loans would be swapped out for good government paper, maybe at 100%, maybe at a discounted level, maybe at market level. WaMu's improved condition would make it much more expensive to purchase in any case after the bailout then before.
JPMorgan Chase played its hand. It influenced the Federal Reserve, which it owns a major piece of, to not provide liquidity to WaMu. There was a lot of hype about the FDIC's inability to pay depositors in event of WaMu%uFFFDs failure. If they couldn't pay WaMu depositors, the FDIC couldn't pay anyone and a 1929 bank panic could ensue.
The Federal Reserve watched as the money ran down in WaMu and then did secret backroom sweetheart deals with the FDIC wherein it was decided the OTS would seize WaMu for lack of liquidity give it to the FDIC who would sell it cheap to them. The FDIC would be saved from all its insurance claims. JPMorgan Chase would get the WaMu bank it wanted so badly, and WaMu's parent company Washington Mutual Inc shareholders and debt holders would have to eat a total loss.
If JPMorgan Chase had major short positions it had not covered, when the stock collapsed, it could cover or it may just have been able to hide the fact. As congress discussed the bailout on September 25th, and after regular market hours, the OTS seized control of WaMu, and sold it to JP Morgan Chase. (Edit. For $1.9 Billion)
Note: WaMu Net Worth at time of sale to JP Morgan was about $52 Billion.
=====================================================
From a post by Blind Bus Driver.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=32644102
Summary Assessment:
It's really complicated!
There is an obvious trend afoot here. WaMu is 4th is a series of high-profile institutions to "fail" (by regulation). In each prior case the company had weeks, if not months, to sell off assets to raise cash and avert the problem. But none of them did anything like that. They just continued to be in denial and pander to the public with statements that there was no problem, FOR THEM. Until it was too late. The Fed is the cause of this, and NOT the insolvancy of these institutions.
In each case, the Fed regulators stepped in and took over, and sold assets. They had this stupid "Mark to Market" rule that gave them the right to do that. And in each case they also confiscated "the books". And now the courts are involved. And the many lawyers are just loving this. After the Fed makes its initial move I doubt any more assets will be sold until the dust clears, many months from now. This is turning into a gigantic political scandle and swindle, and WaMu is just one victim.
From the most recent press release it sounds like there is official acknowledgement that the $5B on deposit at the former WaMu bank, now JPM bank, does IN FACT, belong to WaMu Holdings. And THAT is a direct benefit to we shareholders. From my viewpoint that was the most important issue for us.
The $5B is safe where it is for now, in a bank. But WaMu is pushing for actual re-possession of the money; a withdrawal. So what would WaMu do with it if they got it back? Put it into ANOTHER bank. Or maybe start another bank to put it into. I don't think they really NEED the money right now for any specific operational purpose.
It looks to me like WaMu is trying to get the money back in order to do some real physical damage to JPMorgan. And rightfully so. From my viewpoint there is some real heavy duty "hanky panky" going on behind the scenes; corruption at a very high level involving the Federal Government. It looks like there are going to be at least two major law suits filed against JPMorgan. This is going to turn into a magnificent "soap opera" that will be entertaining for a long while. But I don't think it will affect OUR SITUATION much going forward.
Now that WaMu's ownership of the $5B seems to be settled, What's left to be done? WaMu needs to get their records back so they can determine the value of what they still own. THAT will translate directly into a valuation for each share of WaMu stock. That is what we, as shareholders, want to know. Right? I think the $2+ estimate is in the ball park.
As far as the BK goes, that could be discharged at any time at the discretion of WaMu, whenever they feel they no longer need the Ch11 protection. The BK was voluntary to start with and can end quickly with the filing of one court document.
As far as we know, WaMu's assets exceed their debts by several multiples. So paying off their creditors is really not a big issue. We just don't know the financial details. As the info becomes available the stock price will be adjusted, higher and quickly. That is, barring any unforseen bad circumstances developing.
The damage has already been done to WaMu. I really don't anticipate any more bad news. But I do see a lot of bad news forth coming for JPMorgan. From what I understand, the Wall Street "smart money" is gobbling up these WaMu shares and buying PUTS on JPMorgan that has a relatively high PPS right now.
I am not sure if that arbitrary restriction against shorting the 500 financial institutions has been recinded. But when it is removed- watch out! I have heard that there are another thousand banks across American that can be put into failure mode by the Fed. The question is, will they do it?
For WaMu shareholders, we are "ready to launch and the countdown has begun".
====================================================
Did JP Morgan / Chase get the short end of the WAMU deal?
From EESA2008.com
http://www.EESA2008.com
October 2nd, 2008
Persistent rumors are reporting that JP Morgan's much questioned acquisition of certain Washington Mutual assets may not have been the sweetheart deal they were expecting. In question appears to be about $5 Billion in cash that may not have been included in the assets acquired in the deal. In a way it would pretty much serve them right if it turns out that they come up $5 Billion short due to the coordinated manner in which they used the FDIC to wipe out Washington Mutual shareholders and pay just pennies for WAMU assets including the over 2,000 physical WAMU locations which alone should have been valued at more than the entire price paid.
Considering that this $5 Billion is in actual cash, not illiquid assets, it could impact JP Morgan's ability to operate particularly now that they have the responsibility to maintain the operations of the newly acquired WAMU sites. Additionally, it would make sense that the $5 Billion was not included in the purchase, even if they mistakenly thought it was, since they only paid $1.9 Billion.
Could this cause a run on JP Morgan / Chase / WAMU deposits? Who knows. Could this $5 Billion in the remaining WAMU's hands be utilized to restart and expand some of their (now significantly smaller and leaner) operations? Who knows. But several smart investors are closely watching this situation as it develops with an eye to buying JP Morgan / Chase Puts and WAMUQ shares since the former is trading high and WAMUQ is down around 10 cents. Either trade could be where the smart money goes tomorrow since it appears that the rest of the market will likely be unpredictable while the House is deciding whether or not to pass EESA.
JPMorgan Destroyed U.S. Financial System
Welcome to the Future
Insider look at Criminality, Deception and Corruption in the current financial system.
From: JP Morgan - Monster, Goldman Sachs - Harlot
The tag team of JPMorgan as the monster and Goldman Sachs as its harlot represent a powerful pair that is more responsible for destroying the entire US financial system than 95% of the American public has any awareness. The colossus of JPMorgan is a monster, a predator, nurtured by pond scum. It has gobbled up Chase Manhattan, Manufacturers Hanover, Chemical Bank, Bank One, and more over the past two decades. Their profound presence in keeping the USTreasury Bond yields down can never be understated. They do so by managing 85% of the credit derivatives on the planet. They distorted usury prices, as in price of borrowed money, thus aggravating the LIBOR (London InterBank Offered Rate) market in a very visible manner.
The oblong usury prices have contributed mightily to the destruction of the US Economy itself, created bubbles, killed jobs, and wrecked savings. The ugliest hidden activity for the JPMorgan monster is to manage the Bank of Baghdad, where they manipulate the crude oil price, where drug trafficking money is funneled from Afghan sales, under management by the US Military aegis (guys with no uniform stripes or markings). Maybe such illicit money offsets Credit Default Swap losses, making America strong for freedom and liberty. Goldman Sachs is clearly the investment banking agent for the USGovt, given the privilege of insider trading in unspeakable proportions.
They manage the Plunge Protection Team efforts to intervene in financial markets, making America strong for freedom and liberty. The new kid on the block is the FDIC. The Federal Deposit Insurance Corp is steering fresh meat into the corralled JPMorgan stockyards for slaughterhouse feeding. The label of harlot might be too kind, especially from the perspective of senior bond holders. But JPMorgan requires fresh meat (capital) periodically, thus making America strong for freedom and liberty. Never mind the fires caused after its hearty meals and flatulence....read more
Chapter 11 Court Case
U.S. Bankruptcy Court, District of Delaware, Case 08-12229
You can see court documents at the Kurtzman Carson Consultants site:
Kurtzman Carson Consultants
You can also follow the case by opening a Pacer Account. It's Free, but you will have to pay 8 cents for every page viewed: Pacer - Federal Filings
Pertinent developments will be reported in the Latest Developments section above.
Online Discussions
These are links to ongoing discussions (Forums) on WAMUQ:
Investors Hub (Over 140,000 Members)
Yahoo
WaMu Rape
Google
Raging Bull
Reader Feedback
submit Reply
SquidooKimberly Oct 2, 2009 @ 4:32 pm
Some photos, graphs, and all around color would be great for the less stock-savvy of us. Reply
Chas Apr 4, 2009 @ 1:03 pm
It's my understanding that the WMI lawyers have requested a Jury Trial. I hope that they (Weil, Gotshal & Manges) get it and examine (under oath); Paulson, Bair, OTS Officials & Dimon. I expect them to go for triple damages when it's proven that the FDIC gifted more than the "whole bank" to JPM(c) (Providian for example). I'm not a lawyer but it's obvious to me that JPMC's recent Proof of Claim was a joke and a mockery of Judge Walrath's order.
It's that simple folks - FDIC/JPM wants you to believe all was well with the fire-sale of WAMU but the truth is: The FDIC has no idea what they conveyed to JPM and JPM while on one hand says they paid fair value for the assets of WAMU and their purchase of WAMU brought great relief to JPM and its shareholders (you'd have to read JPM's Shareholders PR), JPM contradicts itself in its own pleadings to the court saying that if there is a reversal of sorts - JPM stands to lose Billions (with an s) not 1.9 Billion%u2026
I want that jury trial! Reply
Dire_DAve Mar 30, 2009 @ 8:33 pm
What about "FDIC Says Former Parent Left WaMu Short Of Capital"?
http://www.smartmoney.com/news/ON/?story=ON-20090330-000604-1945 Reply
kristianjackman Mar 10, 2009 @ 10:59 am
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Senators and Others Express Their Thoughts
Senator Maria Cantwell, Representative Marcy Kaptur, Bill O'Reilly, etc.
Index of YouTube Videos by Daniel Wood:
YouTube Index
SENATORS AGAINST THE BAILOUT: Maria Cantwell (D-WA)
by jaralero | video info
18 ratings | 2,546 views October 1, 2008, U.S. Senate. A vote is taken on the infamous bailout bill (H.R. 1424), "a bill to provide authority for the Federal Government to purchase and insure certain types of troubled assets for the purposes of providing stability to and preventing disruption in the economy and financial system", ...and to steal from American citizens. 25 honest Senators voted NO BAILOUT, I'm uploading the speeches given by five of them. - Senators Against the Bailout: Maria Cantwell (D-WA) http://www.youtube.com/watch?v=3J2R9HKXRVw - Senators Against the Bailout: Bernie Sanders (I-VT) [1] http://www.youtube.com/watch?v=DRsikjj5b7U - Senators Against the Bailout: Bernie Sanders (I-VT) [2] http://www.youtube.com/watch?v=cIYs1h8pa7g - Senators Against the Bailout: David Vitter (R-LA) http://www.youtube.com/watch?v=0hsTy_gS8hM - Senators Against the Bailout: Jim DeMint (R-SC) http://www.youtube.com/watch?v=6uxFi9dRuWc - Senators Against the Bailout: Richard Shelby (R-AL) [1] http://www.youtube.com/watch?v=0dLnr-sjX9g - Senators Against the Bailout: Richard Shelby (R-AL) [2] http://www.youtube.com/watch?v=ahVQCCsoK24 74 Senators (39 Democrats, 34 Republicans, 1 Independent) voted YES (60 Yea votes needed) CRIMINAL SENATORS SUPPORTING THE BAILOUT Akaka (D-HI), Yea Alexander (R-TN), Yea Baucus (D-MT), Yea Bayh (D-IN), Yea Bennett (R-UT), Yea Biden (D-DE), Yea Bingaman (D-NM), Yea Bond (R-MO), Yea Boxer (D-CA), Yea Brown (D-OH), Yea Burr (R-NC), Yea Byrd (D-WV), Yea Cardin (D-MD), Yea Carper (D-DE), Yea Casey (D-PA), Yea Chambliss (R-GA), Yea Clinton (D-NY), Yea Coburn (R-OK), Yea Coleman (R-MN), Yea Collins (R-ME), Yea Conrad (D-ND), Yea Corker (R-TN), Yea Cornyn (R-TX), Yea Craig (R-ID), Yea Dodd (D-CT), Yea Domenici (R-NM), Yea Durbin (D-IL), Yea Ensign (R-NV), Yea Feinstein (D-CA), Yea Graham (R-SC), Yea Grassley (R-IA), Yea Gregg (R-NH), Yea Hagel (R-NE), Yea Harkin (D-IA), Yea Hatch (R-UT), Yea Hutchison (R-TX), Yea Inouye (D-HI), Yea Isakson (R-GA), Yea Kerry (D-MA), Yea Klobuchar (D-MN), Yea Kohl (D-WI), Yea Kyl (R-AZ), Yea Lautenberg (D-NJ), Yea Leahy (D-VT), Yea Levin (D-MI), Yea Lieberman (ID-CT), Yea Lincoln (D-AR), Yea Lugar (R-IN), Yea Martinez (R-FL), Yea McCain (R-AZ), Yea McCaskill (D-MO), Yea McConnell (R-KY), Yea Menendez (D-NJ), Yea Mikulski (D-MD), Yea Murkowski (R-AK), Yea Murray (D-WA), Yea Nelson (D-NE), Yea Obama (D-IL), Yea Pryor (D-AR), Yea Reed (D-RI), Yea Reid (D-NV), Yea Rockefeller (D-WV), Yea Salazar (D-CO), Yea Schumer (D-NY), Yea Smith (R-OR), Yea Snowe (R-ME), Yea Specter (R-PA), Yea Stevens (R-AK), Yea Sununu (R-NH), Yea Thune (R-SD), Yea Voinovich (R-OH), Yea Warner (R-VA), Yea Webb (D-VA), Yea Whitehouse (D-RI), Yea 1 Senator Not Voting: Kennedy (D-MA) 25 Senators (9 Democrats, 15 Republicans, 1 Independent) voted NO SENATORS WHO STOOD UP AGAINST THE BAILOUT CRIME Allard (R-CO), Nay Barrasso (R-WY), Nay Brownback (R-KS), Nay Cantwell (D-WA), Nay Bunning (R-KY), Nay Cochran (R-MS), Nay DeMint (R-SC), Nay Crapo (R-ID), Nay Dole (R-NC), Nay Dorgan (D-ND), Nay Landrieu (D-LA), Nay Johnson (D-SD), Nay Inhofe (R-OK), Nay Enzi (R-WY), Nay Feingold (D-WI), Nay Nelson (D-FL), Nay Roberts (R-KS), Nay Sanders (I-VT), Nay Sessions (R-AL), Nay Shelby (R-AL), Nay Stabenow (D-MI), Nay Vitter (R-LA), Nay Wicker (R-MS), Nay Wyden (D-OR), Nay Tester (D-MT), Nay http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=110&session=2&vote=00213
curated content from YouTube
Links for Further Reading
WaMu Chapter 11 Filing
The actual Ch11 filing in the Delaware Bankruptcy Court.
WaMued - The Story
Behind the Scenes by Daniel Wood.
Court Documents
Kurtzman Carson Consultants
Pacer: Bankruptcy Court Proceedings
You will need a Pacer account to read these. It's free, however, you will be charged 8 cents for each page viewed.
Latest 10Q Filing
WaMu current 10Q filing with the SEC
Story of WaMu - Fairy Tale
Short Fairytale about the WaMu family.
SEC Financial Filings
All filings of WM, from Pinksheets.com.
Extensive Research
Compiled by Daniel Wood: Lots of links detailing both this and other shenanigans by the OTS and FDIC. One bank even sued the FDIC and won!
Washington Mutual Sucks . org
People post their stories about WaMu.
New Cost of the War in Iraq
History of Developments #4
1-29-09
At the court hearing today, JPM's request for an extension to file any claims they may have was overruled, as Judge Walrath granted WMI's motion to set the claim bar/deadline date.
Interesting analysis from mordicai on the InvestorsHub.com forum, with regard to JPM wanting to extend the claim filing deadline:
It shows JPM is between a rock and a hard place. JPM has two choices, to file/resolve its claims within the FDIC receivership or file a claim in bankruptcy.
But if it files its claim in bankruptcy it admits the bankruptcy court has jurisdiction over those disputed assets which JPM may have otherwise acquired by the receivership, which in itself is an admission that those disputed assets are the property of the debtor holding company, otherwise the bankrupty court wouldn't have jurisdiction.
So the question is then, why doesn't JPM want these disputed assets to be resolved within the context of the receivership jurisdiction? IMHO its because the fdic screwed up and has to protect its own backside at the expense of JPM.
The fact that the exhibit was missing on the agreement shows that the agreement may not be enforceable because it is too indefinite. JPM and the FDIC may fix this by agreeing after the fact what the exhibit included and didn't include, but if the FDIC does this , then it is on the hook to indemnify JPM for those assets it cannot deliver title to JPM.
So it is better for FDIC to say sorry JPM we didn't sell that to you. IMHO this means the sale to jpm has to either be unwound, or the issues over the disputed assets has to be resolved by payment of money to the holding company or buy the holding company out.
The holding company has pointed out that JPM as a creditor or a potential creditor of the estate, does not have standing to object to the bar date. The holding company has thus put the fdic and JPM into a deadline dilema ( by the bar date) to get an agreement worked out between the fdic/jpm and the holding company.
Moreover, we have verification that the holding company has filed a claim within the receivership the size of which had to spook both the FDIC and JPM. The fact that JPM's lawyers filed an objection to the bar date when JPM had no right to do so by the local rules, shows just how desperate JPM's situation is. Tic tock. All jmho.
History of Developments #3
1-26-09
WMI has responded to the objection by JPM to extend their time to file any claims against the estate. WMI says that JPM has no standing in the case to object, and that the deadline for filing claims should be carried without a hearing.
In their statement WMI states that JPM has no excuse for not filing claims on time, since they are in possession of WMI's records. Read it. It'll make you chuckle:
WMI Response to JPM
1-22-09
WMI won a $55M judgement against the United States. They have not as yet paid, and instead are using various delaying tactics, one of which was a 'setoff' motion filed by the IRS to (presumably) put a hold on the $4B on deposit at JPM. WMI has just filed an objection to that motion. It's turning into a real dog fight now.
Isn't it ironic that when the IRS/US Government is owed money, they come down hard on the debtor, yet when the shoe is on the other foot, they don't want to pay.
The Creditors Committee, the Noteholders Committee, Centerbridge Partners, and Appaloosa Management have all joined WMI in objecting to the IRS motion.
WMI Objection to IRS Setoff Motion
WMI has objected to a claim by the IRS for some $2B in back taxes (which have yet to be assessed). They have argued that they will be entitled to a very substantial refund when all is said and done.
WMI Objection to IRS Claim
3 more attorneys (from one of the best law firms in the world, Sullivan & Cromwell) have appeared representing JPMorgan. This brings the total to 7. JPMorgan has also filed a limited objection, asking for more time to file proofs of claim, which illustrates how entangled the affairs of WMI and WaMu Bank are.
The situation boils down to each party (JPM or WMI) wanting to lay claim to any assets where the ownership is unclear, and at the same time wanting the other party to be responsible for any liabilities where again the responsible party could be argued. Some of these disputes will require litigation to resolve, and add immense complexity to the proceedings.
These issues make it difficult to determine the actual financial condition of WMI.
They also explain the missing Asset/Liability section 3.1a, of the Purchase and Assumption agreement between the FDIC and JPM: They didn't have a clue as to what to put on it.
There is some speculation that JPM may make an offer to buy WMI, to save itself years of litigation with regard to these disputed assets/liabilities.
JPMorgan Limited Objection
Joseph Biden III, Attorney General of Delaware, and now the Vice President's son, is on the Notice Matrix List now.
1-21-09
WMI has filed a motion to extend the exclusive period/time for them to file their reorganization plan to April 24, 2009. They stated that they are 'in the process of addressing a number of significant legal and economic issues affecting their assets and potential liabilities.'
WMI also said that "That seizure and sale almost completely stripped the debtors (WaMu) of their employees and business records," .
The company said FDIC's action caused significant uncertainty about the legal status of some of the its most significant assets, including several billions of dollars originally on deposit with Washington Mutual Bank.
Motion to extend time to file Reorganization Plan
1-07-09
The November, 2008 Operating Report has been filed. Although attorneys of WMI have stated that interest is being earned on the $4B cash deposit at WaMu Bank now held by JP Morgan, this operating report shows no such interest has been earned. Perhaps the December Op Report will show interest being earned.
Nov 2008 Operating Report
1-06-09
Massive gain today. Commons up 80%. All preferreds up also.
1-05-09
The new economic stimulus package is expected to allow businesses to carry NOL's back 5 years instead of the current 2. This is excellent news for WMI!
12-30-08
WMI will have to disclose sale prices of misc assets sold. Ordered by court today at hearing.
12-24-08
Merry Christmas everybody!
WAHQE has returned to symbol WAHUQ, and is now trading on the Pink Sheets, along with her sisters.
12-23-08
The saga of missing appendix 3.1a continues. This appendix supposedly listed all the assets and entities that the FDIC seized and sold to JPM. Apparently reference to this appendix was a 'scrivener's error', and the FDIC has stated that it does not exist.
Some people claim they saw it posted on the FDIC website, but it later disappeared. This thing is like Bigfoot.
A partner, an associate, a paralegal and an employee of Pepper Hamilton LLP, counsel to the Committee of Unsecured Creditors, each own 'small' amounts of stock of WMI, according to the latest filing....fwiw.
12-22-08
There seems to be some question of exactly WHAT was seized by the FDIC. Apparently even THEY have no idea. You can follow the discussion of missing appendix 3.1a here:
Seized what?
Sharper Image?
12-19-08
WMI has just filed it's Asset/Liabilities Schedules. Bottom line: $7.6B Assets, of which $4.5B is Cash/Cash equivalents, $7.8B Liabilities. This does not take into account any NOL Tax Benefits, OR other assets whose value could not be determined accurately ($200-500M or so):
Asset/Liabilities Schedules
12-16-08
At the court hearing today, the information access agreements between WMI and JPM/FDIC were finally ordered. The 2 agreements are virtually the same:
WMI/JPM Information Access Agreement
The Committee of Unsecured Creditors has hired Epiq Solutions with the approval of the court. They will establish a website with information for creditors. When the site is up, it will be here:
Epiq Creditor Site
12-12-08
WMI wins court case against United States. US will pay WMI $55 Million: Judgement Order
David Bonderman, head of Texas Pacific Group (TPG) has resigned from the board. See 8-K filed today.
Perhaps he had a conflict of interest, since TPG injected $7 Billion into WMI earlier in the year by buying 230 million common shares of WMI. There is also some speculation about a possible deal of some kind in the works.
It has been confirmed that the $4.4 Billion is now in interest bearing accounts at JPM, and apparently has been for quite some time. Will post what the interest rate is when we find out.
Agenda item #1 of the Dec 16 court hearing, regarding withdrawal of the $4.4 Billion on deposit with JPM, has been postponed indefinitely. Now that the money is earning interest, this has become less of an issue.
11-21-08
The court has released the schedule for the 11-25 (next Tuesday) hearing, and the matter of the $4.4 Billion is going forward! A favorable resolution of this cash will help tremendously. In times like these, cash is king. These funds could possibly be used to acquire other businesses (maybe even a bank) at yard sale prices.
We have a new captain at the helm:
On November 13, 2008, the Board of Directors (the " Board ") of Washington Mutual, Inc. (the " Company ") appointed Robert J. Williams, Jr. as President of the Company. Mr. Williams, age 49, served as Senior Vice President and Corporate Treasurer of Washington Mutual Bank from February 2005 until his appointment as President of the Company. Prior to his employment with Washington Mutual Bank, Mr. Williams served in various positions with SunTrust Bank, including as Senior Vice President, Corporate Treasury from 2000 until February 2005.
From 8-K filing on 11-19: 8-K Filing
History of Developments #2
12-18-08
The Asset/Liability Schedules are due tomorrow 12-19. No motions asking for a delay have been filed. Interesting that docket #468 is not on Pacer. Latest 2 filings are #467 and #469.
12-17-08
Barclays Capitol Inc. has just filed a Notice of Intent to Purchase WMI Stock (both Common and Preferred). Apparently there were some put options written that now need to be settled. You can see the filing here:
Barclays Capitol Intent to Purchase
12-10-08
The recent news release by Dow Jones Newswire is misleading. They say the companies stock will be delisted from the OTC.
They are going by the 8K filed today, which is in itself misleading.
What they are talking about is the PIERS Trust Preferred Stock currently trading as WAHQE.
This used to trade on the OTC as WAHCU. When WMI filed Ch11, the symbol changed to WAHUQ. When WMI was unable to file their 10Q, the OTC made this stock 'delinquent' and the symbol changed to WAHQE (what it is currently).
If WMI is unable to file their 10Q, this stock will leave the OTC and move to the PinkSheets, where the other 3 stocks are now trading. The symbol will change back to WAHUQ at that time.
Bottom line, all 4 stocks will KEEP TRADING.
Also, the situation has been explained to the Dow Jones editor, and he should be releasing a clarification soon.
12-9-08
We have arranged to listen in on the next court hearing on Dec 16. If you want to get emails about what is happening as the hearing is going on, and a summary of everything that happened, you can sign up at the link below. They will be deciding on the status of the $4.4 Billion at this hearing. This is the next best thing to actually being in the court room:
Court Hearing Alert/Summary
12-8-08
Weil, Gotshal & Manges LLP, lead counsel for WMI has submitted their invoice for October: $1.8M.
12-5-08
Akin Gump et al, co-counsel to the Committee of Unsecured Creditors has submitted their first invoice: $720K.
12-4-08
The first benefit of their NOL has arrived. The tax collector of the City of Alexandria, VA has withdrawn it's claim on the estate.
12-3-08
Gibson Dunn & Crutcher, Special Tax Counsel has submitted their invoice for October: $133K.
Alvarez & Marsal has submitted their invoice for October. They are the ones doing the brunt of the reorganizing work. Looks like a lot of them are working 12 hour days: $1.2M.
Both invoices can be seen at the KCC site.
12-2-08
An Operating Report has been filed. This report contains some asset/liability information. It is NOT complete, and the liabilities are subject to compromise, but it gives us an idea of where we stand.
Assets are not as high as we had hoped. However the yearly NOL hasn't been included. Also there may be other assets to be found. Complete Financial Schedules are due 12-19-08.
The report lists assets of $7.7 Billion, and liabilities of $8.3 Billion. While this gives WMI a negative net worth of $567 Million, several factors need to be taken into account.
The assets include over $4 Billion Cash. The liabilities consist mainly of notes/bonds, with due dates from 2009 to 2017. One month interest due on those is about $75 million, easily paid considering the amount of cash available.
There are also billions of Net Operating Losses (NOLs) that add to the bottom line.
It seems that WMI could emerge from Ch11 and remain a viable entity.
Perhaps we have an accountant that can give us a synopsis. Please post that in the guest book, or on one of the forums in the Online Discussion section below. Thank you.
Operating Report
A History of Developments is in modules below. However, I'm keeping some of the more interesting ones in this module. See below:12-11-08
Dow Jones NewsWire issued a clarification yesterday, but it looks like the damage has already been done, judging by today's trading.
Here's the text of the clarification:
(The headline "Washington Mutual Expects To Be Delisted Effective Dec 24" published at 4:47 p.m. EST, and the story published at 5:04 p.m. EST omitted the facts the PIERS will be delisted, and that the common stock doesn't trade on the bulletin board.)
12-1-08
Submittal of Financial Schedules has been continued to 12-19-08.
Pepper Hamilton, Co-Counsel for the Committee of UnSecured Creditors has submitted their bill for last month: $158K.
11-28-08
Preliminary financial schedules are due Dec 1/2. Uncertain at this point whether or not we will see them at that time, or if they have been delayed again.
Davis Wright Tremaine law firm has submitted their invoice for Oct. $200K, again very reasonable. See KCC site for the filing.
11-26-08
2 separate agreements between WMI and JPM/FDIC now spell out EXACTLY how the information on WMI's computers will be made available to WMI. Information gathered will help them get proof about the ownership of the $4.4B on deposit.
Richards, Layton & Finger, one of the 2 main legal firms, has submitted their invoice for October: $69,000. Very reasonable! Their bill makes for interesting reading: RLF Invoice
11-25-08
From the court proceedings today:
1. An order is ready to be signed on the extension of time to file the asset/financial schedules. There was some discussion about having a partial disclosure on Dec 1. This is what will make or break us.
2. WMI is apparently now able to spend $12M to support a $400M subsidiary, WM Mortgage Reinsurance Company, Inc.
11-24-08
The hearing on the $4.4 Billion on DEPOSIT at JPM has been postponed AGAIN. New date: 12-16-2008.
What is the Magic Number? At what point do the basic laws about withdrawing funds from a deposit in an account change? Would there have been an issue if the funds were only $10 Million? Most likely not. So where do the rules change? $100 Million? $500 Million? $1 Billion? Obviously the Magic Number is below $4.4 Billion. And I have it on good authority that it is the FDIC who is holding up this withdrawal.
Another 20 days = $7,200,000 lost interest down a rat hole. Since the Sept 26 filing date, WMI has lost $28.8 Million interest revenue.
On Friday, the symbol WAHUQ changed to WAHQE because the filings are delinquent. This is because JPM and the FDIC are making it hard for them to look at their accounting data which is on the computers that were at WaMu Bank, and are now in the hands of JPM/FDIC.
11-20-08
Why we keep dropping is baffling. The fundamentals here have not changed to my knowledge. Of course the market in general is taking a huge hit. One thought I had was TPG has not filed their ownership notice in court yet. If anyone knows if they still have their holdings, please comment in the guestbook. All comments in the guestbook are of course anonymous.
Next Tuesday (11-25) the court will revisit the status of the $4.4 Billion on deposit at JPM (old WaMu Bank).
11-19-08
It's now official. Judge Walrath signed the order to restrict trading that would result in an ownership change, and as part of that order all Net Operating Losses (NOLs) from WMI and it's subsidiaries were found to belong to WMI. This is great news, as it means about a $2 Billion tax refund.
Several other large stock holders have come forward to declare their holdings. However, none of them have indicated that they plan to sell or transfer their shares.
11-14-08
Top Gun Tax Experts coming on board:
Shearman & Sterling LLP
McKee Nelson LLP
11-13-08
Guess we're in a holding pattern until that $4.4 Billion deposit is resolved.
11-12-08
The hearing on the $4.4 Billion has been postponed to 11-25.
Preferred shares are still going UP!!
Wells Fargo has made their appearance in court today.
North Carolina State Treasurer Richard Moore speaks out on arbitrary bank takeovers:
NC State Treasurer Speaks
Stewart Landefeld has resigned.
11-5-08
From jsksto...@gmail.com on Google Board:
Absolute silence from a company, when an explanation is demanded, usually means one thing:
They are up to something - good or bad.
In the case of WM pre-seizure, they were quite vocal about being well capitalized, having losses in the future, responding to downgrades, etc. But that all stopped mid-September. Why? Well we know now they were negotiating a buyout deal if possible and at the same time trying to keep the OTS away and being in constant negotiation with the FDIC. So they would never say anything until the deal is done, we all know that. Why silence now? Same reason. Give them a little time- a week or so- to pick up the pieces, but why haven't they said anything since? Filing chapter 11 was wise because it is protective- they can hide within the courtroom. They didn't have to, they could have stayed out of the courts- but with their banking arms severed they had to stop the bleeding. It would be prudent of them to keep as much information about assets to themselves- if you have creditors chasing you down, the last thing you want them to know is that you have money. So whatever is going on the following thing is clear from
their inaction to speak:
1) they are stalling- time is on their side, why not utilize it?
2) they are restructuring to emerge- you dont pay lawyers and
consultants $65
History of Developments #1
11-11-08
WMI just filed a motion to get a few bucks to save a $400 Million subsidiary of theirs. They are trying their best to stay solvent:
Motion for Financial Support of Subsidiary
The preferred shares continue to make awesome gains! Little Sister WAMKQ is the best of the bunch. She has gained 40%, 71%, and 67% in the last 3 days.
11-10-08
All the WMI preferred stocks are still making good gains.
Today Tosca Holdings filed a motion in court to sell/transfer their 108 Million shares. If WMI does not agree, Tosca will need to wait 15 days, and have the court approve the sale/transfer.
Their motivation is unclear at this point. They obviously want the ability to trade/transfer their holdings. There has been speculation that it could be to cover any short sales they have made, or that they want to transfer them to entities that have sold shares short. It could also be they just want the tax write off. Or perhaps they want to get ready to sell them if the stock price increases.
This Friday, 11-14 is the hearing on the $4.4 Billion cash on deposit with JPM.
10-31-08 (Halloween).
Judge Walrath has allowed the Net Operating Losses (NOLs) motion (to preserve tax benefits), and ordered that all substantial holders (4.75% or more of the outstanding stock) must notify WMI of their holdings. Also there are now restrictions on anyone becoming a substantial holder. Notification of sales by substantial holders, or buys that would result in becoming a substantial holder must be given 20 days in advance. This is all to prevent major ownership changes that could affect the tax benefits.
She also FOUND that the NOL's are part of the estate, and belong to WMI.
10-30-08.
Someone finally took the time and initiative to attend one of the court hearings. THANK YOU!!!
Apparently, our attorneys are of the feisty type, because at one point, Weil, Gotshal & Manges stated they 'were capable and ready to sue JPM should it come to that'.
Here is her report from the Yahoo Board:
Notes from the Hearing
10-29-08.
The hearing for whether the $4.4 Billion can be withdrawn has been postponed to Nov 14 at 10:30AM. Another 2 weeks of lost interest! Total lost is approximately $5,000,000. Maybe people should file letters with the court asking the Judge to expedite the ruling on this matter.
Judge Walrath herself ordered that the time for considering this matter be shortened. Why this is not being expedited is unknown, but it seems this matter should receive the utmost priority.
WMI has made a motion to fire their Transfer Agent, since he is not needed at this time, and is costing them $40K/month. All restricted shares will therefore stay restricted. There will be no conversion of preferred shares into common shares either. The share structure is now frozen. This is a Good Thing, for current trading.
10-27-08.
Video Chart by Clay Trader.
10-24-08. WMI has re-filed a revised motion to protect it's net operating loss (NOL) Tax Benefits. If ordered, this will prevent any changes of stock ownership by persons or entities that hold more than 4.75% of the outstanding shares (80M shares). In addition, the motion makes it a requirement for all owners of 80M shares or more to file with the court such equity positions, and to give 20 day notice of any intention to change those positions.
More important, if ordered, this motion has the power to reverse certain stock transactions that have taken place since the bankruptcy date.
These NOL tax refunds will add several billion dollars to their net worth.
They have also asked the court to expedite it's ruling. Hearing on 10-30-08. Looks like it's going to be one busy courtroom on the day before Halloween:
NOL Preservation Motion
10-24-08. The hearing about the $4.4 Billion has been moved back 3 days to Thursday 10-30-08.
10-21-08. At this point, one of the crucial aspects of WMI's future is whether the Judge allows them to withdraw that $4.4 Billion from their accounts at JPM. A hearing has been set for Monday 10-27-08 (since moved to 10-30). It is important to note that every day that money sits where it is, WMI is losing $300,000+ per day in interest income.
10-21-08. WMI made, and subsequently withdrew a motion to address any stock accumulation over 4.75%, since that could affect the 'ownership', which in turn could affect their ability to claim considerable tax losses. Whether this was a warning to any possible takeover, or whether they may refile this motion with amended wording is not known.
Here is an assessment of that motion by TaxGuy over at Investors Hub. Thank you!
What Wamu is trying to do is preserve their anticipated Net Operating loss from the write-off of loans in 2008. If they are able to use/save their NOL, they can offset the prior 2 years of income (and related tax) up to 20 billion (their estimated loss per the documents). To the extent that the previous 2 year's income was less than $20 billion, then they can carry the loss forward for 20 years.
To simplify, the issue is in order to preserve the NOL, there cannot be a cummulative ownership change of more than 50% of the stock(if a 10% owner become a 5% owner and a 20% owner becomes a 30% owner, that counts as a 15% change in ownership). If there is, the NOL is severely limited. This rule was passed so that companies could not buy up "loss companies" with huge NOL's and off-set their income from it.
This monitoring is not to prevent a takeover - but a takeover candidate would be wise to wait for WAMU to file the past tax returns at least to recover the taxes, which could be in the billions. I feel that if they can preserve their NOLS and file the back taxes, which should be done relatively around the same time they file their 2008 taxes, then they could ease the restrction and agin, hopefully be receptive to suitors.
10-17-08.
WMI filed an 8K today summarizing what has been happening.
10-16-08.
Several more shareholders have filed letters with the court. See Documents section for excerpts.
10-15-08. The ORDER to shorten the time for allowing WaMu to WITHDRAW the $4.4 Billion has been entered. Hearing on Monday, 10-20, where Judge Mary F. Walrath will probably sign the order for them to be able to withdraw their deposits.
====================================================
10-14-08. In addition, WaMu has asked the court to expedite the ruling on the withdrawal of the $4.4 Billion from JPM, since the deposits are in non-interest bearing accounts. They have asked for a hearing on 10-20 to consider the matter.
Excerpt in Documents Section below.
10-14-08. WaMu has made a motion to WITHDRAW their deposits from JPM! The actual amount on deposit with the WaMu bank that JPM now controls is $4.4 Billion.
See Documents Section for excerpt.
====================================================
10-13-08. WaMu made a motion to designate William C. Kosturos as the company's chief restructuring officer and hire six other members of his firm, Alvarez & Marsal North America, as advisers.
Kosturos would be paid $695 an hour, while the others would bill their services at $335 to $600 an hour. The filing says their job is to devise strategies to maximize the value of Washington Mutual Inc.'s remaining assets and to communicate with creditors, among other things.
The motion will be reviewed on 10-30, the next hearing date.
10-13-2008. At this time we are waiting to see what comes out of the creditors meeting on 10-15. The 'Standstill' with JPM regarding the $5 Billion on deposit will expire on 10-15 also. Financial details will be revealed in court on 10-30.
====================================================
10-8-2008, Wednesday. Washington Senator Maria Cantwell seeks explanation of Wamu Seizure, possible Congressional Hearings:
Senator Cantwell Seeks Investigation
10-8-2008, Wednesday. Judge Walrath has Ordered that they have control of and can maintain existing bank accounts and business forms, etc. Let's see if they withdraw the $5 Billion from JP Morgan. They have to give 48 hours notice.
Excerpt in Documents section.
Order Bank Accounts
10-8-2008, Wednesday. Interesting change to Declaration by WaMu Chief Legal Officer Stewart Landefeld. Indicates WaMu was still able to 'maintain borrowings' from the Fed at time of seizure.
See Documents section.
====================================================
10-7-2008, Tuesday. Microsoft has entered an appearance in the Ch11 Bankruptcy case, and wants to be kept in the loop! Update: Apparently they are concerned about licensing fees due.
Biz Journal - Seattle
Reuters Article
See Documents section for an excerpt.
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zardiwby zardiw
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Im hoping for that feelin ---
By the way - Next time your in the court -- Look around for new faces -- BOP might be in there...
IMO
You are correct STRIKEEAGLE - No MORE "POS-POR" or even admended as well...
He resigned I blve dec 2008 time frame?? everybody thought it was Conflict of Interest.. I found it stranged and I started to guess he was accumalating the bonds at the dirt cheap stage..
IMO
NO - basically they have no real idea what assets there are -- only a guess of them
Im watchin DIME and WAHU very closely for any tell tale signs... Of course the bonds as well ... I have always stated due to bonderman resignin from the board and have been all quiet with no word has been accumalating the bonds and made some back door deals --- he is in a win win situation either way.. think about it... Either way he gets the holding company and the billions attached to it! and the hidden assets as well!!!
But what floors me "K" at .93 and the P's settling at 30 - when reality it should be at 37.20 in line with k's...
What Im scratchin my head is the P's are taking a big hit and the K's have been steady...
imo
a nice 2500 share buy at 30.00 = $75,000 -- not chump change --
The question was can "S" see or review the examiner docs BEFORE The results/report was submitted to the courts and NO he cant/wont -- it will be tightly sealed form any leaks-- But once the judge reviews it Of course he can see it...
NO he wont -- the Examiner reports directly to the judge.. AND no-one else..
read the what the judge stated and written up on the examiner...
nobody will know what the examiner report is until it is released to the judge directly...
GOTTA love the pinks!!
MOVIE POPCORN "FISH" MOVIE POPCORN is the best!
INTERESTING PART that i like! --
"This year, J.P. Morgan Chase dropped its plan to claim a $1.4 billion tax credit that was owed to Washington Mutual, which the New York bank acquired at a firesale during the financial crisis. That is because it wasn’t great public relations for a bank that had taken (and repaid) $25 billion in federal bailout money to be seeking a tax break"
Blues Clue --
WAHUQ's -- H's are getting dumped ... sold off...
interested on why?
Popcorn has been overcooked --- more like burnt!
IMO - there will be no settlement...