Linda is biotch...! LOLz JayKay
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Come one VooDoo, everyone makes mistakes. Look at Willingham with his 1 million share purchase of WAMUQ. I couldn't help it! LOL j/k
The "final ruling" is not on Wednesday. Maybe a Wednesday in September, but certainly not in August. eom
OMG, will this close below the 200 MA? eek eom
A bird pooped on my head and I came across three (3) snakes (on diff days) while walking/running the trails all within the last couple of weeks:
When Bird Droppings Land On Your Head
Many people believe this to be a major sign of wealth coming from heaven. Hence, although, it is really yucky and a major inconvenience, when something like this happens to you, take comfort in the fact that this is described as good luck being just around the corner! In fact, most things associated with birds tend to spell good fortune, such as when birds fly to your home and start making nests in and around your house. While bats bring abundance, birds bring good news and opportunities. The next time a flock of ravens, pigeons or magpies come to your home, feed them with bird seeds. Birds are also said to be powerful protectors and guardians. Even crows are said to be messengers of the Gods. So welcome birds with open arms.
Meeting Up With A Snake
Is another sign of good fortune. Whether in your garden, inside the home, or out trekking, if you meet up with a snake, it means something or someone important is coming into your life. Never ever try to harm or kill a snake when confronted with one. The more poisonous the snake, the better is the good fortune. The king cobra is described as a snake of extreme good fortune. Whatever you do, never kill a snake as they are also associated with some spiritual presence. They usually slither away themselves when they sense human presence.
Gee.. BID size at 2,500 vs 200, things that make you go Hmm... eom
Now, you start to wonder, if this is the real thing or someone finally learned how to add the difference between K and P and just realized how much of a better deal of P vs. K are ?? Just a thought...
BID size just increased to 1,300 x 200.
EDIT: Now BID size at 1,800 x 200.
IMO
Don't know, but it is certainly not retail. Over $500,000 has traded... that not chump change, especially when there is nothing going on right now except innuendos of talks behind the scene.
imo
Very Interesting re: DIMEZ LTW. Seems as though they are falling apart.
Creditors committee do not acknowledge them and view DIMEZ LTWs as an illegitimate (bogus) claim.
Equity committee has no duty to DIMEZ LTW.
They may run out of funding for their counsel, that is why they need a committee of their own, i.e. funding their counsel (from the Estate's money) since holders are dropping out. Broadbill, their major player pulled out. If they pulled out, this could mean that Broadbill realized they have NO real claim against the Estate. IF LTWs runs out of steam, they could just drop off the radar.
Mediation resulted in no resolution. Lets all hope they do fall apart.
What does that mean? It means approx. $337ish millions that was set aside as a reserve will come back to the Estate and directed towards equity!!!
However, I do recognize that LTWs claim they are a different type of warrant. So, I do not know (what the outcome would be), BUT if they are viewed as like any other standard warrant, then they have 0% change of prevailing. We will see....
BTW, I didnt get to hear the entire hearing...
imo
DJ Washington Mutual Creditors, Shareholders Ready Final Arguments
11/08/2011 19:56 | JP Morgan Chase & Co
By Peg Brickley
Of DOW JONES DAILY BANKRUPTCY REVIEW
A flurry of briefs hit the docket in Washington Mutual Inc.'s (WAMUQ) bankruptcy case late Wednesday, as creditors and shareholders prepared for the final round of a duel over the $7 billion payout plan.
Closing arguments are scheduled for Aug. 24 in the U.S. Bankruptcy Court in Wilmington, Del., which fielded much of the fallout from the largest retail banking collapse in U.S. history, that of Washington Mutual Bank, or WaMu.
Creditors back the plan advanced by WaMu's former parent company. It pays billions of dollars of debt in full, with interest. Shareholders oppose it as product of a flawed deal, and claim it is tainted by hedge funds that took unfair advantage of their seats at the bankruptcy bargaining table to trade for profits.
The hedge funds--Aurelius Capital Management, Centerbridge Partners, Appaloosa Management and Owl Creek Asset Management--denied any wrongdoing, insisting they played by the rules.
Most of their papers were filed under seal after days of hearings before Judge Mary Walrath, who rejected Washington Mutual's Chapter 11 plan earlier this year and pointed to suspicions of insider trading.
Rejection of the plan was a blow to Washington Mutual, which has been trying to wrap up its affairs since September 2008, when regulators seized WaMu. The seizure triggered a storm of legal disputes over what went wrong. Many of those disputes will be settled if a Chapter 11 plan is confirmed.
Confirmation will also mean big profits for the hedge funds, which collectively own about $2.5 billion worth of Washington Mutual debt, some of it bought for pennies on the dollar.
J.P. Morgan Chase & Co. (JPM), which bought WaMu and was swept into the legal trouble, pointed a finger at Aurelius in its final papers, complaining that the hedge fund should not be allowed to raise questions about the propriety of the settlement that it once supported.
Walrath found the central plan settlement reasonable, but Aurelius challenged its fairness during Washington Mutual's second push to get out of Chapter 11.
Aurelius has complained in court papers that so much time has passed since the original settlement over the loss of WaMu was struck that J.P. Morgan is getting a windfall. The delay should mean a new and better deal for Washington Mutual and its creditors, the hedge fund said.
"The delay to which Aurelius refers has been occasioned in substantial part by proceedings involving Aurelius' own questionable trading practices through which it has earned tens of millions of dollars in profits," lawyers for J.P. Morgan wrote.
Washington Mutual's failure to win confirmation in January after extended hearings last year has been a sore spot for many investors in the debt.
J.P. Morgan said Wednesday it has been "harmed terribly" by the delay--collecting a lower rate of interest on $2.5 billion that it will be getting under the settlement than it is paying out on some $4 billion in Washington Mutual cash that it has been holding.
Other unhappy investors say a recent federal appeals court ruling should give Walrath reason to take a second look at her finding that the Chapter 11 plan settlement was a reasonable deal for Washington Mutual.
The U.S. Court of Appeals in Washington, D.C., revived a case that accuses J.P. Morgan of having had a hand in WaMu's collapse. J.P. Morgan denies any wrongdoing and says the appeals court reversal of a decision to throw the case out is of limited import generally and meaningless in the context of Washington Mutual's bankruptcy.
(Dow Jones Daily Bankruptcy Review covers news about distressed companies and those under bankruptcy protection.)
-By Peg Brickley, Dow Jones Daily Bankruptcy Review; 302-521-2266; peg.brickley@dowjones.com
(END) Dow Jones Newswires
August 11, 2011 14:56 ET (18:56 GMT)
Copyright (c) 2011 Dow Jones & Company, Inc.
DJ Washington Mutual Creditors, Shareholders Ready Final Arguments
11/08/2011 19:56 | JP Morgan Chase & Co
By Peg Brickley
Of DOW JONES DAILY BANKRUPTCY REVIEW
A flurry of briefs hit the docket in Washington Mutual Inc.'s (WAMUQ) bankruptcy case late Wednesday, as creditors and shareholders prepared for the final round of a duel over the $7 billion payout plan.
Closing arguments are scheduled for Aug. 24 in the U.S. Bankruptcy Court in Wilmington, Del., which fielded much of the fallout from the largest retail banking collapse in U.S. history, that of Washington Mutual Bank, or WaMu.
Creditors back the plan advanced by WaMu's former parent company. It pays billions of dollars of debt in full, with interest. Shareholders oppose it as product of a flawed deal, and claim it is tainted by hedge funds that took unfair advantage of their seats at the bankruptcy bargaining table to trade for profits.
The hedge funds--Aurelius Capital Management, Centerbridge Partners, Appaloosa Management and Owl Creek Asset Management--denied any wrongdoing, insisting they played by the rules.
Most of their papers were filed under seal after days of hearings before Judge Mary Walrath, who rejected Washington Mutual's Chapter 11 plan earlier this year and pointed to suspicions of insider trading.
Rejection of the plan was a blow to Washington Mutual, which has been trying to wrap up its affairs since September 2008, when regulators seized WaMu. The seizure triggered a storm of legal disputes over what went wrong. Many of those disputes will be settled if a Chapter 11 plan is confirmed.
Confirmation will also mean big profits for the hedge funds, which collectively own about $2.5 billion worth of Washington Mutual debt, some of it bought for pennies on the dollar.
J.P. Morgan Chase & Co. (JPM), which bought WaMu and was swept into the legal trouble, pointed a finger at Aurelius in its final papers, complaining that the hedge fund should not be allowed to raise questions about the propriety of the settlement that it once supported.
Walrath found the central plan settlement reasonable, but Aurelius challenged its fairness during Washington Mutual's second push to get out of Chapter 11.
Aurelius has complained in court papers that so much time has passed since the original settlement over the loss of WaMu was struck that J.P. Morgan is getting a windfall. The delay should mean a new and better deal for Washington Mutual and its creditors, the hedge fund said.
"The delay to which Aurelius refers has been occasioned in substantial part by proceedings involving Aurelius' own questionable trading practices through which it has earned tens of millions of dollars in profits," lawyers for J.P. Morgan wrote.
Washington Mutual's failure to win confirmation in January after extended hearings last year has been a sore spot for many investors in the debt.
J.P. Morgan said Wednesday it has been "harmed terribly" by the delay--collecting a lower rate of interest on $2.5 billion that it will be getting under the settlement than it is paying out on some $4 billion in Washington Mutual cash that it has been holding.
Other unhappy investors say a recent federal appeals court ruling should give Walrath reason to take a second look at her finding that the Chapter 11 plan settlement was a reasonable deal for Washington Mutual.
The U.S. Court of Appeals in Washington, D.C., revived a case that accuses J.P. Morgan of having had a hand in WaMu's collapse. J.P. Morgan denies any wrongdoing and says the appeals court reversal of a decision to throw the case out is of limited import generally and meaningless in the context of Washington Mutual's bankruptcy.
(Dow Jones Daily Bankruptcy Review covers news about distressed companies and those under bankruptcy protection.)
-By Peg Brickley, Dow Jones Daily Bankruptcy Review; 302-521-2266; peg.brickley@dowjones.com
(END) Dow Jones Newswires
August 11, 2011 14:56 ET (18:56 GMT)
Copyright (c) 2011 Dow Jones & Company, Inc.
Nice close. eom
AUGUST 5, 2011, 3:51 P.M. ET
WaMu Criminal Probe Ends With No Charges Filed
By JEAN EAGLESHAM
The U.S. attorney's office in Seattle plans to announce Friday afternoon that its criminal investigation of Washington Mutual Inc. has been closed without any criminal charges filed against executives of the company, according to people familiar with the situation.
The probe was launched less than a month after WaMu's banking operations were seized by U.S. regulators and sold to J.P. Morgan Chase & Co. in September 2008. Federal prosecutors said a task force was examining WaMu to determine if criminal laws had been violated by the company and its former executives.
People familiar with the probe have told The Wall Street Journal that it has been dormant for months.
It isn't clear exactly why the WaMu investigation was dropped. The Justice Department has been cooperating with officials at the Federal Deposit Insurance Corp. That agency has filed a civil lawsuit alleging gross negligence and breach of fiduciary duties by three former WaMu executives.
Join the discussion Be the first to comment More In Business »
http://online.wsj.com/article/SB10001424053111903366504576490513211789384.html
Are you saying you are (back) in because of "WSJ: WAMU ANNOUNCEMENT IS EXPECTED LATER TODAY- SOURCES" ? eom
It is the T+3. They will move by themselves at 3 days. eom
Nice find ! eom
DelShareholder Ilene Slatko
WAMUQ: looks like something is up, and I don't mean just the price...nosing around with a contact...will let you... fb.me/16CFlA4vn
33 minutes ago
Agreed, when you said:
accum keeps rising:) Price goes down, accum rises. Price goes up, accum keeps rising. A very positive sign.
LOL, come one, you know Chiron, he will come in and say, "dang, good thing I bought back in before the run up" after the fact. LOL
j.k.
New high @ $34. eom
Vol at 35,xxx (and increasing) = $1,188,708.75
That is certainly not retail buying in !!!
imo
Yup, throw in the difference between the two experts, Blackstone (or something) vs. ours, PJS (Anderson/Maxwell?), by 100 or 150 million plus, a fraction of the NOLs, FJR, IT by SHN, and whatever is in the litigation Trust. (Plus other assets).
Way more than $37 per share.
Preferreds in the money, imo, of course.
Well, back to work for me. GLTA, including the ones who were trying to bring the PPS down to accumulate. LOL
Aurelius Attys Aided Wrongful Trading: WaMu Shareholders
Law360, Wilmington (July 19, 2011) -- Washington Mutual Inc. shareholders said Tuesday at a hearing in Delaware bankruptcy court that Aurelius Capital Management LP’s counsel facilitated improper trading during WaMu’s bankruptcy, keeping the hedge fund abreast of settlement talks as it traded freely from the sidelines. The hedge fund — one of four accused of insider trading by shareholders in an effort to derail WaMu’s reorganization plan — drifted in and out of settlement negotiations to resolve the biggest bank failure in U.S. history. But its law firm, Fried Frank Harris Shriver & Jacobson LLP, passed along critical details from the talks to Aurelius, enabling the hedge fund to trade on material nonpublic information, a shareholder committee attorney said. Committee attorney Parker Folse of Susman Godfrey LLP made the allegations during a withering cross-examination of Aurelius managing director Dan Gropper, which spanned two days during WaMu’s Chapter 11 plan confirmation hearing. Gropper bristled at the idea that Aurelius and Fried Frank, which also represented three other hedge funds implicated by shareholders, were anything but meticulous in their compliance with securities laws and confidentiality agreements. “You can’t do this halfway,” Gropper said. “This doesn’t operate on a wink and a nod. What you are suggesting would not be appropriate.
Shareholders have tied their hopes of a recovery in the case to insider trading claims against Aurelius, Owl Creek Asset Management LP, Appaloosa Management LP and Centerbridge Partners LP, which stem from the hedge funds’ involvement in settlement negotiations between WaMu, JPMorgan Chase Bank NA and the Federal Deposit Insurance Corp. The settlement, cleared by the court in January, splits $10 billion in assets between WaMu and JPMorgan, and releases billions in claims among the three over the FDIC’s seizure of WaMu’s affiliated bank after it failed in 2008 and the subsequent sale of the bank to JPMorgan for $1.9 billion. Fried Frank remained at the negotiating table to represent the hedge funds, which hold $2 billion in WaMu securities, after they ceased direct involvement in the talks and resumed unrestricted trading. But the firm was on strict instructions not to discuss the substance of settlement proposals with Aurelius, Gropper testified, unless the hedge fund agreed beforehand to limit its trades.
Folse pointed to major movement in Aurelius’ position in January 2010 toward WaMu’s subordinated bonds as evidence that the hedge fund knew a deal was near, even though the debtors and JP Morgan maintained an outwardly litigious posture at the time. The shareholder committee also produced emails between Fried Frank and the debtor suggesting that the hedge funds were directing the firm in the talks based on the specifics of one settlement proposal that had not been disclosed to the public. Daniel Krueger, a managing director at Owl Creek, took the stand after Gropper and testified that his firm operated under the assumption that settlement proposals could never be considered material nonpublic information.
Only when a deal is reached,” Krueger said. Witnesses for the remaining hedge funds will take the stand Wednesday and Thursday as WaMu rounds out it plan confirmation hearing.
The insider trading allegations, if substantiated, could convince U.S. Bankruptcy Judge Mary F. Walrath to impose the lower, federal judgment interest rate on the hedge fund’s claims, rather than the contracted rate — which the shareholders hope will free up value for their own claims.
The shareholders have also moved for standing to sue Centerbridge and Aurelius and potentially disallow their claims in the bankruptcy entirely. WaMu is represented by Brian S. Rosen of Weil Gotshal & Manges LLP as well as Mark D. Collins, Chun I. Jang, Travis A. McRoberts and Julie A. Finocchiaro of Richards Layton & Finger PA. The equity committee is represented by William P. Bowden, Gregory A. Taylor and Stacy L. Newman of Ashby & Geddes PA as well as Edgar Sargent, Stephen D. Susman and Seth D. Ard of Susman Godfrey LLP
http://www.law360.com/bankruptcy/articles/259059?utm_source=newsletter&utm_medium=email&utm_campaign=bankruptcy
No comments other than I am still believe preferreds are going to be taken care of... imo
I am marayatano and I approve this message! ROLMFAO eom
Approx. $7.5 (including TPS) plus H deficit. imo eom
Come on, you don't know Chiron by now... (Couldn't help it) LOL eom
NOTICE OF CANCELLATION OF DEPOSITION OF WASHINGTON MUTUAL, INC. BY RULE 30(b)(6) REPRESENTATIVE
http://www.kccllc.net/documents/0812229/0812229110706000000000006.pdf
It said "cancelled". If it was delayed, they would has used the word: "Continued" imo/eom
It was TPS who cancelled though... eom
NOTICE OF CANCELLATION OF DEPOSITION OF WASHINGTON MUTUAL, INC. BY RULE 30(b)(6) REPRESENTATIVE
http://www.kccllc.net/documents/0812229/0812229110706000000000006.pdf
Good to see you Chaarles!
Agree completely w/ you, but if the GSA stands, we have no choice but to work with what's on the table.
Debtors can use avoidance powers, but they choose not to, so we, as WMI, are stuck with the "liability" at this point.
Also, all the PORs listed them (TPS) as Class 19 (if I remember correctly), with a $50 million in consideration (or choice of JPM stock).
I am still trying to be conservative with a worst case scenario as far as what we, as equity, can recovery (or profit).
HF made BK a dirty business, hopefully, we can beat them, or ride coat tails.
Stay diversified.
IMO of course.
In BK, when you are categorized within the same class, then you will receive the same disposition. This is evidenced by all the PORs that came out as well as the most recent PR issued re: settlement (now failed).
If Ps get cancelled, so will Ks. If Ps get converted, so will Ks.
There are some that say Ks can only get cash, but where is the cash coming from? If there was cash to pay Ks, then Ps will receive the same treatment. Same class = same disposition.
When there is no cash in the Estate, the Estate distributes equivalent value.
imo
Because as it stands now, TPS (considered preffered) are ahead of common to the tune of approx $4 billion. eom
What are you talking about? WMI is the holding company, the reinsurance company is the one slated to emerge, not WMI. WMI is likly to be corporately dissolved.
Happy 4th
imo
-EC will have no impact on anything.
-rosen will get his way and passed the por.
-We just forget about those pesky nols and how a bank holding company will be able to utilize more of them as opposed to a reinsurance co.
and I am sure you are thinking as well the EC is just going to take this little tid bit lying down.
Do you see a POR stating that it is a bank holding company? Nope...
We work with the POR that is on the table...not an imaginary one you are talking about.
Like I said, billings = talk.
imo
Wouldn't WaMu / Lehman be a merger of Equals both with Gigantic NOL's if they ever brought the two together? Lehman already has a banking division Aurora Bank.
I know that WMI set aside a reserve for the Dime, amount approx $337 M, however, while still in settlement talks (assuming they still are), anything can happen so JPIG may or may not take them over or WMI may or may not loose against Dime.
TPS equal to P/k. What ever P/k gets, TPS gets (if not settled outside of bk or unless WMI uses avoidance powers). But I think that everyone in this case wants the whole think settled in BK (tie up loose ends) so they do not come back.
IMO of course.
Have a happy forth. I am outtie!
See you guys later...
Speculating here: They (settling parties) are still in negotiations. They have until the conformation hearings, otherwise the their going to open a big o' can of worms! imo
EC Objection under seal per Y: http://www.kccllc.net/documents/0812229/0812229110701000000000011.pdf