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I got your thought. But, like Marayatano said "capital will be paid first before interest". Any thoughts?
I decided to take cash. From the viewpoint of curiosity, please kindly let us know your conversion rate. TIA
Yes, it happened this morning.
Me too
Sargent has intentionally done it as you said. They want to go some kind of lawsuit against someone. Instead of being paid hourly, Susman group wants to get contingent fees which is much more than hourly rate.
Please see my post#7374. WMI is the parent company. Its subsidiary (washington mutual bank was seized by the government).
Sorry my last post to you is for someone else.
WMI is in Chapter 11.
Need you help. I thought 5% is reserved for Wahuq who elects to take stocks otherwise will take cash.
I thought TPG has coverted its preferred to commons so that the O/S common has been increased from 850M shares to 1.7B shares. I might be wrong.
I'm sorry my friend. You're totally wrong. Washington Mutual Bank was seized but NOT the parent company (Washington Mutual Inc). The WMI is just out of bankruptcy court for 3-1/2 years. WMI is different as GM. GM was forced by government into re-organization.
what's the difference. WM and EK both were both in BK. WM is out of BK, and EK is in process to be out.
But why I will get new share for the washington mutual based on my old and cold common stocks.
didn't happen here because we were completely impaired. No voting for CTs, sub-notes, preferreds, and commons.
Do you have any idea where? Vegas?
You're not alone. We are longs and all await here.
I just put a sale order through Merrill Lynch for LHHMQ.
Cotton, there is another point to your comments. If some assets are not able to be liquidated at the end, such as real estate, then, everyone shares based on certain ratio of waterfall.
If we are not paid, then we would be on the top of class 12 to enjoy new Lehman, provided Lehman not liquidated completely.
I think that's it. Court has closed door, and common is hardly getting something due to waterfall.
Because CTs are hybrid of both equity and debts.
Common might see something like Wamu if court agrees to have EC.
Yes, I got to see beef. NOLs is our beef. No preferreds and CTs, new Kodak has to keep us in order to keep/utilize NOLs.
I'm new in this board.
I'm really appreciated that you could let me know any symbols of Kodak's preferreds, capital trust, and subnotes. TIA
Excellent post, and it's very informative.
That should be right just the same as Merrill Lynch. CTs and Preferrds/common stocks are shown differently.
Yes and No.
We, as CTs, are in that 65B. But, we get "zero" because of subordination. Ours are re-distributed to seniors.
We'll receive the same % as the subnotes do. Plus, if we are not paid in full, will share the same % (assuming seniors are paid off) of Newcos as subnotes.
Furthermore, you probably still remember the conspiracy has done by 4 dirty HFs. They gifted all the assets of Wamu to JPM, and make sure its CTs are get paid in partial. Then, 4 HFs will take the entire WMI2.
Yes, if subnotes are paid, we would get the same percentage.
Regardless whatever the debtors owed us, including subnotes, we, as the creditors, would take the Newco in the 1st priorities because of waterfall.
The way Merrill Lynch works as follows:
1) All CTs and Preferrds and Common stocks are delisted, and imposed a cusip numbers.
2) The difference between CTs and Preferrds and Common stocks is stocks marked with a "triangle", CTs did not.
3) IMHO, preferrds and common stocks are going into the "BIG ONE", and CTs remain its original position as debts.
That's the reason why CTs are hybrid, like linda said before.
If CTs get paid, that means all seniors are paid off. Whatever the debtors owed us, we have the first priority in all,or better percentage of Newco than equities. Doubt dip works.
It works the same way if CTs get no cash.
Excellent post.
Where were you? You should post it long time ago.
I think, IMHO, the market news is true. ML does not catch its action yet. Sooner or later we'll see our shares are cancelled.
But, don't worry. I think Hessman had one post is very true. We will share majority(80-90%) of the Newco with senior creditors 2015.
Same here as Merrill Lynch
Totally agreed.
IMHO, additional $2B is related to the IRS tax refund. IRS would not refund the money until WMI2 is existed. Also, take a bloody time for IRS giving your money.
I just got a phone call from ML. The associate confirmed that my ballots are duly received. I placed the requests last Friday.
I believe that yours should be OK even there is no sign showing it.
Yes, according to the notice, there'll be $30.00 service fee for each stocks. ML doesn't charge my account yet.
That's the one from email.
I called back and complained this ridiculous email, like you said "it's too late".
ML explained that the date of tender offer was postponed. So, they sent the notice.
In any rate, were your stocks locked?
Bova
what is your status regarding lock of shares?
Mine are NOT locked yet. Have received notice of tender offer through email, totally ridiculous.
You CANT'T do it. Download the file on flash drive, and bring it to Staple. Also, check with your brokers what is the deadline of receiving your ballots.
I think Marayatano would be the best person to answer your questions.
I, IMHO, think the CTs will continue trading. Since I never bought/sold ONE share of my CTs since 18 months ago, I'm really not focusing on trading any. My suggestion is to only accumulating CTs at $0.03/share or lower.
From the experience I had with GM during the period of BK, my GM note's price changed time to time even the notes only showed CUSIP numbers. However, I did not know why this thing had happened. I think Marayatano knew it.
Our numbers are very closed with each other. Thanks for your DD.
NOLs is worth about 10% of its face value.
After the liquidation, there has only two things left -- Archstones and NOL. Those two CAN'T be liquidated. At the present, the NPV is, IMHO, $15B. We/Subdeb and Senior will split the Lamco 10/90. Our current ROI is about 2% of FV of CTs.