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i know eh. demon said they made 33 billion more.. 33 billion.. what's so hard to figure out?? the judge should just bring up the POR and go over it page by page with all the parties. it also really baffles me how pointless many have these hearings have been.. complete waste of time some of them have been. on top of all this, they seized a solvent bank.. even jpm says at no point were they aware wamu was insolvent. it's time to cut to the chase. bondholders, creditors, shareholders will all get paid when the judge decides to put her foot down and move this along.
what role does ashby and geddes play? help out bienenstock?
how many outstanding shares are there for GOIG? i can't seem to see them numbers for some reason..
i like how rosen/weil keep whining and whining. but we haven't even replied with an objection to the POS POR.. i have a feeling when the EC does respond,.. it will be swift, hard, fast and relentless.
i wonder what rosen is gonna do for the next couple weeks..
i really think the coming 13 days is the end for him if he doesn't smarten up.. as on the 21st, jedi master bienenstock is going to slaughter his renegade deliquent padawan.
yea i know eh. what are they making off wamu? 2 billion a month? what did dimon say in his shareholder letter? 33 billion more than the year before due to the 'purchase' of wamu? give me a break.. solomon, the EC and our new EC lawyers are gonna tear a new a**hole in anyone who opposes us.
retention of Solomon by the EC signed & sealed by Judge W.
http://www.kccllc.net/documents/0812229/0812229100407000000000005.pdf
i hope the EC starts putting out some PR's.. time to spend some $ and get some coverage.. where Venable failed to light a fire, hopefully the new EC attorneys can..
and i agree. she needs to start making rulings.. as at the same time there can be only so much patience left in her before she releases her fury..
we've probably beaten the idea of 'end dates' to death.. but april 21 could be the big one? i mean if the EC gets as far as having a shareholders meeting to replace the current BOD as well as releasing Solomon's numbers.. then the whole case will be screwed beyond repair.. i really think Judge W is telling all the parties. the next 2 wks will be their last chance to settle and to settle fairly with ALL parties that is.. if not.. this case could be elevated to a level where it can't be stopped.. and all that's ugly will be revealed..
i don't think solomon's numbers will ever enter the public realm.. if they do.. all hell will break loose and it only takes a layman to be able to add up a billion here, a billion there before one concludes that 1.9 billion 'paid' by jpm definitely does not make any sense.
that's what i've been asking too.
sorry if i missed it.. but what do judge W say about solomon today?
when does bienenstock or whoever get to talk? next hearing?
sorry ive been out.. any word on Solomon? have they been admitted?
well come to think of it.. i think greg cross only showed up to one hearing.. all the other hearings were attended by his lesser: jorian rose.. maybe the EC thought they weren't trying hard enough, especially considering the magnitude of the potential recoveries.
doesn't sound like weil's gonna back down. that's ok solomon is going to hit them over the head.. i guess a settlement based on solomon's new valuation would be better than allowing the EC to take over the BOD and effectively all of WMI (hence Weil's need to bring in additional attorneys?)?
i agree.. a what? 33 billion increase for jpm from pre-wamu? it be easy for him to justify to his shareholders saying.. "that blah blah looks like we have to pay out 20,30,40 billion.. but guess what? we've made like 30+ billion more over the past year and continue to make maybe 2 billion a month off wamu assets"..
i think venable did the same.. they were doing work even before judge W admitted them to the case.. i believe this is called 'pro bono'? someone correct me if im wrong..
looking forward to good weeks ahead!!
is dimon trying to hang himself with his shareholder letter? or is it just setting everyone up for the big payout he'll be making out soon.
our future also depends on whether judge W has a backbone.. we shall soon see if she does.. hopefully starting on april 6th. it's really time for her to do something and do the 'right' things.
it means the judge can rule on the 4 bil next week??
is there still a EC motion for the $4 bil SJ?
walrath better not disappoint us next week.
enough of the 5 min hearing bs or letting rosen and his loose trap go on and on. she needs to stand up. the EC will also need to be prepared, locked and loaded.
i hope greg cross and/or jorian rose show up on april 6 with some big ammo in terms of talk and documents. it's time for the EC to roll.
i think we should be done for extending any deadlines for weil / current wmi bod / jpm et al. those money suckers have wasted enough of the past 18 months. the curtains are closing on them, time for others (namely the EC) to shine.
is it safe to assume that no more litigation is ongoing at the moment? (i.e. discovery on a standstill?) and that all parties are probably talking/negotiating now? or in the case of the EC, prepping a response to this sham POR?
i wonder when rosen plans to put some numbers and values in the POR.. its like a person writing a math test writing down just equations and no numbers.. the POR is gonna be ripped up in a matter of weeks if not days. GOO WAMUUU
4 pm ET.. a few more hours everyone..!
last stand for weil?
is tomorrow weil's last chance before the EC comes in to thrash them?
although it's likely that Weil's POR tommorrow will have nothing for equity, i still can't wrap my head around the idea around it. if Weil leaves equity out, then he'd be just inviting the EC to come in with Soloman's #'s and other firepower to blow this out wide. it just doesn't make much sense for Weil to not offer at least some bone to equity to show they're somewhat negotiating in 'good faith' so that even if the EC objects, Weil can delay? i don't know.. i guess we'll see. maybe Weil really is that ignorant of the potential pain equity may inflict on them..
i don't really have an opinion but yes.. its a bit surprising nobody objected for the EC motion to intervene.. i mean you would think weil,fdic,jpm or whoever would object to the EC just for the sake of object since Rosen absolutely loathes equity.. but nope. nothing. the EC has been very quiet too.. although I guess they have to be mum at least until exclusivity ends on Friday?
only reason they gonna offer us zero is to drop the prices so they can buy more before next week when they say they'll offer something.
either way, the judge isn't going to approve a POR that neglects equity.
and remember, we tend to fess on what rosen did say on the 12th.. but really need to think more about what he didn't say. he never mentioned or bashed equity like he has in the past.
simply said, the judge will never approve of a POR that eliminates equity. rosen can try to kill us off on Friday, but then he'll be hit with the massive EC wave afterwards.
i mean we might as well ask for liquidation, i'm sure that would yield us more $ rather than giving tax refund $ to the undeserving jpm.
lowball it will be..but i agree..i don;t think weil/fdic/jpm wanna risk letting the EC run with this.. so as long as they throw in a super lowball.. say $3 for common..then the judge would at least be more obligated to give the parties time to negotiate in the 60 days after the POR.. if the POR excludes equity.. then u can bet that Venable/EC will be calling for blood.. send out King Solomon's numbers..and wreck havoc like no one has seen before.
i agree. even if the POR or whatever says p's get 20% face..at least it be a real solid starting point.. then we can fight our way up from there.. rather than this day to day bs manipulation
i agree.. this is a judge approved, UST sanctioned EC.. if the EC is somehow let loose to bite and tear at everything.. then Weil/JPM/FDIC should be scared, particularly of the truth.
its interesting many say the POR on friday will cancel the commons even though Rosen never explicitly mentioned anything about equity 1.5 weeks ago (of course he the past he's been ringing the tune of hopelessly insolvent and no recovery for equity in open court).. furthermore, is Weil really naive enough to think the Judge along with the UST and EC watching will approve a POR that cancels out all equity, particularly with all the facts out there? maybe i'm just optimistic, but i'm sure the EC has been talking, maybe even negotiating with Weil the past couple weeks.. and that the POR on Friday will be a surprise to us all. i mean we might not be offered much, but i can see Rosen throwing in a carrot in there for equity just to say he tried and that's all the debtors can recover yadda yadda.
i doubt it just the mm's playing their usual games.
yea probably something like that...
well at least wamuq would shoot up to whatever super lowball price he offers..
i agree rosen will probably throw a carrot into the reorg plan for equity. to not do so would unravel the fury of the judge, the ust, and venable/EC. at least if he throws a carrot, he can say.. he's trying to settle and happy to announce he's been able to help equity recovery $1 or something puny to make himself sound proud and grand.
might the EC/Venable be dealing with Weil at the moment?
or does Rosen truly think submitting a reorg that excludes equity will be successful? he can't be that dumb right?