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They are overpriced compared to the Ps = FACT.
Do the math.
At current prices in relation to the respective payouts, the Ks are overpriced.
The ask is .65, and at 40:1 , the Ps should have an ask of $26 + .
They are overpriced.
This morning was the time to get them.
They are currently overpriced compared to the Ps again.
.0067 x .0068
only 1 MM at .0068 to get through at .0068 and then .007s will be here.
.0055s are almost chewed through...
I was wrong.
Very surprised to see it continuing to go up.
Still WAY overvalued though.
Have a great day!
Someone just bought 600,000 shares at .0054 , so there are still buyers coming in.
That's what I like to see.
Well it doesn't look like anybody is really dumping at .0053 and the .0054s seem to be almost gone. After that , there doesn't look like there is a whole lot in the way between here and .01 .
IMO people are going to have to hit the ask if they want to get filled .
We'll see what happens.
Good afternoon, and welcome back!
Glad I loaded up as much as I could in the old days, and I like your different train analysis, and I could be wrong, but I don't think RAGS will have as easy a time jumping on and off anymore.
.0054s getting hit.
Looks like the bidsitters at .005 aren't going to get filled.
Time to hit the ask if you want 'em.
I would say that actually more than 99% of pinkies end up at zero sooner than later, but the Washington Mutual Inc pinks happen to make up the small % that won't, IMO of course.
No settled cash until tomorrow.
My account is still on a 90-day restriction for a couple more weeks because of a careless AMNE flip about 2.5 months ago where I sold an unsettled lot.
So, I was unable to purchase any of the cheap Ks or Ps.
Cheers!
I think some people forget that we are on the pinks and that you only lose money if you sell.
Hope all that sold in the .40s are happy.
.005s are almost gone.
Get 'em while they're hot and while they're still available.
Thanks buddy. I'm looking forward to it and I'll check out Blackie's.
We should be getting close to the end of the WAMU situation, and since we made it this far, the final stretch should be nothing.
Cheers!
Gotta love havin' fun on the AMNE train on a Monday mornin'.
Chugga-chugga, chugga-chugga, CHOOOO CHOOOO !
Someone just bought 800,000 shares at .0048 .
If we can chew through those .005s, look out.
: ^ )
2% of face value is not too bad at all.
It looks like the dumping has ceased.
We'll see what happens the rest of the day/week.
NITE has pretty much been on the bid throughout the whole thing, surprise surprise.
Right now NITE is on the bid at 21 and UBSS is selling at 22.
UBSS seems to be the one that kept lowering the ask.
Someone just bought 500,000 at .1001 .
I agree.
Good news ahead, and now we have 2 MMs on the bid at 22. I hope the person who sold 2,000 shares at 18.50 this morning is happy.
hahaha
You got it. Weak people getting scared just like they wanted.
There is no bad news at all, and if there was the commons would be completely tanked right now.
It should be moving back up shortly, especially since it looks like all of the weakies sold their shares.
Their work should just about be over.
The call is over. Don't worry, it was a bunch of BS.
No news whatsoever, and there wasn't any questions or answers that involved any details whatsoever.
I'm on it right now. You are incorrect.
1-800-398-9389
General Motors Media Conference
Nice article. It's all a joke.
GM Conference Call today in 27 minutes:
Dial 1-800-398-9389 and ask for the General Motors Media Conference
Check it out.
Take this into consideration when the price of WAMPQ is only at 2.5% of face value. Just because it is trading at $25-30 does not mean that it is expensive or overpriced.
http://www.businessweek.com/archives/1993/b334660.arc.htm
Very cool link.
I love the company culture section.
Dimon truly is one-of-a-kind.
Unreal. Great link, great info, crazy numbers, crazy obvious corruption.
Thanks!
THE FEDS MAY HAVE BOLTED THE DOOR TOO QUICKLY
"When Philip Gottlieb bought 7,500 shares of preferred stock in First City Bank Corporation of Texas Inc. at about $2.50 each last October, he thought he was buying into a fairly typical turnaround situation. After all, the Houston bank's bondholders had just agreed to a recapitalization plan that looked promising. But Gottlieb, who heads up a small limited partnership called the Lawrence Fund, was in for a pleasant surprise: Even though the bank was closed by regulators and the preferred shares fell to 1 a share in late December, the stock has since rocketed to $38.50. Gottlieb realized a profit of nearly $88,000 when he sold a third of his shares two weeks ago, and he's sitting on unrealized gains of about $177,000--all for an investment of just $19,243.
What's more, several traders and analysts believe even higher prices for the shares are possible before the year is out. The reason: First City is suing the Federal Deposit Insurance Corp. and its other regulators. Among other things, the bank is charging that regulators closed First City's bank units while the franchise still had real value--and shortly before First City was to present a recapitalization plan to its shareholders. First City President and Chief Operating Officer Robert W. Brown says his company would have been worth $1 billion if it had been allowed to remain in business, and First City is suing to recover that amount in damages, as well as punitive damages of $2 billion.
It's highly unlikely that First City will get everything it's demanding in its suit. But on Oct. 8, just two weeks after First City filed suit, the bank and the government announced they would hold talks over the next 60 days. Some investors believe the mere fact that the FDIC and First City went into settlement talks so quickly means the agency will likely agree to a hefty settlement rather than go through a jury trial in First City's home state, and they think that a deal is possible by early December. The FDIC's director of resolutions, Harrison Young, says he can't comment on the agency's discussions with First City.
A big settlement could mean the bank's bondholders, preferred stock owners, and even common shareholders are in for still more gains. In the wake of its earlier recapitalization, First City found itself with much less debt than most banks, so any settlement would cover its bond obligations relatively easily. That's good news for equity investors: The preferred stock Gottlieb owns, for example, has a par value of $50 and accrued dividends of $15 per share. The senior preferred stock, which is trading near its par value of $100, has accrued dividends of nearly $40 per share.
First City has had difficulties for years, having been recapitalized in 1988 with $970 million in Federal assistance and a smaller amount of private investment. By 1992, though, First City was in trouble again. State and federal bank regulators moved in and closed First City's bank units on the last Friday in October, arguing that an early move would stop losses from growing and the government's resolution costs from ballooning. At the time, the FDIC board estimated that the closing would cost the government $500 million.
TRIGGER-HAPPY? Less than six months later, however, the government revised its estimate. After it received bids for First City assets from Chemical Bank and others, the FDIC announced the government would net a surplus of $60 million. "I was astonished by how good a deal we'd gotten," says the FDIC's Young. "By offering the [First City] banks separately, we got better premiums." First City alleges that the surplus is a lot higher than $60 million--more like $400 million to $500 million, according to First City's Brown. "It looks like there was a major error of judgment on the part of the FDIC and the other regulators," says William L. Eddleman Jr., an analyst at Harris Securities Inc. He thinks the FDIC could settle for nearly $400 million, which would be more than enough to cover the full value of First City's preferred stock.
A payment anywhere near that amount could be deeply embarrassing to the FDIC. It could suggest that the bank regulators were trigger-happy.
Plenty of things could still go wrong for investors. The FDIC could refuse to make a large settlement payment, for one thing. First City's estimates of value could also be too high. But optimists among the crowd that is following the First City saga predict that instead of red ink, the FDIC will wind up with a very red face.
Kelley Holland in New York"
http://www.businessweek.com/archives/1993/b334660.arc.htm
This is comparable to the WAMU situation, but obviously this situation involves tens of billions and not hundreds of millions.
If I were short, I'd cover.
(This article was provided by giggityup at yahoo.)
I have posted articles about the settlement of this case in Texas where the FDIC indeed paid up.
THE FEDS MAY HAVE BOLTED THE DOOR TOO QUICKLY
"When Philip Gottlieb bought 7,500 shares of preferred stock in First City Bank Corporation of Texas Inc. at about $2.50 each last October, he thought he was buying into a fairly typical turnaround situation. After all, the Houston bank's bondholders had just agreed to a recapitalization plan that looked promising. But Gottlieb, who heads up a small limited partnership called the Lawrence Fund, was in for a pleasant surprise: Even though the bank was closed by regulators and the preferred shares fell to 1 a share in late December, the stock has since rocketed to $38.50. Gottlieb realized a profit of nearly $88,000 when he sold a third of his shares two weeks ago, and he's sitting on unrealized gains of about $177,000--all for an investment of just $19,243.
What's more, several traders and analysts believe even higher prices for the shares are possible before the year is out. The reason: First City is suing the Federal Deposit Insurance Corp. and its other regulators. Among other things, the bank is charging that regulators closed First City's bank units while the franchise still had real value--and shortly before First City was to present a recapitalization plan to its shareholders. First City President and Chief Operating Officer Robert W. Brown says his company would have been worth $1 billion if it had been allowed to remain in business, and First City is suing to recover that amount in damages, as well as punitive damages of $2 billion.
It's highly unlikely that First City will get everything it's demanding in its suit. But on Oct. 8, just two weeks after First City filed suit, the bank and the government announced they would hold talks over the next 60 days. Some investors believe the mere fact that the FDIC and First City went into settlement talks so quickly means the agency will likely agree to a hefty settlement rather than go through a jury trial in First City's home state, and they think that a deal is possible by early December. The FDIC's director of resolutions, Harrison Young, says he can't comment on the agency's discussions with First City.
A big settlement could mean the bank's bondholders, preferred stock owners, and even common shareholders are in for still more gains. In the wake of its earlier recapitalization, First City found itself with much less debt than most banks, so any settlement would cover its bond obligations relatively easily. That's good news for equity investors: The preferred stock Gottlieb owns, for example, has a par value of $50 and accrued dividends of $15 per share. The senior preferred stock, which is trading near its par value of $100, has accrued dividends of nearly $40 per share.
First City has had difficulties for years, having been recapitalized in 1988 with $970 million in Federal assistance and a smaller amount of private investment. By 1992, though, First City was in trouble again. State and federal bank regulators moved in and closed First City's bank units on the last Friday in October, arguing that an early move would stop losses from growing and the government's resolution costs from ballooning. At the time, the FDIC board estimated that the closing would cost the government $500 million.
TRIGGER-HAPPY? Less than six months later, however, the government revised its estimate. After it received bids for First City assets from Chemical Bank and others, the FDIC announced the government would net a surplus of $60 million. "I was astonished by how good a deal we'd gotten," says the FDIC's Young. "By offering the [First City] banks separately, we got better premiums." First City alleges that the surplus is a lot higher than $60 million--more like $400 million to $500 million, according to First City's Brown. "It looks like there was a major error of judgment on the part of the FDIC and the other regulators," says William L. Eddleman Jr., an analyst at Harris Securities Inc. He thinks the FDIC could settle for nearly $400 million, which would be more than enough to cover the full value of First City's preferred stock.
A payment anywhere near that amount could be deeply embarrassing to the FDIC. It could suggest that the bank regulators were trigger-happy.
Plenty of things could still go wrong for investors. The FDIC could refuse to make a large settlement payment, for one thing. First City's estimates of value could also be too high. But optimists among the crowd that is following the First City saga predict that instead of red ink, the FDIC will wind up with a very red face.
Kelley Holland in New York"
http://www.businessweek.com/archives/1993/b334660.arc.htm
This is comparable to the WAMU situation, but obviously this situation involves tens of billions and not hundreds of millions.
If I were short, I'd cover.
It's not a suit, it is a request for an investigation that was made within the bankruptcy case.
Here you go buddy.
5/1/2009 0812229-991 0974 Debtors' Motion for an Order Pursuant to Bankruptcy Rule 2004 and Local Bankruptcy Rule 2004.1 Directing the Examination of JPMorgan Chase Bank, N.A.
http://www.kccllc.net/documents/0812229/0812229090501000000000002.pdf
There is a lawsuit against the FDIC, copies of which can be found in the sticky note above or at www.wamustory.com .
There is also a lawsuit filed by shareholders and creditors in Texas, which I don't have a copy of right now, but it is also ongoing and referenced in the link above.
Happy reading!
That very well could be.
One way it could pan out is by the judge approving the investigation, people will dump thinking that it will be years before resolution planning on buying back in later, the price could tank, and when it tanks....BAM. Done.
Who knows?
Cheers!
Atleast they don't pump, so that is one good thing, but a PR once in a while wouldn't hurt.
Also, it looks like if you can fight NITE for position, you could force some action. Hop in front on the bid and the ask and you could probably get some decent trades through.
If it goes to trial, the witness list will be full of bullets.
Tell them to contact Marcia Goldstein and Weil .
Pennyland would be AOK with me !
Hopefully the boyzzzz get interested.
Have a great weekend webprods !
Clay, can you do a chart of AMNE and let me know where you think it's headed?
Awesome board, just added it to my favorites a few days ago.
Cheers!
I can't believe nobody has responded to this one yet.