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It's all a guessing game at this point.
Rule of law and fairness are out the window these days. So much evil.
Frankly I think $10B coming back would make this mess go away. Most would be happy to get that after all this time. Sad but true.
$10B is chump change for JPM. And remember how he bragged and jumped for joy after they found that extra 30B yrs later that he called a bonus!
I knew COOP was in on it when Delgado said escrows would get nothing.
He said he "talked to people in the know...."
Who cares about 25 bucks for UWs.
This whole legal action was bizarre.
Let the UWs have their fee. We will do just fine.
Don't hold your breath was in reference to a question about escrows getting paid.
He was right. You would've held your breath for many years now!
The good news though is soon I believe we will be able to breathe comfortably.
Tax season stuff? Ha. What does that have to do with escrows?
Come on man!
She has stated no further action.
Why does this keep getting brought up??? If she were to again appeal she would likely get hit with a frivolous law suit charge and enormous expenses.
So the 30 day may apply but not 90.
Enough.
Expect COOP to hit $40 soon.
News on the way with escrows IMO will cause many to invest some of that back into COOP....IMO.
Conspiracy theory nonsense.
Why would the UWs send lawyers to her hearing if they had stolen the money? Don't you think they'd lay low?
As for the hedgies. Why would those guys take a chance of going to jail when they are living the dream life?
Come on man! Enough of the foolish conspiracy theories.
The hedge funds will fight like hell if they don't get paid, as will the UWs.
Look, we don't know the amounts. But what we do know is that there IS money for escrows. The UWs and big boys know that and have been very patient. But if there is no payment soon, I still expect that they will go after it in court like a pit bull on a poodle. This whole case will blow wide open and will turn into the talk of the financial world and media. We are talking billions after all.
I doubt the judge wants to go through that kind of contentious court process when there is so much overwhelming evidence. It would be a bloodbath.
At the VERY LEAST, we have the $30B in "bonus money" that JPM "found" from the commercial property portfolio that should be returned to the shareholders, as well as the $4B that WMI had just deposited that was stolen.
Expecting something to break soon, either way.
PP, a friend knows the FDIC intimately and he says it is one of the most corrupt agencies in the world.
It is awful that they wielded so much power that they could take down a hundred year old bank, and it is terrifying to know that they are in the driver's seat on escrows getting any payment.
With the current administration I am not optimistic that the FDIC will ever pay escrows a dime, but miracles do happen.
The lawyer route may be our only option.
LOL. Are you seriously asking that question?
No Alice donation circus please on lawyer contingency fees. They get their 40% for doing a tremendous amount of work. Don't worry about it!
And please no idiotic class action suit crap. No better way to destroy legal possibilities in a case than to do a class action where lawyers make all the money and ruin the case.
The lawyer I have been in touch with is very confident.
We will proceed in May if there is no resolution by then.
Trust me, he is one of the best known lawyers in the country and the FDIC/JPM cabal will load their pants if he gets involved.
This is official notice.
Slight of hand won't fly with the hedgies and UWs.
Those boys didn't just fall off the turnip truck.
Relax and enjoy the ride.
Look, you can pick your nose, you can pick your dates, but you can't pick your family.
So as for dates. Fact is nobody knows what the hell is going to happen here. We do know what should happen but that doesnt mean it will.
I think the next couple months could be very interesting. If not, then I predict some major legal action with lawyers that are heavy hitters....not like rosie and alice in wonderland.
Mr. Paprika. Well, we both have the same gut feeling.
This has been a gloomy investment for 12 plus long and painful years.
I too feel we should now be at the point where something will start to happen......by April/May.
I don't think we can be stiffed on this escrow payout because there are big boys involved that expect to get paid too.....and they can afford the lawyers to fight it.
Best of luck Paps. Great to have you onboard with us.
Maybe there was a $15 offer behind the scenes before seizure that only some employees knew about.
Were you there?
From an ex WAMU employee.
Very poignant perspective. Interesting to hear an actual employee from that time.
Lets hope they all have escrows and get paid. Tragic.
********
What will forever bother me is this was completely avoidable and we didn't need to be shut down (think Lehman Brothers) but for the pettiness of men (in this case yes, men) who were mad at WaMu for taking all their JPMorgan leaders, mad we snubbed our nose at the 15$ a share offer but we took the private equity money and so on. All petty. The other point that will forever bother me is our values. Fair. Caring. Human. Dynamic. Driven. I don't expect any of this from CEO Jamie D. but I did from Kerry K. I have saved a very 'shame on you' for when I one day see him at the airport.
LOL. A class action suit huh? LOL
Do you even know anything about class action suits?
Here goes. You get pennies, if you're lucky. The lawyers get all the money. Period. Been there done that. Got it?
Enough of this class action nonsense talk. It rears its ugly head from time to time by the clueless ones....
Maybe that's why they strung this out for so long. To wear us down to the point where we'll accept shares and give up on the cash idea...just happy to get something after all this time.
We will not be part of this decision process. Take what you get and be happy. Most will be happy just to move on with their life.
People in high places read these boards on WAMU. No doubt about that.
They laugh at most of the posts.
But they also know there are those who know the docs and accurate circumstances of this fiasco.
Remember our hedgie buddies who are standing along side of us, with much more to gain.
I do believe that if this isnt somehow settled and made right by April, there will be some major legal action that will commence.
I say this will get settled soon.
Then why are the UWs in court?
Blows your theory out of the water.
And why would the UWs go to court if they knew there was nothing.
Lawyers make a lot of money when sent to court.
Hard to believe there's nothing behind the curtain.
John, that 4B should have come back to WMI and the shareholders.
It vanished into thin air and Walrath did nothing.
Just like when Dimon bragged about finding that extra 30B commercial properties money that he called a bonus.
Walrath should have immediately brought that back into court. That should have gone to the shareholders.
So much corruption in this case. But what did we expect with a judge appointed by Holder, a friend of Jamie boy.
Many contend that $4B was given to JPM as part of the deal.
That's nonsense. The money was not WMB property. It was WMI money. So why would that go to JPM?
I don't know that I believe her or anything she says frankly.
I suppose anything is possible though. Lawyers are scum and they do pass secrets in court corridors especially after lunch cocktails.
I guess we can give her the benefit of the doubt. Nothing else she has said has come true. But, we only need her to be right once.
She has clearly stated no more appeals.
That is over. 30 days then done.
You had no say in it.
It was the court's decision. Done. Get over it already.
The good news about the UW involvement...
They would not still be hanging around if they knew there was zero left, trust me. They know full well, better than anyone, what lies behind the curtain. They are the underwriters for Christs sake!
Why would they bother sending lawyers to a meaningless hearing like this. They must know something. That's about the only thing left in this sordid saga that still gives me any hope of recovery.
I would gladly give up $109 for $10000 per P.
Are you kidding me? If this were true you mean to say you would not let the UWs have $109 if you were getting $10k per share? You'd rather wait 2 years???
Come on man!
So Bop wanted to avoid UWs 25 bucks payout per P by suing?
OK, for those supporters and contributors of her 2 year farce of a lawsuit...
She claims "credible sources" told her that the amount coming back would be north of $109B. Then she claims the total will indeed go 75 25 to the end.
That makes the Ps worth almost $10,000 ea.
So, she says she sued to avoid the UWs from getting 25 bucks. Does this make sense to anyone here? Anyone? Ever hear of opportunity cost? 2 years of litigation to avoid paying out 25 bucks for an escrow worth $10,000?
Does anyone see the ridiculousness of this other than me?
Hey look, I hope escrows get paid more than the next guy, but this isn't adding up.
The BS legal action is over. But...
My perspective:
Most of us knew this suit was baseless, without merit, and would go nowhere. So why did it delay this saga for so many many months?
Because it was all by design. I will not go into those details here....I shouldn't have to explain it to you.
I will however say that it is curious that someone worked for JPM as posted on their online resume, and then suddenly and deliberately that work affiliation was deleted from said resume. Why? You be the judge.
Our country now is nothing more than a large banana republic. Law and order are out the window.
WAMU was obviously unjustly seized and it appears this could be swept under the rug for eternity. The shareholders and employees got screwed in an unfair 5th amendment taking in the middle of a sad and dark Thursday night.
But, while I have serious doubts escrows will ever see a dime, I still see possible light.
Now that the case is closed, the litigant stated:
"Sorry folks. I'm disappointed but that's all.
FYI, I've been hearing from back channels that something may happen on the recovery front in the next month or two. If so, there's euphoria on the Underwriters' side as I think people here will be shocked by the amount of money they eventually recover."
Excuse me? I'M DISAPPOINTED BUT THAT'S ALL?
After two years of nonstop legal actions this statement is astounding to me. No remorse for delaying this outcome for 9000 shareholders? Talk about self serving. Wonder what was really involved. And who funded this case...
Now, let us give the litigant the benefit of the doubt. Maybe her motives were honest. Maybe she did hear a whisper in the corridors of the courthouse. If so, then there may be cause for some optimism. My gut says we may get some restitution afterall. Possibly 10-20B. Certainly not hundreds of Bs. Never happen. But something could still come to escrows IMO.
If not, I expect severe and profound legal action coming in the next few months by the UWs, hedge funds, and even a few rich retailers.
There's money there and they know it. Now they can proceed.
It behooves the FDIC and JPM to take some quick decisive action on a settlement or all hell is about to break loose.
Good luck escrowers. You have all been through hell and back. I wish you the best.
When have I heard that before???
I do believe we are getting close to something though. I have not heard from my sources, who have been mysteriously silent, as have the 144 hedge funds that own escrows. Now does anyone find it curious that they haven't been suing for their money?
Of course. She works or has worked for JPM per her resume.
She is connected there. Delay is the tactic and means to an end. Sickening really.
Quick, send her more money simpson! Doah!
Or is that Dough?
Who knows which date actually started the 180 day clock.
JPM could end up owning the whole ball of wax. They need to pay regardless.
And how much longer will the administration allow the FDIC to play peekaboo?
Dimon bought COOP back in 2008.
https://mergr.com/jpmorgan-chase-acquires-mr.-cooper-group
Note to goodie...
I was banned by bp for being too optimistic. Weird huh?
Inside info. Dimon bought COOP.
:)
Also ironic timing. 180 days since close of bk.
Connect the dots.