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Yep. It definitely will not hurt the asset valuation!
Hopefully we see a new PPS floor on the WMI symbols with the change today.
Definitely. This has been a fun ride! I think it will just continue up.
That seller might be done though and perhaps STXG is selling for other clients. Either way we are moving!
STXG is still at 5.50
Sorry.. my captures are not working at the moment.
STXG just went to $5.50!
Good article by Weil attorney's Simeon Gold and Daniel Holzman regarding any buyout of a chap11 company. It describes ways it can and cannot happen.
Sounds like it would need to be part of the reorg plan.
http://www.metrocorpcounsel.com/current.php?artType=view&artMonth=March&artYear=2009&EntryNo=7872
District of Delaware memorandum opinion
VERY interesting article which says it finds fault when assets are sold on the eve of bankruptcy. When reading the article replace "Directors" with "FDIC-Receiver". Could the FDIC be slammed for selling WMB too fast?
http://blogs.law.harvard.edu/corpgov/2008/07/24/delaware-bankruptcy-court-expounds-on-directors-duties-in-financially-distressed-situations/
(by astockinvestor on Yahoo)
I need to read more on the BK process. I'm wondering what the next steps are in this process. Specifically, when and how will Walrath accept/reject the claims. And if it must be done before the re-org plan on the 24th. Time to do more research.
Don't equate the PPS of WAMKQ to an equal percentage of WAHUQ. They offer different levels of risk so the relative PPS will differ.
WAMPQ and WAMKQ should be relatively equal though. Which is why P's are a great deal right now.
GN - hypothetically, if such a scenario were to come about would you foresee the preferred's going to face value?
Nice volume on the P's.
It should be the actual shares for the trade. But I think in pinks and pennies it never represents the true share count.
I've grabbed more today at 4.99
I'm still considering moving out of some H and K's to get more P's.
Hopefully not many left. STGX size is now 500 rather than 1000 so I hope that is a good sign.
STXG is still in control.
Nice start for the day.
Another formT trade to end the day. 8 minutes after the bell is usually not the MM's just doing house keeping.
Makes sense. WMI keeps the trademarks and plans to use them post-BK.
We are going to ROCK when their restructuring plan comes out.
Mrs. Dimon will need some lovin' when her hubby's in jail.
Giggity giggity giggity giggity, oh yea!
Any docs submitted today will probably go online after the bell today.
wamu.com still owned by WMI
(providianbank.com also still owned by WMI)
Not sure if this question has been raised, but why wouldn't JPM own the wmau.com domain name if the sale is final?
Or is everything still held in receivership by the FDIC?
Probably all irrelevant if JPM is doing away with the WaMu name.
As of 3/31/2009
Registrant:
Washington Mutual, Inc.
Washington Mutual, Inc.
1201 3rd Ave
Seattle WA 98101
US
domains@ifolioinc.com +1.2063596677 Fax: +1.2063599000
Domain Name: wamu.com
Registrar Name: Markmonitor.com
Registrar Whois: whois.markmonitor.com
Registrar Homepage: http://www.markmonitor.com
Administrative Contact:
Administrative Contact
iFolio, Inc.
1201 3rd Ave, 40th Floor
Seattle WA 98101
US
domains@ifolioinc.com +1.2063596677 Fax: -
Technical Contact, Zone Contact:
DNS Administrator
Washington Mutual, Inc.
1111 3rd Ave. MS EET 0920
Seattle WA 98101
US
ip.admin@wamu.net +1.8669268662 Fax: -
Created on..............: 1996-01-17.
Expires on..............: 2016-01-17.
Record last updated on..: 2008-04-30.
Domain servers in listed order:
auth01.ns.uu.net
auth51.ns.uu.net
auth02.wamu.net
auth101.ns.uu.net
auth60.ns.uu.net
auth01.wamu.net
You're welcome
Wound up tight! H will fly on volume.
L2 for H K and P
Yesterdays trades are still showing for now though.
H's = $50 + divies + interest
From f.ckthewhat on Yahoo:
found it.. man. H in da house.
http://www.sec.gov/Archives/edgar/data/1...
"Distributions
Holders of units are entitled to receive cumulative cash distributions payable on the related preferred securities by the Trust at the rate of 5.375% of the stated liquidation amount per annum, payable quarterly in arrears, subject to reset upon a remarketing as described under "Description of the Debentures—Interest." The ability of the Trust to pay the quarterly distributions on the preferred securities will depend solely upon its receipt of corresponding interest payments from Washington Mutual on the debentures. Distributions accumulate from April 30, 2001. Interest on the debentures not paid on the scheduled quarterly interest payment date will accrue and compound quarterly, to the extent permitted by law, at the applicable interest rate, and, as a result, distributions on the preferred securities will continue to accumulate and compound quarterly, to the extent permitted by law, at the applicable distribution rate. "
As per below in the order all claims must be physically delivered. So they must messenger it over tomorrow or it might already be there today. Maybe we'll see the PDF posted tonight.
JPM want to take the chance of a Fedex truck breaking down? I think it was delivered today. Otherwise it will be hand delivered tomorrow. IMO
"Proofs of Claims will be deemed timely filed only if actually received by the Washington Mutual Claims Processing Center on or before the Bar Date. Proofs of Claims may not be delivered by facsimile, telecopy, or electronic mail transmission."
End of day
NITE putting pressure on STXG
STXG was at 4.95 when NITE jumped ahead.
It was NITE
It sometimes depends on the number of shares. 500 is often required for it to show; and sometimes 5000.
I bought more WAHUQ's at 5.20 as I think the H and K's will pop before the P's. I hold a lot more P's though and still hold some K's. I'll sell the H and K when they pop and buy more P's.
Welcome. And yep, it's a runner!
Seems to me like JPM's lawsuit will do the opposite of their intent. JPM has now acknowledged there are questions and concerns about the legitimacy of the sale. This lawsuit and WMI will now haunt JPM.
News loves an active fight! Thanks JPM for adding fuel to our bonfire!
and I guess that's what I'm driving at. Even if they did get it all, they did not pay book value as the contract states. So the FDIC is on the hook for the balance. Or someone.. I don't care who! LOL
Jackson - Did you see in JPM's lawsuit that in the sale agreement they paid "book value" for most everything? Wouldn't even book value be far greater than $1.9B?
I would think so. It sounds like the FDIC has some explaining to do.
Talk of JPM belongs on the JPM board.
WMI vs FDIC Docket: (add to sticky?)
http://dockets.justia.com/docket/court-dcdce/case_no-1:2009cv00533/case_id-135841/
You can get to the Pacer documents from there.
Pacer login required:
https://ecf.dcd.uscourts.gov/cgi-bin/HistDocQry.pl?111447176495241-L_795_0-1
So far on Pacer I see:
--
Filed: 03/20/2009
Entered: 03/23/2009
Docket Text Summons Issued as to AUSA
1
Filed: 03/20/2009
Entered: 03/23/2009
Docket Text Complaint
2
Filed: 03/20/2009
Entered: 03/23/2009
Docket Text LCvR 7.1 Certificate of Disclosure - Corporate Affiliations/Financial Interests
3
Filed: 03/20/2009
Entered: 03/23/2009
Docket Text Notice of Related Case
My new read on this lawsuit (new for me) and what they might be saying is that the FDIC had receivership and was the custodian of the bank on the 25th. WMI went into protective Chap11 on the 26th. Therefore, the FDIC could not sell the bank on the 26th since the BK court had full control.
Sounds like they are in fact arguing to nullify the sale.
Or was the sale completed on the 25th?
It's like holding a balloon under water; once STXG is gone then P will popup to near parity with K.
Once I think STXG has about bottomed I'll sell most of my K's for P's.
Ah.. I see it. Nice.
And I could live with 20% gains each day. It just feels like it will be a strong week for us.
Once STXG is done and empty then P's will go to $9.00 if K's are still at .23