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Good afternoon all! Damn I could have sworn that we had a global settlement! Shit-fire! … rs
Sorry guys and dolls if I startled anyone! It was extremely slow on all boards last night and I had some time on my hands! Anyone that knows me knows that I always post a link to such news, plus I would have posted it on the WaMu board if it of course WAS true!
Once again, sorry as the joke was probably in the poorest of taste however obvious it was to decipher … rs
Brand spankin' new! LOLOLOL ...
TY for the pithy synopsis Sir! Much appreciated!
… rs
Sorry if this is off topic ...
WASHINGTON MUTUAL, INC. FILES RE-REVISED PLAN OF REORGANIZATION AND DISCLOSURE STATEMENT!
SEATTLE, June 11, 2010 – Washington Mutual, Inc. (Pink Sheets: WAMUQ.PK) (“WMI” or the“Company”) today announced that it has filed with the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) an Amended Plan of Reorganization (the “Plan”) and DisclosureStatement the “Disclosure Statement”). The Plan implements and incorporates the terms of a revised global settlement agreement the “Settlement”) reached among WMI, the Federal Deposit Insurance Corporation (“FDIC”) and JPMorgan Chase Bank, N.A. (“JPMC”).
The terms of Settlement were first announced on March 12, 2010. The terms of Settlement were subsequently modified as reflected in filings with the Bankruptcy Court on each of March 26, 2010 and May 16, 2010, and additional modifications are reflected in the Plan and Disclosure Statement filed today with the bankruptcy Court. WMI noted that the Plan, Disclosure Statement, and the Settlement were filed with the full support of the FDIC, JPMC and the Official Committee of Unsecured Creditors, which was appointed by the Bankruptcy Court.
WMI commented: “WMI is pleased to have reached an agreement with the FDIC and JPMC, and we appreciate the strong support of the Creditors' Committee. WMI has worked diligently over the last 21 months to maximize the value of the bankruptcy estate and is confident that the Amended Plan will accomplish the objective of providing substantial recoveries for WMI’s creditors.” As previously announced, the Plan under which the Settlement will be implemented contemplates, among other things:
WMI will establish a liquidating trust to make distributions to creditors on account of their allowed claims. In accordance with the terms of the Plan, the trust will distribute funds in excess of approximately $40 billion, including approximately 4 billion of previously disputed funds on deposit with JPMC.
• As of Monday, June 14th, shareholders – in particular Q’s - will have the equivalent of $16.99 pps cash in their respective portfolios! This is of course courtesy of Mr. Brian S Rosen’s altruistic and beneficent beneficence!
• JPMC will assume certain liabilities related to benefit plans (including the pension plan sponsored by WMI).
• The various litigations involving WMI, JPMC and FDIC will be stayed or dismissed. In addition, JPMC and the FDIC (in its capacity as receiver of Washington Mutual Bank and in its corporate capacity) will withdraw claims against WMI’s bankruptcy estate and the parties will exchange mutual releases.
Thank you and have a good day!
EOM
I found it most queer and disturbing as well! It seems everyone to a man has decided to take this weekend off! Probably for the best! This whole damn day was heavily confusing regarding today’s Motion to Transfer Shareholder Lawsuit to the Delaware Court!
I can only assume that most people are hitting the bottle pretty good now or are seeing AH psychiatrists! … rs
Let’s just all sing a little religious diddy and have a great (contagious) laugh…
One would think that KG would be on this to twitter her little fingers off but she has made no mention of it on her site. I mean – it’ right in her backyard! It seems she is concentrating on writing her WaMu book! Oh well – at least she is guaranteed to get paid!
BTW: I have not yet seen anyone else who will be twittering … rs
I have been AWOL here for too many days - Holy Christ Luv! I am intrigued – and excited! … rs
Those are damned tough choices! … rs
LOL!!! You know I never left Mehedi! Simply being pessimistic in an optimistic manner! Sorry – inside joke folks!
Take care my friend … rs
What ticker are you talking about? LOL … rs
I am sure that he does! I assume that he does! I hope that he does! He might!
Hell – who in the hell knows! I am just glad to be part of this play no matter how infuriating it may play out at times! … rs
That is a damned good question Hammer deserving of a damned good answer – one that I do not have however! Solomon has been involved for what, 6, 8, 10+ months (I do not recall and do not wish to go back and search)! Whatever, we really have not seen or heard anything of their production! Disheartening to say the least!
I really do not know what to think. Is Susman keeping Solomon’s valuation under wraps to spring it at just the right time or is Solomon sitting on nothing as NO documents and/or data has ever been handed over to them (sound familiar)? I get a visual of several accountants at the ready sitting at their desks, fingers limbered, calculators tuned, waiting for numbers to crunch!
As with too many issues in this case – who knows … rs
Counter-Statement of Issue and Counter-Designation of Record on Appeal
http://www.kccllc.net/documents/0812229/0812229100610000000000006.pdf
... rs
TY Fish! Also per http://www.uscourts.gov/FederalCourts/Bankruptcy/BankruptcyBasics/Chapter11.aspx
The appointment of an examiner in a chapter 11 case is rare. The role of an examiner is generally more limited than that of a trustee. The examiner is authorized to perform the investigatory functions of the trustee and is required to file a statement of any investigation conducted. If ordered to do so by the court, however, an examiner may carry out any other duties of a trustee that the court orders the debtor in possession not to perform. 11 U.S.C. § 1106. Each court has the authority to determine the duties of an examiner in each particular case. In some cases, the examiner may file a plan of reorganization, negotiate or help the parties negotiate, or review the debtor's schedules to determine whether some of the claims are improperly categorized. Sometimes, the examiner may be directed to determine if objections to any proofs of claim should be filed or whether causes of action have sufficient merit so that further legal action should be taken. The examiner may not subsequently serve as a trustee in the case. 11 U.S.C. § 321.
… rs
I don’t know who these two dudes are or how many shares they have but they obviously have put a great deal of time and effort into the fight for equity! I thank and salute them! … rs
Second Supplemental Objection of Individual Shareholders to Debtors' Motion for Approval of Disclosure Statement for the Joint Plan of Affiliated Debtors Pursuant to Chapter 11 of the United States Bankruptcy Code
http://www.kccllc.net/documents/0812229/0812229100609000000000016.pdf
... rs
Thanks UZ - you just beat me to it ... rs
Thanks UZ ... rs
Hello Mehedi! Sorry for not responding to your post a few days ago! I was bitter in March http://investorshub.advfn.com/boards/read_msg.aspx?message_id=50938134 and may be bitter again – LOL! Depends how things go …
.22 tomorrow sounds a bit overzealous but what the hell – I’m game … rs
A – by a damned long shot!!!!! … rs
I guess that we will find out tomorrow if today’s action was somehow a fluke and NOT related to the EC’s third circuit examiner filing! I think that the action WAS due to the filing and the potential that comes with same! That is why I was severely maligning JMW several weeks back for denying the motion! An independent examiner is huge! Susman is a beast and has done extraordinarily well thus far but - Weil, JPM, and the FDIC can somewhat keep him at bay! An independent examiner on the other hand would have free reign IMO as no party can claim, argue, BS, their way around his/hers motives!
I will be doing the same soon UZ! Kickin’ Rosen buttock - LOL! … rs
I agree Matt! I am all law and order and for truth, justice, and the American way, but I do not need to see the offending parties locked up! I just want them to be scared straight into a reasonable settlement! … rs
I, like many, believe that there will be no real examination taking place! The simple granting of an examiner should force new favorable settlement numbers to be proffered by Rosen! The scum bucket parties haven’t fought an examiner for nothing! There are too many blacked-out documents to be found and many non blacked-out docs ripe for the pickins’!
Therefore, if we win in the third circuit, the game is really on! It was a great start today as the market reacted nicely to the EC filing! … rs
Knick. Glad to hear that you are joining the WaMu Court Brigade! Thanks to all that will be attending! … rs
Damn – those guys are fast OIL! They must have worked at pit stops! So glad that you are well! The pps has responded to your return (so far) … rs
Hello all! Have been away for a while but just checking in! Christ Almighty the dissension here! As per that great American Rodney King – “Can’t we all get along”!
I have enough hatred and strife in my own marriage and do not need this! It is a free country however …
No disrespect to anyone here intended!
Let’s all buck up and enjoy this board for its original intention! … rs
OIL! I avoid organized religion religiously, but my heart goes out to you sir! You are a friend of the board and my utmost thoughts are with you!
May God Bless you OIL! The iHub team is on it! … rs
LOL! Rosen has ripped us off several times pps/total shares owned wise with his court room theatrics (damned fool) but we are still alive!
Seriously though, nametags could/would/might attract some attention! Hell who knows! Everything perceived good winds up bad in this play so if you wear nametags – you will probably get arrested or at the very least taized! Sorry, I do not know how to spell taized! I am digressing …
I am off to kick some Rosen butt (if you know what I mean – and I think that you do) … rs
That’s great UZ! I am sure you will represent us well! We may have quite the contingent there if Ilene, STRIKE, and lebosco attend again!
You guys should really wear name tags with WaMu Shareholder under your names! It may attract a reporter or two to interview you all as it will be an impressive display of solidarity! … rs
Good evening Guys and Dolls! OT, but I came across this video on youtube and just had to share this! JMW really needs to call some folks out as this judge so righteously does!!
http://ih.advfn.com/videos/educational/we-need-more-judges-like-this_jbfZGSy-ydY
… rs
LOLOL! I would imagine that could break an eardrum or two! … rs
Lebosco et al! I have encoded the bitrate on the latest hearing to a much lower rate making for a smaller file! Also edited out most of the 6 minute silence! For those with slow internet connections this will help you!
Audio can be found here: http://wamuq.yolasite.com/audio-of-latest-hearing.php
... rs
Hey, hey, hey, Mehedi! I am lucky that I am reading every post tonight! LOL! I probably have appeared very pessimistic over the last 15 months or so BUT - I have always called em’ as I see em’!
I have been right and wrong but who here has been +50% correct in this skirmish? This has been a rigged playing field from the start but it took us too many months to realize it!
Grades:
• Rosen = F-
• JMW = D
• Pumpers = F
• Bashers = F
BTW: I always appreciate your insight Sir! Honest posts are always welcome here … rs
UZ! I was under the impression several months ago that a new BOD vote was down several notches on the totem pole as in terms of importance! I have of course reconsidered my position on this as it is the ONLY way to stop Rosen’s antics! Weil/Rosen must be shown the door!
And … enjoy your Miller Lights! You deserve them! BTW: The iBox is a work of freaking art! It has everything but Rosen’s home address! … rs
Of course it is anyone’s guess, but I do not think that Susman will waste his valuable time trying to conflict-out Weil/Rosen! A new animate BOD seems to be the way to go! … rs
Gmen – LOL! Your assumption/theory would be correct in any environment other than a kangaroo court!
It IS time to pop open the beers now. Cheers everyone … rs