sf, Thanks for sharing your most profound, thoughtful, and insightful posts!!!!! eom

Good Night Everyone.

Texan, I agree totally.

Thanks, ILVMNY.

Thanks, Dan.

I am amazed at the “stupidity” of The FDIC. The FDIC “panicked” and made the following “mistakes” i.e., “unwise” decisions:
• Not understanding the difference between the terms “illiquidity” and “insolvency”. “Illiquidity” is when a bank does not have enough “liquidity”/cash to meets withdrawals, “.i.e., in the case of a “run on a bank”. “Insolvency”, however, is when Liabilities are greater than Assets. For the sake of discussion, let’s assume that WAMU bank(s) had a “liquidity” problem. However, contrary to the assertions of the FDIC WAMU (Q) was “solvent”, i.e., A>L. This was a huge mistake by the FDIC.
• Not listing specific items sold and transferred to JPM.
• Not giving “Liquidation Value” for assets “legally” transferred to JPM
• Insulting Judge Walrath in her own courtroom.
• “Holding up” for their “wrong” actions, and being arrogant in the process.
• The FDIC stated they DO NOT have a fiduciary duty to maximize the sale of the assets. None. Nada. Zip. Zilch. The FDIC's duty is to minimize the cost to the FDIC fund. This statement by the FDIC indicates that the FDIC is ignorant of the bankruptcy laws. A “duty” of the FDIC is to see that the assets of the bank(s) that they “take over” are sold for at least “Liquidation Value”. And this is a major junction/purpose of the bankruptcy process, i.e., to determine the “Liquidation Value” of the assets transferred to JPM.

Conclusion: IMO Our WAMUQ team of attorneys will “beat them (FDIC/JPM) up” and “have them for lunch” resulting in repayment of WAMU Creditors and a “substantial” profit for WAMU Shareholders. The only questions in my mind are:
1. How much will we receive?; and
2. When will we receive it?

Good Reply. eom

I concur!!!!!

diamondguru-one I love the rhyme:...the LONGER JPIG/FDIC play
the MORE loot (they will have to pay)

cause
nobody will get around the BEST LEGAL TEAM
this COUNRTY ever seen.....

Patience: 1. The capacity, habit, or fact of being patient.
Patient. to suffer; suffering. 1. bearing pains or TRIALS calmly or without complaint...

*Merriam Webster's Collegiate Dictionary Tenth Edition

See you all in Las Vegas!!! eom

Bill, Great post!!!

No. It's going to take about $4.8B ($1.4 to bring negative WAMUQ Equity to zero, i.e., to pay off all the Creditors plus $3.4B to pay off Preferreds (not including dividends).
I don’t know the approximate book value of WaMu at present. (If my memory serves me correctly,) I have seen numbers of from $30B to $50B posted on this board. However, the “official” “book value” for WAMUQ Common Shareholders is negative or else we would not be in bankruptcy because Liabilities exceeds Assets by approx. (-) $1.4B.

As you know, in investing, risk is commensurate with (possible) reward. I own WAMUQ Common Shares because they have the greatest [risk as well as the greatest] (possible) reward. If you are more risk adverse, then you would own the preferreds. Or if you want to “hedge” your positions, you could own both the common and the preferreds as some posters on this board have done.

The Prefereds (and dividends) and the Other Liabilites must be paid first before the common shareholders receive anything.

$13.41 Corrected Value of WAMUQ.

UltF, you are correct in that I neglected to substract the approx. $4 billion for Preferred Shareholders. The amount for The Creditors, however, is already included in the -$1.4 Bill Negative WAMUQ Common Stock Holders’ Equity. Therefore, substracting $4 billion for Preferred Shareholders (not including dividends), leaves approx. $22.2 Billion for WAMUQ Common Shareholders divided by 1.7 billion of WAMUQ Common Shares = $13.06.

The CPA on our message board might want to check my numbers.

No. The NOLs were valued at the minimum of $2.6 Billion.

Per Note 5: Taxes from Washington Mutual, Inc., et al
May 2009 Monthly Operating Report – UNAUDITED
MOR 3 Balance Sheet as of 5/31/2009 Case No.08-12229 (MFW)
Washington Mutual, Inc.
5/31/09:

Note 5: Taxes
The tax asset and liability balances are recorded consistent with WMI’s historical accounting practices as of the
Petition Date and adjusted for refunds collected. Generally, tax related claims and payables are recorded on WMI’s books and records on a consolidated basis with the other members of the consolidated tax group and have not been adjusted for any potential claims against these assets.

The current recorded balances do not reflect all expected refunds or payments as these amounts are currently being
reviewed. The current estimate for the total expected refunds, net of potential payments, is in the range of
approximately $2.6 - $3.0 billion. WMI understands that JPMorgan, the purchaser of substantially all of WMB’s assets, may seek to claim all or a portion of the expected tax refunds.

No provision or benefit from income taxes has been recorded as the NOL’s are expected to be sufficient to
offset income during the reported period. Income tax expense contains alternative minimum taxes paid in
certain states.

$13.41 Corrected Value of WAMUQ.

UltF, you are correct in that I neglected to substract the approx. $4 billion for Preferred Shareholders. The amount for The Creditors, however, is already included in the -$1.4 Bill Negative WAMUQ Common Stock Holders’ Equity. Therefore, substracting $4 billion for Preferred Shareholders (not including dividends), leaves approx. $22.2 Billion for WAMUQ Common Shareholders divided by 1.7 billion of WAMUQ Common Shares = $13.06.

The CPA on our message board might want to check my numbers.

Value of WAMUQ Common Stock: More than $15.41

Based on the accounting Y!, I compute the value of WAMUQ Common Stock to be more than $15.41 as shown below:

• Negative common stock holders’ equity (as shown per Balance Sheet filed By WAMUQ with Trustee/S.E.C.) -$1.4 Billion
• Cash* on deposit at WaMu +4.4
• Minimum Refund amount due from IRS
because of Net Operating Losses* (NOLs)
carried back to prior years (as shown in
footnote to WAMUQ’s Balance Sheet filed by
WAMUQ with Trustee/S.E.C.) +2.6

Value from accounting Y!
(Not including Unliquidated Claims) 20.6

TOTAL $26.2 Billion Billion

*Currently in litigation

$26.2 Billion divided by 1.7 Billion WAMUQ common shares outstanding = $15.41

Okay.

$4 BILLION COURT DATE IS OCTOBER 5TH per post by bopfan@rocketma... 25-Sep-09 06:28 pm on Yahoo Message Board.

"JUST CALLED THE COURTS AND THEY TOLD ME THIS UNTIL FURTHER NOTICE. IT CAN CHANGE HOWEVER, BUT THE 5TH IS WHEN ITS SCHEDULED!!!!"

Great Post!!! Tells it like it is. eom

Texan, Thanks for pointing that out! eom

Thanks for pointing that out, Texan! eom

First Stop: $1.50

Posted by: The Yogi
Date: Saturday, September 12, 2009 2:36:59 AM
In reply to: VivaLasVegas who wrote msg# 94372
#94461
I “see” a “Symmetrical Triangle”* instead of a (down sloping pointed) “Pennant”. As I see it, this Classic “Symmetrical Triangle” Chart Pattern had a “Break Out” today, Friday, September, 11, 2009 at approximately $0.1530. And according to Curtis Arnold, this Classic Chart Pattern (in an “Up Trend”) has an 86.4%** probability of moving up in price (with a minimum price target/projection of $0.2619). And as someone correctly noted, there is a “Blue Sky”/(“Open Gap” between approximately $0.1800 and $1.5000) which means that once prices advance beyond this current $0.1800 to $0.2089 Resistance Level”, --- prices should easily advance to $1.50 before encountering any “Overhead Resistance”.
*Ref. (Classic book on Technical Analysis )
• Chapters XI, Consolidation Formations, pp 168+; and Chapters VIII, Symmetrical Triangles, pp 87+
Technical Analysis of Stock Trends by Robert D. Edwards and John Magee
Published by John Magee, Springfield, Massachusetts, copyright 1966 by John
Magee.
**Ref.
• Chapter 7 --- Fast – Start Entries, The Symmetrical Triangle, Notes From The
Research.
Curtis Arnold’s PPS Trading System
Copyright 1995, Curtis Arnold
Irwin Professional Publishing
Burr ridge, Illinois
New York, New York
ISBN 1-55738-877-6
Posted by: The Yogi
Date: Sunday, September 13, 2009 1:31:11 AM
In reply to: wamued who wrote msg# 94473
#94517

Only time will tell how reliable technical analysis is in this situation. Let’s see what happens...

In my personal opinion, Technical Analysis is just as “reliable” for listed stocks traded over exchanges as well as stock traded with pinks in general. There are basically two ways to analyze stocks: “Fundamental Analysis ” and “Technical Analysis”. And the wise investor/trader uses both “Fundamental Analysis” and “Technical Analysis”. I have found the “Fundamental Analysis” done by the brilliant minds/posters on this board to be superb and “unsurpassed”.

In my opinion, Technical Analysis is base on the four (4) following ideas:
1. Newton’s Laws of inertia. A body (prices) “at rest” tends to “stay at rest”; and a body "in motion" tends to “stay in motion”.
2. Supply and Demand. If buying ("pressure"/force) is greater than the selling ("pressure"/force), then prices go up; If selling ("pressure"/force) is greater than the buying, then prices go down; and if the buying and selling ("pressure"/force) is about equal (in balance), then prices go “sideways”.
3. “Zero-Sum Game” is a "game" where what is “won” by one group is “loss” by another group and where “the smart” take advantage of the “not so smart”. (See DVD: ENRON – The Smartest Guys In The Room, for an extreme example).
4. Human Nature. Successful Trading/Investing “goes against” human nature. For example. Warren Buffett says: “Be greedy when others are fearful, and be fearful when others are greedy”. We (WAMUQ, etc) Investors are greedily buying all the stock we can get our hands on while most investors wouldn’t “touch (WAMUQ, etc.) with a ten foot pole”.

Prices are “manipulated” and If you have time, I suggest you read The Classic Book:

REMINISCENDES OF A STOCK OPERATOR by Edwin Lefevre.
John Wiley & Sons, Inc.
New York; Chichestser; Brisbane; Toronto; Singapore
Originally published in 1923 by George H. Doran and Company
ISBN 0-471-05968-4 (cloth)
ISBN 0-471-05970-6 (paper)

REMINISCENDES OF A STOCK OPERATOR was written in the 1920s by Jessie Livermore*. However, as the French saying goes: “The more things change, the more they stay the same”. “The game” is basically the same in that prices were “manipulated” back then and they are “manipulated” today. The major difference between then and now is The S.E.C. There was no S.E.C. back then, but now we have The S.E.C. which is basically the “C.O.P. on the block” to give investors/traders confidence in “the game”. If you read REMINISCENDES OF A STOCK OPERATOR by Edwin Lefevre, you will get a better insight into the nature of “the game” we are playing.

*Jesse Livermore had no formal education or stock trading experience. He was a self-made man who learned from his winners as well as his losers. It was these successes and failures that helped cement trading ideas that can still be found throughout the market today. Livermore began trading for himself in his early teens, and by the age of fifteen, he had reportedly produced gains of over $1,000, which was big money in those days. Over the next several years, he made money betting against the so-called "bucket shops," which didn't handle legitimate trades – customers bet against the house on stock price movements.
Posted by: The Yogi
Date: Tuesday, September 15, 2009 9:34:39 PM
In reply to: VivaLasVegas who wrote msg# 95090
Post# 95156

Things are “unfolding/happening nicely”. In response to Igolcents post # 95107; wamued post #94473; ub2 post # 94516, VivaLasVegas posts #94372 and 95074; 7nech post #95078; drrugby your posts #95066 and 95049; and Clay this post #95090 --- see my previous post# 94517: “Only time will tell how reliable technical analysis is in this situation. Let’s see what happens...”
Drrugby, “the stairway to heaven” you observed is called a small (Right Angle) “Ascending Triangle”. It is part of a larger “Symmetrical Triangle” Chart Pattern that I previously discussed in my post #94461 on Sat., Sept. 12, 2009. In my post #94461 in reply to: VivaLasVegas who wrote msg# 94372, I said:

I “see” a “Symmetrical Triangle”* instead of a (down sloping pointed) “Pennant”. As I see it, this Classic “Symmetrical Triangle” Chart Pattern had a “Break Out” today, Friday, September, 11, 2009 at approximately $0.1530. And according to Curtis Arnold, this Classic Chart Pattern (in an “Up Trend”) has an 86.4%** probability of moving up in price (with a minimum price target/projection of $0.2619). And as someone correctly noted, there is a “Blue Sky”/(“Open Gap” between approximately $0.1800 and $1.5000) which means that once prices advance beyond this current $0.1800 to $0.2089 Resistance Level”, --- prices should easily advance to $1.50 before encountering any “Overhead Resistance”.

See you all in LasVegas!

The Yogi

Things are “unfolding/happening nicely”. In response to Igolcents post # 95107; wamued post #94473; ub2 post # 94516, VivaLasVegas posts #94372 and 95074; 7nech post #95078; drrugby your posts #95066 and 95049; and Clay this post #95090 --- see my previous post# 94517: “Only time will tell how reliable technical analysis is in this situation. Let’s see what happens...”
Drrugby, “the stairway to heaven” you observed is called a small (Right Angle) “Ascending Triangle”. It is part of a larger “Symmetrical Triangle” Chart Pattern that I previously discussed in my post #94461 on Sat., Sept. 12, 2009. In my post #94461 in reply to: VivaLasVegas who wrote msg# 94372, I said:

I “see” a “Symmetrical Triangle”* instead of a (down sloping pointed) “Pennant”. As I see it, this Classic “Symmetrical Triangle” Chart Pattern had a “Break Out” today, Friday, September, 11, 2009 at approximately $0.1530. And according to Curtis Arnold, this Classic Chart Pattern (in an “Up Trend”) has an 86.4%** probability of moving up in price (with a minimum price target/projection of $0.2619). And as someone correctly noted, there is a “Blue Sky”/(“Open Gap” between approximately $0.1800 and $1.5000) which means that once prices advance beyond this current $0.1800 to $0.2089 Resistance Level”, --- prices should easily advance to $1.50 before encountering any “Overhead Resistance”.

See you all in LasVegas!

The Yogi

Only time will tell how reliable technical analysis is in this situation. Let’s see what happens...

In my personal opinion, Technical Analysis is just as “reliable” for listed stocks traded over exchanges as well as stock traded with pinks in general. There are basically two ways to analyze stocks: “Fundamental Analysis” and “Technical Analysis”. And the wise investor/trader uses both “Fundamental Analysis” and “Technical Analysis”. I have found the “Fundamental Analysis” done by the brilliant minds/posters on this board to be superb and “unsurpassed”.

In my opinion, Technical Analysis is base on the four (4) following ideas:
1. Newton’s Laws of inertia. A body (prices) “at rest” tends to “stay at rest”; and a body "in motion" tends to “stay in motion”.
2. Supply and Demand. If buying ("pressure"/force) is greater than the selling ("pressure"/force), then prices go up; If selling ("pressure"/force) is greater than the buying, then prices go down; and if the buying and selling ("pressure"/force) is about equal (in balance), then prices go “sideways”.
3. “Zero-Sum Game” is a "game" where what is “won” by one group is “loss” by another group and where “the smart” take advantage of the “not so smart”. (See DVD: ENRON – The Smartest Guys In The Room, for an extreme example).
4. Human Nature. Successful Trading/Investing “goes against” human nature. For example. Warren Buffett says: “Be greedy when others are fearful, and be fearful when others are greedy”. We (WAMUQ, etc) Investors are greedily buying all the stock we can get our hands on while most investors wouldn’t “touch (WAMUQ, etc.) with a ten foot pole”.

Prices are “manipulated” and If you have time, I suggest you read The Classic Book:

REMINISCENDES OF A STOCK OPERATOR by Edwin Lefevre.
John Wiley & Sons, Inc.
New York; Chichestser; Brisbane; Toronto; Singapore
Originally published in 1923 by George H. Doran and Company
ISBN 0-471-05968-4 (cloth)
ISBN 0-471-05970-6 (paper)

REMINISCENDES OF A STOCK OPERATOR was written in the 1920s by Jessie Livermore*. However, as the French saying goes: “The more things change, the more they stay the same”. “The game” is basically the same in that prices were “manipulated” back then and they are “manipulated” today. The major difference between then and now is The S.E.C. There was no S.E.C. back then, but now we have The S.E.C. which is basically the “C.O.P. on the block” to give investors/traders confidence in “the game”. If you read REMINISCENDES OF A STOCK OPERATOR by Edwin Lefevre, you will get a better insight into the nature of “the game” we are playing.

*Jesse Livermore had no formal education or stock trading experience. He was a self-made man who learned from his winners as well as his losers. It was these successes and failures that helped cement trading ideas that can still be found throughout the market today. Livermore began trading for himself in his early teens, and by the age of fifteen, he had reportedly produced gains of over $1,000, which was big money in those days. Over the next several years, he made money betting against the so-called "bucket shops," which didn't handle legitimate trades – customers bet against the house on stock price movements.

I always enjoy reading your very informative and enlightening posts, ABIGHAMMER!
No. I am not 'the yogi', as in bear, berra, or mahareeshi (smile).
See you in Las Vegas. lol

I “see” a “Symmetrical Triangle”* instead of a (down sloping pointed) “Pennant”. As I see it, this Classic “Symmetrical Triangle” Chart Pattern had a “Break Out” today, Friday, September, 11, 2009 at approximately $0.1530. And according to Curtis Arnold, this Classic Chart Pattern (in an “Up Trend”) has an 86.4%** probability of moving up in price (with a minimum price target/projection of $0.2619). And as someone correctly noted, there is a “Blue Sky”/(“Open Gap” between approximately $0.1800 and $1.5000) which means that once prices advance beyond this current $0.1800 to $0.2089 Resistance Level”, --- prices should easily advance to $1.50 before encountering any “Overhead Resistance”.
*Ref. (Classic book on Technical Analysis)
• Chapters XI, Consolidation Formations, pp 168+; and Chapters VIII, Symmetrical Triangles, pp 87+
Technical Analysis of Stock Trends by Robert D. Edwards and John Magee
Published by John Magee, Springfield, Massachusetts, copyright 1966 by John
Magee.
**Ref.
• Chapter 7 --- Fast – Start Entries, The Symmetrical Triangle, Notes From The
Research.
Curtis Arnold’s PPS Trading System
Copyright 1995, Curtis Arnold
Irwin Professional Publishing
Burr ridge, Illinois
New York, New York
ISBN 1-55738-877-6

You're welcome. I love reading your posts, and look forward to seeing you in Las Vegas.

The bank's name was First City Bancorporation of Texas and emerged through a merger as FirstCity Financial Corporation (FCFC)*.

*Ref.: The Creation of FirstCity Financial Corporation: A Clinical Study of the Bankruptcy Process

Ramesh K. S. Rao, University of Texas, Austin
Susan White, University of Maryland

International Journal of Finance Education 1(1):19-54
copyrighted 2005, Senate Hall Academic Publishing

Yes. I just joined this morning. I have been reading the posts for about a month, however I only felt the need to join and contribute today. I am sorry that I misunderstood what “TD” meant. I thought that you were referring to “TD”, i.e., Tom DeMark Trendlines. (I am learning what all the abbreviations mean. No. I was not speaking of TD Ameritrade).

Hi Hammer, I have always enjoyed reading your most insightful posts. Your posts reflects matured experience and wisdom.
“TD” stands for Thomas DeMark (he named it after himself).
Tom and his models have shaped the investment strategies at some of the largest and most successful trading operations in the world including Tudor Group (Paul tudor Jones); George Soros; Charlie ("D") DiFrancesca; Larry williams, Goldman Sachs, Citibank, Morgan Bank, etc.
In any event, (as you know) it takes two points to draw a straight line, i.e., a “TD Trendline”. Based on my analysis, the first point was at the high of $4.87 on September 19, 2008; the second point was at $.115 on August 28, 2009. His method is a "bit complicated" (I suggest, if you can get a copy of his book, and read chapter 1). His method gives you the magnitude of the price projection, but not the timing of the move. My additional discovery indicates the timing of the projected price to be reached by Tuesday, September 8, 2009 (I say with a 90% probability) and no later than Saturday, September 19, 2009. I know that I am “going out on the limb with this” TD Price Projection, but I thought I would share it with you anyway.

>$9.48 My TD Price Projection* for Tuesday, September 8, 2009 based on prior "break out" of $0.115 last Friday, August 28, 2009. Just thought I would share my research with the brilliant minds as reflected in messages posted on this WAMUQ Message Board. I am looking forward to meeting and seeing you all in Las Vegas!!! LOL.

*Reference: Price Projections in Chapter 1, Trendlines, "The New Science of Technical Analysis" by Thomas R. DeMark.