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You will get a reverse split in your proverbial face. Given the company has no money, their only means of raising capital is toxic death spiral funding. And given that they can't even get much of that at a .0001 share price, they have no choice but a reverse split.
The fix was in so it did not matter what was said or done, WAMU was going to be seized. They were not on the no-short list for a reason. TPG/Bonderman have been quiet for a reason.
That's why the stock is sitting at .0001, because it has so much potential. You can pump all you want, but stock is staying where it is until a reverse split is done.
Why get in now....just wait for the reverse split and make sure the dillution is done and price stabilizes.
Because TPG was taken care of long ago by Paulson. My guess is that TPG was tipped off early on by Paulson on the plan and they shorted the hell out of WAMU to recoup their losses at the expense of the every day investor who did not have that inside information.
Does not look good here, looks like a death spiral forming.
It is clear some people do not realize what a death spiral is. With so many shares issued to vulture investors at .0001 per share, the chances of this moving beyond .0002 is almost impossible in my opinion without a reverse split.
Remember when the FDIC tried to sell Wachovia to Citi for something near $2? billion and Wells Fargo Stepped in and bought them for $13+? billion?
FDIC cares nothing about maximing value for shareholders, only minimizing their own costs. They were only off on that valuation by nearly 700%
Get your facts straight. When exactly did insiders buy? The only thing insiders have done is gift themselves free shares. That's it. And the only time this was at .50 was on its way down after a reverse split. Talk is cheap and actions speak volumes.
Why is it that you need to tell the world that you are a buyer at .0001 of this trash? Another form of the pump maybe?
M&A activity, really??? Don't you think it is more like "issue as many shares as possible and sell to the suckers" activity...
What exactly am I confused about? You did not answer my question, is the FDIC receivership of UWKB closed? Let's start there.
So 56chevy, has the FDIC closed out the UWBK receivership? If it has, then you are probably correct we are screwed. If it has not, then you can't be sure there is not a POL in play that satisfies all claimants.
There has been a lot of monies thrown the FDICs way and until the FDIC officially closes out the receivership I will keep the faith.
I don't know what your agenda is, because you clearly have one.
it is not over until a POL is filed.
Really, a winner? Let me jump right in with a few hundred $ grand.
Why do I get a feeling that there are plants on this board from those that have billions of shares to dump?
Believe it or not, I made money on this turd before the last split. But I was aware of their game and did exactly as you say. But I only played it once as I was leery of holding the bag.
I don't see any opportunity at this level because any news will drive the demand right into the hands of the "investors" who got lots of free shares to dump. I see a reverse split coming very soon. When you have 137+m shares trading in a day, does not take long for OS to reach 5 billion.
Accumulation? Maybe you need to review the meaning of the word. Great dump is a better term.
Let me help you out:
Go to www.pinksheets.com and lookup dkam and go to company profile. In lower right it gives the history of all reverse splits for this joke of a company.
LemonJohn, you looked at their history and saw no reverse splits, really? You did not look very hard and are just putting out mis-information for any naive newbie who happens on this board.
Worlwide is not that stupid. They get shares right after the reverse split via conversion of preferred stock the general public has no access to. They then unload as soon as possible post split to maximize their return. That's how the game played out last time around.
With the last reverse split, Worlwide directors were GIVEN millions of shares and the stock price was over $1 per share. They made millions of $ on the backs of the naive and unsuspecting purchasers of DKAM shares in the open market. And soon they will execute the same game plan again.
Yup, money in the bank......Their bank, not yours.
With a company that dilutes like this, time is your enemy, not your friend.
I hope they clear too...so you can flush them down the toilet known as DKAM
61 million traded already? Massive dilution. When is the next reverse split??
Companies like this do not deserve to stay in business.
Nothing was coming because they planned it that way.
Rosie is in the back pockets of the elite and did their bidding to screw the common man. F$&@k you Rosie and I hope one day you get what you deserve. The fact that he is still involved with matters of the estate does not bode well for WAMU escrow holders. Just my opinion.
Don't bother with this one. A leopard doesn't change it's spots and all you need to do is look at the history of this stock to know what the future holds. They should be announcing another reverse split very soon.
He did not need to sell. All he had to do is sell short in another account since he was tipped off on exactly what was to happen.
BK and AZ,
You guys are getting me interested in digging into this again, but I just don't have the time right now. I may have to review the graphs i created back in 2009.
BK, I think the real question here is whether WMI the holding company is prohibited by law from investing in Mortgage Backed Securities (MBS) or not. As you state, only WMB can generate mortgages, but once packaged and securitized into MBS securities, can they be sold to the WMI holding through a financial transaction? More generally, can a bank holding company own MBS securities irrespective of what bank generated the underlying mortgages?
If the answer to this question is Yes, then I don't think we can ascertain who owns the MBS securities from the consolidated financial statements.
If Yes, Does the FDIC have the power and legal rights to seize MBS securities owned by the holding company?
I forget, what mechanics were used to steal the TPS securities? As I recall weren't they securities backed by mortgages?
Yet another purchase accounting tool used to minimize the Negative goodwill reported by JPM in 2008 after the heist. The 31 Billion of Loan write downs + $8 Billion in Purchase accounting non-financial assets write offs represents $40< billion in Book value that JPM stole from WAMU.
Over time, most of the 31 loan loss reserves were reversed as the economy improved and went strait to JPMs bottom line. JPM can whine and cry all they want about the various litigation arising from WAMU, but they made a killing of the backs off WAMU shareholders and bond holders.
Undervalued? By what financial metric do you determine that this company is undervalued? A company that prints shares like there is no tomorrow deserves to be valued at 0, period.
With the death spiral funding they have in place, it sinks!
Think about it, they claim they only have 400M shares outstanding but they have been trading 20-30 million shares per day recently. That is HUGE volume for a company with only 400m OS and can only mean the printing press is cranking out shares.
LG, I think that price reflects two things: 1) The possibility of a CSSA, and 2) shares are consolidated in a few strong hands who believe there is a light at the end of the tunnel (hopefully not a train :) ).
56chevy,
Believe me, I understand that BK is all about creditors all to well and as long as Assets < Creditor Claims, equity is SOL. Like others, my hope is that there is a CSSA that eventually makes Assets > Creditor Claims. Is it a long shot? Absolutely and it is reflected in the stock price. Is it possible? I think so or I would not be in this at all.
I think that would be the fair thing for the FDIC to do. UWBK got into this position because of the rampant mortgage fraud instigated by the big banks. UWBK was a victim of the rampant fraud, not a cause. Despite the losses on MBS investments, they went to great lengths to try and save their bank and they had the rug pulled out from under them. I guess time will tell.
LG, is the FDIC giving up on the $4M tax refunds? If so, what gives, as these guys would fight you over a penny on the ground.
Here we have an estate with nothing to fight with, can't even pay administrative expenses, and the FDIC is giving up on $4M? Something does not add up.
Ok oklay, what am I missing? neah is getting $500,000 in exchange for 33,333,333 which equates to .015 cents per share (not counting warrants). So where are you getting .001 from?
The funding is a good sign. The 500,000/33,333,333 million shares works out to be .015 per share. Now they got another 11m potential shares in options at a strike price of 3+ cents, but if the share price never gets there they lose that.
So this does not look like death spiral financing that is common with many penny stocks and spins the share count out of control. This in itself is a good sign and explains the slight jump in share price a few days ago.
Are you kidding? This is a reverse split stock printing machine. Just look at their history of reverse splits that have wiped out shareholders many times over. Lots of fluff and no substance played over and over like a broken record.