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Not sure if Blackstone did "correct analysis" as BR puts it. Remember, Blackstone was in early negotiations to purchase WAMU before it was seized in 2008. They may be inclined to undervalue WAMU as they may still be interested in the ensuing new company as it emerges from bankruptcy. Just thinking. AIMHO.
http://www.onwallstreet.com/news/carlyle-blackstone-circling-wamu-706951-1.html
Agree!!!
It sure is getting crazy, but I do hope our EC/SG team is really working at it. The seizure of WAMU is truly a theft, and I am not sure why "some people" continue to be blind to this. Unless, of course, they choose to be blind. Even the former assistant treasury secretary who headed the 700 billion TARP program believes the seizure of WAMU was a mistake.
The way the auction of WAMU was conducted was truly fishy. Wells Fargo did email Sheila Bair their intention to buy WAMU before the deadline(midnight of September 24, 2008), but the FDIC ignored the proposal. Instead, Sheila Bair emailed Jamie Dimon on the same day(9-24-08) congratulating him on his winning the bid to buy WAMU for 1.88 billion, totally disregarding the devastating effect this would have on shareholders and thousands of employees of WAMU!
Should this travesty be allowed to pass? I don't think so!!!
Our team may be small compared to the JPMC/FDIC/Rosen alliance, but I truly believe we are on the right. With divine intervention, we can be the David to their Goliath.
Or...we can just be that proverbial squeaky wheel or thorn on the side that will eventually need to be dealt with. Hopefully, with good results. AIMHO.
GO WAMU!!! GO EC/SUSSMAN!!!
GO LOUD AND SQUEAKY WHEELS!!!
GO LARGE THORN ON THE SIDE!!!
I agree that settlement is the best way to go. Too much time has gone by that WAMU has been too discombobulated beyond recognition. All the king's horses and all the king's men could not put WAMU together again! However, it has to be a fair and reasonable settlement. As to what fair and reasonable is, I hope our EC and SG are working on that. The only thing with a settlement is that releases will be granted, and so the theft of WAMU will be swept under the rug forever and criminals may go scott free.But then again....
AIMHO.
Well, who knows? Maybe after 2 years, JPM already made over 10 billion profit out of leveraging WAMU's assets. And if they give 40 billion to WAMUQ shareholders that is only 2% of the $2000 billion plus(2 trillion+)that JPM is. Over the next few years they would recover that 40 billion back plus much much much more! AIMHO.
Objection letters are very important. I think they swayed THJMW's opinion last time.I hope fsshon/Don is thinking about(if he has not already done one) writing one on our behalf via UIE. I don't mind getting my name attached to such letter.
That saddled loan portfolio they got can actually be a golden egg(s).
Those bad loans are mostly related to real estate(foreclosed homes, etc)which are still physically existing. Somebody here posted a You Tube video on how the big banks can actually make profit out of these "bad loans". JPM has been trying for years to catch the goose that laid the golden eggs, and they have now actually caught it. The goose is named WAMU. However, it now appears more evident that they may have employed illegal poaching means to grab the goose, with the help of some powerful friends.
Fortunately, the rightful owners have never given up their fight to get back their beloved goose...or, at least, its multiple golden eggs...as by now the goose has probably been butchered beyond regognition. AIMHO.
That gum from the dam wall might as well be Rosen's thumb! Yank that boy off that wall!!! LOL. Let the floodwaters clean the mess that FDIC/JPM created. AIMHO.
tzeb,
It is my hope that the EC and Sussman's group are working towards uncovering some truths. Even 1 single truth, if it is major, will bring down the unholy alliance of Rosen/JPMC/FDIC. Unfortunately, it does not seem that we will get at those truths in this venue.
We have a better chance in a higher court; unless, of course, Rosen/JPMC/FDIC capitulate and settle towards a more equitable treatment of all concerned, including shareholders. If they do and the terms are acceptable to EC/SG then game over! Off to Vegas!!!!!!! AIMHO
--newb
Thanks for the letter fssh. I believe there is strength in numbers. Your efforts, as well as that of a few others, for the shareholders have been tremendous! God bless you and more power to you. Hope you are fully recovered from your fall.
-newb
That asset list is very important, a lot hinges on it, especially for us shareholders. Equally important is insider trading activity. If the sealed documents reveal insider trading activity then equity is definitely in the money. If request to unseal documents is denied, then off to the court of appeals we should go! If this goes to litigation trial, then the sooner the better because: Justice delayed is justice denied!!!!
Pardon my ramblings, I'm just ready for anything right now. If I have to wait a little longer then so be it. Been watching since 2008.
I am strongly inclined to increase my position in commons this coming week. It appears the honorable JMW is sympathetic to common equity. She is really strong on compromise and prefers a settlement with everyone being happy, including us shareholders. She has always kept the door open for equity to be in the money. AIMHO.
Is there a place we can order online without paying exorbitant handling and shipping fees?
Wow!!! Our company is actually making money! Of course, overhead cost is much bigger, but this is still a very good sign. This news is a great Christmas gift, and hopefully, a harbinger of great things that will happen in the new year. May God bless WNBD, and may more people come to learn of the great products this company has.
It is true that the recent filing show no revenue, but the report only covers up to September 2010. If you follow this company, they have only recently acquired Horiyoshi the Third Limited(HIII)middle of November 2010. This is now the main business concern the company has which does show promise. Also, the company recently got financing of 5 million US dollars from a European investment group, Zandy Trade Corp. They have already received funds of US$2 million to finance business and expansion expansion strategies of the company, and they can always call upon the balance of 3 million dollars if needed.
For further detail you can go to:
http://moneycentral.msn.com/news/ticker/sigdev.aspx?Symbol=HHWW
LOL! JPMC's argument seem compelling, but it really is BS. All their arguments may be valid if they acquired WAMU in a fair way, but that just is not the case. Up to now, they still have not produced a comprehensive asset list.
They also mentioned back and forth, give and take talks with several entities to come up with how they are going to divvy up the spoils, but the owners(shareholders represented by the EC)have never been in those talks. This is akin to thieves distributing the goods to each other while the owners are allowed to watch, but are unable to do anything. This is a grave injustice that needs to be addressed and redressed.
AIMO.
.003 EURO=.0041 US Dollars. Great!
I definitely agree with you, jhd. Based on the DD already done, there is definitely much more than a dollar per share. We just hope the judge sees it that way, too.
I agree, commom stocks should survive. It is hard to believe that a 300 billion company like WAMU will vanish just like that! The asset list of WAMU prior to being seized is of prime importance. I thought I have seen that list on this board several times over the last 2 years. Is that list unimportant? I think that is the list we should be working with, and not with any asset valuation list made up after seizure as this could be easily cooked up/revised/manipulated, etc. The other list of importance, IMO, is the list of clients who pulled money during those so called "bank runs" that occurred shortly prior to the bank seizure in 2008. Is there a way we can have these lists? Just curious to see if these clients have been directed by JPM or the FDIC to pull money out to create an artificial "bank run".If this is what happened then we are looking at collusion/conspiracy--this will definitely be an ace in our pockets.
I am just ranting here, but I believe our EC team and Sussman have probably already looked into abovementioned issues.
Having said that, I do hope the common stock will survive. Even if JPM gives only 2 billion for the commons, that would still be over a dollar per share--a far cry from the 5 cents or so that it is now at. For a 3 trillion+(3,000 billion)company like JPM, that is less than 0.1% of their asset! Now,if they give back the 30 billion they already made out of WAMU's assets over the last 2 years, that would be infinitely better. Take out 8-11 billion for the creditors and preferreds, and the rest is for the commons. Sigh...may just be a dream, but...it is not impossible either.
AIMHO, of course.
The Elsinore website does mention Arne Dunhem as the current President and CEO of Ariel Way. So it appears they are not hiding anything. Hmmmm....Is there a rising phoenix here in the making?
That would really be great if AWYI rises up from the ashes.