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No TARP, off the FDIC short sale list and denied access to the Fed window to keep operating. It was decided months in advance that WAMU was to be seized.
A 11B fine is hardly a slap on the wrist. It is the largest fine in history for a bank to pay.
JPM insiders were giving info to the govt and maybe insiders for GS have been doing the same. All it takes is a few good people to come forward with the truth.
GS objection to LTI request extended...again. Dec 4th now. But no motion to compel means they are still talking.
Nothing related to us. Just another dispute to drag out in court over who pays. Waiting for the Oct 8th GS hearing.
W3Research, the $11B settlement has nothing to do with us.
Pre-seizure escrows shares will get more than 11B. We're next.
Slob, the LTI filing is soley for the pre-seizure holders. There is nothing in the filing for post BK penny players that bought in. They have no damages what so ever, nothing to recover.
The pre-holders were the long term investors and owners of WAMU. Per LTI, they are trying to recover subsatntial value taken from us. A few billion coming back to us at .20 is hardly substantial recovery. The pro rated pay out is for the scraps left of WMI.
If GS and JPM were in fact naked short selling to take WAMU down and those docs are made public, it will be hell to pay for them. The gov't will be all over them like a fly on you know what. It's telling GS never filed an objection to produce those docs.
JPM is settling right and left. Dimon boasted a few years back that they would beat all these lawsuits. He was wrong.
Slob, It still DOES matter what WAMU was worth before the seizure. That is what the whole LTI filing is about. WAMU was stolen! Massive damages caused against the shareholders.
If GS and JPM have their hands caught in the cookie jar with their naked short selling scheme, there are BILLIONS of $$$ that goes back to us. We can't undo the seizure or the BK, but we can get back what was stolen from us. WAMU was at around $13/ share when JPM low balled us. We start at $13 for old shares paid in full!
The cases are exactly the same in nature. Both LTI and bonholders want the docs that caused the insolvency. Either they have those docs and/or settlement talks are going on.
PickStocks, GS will not be allowed to drag this out. Judge Collyer in D.C. was fed up with the bondholders and JPM dragging out their suit and finally ordered JPM to turn over their own AND investors trading docs that affected WAMU's solvency this past July.
Walrath will do the same with GS unless LTI have what they need. I presume they have this info provided by the bondholders.
PickStocks, GS CAN be pursued. The examiner only looked at legal trades. Scroll down to page 15, section C about the examiner in the LTI filing.
http://www.kccllc.net/wamu/document/0812229121203000000000001
The examiner and others did not request naked short docs in their examinations concerning the failure of WAMU.
What is telling, JPM cannot be sued for any of their actions concerning the seizure of WAMU.
Does any one know what this filing means, mainly the last paragraph?
http://www.kccllc.net/wamu/document/0812229130823000000000006
Thanks WithCatz, I didn't realize it was that special! So we know GS is the main target and possibly other hedge funds?
If the docs show JPM was naked short selling too, releases go out the window.
FDIC and FRB. There was a filing last August by the LTI concerning these two. Is Walrath allowing WMILT to file a claim against them? She gave WMILT 30 days to take action which is coming up next week.
Does this pertain to the access to the Fed window that WAMU was denied? I read somewhere that WAMU needed $2B a day to stay afloat. Anyone know what the claim amount is if this is what the filing is about?
StockBomber11, for the escrow shares LTI and bond holders are still pursuing naked short sell docs from JPM and GS. JPM was ordered last July to produce theirs and their investors docs over, so we are still in limbo.
Retail pump and dump just like during BK. Real money is coming to LTI.
Escrow will be paid soon. I think this is what's driving WMIH with no news. I believe Wildcatz is correct a while back saying that the LTI and bondholders got the docs they need to prove naked short selling.
Wowalters, when the naked short selling is proven, the $30 per share will got to LTI. It's what we should have got in the first place.
Fonz21, I don't know. Anyone know how many shares at seizure?
Hardasset, WAMU last trade was under $2 day of seizure.
My guess the value would have been $2-4/share. Wachovia was bought for $4 and their stock was close to WAMU at the time.
Wildcard1,
Escrow money will come in to LTI through any settlements. That is why attorneys for the LTI and bondholders want the trading docs from JPM, Goldman or other investors naked short selling the stock as alledged in the court filings with Judge Walrath and Collyer.
You should read the filing by LTI from last Nov. They claim they have solid evidence of Goldman naked short selling the stock. In the bondholders suit in Judge Collyers court, the judge ordered JPM to turn over their trading docs AND their investors docs last July.
LTI and bonholders would not be pursuing this if they didn't have strong case. This has been the our case all along: WAMU was targeted for take down at a firesale price. Goldman betrayed it's client by making more money naked shortselling the stock and JPM got WAMU for a paltry 1.9 billion.
Hope this is for real and something will be announced this week. Didn't have $$$ to buy into WMIH so hopefully something is coming for LTI.
Thanks for the replies!
How ever there are the allegations of naked short selling. That is criminal and illegal. If it can be proved, I would think the releases and the deal forced on us goes out the door.
I can't imagine getting paid on a pro-rated basis for the old shares if illegal trading can be proved. The whole arguement of the LTI filing claims the illegal short selling caused WAMU to fail.
Anyone share the same sentiments?
So much for "significant recovery" for commons.
So if 5 billion comes in, that would be $3.50 for old commons. Is my math correct? Any one here in the know what is going on behind the scenes. I hope LTI and bonholders got what they need to negotiate a settlement or file a lawsuit.
New member. Escrow shares question.
Hello all. I am a pre-seizure holder of commons and have not been paying much attention since the BK was completed. I have recently discovered the Judge Collyer order for JPM to turn over trading docs as well as the LTI request for GS to produce the same.
If any settlement money comes in to the LTI, do the old shares get paid in full or will the money be split like in the Newco(75/25)? It was my understanding that the escrow shares and the newco shares are seperate.