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nikkei up 13% GOOD , futures up !!!!!!!!!
AGRESSIVE COVER IN PROGRESS?
Kosturos has over 17 years of experience specializing in corporate turnaround, restructuring, and reorganization situations, including acquisitions, divestitures and refinancings for the energy, retail, telecommunications and distribution industries. Prior to Alvarez & Marsal, Kosturos served as partner-in-charge of the Pacific Northwest Corporate Restructuring practice in a Big Five accounting firm. Throughout his career, Kosturos has acted as financial advisor for corporations including PG&E, Covad Communications Group, Clothestime, Webvan, Adaptive Broadband Group, Tri Valley Growers, Imaginarium and Hexcel Corporation.
Founded in 1983, Alvarez & Marsal (A&M) is one of the world's premier corporate restructuring, crisis management and creditor advisory firms. A&M's senior consultants are dedicated to solving complex business, financial and operational problems in order to unlock and realize maximum value for stakeholders and shareholders alike. Through 12 offices and 140 employees worldwide, A&M provides unparalleled financial and operational services to troubled and under performing companies through its core services which include, Turnaround Consulting: Crisis and Interim Management: Creditor and Financial Advisory Services: Performance Improvement and Renewal: Business Plan Assessments, and Trustee and Examiner Services. For more information please contact Rebecca Baker, Director of Marketing and Communications at rbaker@alvarezandmarsal.com
WAMUQ?
WAMUQ play of the week in Wall Street
Tomorrow easy 0.20$
stervc your opinion in wamuq please
WAMUQ easy the PLAY of the Week on Wall Street!!!!!!
CD YESTARDAY 100,000 READs at 11pm
56,000 READS HERE !!!! aLL WAMU BOARDS HOT !!!!!!!!!!!!!
buy whatever you can.....$$$$$
gold AND oil dOWN !!!!!!!!!
100,000 FOR ME AT 0.17$ !!!!!!!
BIG VOLUME TOMORROW ?
AGRESSIVE COVER SOON ?........ STILL 429,158,300 SHARES IN SHORT
Yeah WAMUQ FOLKS WAMUQ !!!!!!!
STILL 429,158,300 SHARES ?
40,000 read this morning good
.20, .40, $1 next week??? wEEEEEEEEEEEEEEEEEEEEEEEEEEE!!!!!!!!!!
500 MILLION IN short ?
BUY BUY BUY BUY !!!!!!!!!! $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ SOOOONNNNNNNNNNNNNNNNNNNNN!!!!!!!!!!
good post thanks
Lehman Creditor Panel Asks Judge's Permission to Probe JPMorgan
By Jeff St.Onge
Oct. 3 (Bloomberg) -- Lehman Brothers Holdings Inc. creditors asked for court permission to investigate claims JPMorgan Chase & Co. may have contributed to the liquidity crisis that led to Lehman's collapse.
Three days before Lehman filed the biggest bankruptcy in history it had more than $17 billion in cash and securities at JPMorgan. Rather than allow Lehman access to the assets on Sept. 12, the bank ``froze'' Lehman's account, the creditors' committee said in a filing yesterday in U.S. Bankruptcy Court in Manhattan.
Lehman ``suffered an immediate liquidity crisis that could have been averted by any number of events, none of which transpired,'' the creditors' committee said.
The unsecured creditors' panel is seeking court permission to interview a witness, request documents from JPMorgan and pursue possible legal claims. JPMorgan, the biggest U.S. bank by deposits, is Lehman's largest secured creditor, with an estimated claim of $23 billion, according to a Sept. 25 court filing.
Colette Campbell, a spokeswoman for JPMorgan in London, referred calls to Brian Marchiony in New York. Marchiony didn't immediately return an e-mail message or a voicemail left before normal business hours on his office phone.
Lehman, once the fourth-largest U.S. investment bank, filed the largest bankruptcy in history on Sept. 15 with total debts estimated at $613 billion as of May 31.
`Liquidity Constraints'
JPMorgan's ``refusal to make those assets available to LBHI and its subsidiaries in the days leading up to LBHI's bankruptcy filing may have contributed to LBHI's liquidity constraints,'' the committee said in the filing.
The creditor panel includes Bank of New York Mellon Corp. and Wilmington Trust Co. as trustees for bondholders owed about $127.6 billion, according to court papers. Shinsei Bank Ltd., Mizuho Corporate Bank Ltd., Royal Bank of Scotland Plc, MetLife Inc. and R.R. Donnelley & Sons Co. are the other members of the committee, which acts for thousands of the bankrupt securities firm's unsecured stakeholders.
The committee is represented by Quinn, Emanuel, Urquart, Oliver & Hedges LLP in the matter.
The case is In re Lehman Brothers Holdings Inc., 08-13555, U.S. Bankruptcy Court, Southern District of New York (Manhattan).
To contact the reporter on this story: Jeff St.Onge in London jstongebloomberg.net.
Last Updated: October 3, 2008 06:17 EDT
From Yahoo boards ...... 50 stars ........
WM SHAREHOLDERS - WE ARE ON TO SOMETHING
I spoke with Larry Weinman of "Barron's" and was advised a story is being written about Washington Mutual. He said, "there are many things about the seizure that have left unanswered questions like."
(1) Seizures are usually not discussed with bidders 3 weeks before, why was JP Morgan advised 3 weeks before? Wouldn't that pose a conflict of interest bc JP Morgan could influence the market to increase chance of seizure?
(2) What about the assets? How does JP Morgan assume $180B in assets for free? Has the government just stepped in and taken those assets from the company?
(3) The OTS chair claims that they were aware no buyers came forward because all were interested in the finalization of the government intervention bill, "bailout." How could they bid until the bill was passed? Would you buy a home on a vacant piece of land if you were told the adjacent property was either going to be a nuclear waste dump or a golf course? Wouldn't you wait to make a bid?
(4) If the OTS knew the bailout was the core of the problem, why did they seize prior to the bill being passed. They certainly were aware of the situation which led to the "bank run," including Lehman, AIG and Fannie Freddie. Fact is, the bank remained above the minimum level of well capitalized banks when they seized. What this means is, the OTS acted without the level of breach existing. Much remains to be seen regarding Washinton Mutuals legal stance on this action.
(5) If JP Morgan was awarded the deposits, wouldn't that still be worthless without branches to operate?
I had this conversation with Larry, and we both came up with news will break after the bailout is announced. There are just too many unlawful parts to this puzzle, combined with the fact that Washington Mutual has not spoke makes us believe discussion of assets is on the table, and we may see a buyout for the holding companies assets: DEALER BRANCH NETWORK + CASH ($24B).
JPM is in big trouble -- see link provided
and they will pay very big
http://www.bloomberg.com/apps/news?pid=2...
wamu and lehman should join up together!!
Buy whatever you can.....$$$$$
Everyone needs to email a copy of this Bloomberg article to Sen. Cantwell. JPM's action on Wamu needs to be investigated. If they screwed LEH, they screwed Wamu.
http://www.bloomberg.com/apps/news?pid=2...
Oct. 3 (Bloomberg) -- JPMorgan Chase & Co., the main lender and clearing agent for Lehman Brothers Holdings Inc., caused the liquidity crisis that led to Lehman's collapse, creditors said.
JPMorgan had more than $17 billion of Lehman's cash and securities three days before the investment bank filed the biggest bankruptcy in history on Sept. 15, the creditors committee said in a filing late yesterday in bankruptcy court in Manhattan. Denying Lehman access to the assets on Sept. 12, the bank ``froze'' Lehman's account, the creditors claimed
Lehman creditors seek to probe firm:
Report
Friday October 3, 9:37 pm ET
NEW YORK (Reuters) - Unsecured creditors of Lehman Brothers Holdings Inc (Other OTC:LEHMQ.PK - News) asked a court overseeing Lehman's bankruptcy proceedings for permission to investigate how the firm ran out of money, The Wall Street Journal reported on its website on Friday.
The group said that JPMorgan Chase & Co (NYSE:JPM - News), which acted as a middleman between Lehman and other lenders, helped spark a liquidity crisis at Lehman before it filed Chapter 11 bankruptcy proceedings earlier this month, the Journal reported.
The group made the allegation in a filing with the federal bankruptcy court in New York, the Journal reported.
"These assertions raised by the creditors' panel are unfounded conjecture," JPMorgan said in a statement released to the Journal. "We will address them at the appropriate time in bankruptcy court."
According to the court filing, about $17 billion in Lehman cash and securities were being held at J.P. Morgan as collateral, the Journal reported. In its claim, the creditors group alleges that J.P. Morgan "withheld $17 billion in excess assets" from Lehman Brothers "in the days just prior to the bankruptcy filing," the paper said.
The creditors say that refusing to make the assets available to Lehman might have contributed to Lehman's cash problems, the paper said.
JPMorgan and Lehman representatives were unavailable for comment.
(Reporting by Robert MacMillan; editing by Carol Bishopric)
Washington Mutual, JPMorgan May Fight Over $5 Billion (Update2)
By Steven Church
Oct. 3 (Bloomberg) -- Washington Mutual Inc., the bankrupt holding company of the biggest U.S. bank to fail, and JPMorgan Chase & Co., the bank's new owner, agreed to delay any attempt to withdraw a disputed $5 billion in cash from the institution.
WaMu attorney Marcia Goldstein told U.S. Bankruptcy Judge Mary Walrath in Wilmington, Delaware, today that her client owns the money. Goldstein said that both parties would give two days notice before trying to access the funds, allowing time for them to formally ask Walrath to intervene in the dispute.
``There was a fair amount of chaos, frankly, Thursday evening,'' Goldstein said, referring to Sept. 25, the day before WaMu's bankruptcy filing. ``We are trying to work with JPMorgan to resolve any remaining confusion.''
The holding company sought court protection after its banking subsidiaries, including Washington Mutual Bank, were seized by U.S. government regulators and sold to New York-based JPMorgan for $1.9 billion. The $5 billion in cash is being held by Washington Mutual Bank, which isn't in bankruptcy. Banks are barred by federal law from seeking bankruptcy court protection.
One of the first actions by JPMorgan after taking over WaMu was to deny the Seattle-based bank holding company access to the computer systems of its subsidiary bank, Goldstein said.
Service Contract
JPMorgan attorney Hydee Feldstein told Walrath that her client is trying to work out a service contract that would allow WaMu's holding company access to the thrift's computer system. Feldstein didn't immediately return a call seeking comment on the 48 hour withdrawal notice agreement. Thomas Kelly, a JPMorgan spokesman, declined to comment.
Lawyers for WaMu bondholders and its former bank have said they may lay claim to the cash.
Bondholders of the bank may challenge WaMu's claim to the cash, said attorney Evan Flaschen of the Austin, Texas-based law firm Bracewell & Giuliani. Bracewell has been hired by bondholders who are owed money by Washington Mutual Bank.
The bondholders want to know why WaMu, if it controls the $5 billion, didn't use the funds to support its operations in the days before regulators took over, Flaschen said.
``There is going to be a battle royal over whether the bank is entitled to have access to that cash,'' said distressed-debt analyst Matthew Dundon of Miller Tabak Roberts Securities in New York.
Washington Mutual Inc.'s 5.25 percent bonds due in 2017 fell as low as 61.25 cents on the dollar, nearly 3 percent, before rebounding to 63 cents as of 12:08 p.m., according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority.
JPMorgan rose 18 cents to $50.03 at 1:06 p.m. in New York Stock Exchange composite trading.
The case is In Re Washington Mutual Inc., 08-12229, U.S. Bankruptcy Court for the District of Delaware (Wilmington).
To contact the reporter on this story: Steven Church in U.S. Bankruptcy Court in Wilmington, Delaware, at schurch3@bloomberg.net.
0.50$ Monday?
$4.50 .....$4.50 ....$4.50 ......picking more in Pre market on Monday
good post !
WM Longs... Confirmed 4.50 per share
I didn't believe this when I read it on the JPM board, but called the JPM IR number anyway to confirm. Holy cow!!! Christina at JPM IR confirmed that, yes, we will all be getting something for our shares and said that "4.50 is about right," though she could not confirm the exact price per share, and this will take about three weeks. HOLD YOUR SHARES!
Before anyone claims "pump and dump" (which no longs would do, considering there is nothing to pump), call IR and ask:
Investor Relations
JPMorgan Chase & Co.
270 Park Avenue
New York, NY 10017-2070
212-270-7325
Im OUT good luck to all !!!!!!!!!!!!!!!!!!!!
STOP LOSS - STOP LOSS - ALERT SHORTS !!!!!!!!!!!!!!!
SHORT =UNLIMITE LOSSES ........ COVER NOW!!!!!!!!!
CARS , HOME , WIFE , PETS ALL YOU OWN .......COVER NOW
$$$$1.55$$$$$$