WAMMMUUUUUUUUU
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Expect some major filings from the EC attnys!
The Judge has to sign off -- Expect the EC Attny to work overtime! Rosen went anyways ahead with the original plan. No doubt about that!
IMO
Im really baffled on why the Preferreds are NOT moving esply with only being at 10%...
chi -
damm I called it here in the office with some of my staff -- told them watch this - right when i post on the threads youll see the dip and the preferred will start to show some life!
Im cautious on the commons spiking now -as the preferreds are NOT moving at all...
If the Preferreds were moving then it would be a different story...
IMO
Im cautious on the commons as the preferreds are NOT moving...
If the Preferreds were moving then it would be a different story...
IMO
from yahoo: very interesting thought from yahoo board
Re: Looking ahead...
Message:
Mark this post
By: Sandiegodave
Re: Looking ahead...
Here is what is going to happen
Step 1- So called Global Settlement- It is not Global but will deal with the $4 billion deposit, $6 billion IRS refund and with the Series R “exchange event”. This will have the net effect of having Cash in the estate of close to $8 to 9 billion. The estate will also have claims that will need to be converted to cash at some point. Hopefully, we will hear by Friday, March 12th.
Step 2-Plan of Reorganization(POR)- This will be the filing of the POR on March 26th. I fully expect a delay, even though this date is the last day under the so called 18 month rule. The conversation for the delay will be simple, something like… “bk law of 18 months was not designed for a complex case like WMI”. Delay will be granted.
The POR, once filed will have 4 elements:
a) The secured, unsecured, and H’s will be paid out in cash, leaving around $1 billion of cash in the estate plus the claims.
b) All of the $1 billion in cash, except for $50 million, see below, will be distributed to the Preferreds, representing 50% of Preferred Face Value. The remaining 50% of Preferred Face Value will be dealt with below.
c) The Existing Commons will be cancelled and a NEW COMMON will be issued.
The NEW COMMON will be exchanged from the Remaining Preferred Face Value of 50%, and the OLD Commons. This Exchange Ratio will be heavily argued and negotiated, but in the end, the Preferred will end up with the Vast Majority of the Common ownership and the rights to the claims that are not cash yet. I am guessing at least 90%. The OLD Commons will be severely diluted.
d) The $50 million (or an amount of cash necessary to litigate for 2-3 years will be retained in the estate) will be used to pay fees for the “great expedition to turn claims into cash” which could take another 2 to 3 years. In the end, there would be a very low probability that there would be any distribution to the NEW COMMONS from this, or at least, the probability will be extremely low. As a side note, watch for the pre-seizure commons filing a class action to get their share of this so called “value”.
Mark this post
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chiron I think your right on that theory... I have that same feelin...
o well
"MORE COW BELL"
Im hoping but according to the action today - Im not sure...
anyone notice the warrants on DIME!!! part of wmi and the volume was HUGE!!!!
Im mean HUGE!!!!!
WHOA NELLY -- the most i ever seen!!!!
anyone notice the warrants on DIME!!! part of wmi and the volume was HUGE!!!!
but when the sixth one is missed we are entitled to 2 BOD seats...
SETH - there was no disrespect taken..
Sorry if that post was taken differently ---
let me be clear --- I HOPE and WISH this would be over and Commons to see there day with a FAIR value. I hope they see 12-24 but reality has to step in...
always diversify --
Fair to me is what JPM originally offered - $8.00 for the company and they take over everything... That is what I would call FAIR...
One thing is we all met on the boards and this will be one story for our children or for many of us our future children or for some of us the children we have no clue about. But when the money of our graces come in and its known from the ladies Im sure we us guys will be served with fraudulent paternity suits!!! and then our money goes right to the attnys to defend our cause...
lol --
from one attny to another!!! LOL
commons? lol
As you know alot has happened in the past 3-4 months.. People can change there minds due to the certain conditions that happened.. Who would of ever thought of us getting an EC?? The EC changed everything and I mean Everything... I blve we got lucky on that...
You can see in my past Im 100% preferreds and always been upfront on my positions and never redirected anyone here.
In fact I flipped CCTC and made a killing on that stock (ABIGHAMMER was following that stock as well) and I reinvested the profits into wamu commons and then refipped the commons and entered the profits back into the P's... You can say I got lucky on that one...
FYI The Fly has been retired/much well deserved/ for a long time. a long retirement/vacation in the carribean. - sipping on a corona in fact havent you seen his commericals????? I was the one calling him on his cell phone when he threw it out to sea!!!
that butt-wipe!!! LOL...
Well its three things -
1. its common sense -
2. Its JPM we are talking about.. too big to fail...
3. Its our Goverment... which is corrupt..
you can write the ending on this...
Commons will probably get something but not in that amount that your stating.. major pipe dream... and it will probably will be paper and no cash.. again major pipe dream...
Remember debt and preferreds will be and must be paid in full - then the commons will get and see something.. IMO
No hair cut here or there...
Looks like the "P" stock is reacting to Starkes comments of the preferreds... go figure...
HI JIM Starke!!! Glad your reading the Message Boards!!!
MESSAGE BOARDS -- HEY "JIM STARKE" ACTUALLY READS THEM --
HI JIM!!!!
The legal battles between WaMu and JPMorgan revolve around two issues: A dispute over a $3.7 billion bank deposit and a related contention from some investors that the company has as much as $12 billion above and beyond what it owes creditors.
Some believe that WaMu was the victim of a bank run and dispute the validity of the FDIC shuttering the institution and brokering the deal with JPMorgan.
CRT's Starke said the hopes are being perpetrated on Internet message boards from those trying to manipulate stock prices by pumping up hopes for a JPMorgan payout to common shareholders.
"That is likely to be proven untrue and fraudulent," he said of the rumors.
"It's a cheap lottery ticket if there somehow miraculously is a payoff to the common shareholders," said Kevin Starke, an analyst at CRT Capital Group in Stamford, Conn. who has been following the WaMU situation closely. "That is one element you see in bankruptcy situations generally."
Starke thinks investors who believe that common shareholders will recoup value are probably kidding themselves. Holders of corporate bonds and preferred shares will be first in line should JPMorgan return money to investors, with common shareholders a distant third.
20-25 FOR COMMONS??? NOT --
FYI WMI is not a bank anymore. JPM owns The "WAMU" bank now and will always own it - they will pay a fair value for the bank. WMI is just a holding company with investment subs.
IMO..
chiron -
ref: PM - IMO your thoughts are exactly as mine -
G-N
Preferreds are basically out of retails reach on price. and mentality on the price speaks for itself..
Would you cough up 95 for one share or .50 for one share and you can get 190 shares for the same cost of a 95 preferred... Plus the common investor does not know or have DD knowledge on the preferred shares as well..
commons are also a daytrading heaven while the whales love the preferreds with divis...
The preferreds will have its day again.. its a wait and see -- Im waiting to add but probably will add Friday AM...
My gut is telling me my P shares will be owned by JPM come monday morning... and I will be a JPM Preferred shareholder...
of course all imo....
again chiron-- your on target...
IMO
ABIGHAMMER Where are you???
I like your thinking chiron..
IMO -
remember this --
In order for commons to get ANY money, the preferreds prospectus must be followed in full......
that is why Im not in commons and rather go the safe route --
IMO ---
chi - there is money left over for the preferred period!
its the commons that it can go either way...
they have alot of pipe dreams on 8,12,15 and even 24...
I blve its not gonna happen at those figures...
I flip the commons over and over on hype and reinvest in the preferreds...
Im in the preferreds for the divis... and thats what people here should be looking at -- DIVIS... JPM will take over the preferreds and reinstate the divis, IMO...
whose is ready for the next P run...
its a coming!!
I blve friday it will happen at court time....
right now according to the docs for P's --
we are valued at 1000.00 value at 7.75% for divis... but all things can change ---
we have no clue what will happen but we are going to miss our 6th divi payment and alot of things will happen on that 6 missed payment -- such as we automatically are entitled to 2 BOD seats...
just sit back, set it and forget it... and dont forget P's and K's get paid before commons ---
P's are not for flippin.
P's are for serious investors.
P's are for divis...
imo
blackfish --
great for you... Remember "A Share is A Share"... and you are entitled to that compensation as long as you own that share...
Also we have a saying around here --
"When ABIGHAMMER gets paid - We all get PAID"
ABIGHAMMER IS A POSTER HERE!!
always try to get your losses back and ride free shares...
My rule of thumb.... and it has worked for me in the process....
But this is a different, much different play -- and at this time I wouldnt do much as flipping can get you left out...
for the past 2-3 months I was flipping commons like crazy and making money in the process... and putting the profits in P's...
at this time for the past week I only own P's - no commons... Im just sitting on the fence and lookin at the activity and trying to comprehend what is going on and looking at the movement...
I dont trust rosen esply what I heard back in dec...
Im riding all free shares in P's...
Im expecting the P's to be taken over by JPM and reinstated past divi payments... JPM can either make them whole (1000/sh) or pay future divis dont bother me which way we go... I ve always blved the preferreds will be assumed by JPM as the setoff of the 4 billion cash that JP has in the hands...
I also blve a Global announcement will be this week (thurs night or friday am)
all are IMO...
not strange at all -
Not many retail investors has 84 dollars to spend on one share...
just waiting...
this reminds me of "wallace" stating to his troops --- hold, hold, hold and then kaboom!!!
IMO --
Preferreds will be getting 6 qtrly missed back payments of divis -- JPM taking over the stock...
cha ching!
commons going nuts ---
go wamp - wamuuuu LOL ---
Im just so perplexed why this thing is not halted yet --
the P's are being accumalated for FV!!!
nice ----
imo
of course!!!!
When ABIGHAMMER gets paid, so does Gold-Nugget!!
Im expecting much more than just the 1000 value...
Im expecting past divis as well for compensation ---
I blve by next friday 03/12/2010 - that the P's and K's will be apart of JPM...
all are IMO...
WELL I hope the twist is:
twisting the limes that is going into your vodka drink!!!
Im wondering also -
How would you like the P/K's to be taken over by JPM?
Ive always blved in theory and stated that if WMI wins the sj on the money that the offset would be that JPM would take over the P's and K's in exchange for the money that JPM has...
just a thought? give us your opinion if this is too happen...
imo
Will we see the P/k's move today?
Will we see the SJ?
Will we see some great developments today?
The way the market is reacting is making me go HMMMMM...
I think the devil "Rosen-Buttwipe" will say his usual speach today...
I have a feelin that a surprise will happen today -- like a filing of the re-org plan --- I wouldnt put it past them to do this --- as the EC is a big thorn in there side!
all are IMO!