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i agree. 29 billion in bonuses. no way they could have made all that if they hadn't stolen wamu. its amazing how the media doesn't even report or wonder much into such crazy bonuses.
it's amazing that the weil team, fdic/jpm think they can get away with all this without any compensation to the wmi equity classes (or maybe money just to the preferreds and not the commons). i just hope our EC will have the ability to showcase themselves in court and blast everyone out of the water. the facts keep piling in and will become unstoppable force if those who resist us don't pay up soon.
RECORD BONUS POT @ JPM..
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/6958528/Record-bonus-pot-at-JP-Morgan.html
29 billion dollars. If we don't get our money back.. then justice in this country is definitely lost.. I guess it's ok to steal something and make a lot of money of it.
honestly I think the PPS of the commons doesn't mean much until a settlement is announced.. the preferreds are more so-called 'predictable' because we have an idea of what assets we have and may get back that help the preferreds reach face value or some higher % of FV.. in contrast, the commons are heavily manipulated and we can go up 30%, 100% one day..and walk back down 50% the next. only if and when settlement is reached will we know the true value of the commons.. i guess this is my perspective as a long..but those day trading or what not probably love the wild swings wamuq goes on.
wasn't it judge W who allowed the UST to go form a list of the top holders of wmi equity? it would look dumb on her part if she suddenly went against the EC and dissolved it later on, especially when someone (the UST) from the 'neutral' side thinks its necessary and specifically asked for the formation of one. wmi's lawyers can whine all they want but the fact is.. wmb was stolen was from us and we haven't been paid yet and everyone who knows about this case KNOWS that we haven't gotten just compensation.
i guess all the other items in the adversary proceedings are relatively concrete.. in terms of their value.. hopefully we'll see them all back once the avalanche is at jpig's face.
where's all the other items that jpig owes us? billions for providian? value of all the branches and buildings? etc. etc. we talk often about the SJ, EC, NOL tax refunds.. but there's billions more out there that WMI has a good case for.
i think the next hearing on the 28th? is make or break.. considering the past 3 hearings going all the way back to October have been pretty much wastes.. it's time for Judge W to really move this along.. i mean the last 'significant' thing i recall her saying was that she'd get back to everyone on the SJ ASAP.. and even before this.. she said last june that she could rule on it. i know she's not accountable to any of us but it is her duty to move this BK process along.
on a day like this.. it seems pretty certain that wamu preferreds will see some sort of recovery in the end.. i mean your typical pie in the sky speculative plays don't trade around $100 on the pink sheets every day.
i hope they issue those subpoenas soon as it's unlikely the big wigs on the list will ever ever show up in a courtroom to be grilled.. therefore they'll have to pay up.
wampq must be one of the most 'expensive' stocks on the pinks right now.. gooo wamu!
i agree. plus maybe some daytraders getting out. hopefully we finish strong or stay at about where we are now.
what do you all think our new base will be? $90? $95? the p's are definitely holding stronger than the k's after the big run up this morning.. and hopefully our p's don't go on some downward sell off..
wamu will never go away until they lose or win.. and as the clock keeps ticking.. it seems more and more likely that we'll win something back.
i concur.. hopefully a lucrative one :D
i think if jpig/fdic doesn't settle soon.. and this blows up into some sort of criminal / fraud investigation.. regardless of however they try to spin a settlement.. it may be too late.. and there'll be no mercy.. unless of course they pay for a real high end expensive scapegoat (i.e. Bair?)
weird that the hearing on jan 28 is at 4:00 pm.. what gets accomplished at 4 in the afternoon?..it better not be one of those useless short hearings (some seemed like 5 minutes) that we had in the past 2-3 months.
i think we're now at the highest pps for wampq ever since sept 2008!
gooo wamu! we will rise from the ashes soon :D
what does everyone figure? this week will be a slow week? i don't think much will happen between now and new years.. and all the classes will probably trade flat to a little red..
hopefully january 2010 will be a month to remember for us all :)
i hope judge W gets this moving along.. soon.. i.e. in the next couple of weeks.
awesome article..
i hope justice prevails in the new year.. it's up to judge W as no way she can't understand what has happened and what is currently going on.. and that it's her job to right the wrongs.
right. well then i guess we should see $4 pps at least..
whatever rosen said saying equity will get nil will not fly. considering that wamu was solvent (even jpig has declared they were), why would a solvent bank ever be seized?? tack on the fraud, criminal allegations, collusion.. then wamu equity will see recovery.. and the commons will at least see the $8 pps originally offered last april. otherwise, so much for justice in this country.
if there's still 'justice' left in this country.. wamu will win soon.
i thought there's no hearing the 4th anymore? (at least I dont see it on the calendar).. it's been postponed to the 20th right?
yea.. the next week or two will be interesting. especially considering the UST wants a list by tomorrow and not Tuesday.. something must be going on behind the scenes at an accelerated pace..
hopefully we'll get a EC before christmas (i.e. next week)..
that way, it'll ensure we get a seat at the table and a piece of the pie.
i'm glad at least in this bk case, the UST and judge are both on our side.
i bet wamu will shoot back up if the EC is finalized sometime next week.
when's the EC expected to form / be approved?
wasn't it some of the legal eagles on the yahoo board who kept saying we didn't need an EC?.. well now if we don't get an EC soon.. we might get screwed over..
let's hope today's hearing will be meaningful - i.e. helps the case move forward substantially and keeps pps afloat..
haha good one.
found this on google finance:
http://www.thestreet.com/story/10648563/1/a-win-for-wamu-shareholders.html?cm_ven=GOOGLEFI
the guy thinks the EC may be for preferreds.. either way.. it seems more and more likely that we'll see some recovery..hopefully all the way down to the commons.
i can't see why a EC would be denied.. if the general consensus is that WAMU will get a significant recovery.. it's only 'fair' that equity sees some of that $ too.
so is there a good chance.. an EC may be granted tomorrow?
the p's and k's have a better (maybe even good chacne of recovery).. jpm may elect just to buy out the preferreds for a few billion.. don't sell! at least not until we hit the hundreds!
looks like they're giving the parties a bit more time to figure all this out..
as jpig/fdic probably don't want to show up on the 20th.
has anyone seen a detailed outline of the agenda for Friday?
does anyone know what's on the menu for friday's hearing? or has it come out yet?
if jpig is stupid enough and goes all the way with this, then us shareholders will have front row seats to the greatest show in this financial recession. forget madoff, we're talking about one nasty behemoth that covertly poisoned and killed a rival.
they should just subpoena Dimon right off the bat in the new year since he's the head of the snake.. i'd like to see how he'll hiss with a million spears pointed at his throat in open court.