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Nothing. It shouldn't affect the stock price. Chinese government bought mortgage backed bonds not stocks. Bonds are guaranteed 100%, has nothing to do with preferrable and common stocks.
Chinese government bought a lot of mortgage backed BONDs not stocks.
where did you find this information? from which broker?
Little bit of favor to us but big corruption to BR. Imblanced.
Without release, I estimate IMO to get 4.6%. With release, it could have additional 2B(tax refund from Jpig and FDIC) to share with pref. and commons, provided Jpig throw Hedgies under bus.
excellent post, I fully agreed to your points.
Agreed and disagreed. Agreed that she would like to push for a settlement. Disagreed that she didn't know how to do it. Or, she is/was....... I don't want to guess or put a label on her.
I am not asking her to do something beyond the truth in order to do a favor to the equity. I wish that she could rule it based on some sort of a common business sense as to a BK judge rather than a traffic judge. Unfortunately, she missed it.
We are not asking more just ask right. There are so many things equity are right. But she ignored it. If she truly wants to settle it, she just put a little weights over us (legally), it would facilitate the settlement. Why she did not get it??
Linda, I really like the point that you bring to Judge's attention regarding Bank of New York. Wonderfully. Just let us know to join w/your objections.
Unfortunately, Rosen has already occupied her mind completely. No room for someone else.
It's an excellent idea. Before you move her, make sure she knew how to drive a car.
I had it after her opinion.
You're absolutely right. Appeal is the only and final way to do it. Every LONGs here just forget this Judge, sadly.
1100% agreed, unfortunately, someone still believes she is a THJ.
That's Rosen's old tricks. Old dog has no new tricks.
I was very patient since September 2008 until she finally had her opinion. I totally believe that she is not capable in terms of lack of common business sense. I am not arguing from her expertise of the law. But, how could she rule something without a bit of business sense as a BK judge. She might be good for any other rulings but BK. Or, as some posters said that she is capable for a small case of BK. This one is much over her head and totally out of control.
As you said she ruled the examiner, but why she refused it in the first time, and wasted the golden timing. At the end, due to appeal, she ruled it( examinor) but could only perform his job within a very short period of time. LBHI got 6 months of examination from Judge Peck even he is the junior judge in BK court. Although she ruled examinor favor to EC, she knew ER is worthless. THAT IS HER SMOKE. She missed the timing.....
One thing I couldn't understand is the deposit of 4.4B. If she is a THJudge, she should have her SJ favor to equity long time ago. Rather, she treated it as a sort of contribution from JPig to equity in exchange of release from the debtors. Without 4.4B, what kind of contribution Jpig did to equity, tax refund? BS... Tax refund is our assets too.
How could she believe withdrawal of 4.0B would kill Jpig from viewpoint of business? Even JPig gave out billions as bonus, plus almost 4.0B to its stockholder in 2011?
On and on, otherwise, EC had no reason to appeal....
I knew from all your previous posts favor to her. But, the evidence from her opinion shown here can't convince many LONGS here. Conclusion that she is either a dinosaur or not a Judge for a BK court.
Sorry it's my bad. Should be 20B /(97B - 15B:class5) = 24.39%.
20B / (87B -15B) = 24.39% which is the senior unsecured notes in competing POR. WAG
Do you remember LBHI showed A>L before BK. I think the $$ shown on assets are book values. The liquidating value is much small. So, there is the reason even class 3 gets around 25%. In any rate, it is harder than buying lottery to see A>L.
Linda, do you think the stocks mentioned are unsecured senior notes(class 3)? Where could we find those cusips and symbols?
I mean that even OMFLIC filed LEHNQ guaranteed but was still expunged. It seems that class 5 is the right place for CTs. Like you said before, CTs are even in a better position in class 5 w/other subodinated notes. I may be wrong, thanks for your comments. TIA
Linda, in other words, NYB Mellon is right about CTs.
I remember that the competing POR from creditor mentioned that all equities (i.e. including common and preferred stocks) are wiped out. Yes, trust will be paid after all other creditors are fully paid if class is lucky. Then, if anything left, then equity could be getting something, but I doubt.
The only thing I'm worried about is that upcoming POR/DS would eliminate preferred stocks and common stocks as suggested by the creditors (i.e. class 3). Then, we are all toasted. All what left in LAMCO will be shared by unpaid creditors. Hopefully, the debtor would not compromise creditors' request during negotiation.
Fully agreed, JPig should take over WMI. Under these circumstances, JPig is the only one could maximize the utlization of NOLs. In other words, JPic is paying 5B less in settlement.
Excellent, thank you very much Linda, let us know what we can join in/attach with your objections.
Sorry, I couldn't thank you yesterday because I used up all my allowance. Again, thanks for your advice and information.
Catz, thanks for your prompt advice. One more questions:
If the Judge only gives release by the debtors to JPig and FDIC, EC still would be allowed to go after them? Is it right?
Unfortunately, she dropped the heavey way to protect us.
No, 5B is calculated 35% of advantage of federal tax of total 17B of NOLs. In other words, new WMI could only use 5B for the tax saving. However, to liquidating this privileage, the buyer is only willing to pay 20% of the 5.5B, that is the market value for new investors if WMI is lucky.
No, she just thrive a bone to us instead. 5B NOLs is bookvalue, it is probably worth 1.1B market value. So, Preferrds are worth roughly 10-20% of FV.
Instead ruling 4B deposit favor to us, she let JPig gone. Otherwise, JPig would contribute additional 4B in exchange of release. Then, we are in FV.
Sorry to hit wrong buttom. I replied to you 270282. Sorry for the inconvenience.
You could go to WAHUQ board. Judge is on the cross road of determine PIERs are equity or creditor? She asked the questions in her opinion.
Catz, may I ask you a stupid questions? Assuming Judge rules PIERs at the same class as Preferred, do we need a list? I mean what PIERs have we have.
Also, like you said before, 5B NOLs is the book value, the market value is probably 1.1B. It leaves Prefs around 10-20% FV and common zero. Can EC still go after JPig due to impaired parties? In other words, debtors could give release to JPic and FDIC, is that means EC and debtors are the same, EC couldn't go after them. If so, it's bad. The Judge lets the big fish go, and left small ones. If we caught them, we couldn't do anyting because they don't have deep pockets as JPig.
Appreciate your comments, TIA
That is exactly her problems. If she ruled deposit favor to us, then JPig has to at least to contribute additional 4B in exchange of release. Then, we all get something.
Agreed. However, we don't need list anymore since we are going to be at the same class as PIERS. What hedges have we have.
Yes, she let the big fish gone, leave smaller ones. Even you catch them, what good for equity since they don't have big pockets.
Thanks for your posting, very nice and interesting.
We do need more investigation. However, we don't need to wait for decisions 4B vs 29B from a professional judge, if she is.
Agreed, because she is either a dinosaur, or not qualified as a judge. Judge should do in accordance with justice, not her feeling or personal intention, especially any political issue related.
Also, a dinosaur judge doesn't have any common sense, just reading the text book of law. At the present, a professional judge needs more common sense for the case that a primary school kids will answer it right.