Linda is biotch...! LOLz JayKay
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
I said the guarantee is worthless. I did not say the security is worthless (nor has worth). The market (or market maker sets the price of the security).
I am sure anyone who knows how to read the guarantee posted came to that same conclusion the Trustee did based on that the e-mail from BNY.
BTW: General Motors (old) still trades (w/ a perceived value), but they are worthless as stated by their own management and Gov. Six Flags traded until they emerged from BK, but the shares were canceled. Anything will trade with a perceived value until the end.
imo
Here is the answer to your question in plain English:
U R 2 Funny tombradly12nh eom
Yup, exactly, a "moving target..." eom
Third Amended POR
http://wmish.com/POR/3rd/por3.pdf
The Guarantor is Lehman Brothers Holding Inc.
Nice video by the way.
Taken from your link:
Right, commons will not see a return nor new shares of the NEW GM, however, I own senior notes (to be exchanged for new shares of new GM and two sets of warrants).
Agreed. My bonds are just sitting in my IRA, so I have plenty of time, but I just hate to see it just sit there as "non-performing" money until the day of the IPO.
Agreed that commons get nothing, however, senior debt has already been agreed upon taking a small portion (approx. 10% to 12%) of the new GM in the form of new shares and two sets of warrants.
The question is when (IPO) ??
The debt securities just sits in my account. I am sure that the debt will disappear (and exchanged for new shares of GM) when the new GM IPO.
Why are the Bank Bondholders joining WMI Noteholders to convert Chpt 11 to Chpt 7 (or alternative appoint trustee to admin estate) ???? "Can't beat them; join them" comes to mind. Reason to go after preferreds? I do not know. Conversion from 11 to 7 may provide recovery for preferreds by not entertaining the "global settlement" and adhereing to the Absolute Priority Rule of Bankruptcy.
http://www.kccllc.net/documents/0812229/0812229100527000000000050.pdf
Who is CSTI ??? Recent abnormal volume.
Below is a list of Bank Bondholders maybe accumulating perferreds (up to restricted limit). A few, some, however, I am sure NOT all.
May be someone with enough time on their hands (or someone dedicated) can cross reference WMI Bondholders w/ Bank Bondholders to see who is on our side and what is listed in the BS "Global Settlement" agreement, DS, etc.
FYI: CSTI is also on BID on K's and P's as of right now. Interesting...
Agree. Just speculation, however, if we see a completing POR tomorrow (or a few days later), we will know the answer.
Good luck, I have to go back to work.
IMO
I got a new speculation: Debtor's Exclusivity ends tonight. THe last three days volume "could" be someone accumulation up to the restricted 4.5% or 4.75%.
What if, and I means "IF," this entity, "I" am assuming is accumulating, based on the link below, is planning on putting out a "competing" Plan of Reorganization. This entity may see value for preferrreds:
If they really added divies in arrears, then that would be a major factor.
The only other thought would be that P's represent a better value than K's. "Value" vs. "cheap"
imo
Well, it was a trade (buy/sell) outside the BID/ASK, but above the ASK.
Gee, where is 18,000 trade @ $25.75 come from when the ASK was at $25.50.
18,000 shares = $463,500
3,000,000 float.
Trade restriction at 4.5% = 135,000 shares
CSTI = New MM on BID
Chart Indicator show Accum/Dist spike to the upside.
Volume in the last 3 days is abnormally high.
Exclusivity ends at midnight of May 26, 2010.
Rosen with his fake filing/press release.
All coincidence? Nope. If you add volume from the last 3 days up until Exclusivity expiration date, does it approx. equal trade restriction of 4.5% (135,000 shares)? (factor in a small % for retail accum/sell) Someone is in the know.
Nice . . . Either they all have to come together to get their story straight or risk one, two, three, etc. individuals to slip!
This is starting to get exciting again.
imo
BID @ .05 eom
It is you. eom
Thanks. CSTI seems to be bring up the BID. Someone is diffidently buying.
Well, PQs doing well. I thought commons were going to tank in a major way and move to preferreds.
Oh well, I am going back to bed. Seems like a non-event to me.
Good luck all. Back to bed for me.
imo
CSTI - Collins Stewart LLC
New MM on PQs?
Treasury picks adviser for General Motors IPO
Treasury selects Lazard Freres as its adviser to prepare stock offering for General Motors
Martin Crutsinger, AP Economics Writer, On Friday May 21, 2010, 8:08 pm EDT
WASHINGTON (AP) -- The Treasury Department has hired Lazard Freres & Co. as its adviser to prepare for an initial public stock offering by General Motors Co.
Treasury signed the agreement on Monday but did not reveal it until Friday. The agreement says that Lazard Freres will be paid $500,000 a month over the next year for the advice it provides the government.
The agreement says that if no stock sale has occurred during the first 12 months of the contract, Lazard Freres will receive a reduced fee of $250,000 a month until the sale is completed.
The agreement signed with Treasury said that the New York-based investment bank will analyze and review alternatives for the government's ownership stake including giving advice on the use of "underwriters, brokers or other capital market advisers for the best means and structure to dispose of such assets."
The United Auto Workers had used Lazard Freres to evaluate GM's books before contract talks in 2007. Lazard Freres told the union that GM's economic situation was worse than the company was maintaining.
The Treasury owns 61 percent of General Motors. The IPO would allow the government to begin recouping its investment. GM CEO Ed Whitacre has said he expects an IPO in late 2010 or early 2011.
To keep GM afloat and to get it through bankruptcy court, the U.S. government gave the company $50 billion. GM repaid $6.7 billion that the government considered loans. The remaining $43.3 billion was converted to the 61 percent stake.
On Monday, General Motors announced that it had posted a quarterly profit less than a year after it emerged from bankruptcy. Its net income rose to $865 million, a dramatic reversal from the $6 billion it lost in the same period last year.
The automaker said that its revenue was up by 40 percent over the first quarter of last year and that U.S. sales had risen by 17 percent, allowing GM to make an operating profit in North America.
After the quarterly earnings were announced Monday, Chris Liddell, GM's chief financial officer, who was hired recently from Microsoft Corp., said an IPO could occur over the next 12 months if things fell into place.
"Certainly over the next year, there's a possibility we could do an IPO, but the market's got to be ready, the automobile industry has to continue to improve and we have to continue to improve," Liddell said.
To pay off its shareholders, including the government, a United Auto Workers union health care trust and its old bondholders, the stock market would have to value GM at more than $70 billion. That would be almost double Fort Motor Co.'s market value of roughly $40 billion, but far less than the total value of Toyota's shares of about $120 billion.
AP Auto Writer Tom Krisher in Detroit contributed to this report.
Buzz up! 5
Send
http://finance.yahoo.com/news/Treasury-picks-adviser-for-apf-2221372544.html?x=0&sec=topStories&pos=main&asset=&ccode=
FDIC's Board of Directors Approves Global Settlement Involving Washington Mutual, Inc., Bankruptcy
FOR IMMEDIATE RELEASE
May 21, 2010 Media Contact:
Andrew Gray (202) 898-7192
angray@fdic.gov
The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) today approved a global settlement of the bankruptcy case involving Washington Mutual Inc. (WMI), the holding company of Washington Mutual Bank, an institution for which FDIC was appointed receiver on September 25, 2008.
The FDIC is a participant in the global settlement
because of claims and counterclaims involving the company resulting from its role as receiver. The agreement also settles claims between WMI and JPMorgan Chase, the acquirer of the failed Washington Mutual Bank.
FDIC's General Counsel, Michael Bradfield, stated that "this agreement will result in substantial recoveries to the receiver and resolve potential claims that could have taken years and millions of dollars to litigate."
The global settlement is subject to the approval of the United States Bankruptcy Court for the District of Delaware, where relevant documents were filed today.
Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 7,932 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars – insured financial institutions fund its operations.
FDIC press releases and other information are available on the Internet at www.fdic.gov, by subscription electronically (go to www.fdic.gov/about/subscriptions/index.h... and may also be obtained through the FDIC's Public Information Center (877-275-3342 or 703-562-2200). PR-119-2010
http://www.articleant.com/gen/80177-fdic-s-board-of-directors-approves-global-settlement-involving-w.html
No, they are going through an orderly wind-down. eom
Well, it is not a failure of public education. Not sure if you are being sarcastic or not.
If I recall, OLD GM put out Press Releases on many occasions to the general public to inform that the common shareholders were likely receiving nothing and that the shares were essentially worthless.
There were court filings that stated that only the senior creditors,the Union, Canadian Gov, US Gov, etc. would be part of the new GM and left old GM to unwind or liquidate.
All this is pretty old stuff and there were press releases along the way that stated the same thing.
If you are unaware, then you must be new to MTLQQ or have not been following the bankruptcy or press releases.
I will be part of the new GM since I am a senior debt holder, that is the only reason I followed. A vulture looking for distressed securities to profit from.
Sorry i cannot help you any more.
imo
I agree that Weil is one of the best firms, however, WMI's exclusivity and control will expire in about a week.
If a competing POR with more favorable terms is put forth by a creditor (whom is not part of the Rosen clan), that one may just pass and divide the creditors from the "ones in the know" and the "one that are not in the know".
There has been filings from the AG of California, Paulsen and Co, that show not all creditors are together.
Anything is possible especially when exclusivity ends.
I am still confident in my position.
See ya around. I have get back to work.
imo
What's up JW. I am more interested in the competing POR after the end of exclusivity, however, I won't comment on WAMUQ.
See you around.
imo
edited:
Thanks, I do not know the answer to that. Sorry. eom
Not sure what you mean, but we were talking about the Disclosure Statement, not the 2019 Disclosure. eom
Keep in mind that exclusivity expires on Wednesday, May 26, 2010. At which point, Rosen loses control and OTHER COMPETING PORs will pour in.
jmbell, no problem.
Yes, the HUQ were standard warrants and LTW are warrants, but a different type of warrants.
We will have to wait and see what happens with WMI's objection and the judge's ruling.
Back to work for me.
Thanks.
Jbell and buize, actually, I did not read the prospectus. I assumed that their should be a bankruptcy provision like the other prospectus for other securities.
So, my bad for giving the impression that I have read it and found it.
buzie, I am surprised that their isn't such a clause re: BK in the prospectus/agreement.
I will probably try to look at it as soon as it is convenient for me. Time is just something I am lacking recently.
Anyhow, I have to get to work.
Thanks all.
No problem, I was the one who posted the Broadbill complaint.
I did stress that. eom