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excellent analysis, confirmed my speculations. It might hurt someone. At least, i have my eyeglass polished. Thanks
Greedy, wants to get paid in full + ALL NEW WMI.
This is my WAG that JPig wants to settle it through acquirig WMI based on your numbers. Two parties are rejected. One is FDIC and the other one is hedging funds.
It is more logic to acquire WMI. JPig really spends not much $$ to do so. In return, JPig gets cash (4B) + tax refund (5.8B) + NOL(5B) + BOLI/COLI(5B)+ releases (2000+ branches ...) + all other subs from WMI = 20B tangible and much more intangibles.
The expenses of JPig is 8B (unsecured bond holders) +3.5B(prefs) +7B (commons = $4.00/share) = less than 20B.
Hedging funds wants full payment + ALL NEW WMI. FDIC wants waterfall from tax refund to balance its sheets.
two major banks, one is possible BoA, hopefully another one is JPig
waiting for Wikileaks.
Thanks
I'm so glad to hear from you at this crucial moment. Would you please elaborate more about current situation and your feeling?
However, the gap is too huge to make up. Moreover, CTs are subordinated to senior debts. Think about this, if senior debts are unable to recover 100%, CTs have no chance at all. That is the reason that CTs are at such low price.
The only chance to recover is that, like Linda says, debtors propose substantive consolidation.
By the way, we need Linda's confirmation.
I think the person in Y board made a mistake. 260B is the debts and not the credit/assets. LBHI could only accumulate around 65B within the next 3-5 years. Therefore, A still < than B.
sorry, just back to home. Several weeks ago, Fish asked everyone to put sales on Wamuq as high as possible in order to scare NSS. The time was an emergency because the examiner's report was due shortly. The pps was 0.19-0.20. Etrade accepted the bid around 0.70/share. It really worked perfectly the price did not drop very much.
yes, only based on some essential events will come shortly, means 1-2 days. You put a sale at a high price then scare away NSS.
However, it happened with wamuq recently. The only limitation is that the selling price can't set up too high and the brokerage house will reject it.
HAHAHA.... Of course, JPM finally feels guilty, and agree to pay what EC requested, so, EC will not file it.
Thanks, your valuable info clears a lot of my confusion.
Marayatano, have you old senior note been converted to new GM stock yet? If not, do you know when and what is the ratio and warrant? TIA
Moreover, debtors don't include commons in the new picture. Pref. stocks?.....maybe or maybe not. BR has numerous way to screw pref. stocks up, such CVRs.
Old WMI will eliminate old owners before a new merge or IPO per the new POR. After this, the new owners pop up.
You two really touch the basic points. Think about....what are you like to do..............settle w/JPM probably is the best choices.........isn't it? ...........benefiting all commons, prefs.
Hopefully, class 3 will submit its POR/DS with substantive consolidation in order to force debtors take some actions on class 6-8, such as haircut, etc.
Also, hopefully, debtors in return come out new POR/DS based on economic solution in which class 3 drops its seniority in order to cover class 6-7-8, plus still include class 5 in its purposal. Under these circumstances, new POR/DS covers the merits from both ways.
On the contrary, I believe all class 3-4-5 have less than 208B in debts. Therefore, class 6-7-8 have more votes against us.
May I ask you a questions. Is any impaired party objects the proposal, judge will not prove it even impaired party is a minority?
Linda, Now I am worried that classes 6-8 would like to take haircut. For examples, instead of taking the same percentage (14% or 42%), they take 5% or to the ratio that class 3-4 has no objections. In other words, just let class 3-4 take much more.
what do you think? Oh, by the way, in order to save classes 6-8, debtor sacrifices class 5. The term "economic solution" definitely makes class 5 subordinated. Unless I'm wrong, i don't think class 5 is a big claim comparing to others.
The most safe way is that common gets something, then pref. is guaranteed. Cit's prefs. is wiped out because of manipulated CVRs.
I have more investment in K,P than in Us. I don't mind that U gets and we all get.
it seems to me that debtors' economic solution is based on the merits of substantive consolidation but benefiting class 6. In other words, debtors couldn't use the terms "substantive consolidation" otherwise classes 6-8 are gone, and class 5 is survival.
On the other hands, substantive consolidation(i.e. same payout) is simple to not waste estate's money.
Maybe that is the reason that class 3 doesn't like it. Class 3 doesn't want to have a mixed way. The more important is that DS is giving more to debtors because intercompanies and LBHI are basically in the same group.
IMO
wonderful, it seems that i should add more chips in CTs. Thanks, I buy you a drink in Vegas.
you probably could ask witcatz. He/she is pretty active in Y board.
Linda, may I ask you a question.
Assuming everything stays the same as the prior POR, class 3+4 could not win the substantial consolidation. Therefore, the outcome is class 5 is pretty wiped out. Is it?
Does class 3+4 have more votes than class 6-8? In other words, could unsecured senior note holders oppose the POR?
By the way, could all parties reach in the middle point between compromises and substantial consolidation? So, everyone gets something including CTs with a different ratio. What is your take from legal point of view?
i filed complains with Nelson and SEC with the name and fact from ML.
I filed complains with SEC. Kurtzman, Merrill Lynch, JPM, are all SOBs. They all work together, and trying to block us.
I called Kurtzman,and the voice box is full, no way to leave a message.
thans, i'll do it asap.
Thanks, I called again this morning, ML gave the same answer again = send directly to Kruzman. ML = SOB, what should i do, ML said, I should send the ballot back according to the address shown on ballot which is Kruzman. I couldn't argue it anymore.
provided there is some money left after all other creditors' claims.
be careful. I'm with Merrill Lynch, is such a unprofessional bastard. I called numerous time about how to send the ballot? Questions are as "Are they the nominee for collecting the ballot?" They(4 different agencies) all said NO. I have to send it to Kurtzman directly. Also, they said their company doesn't do it as a master, on and on................
Finally, I decided to do it myself.
You're probably right. but I'll keep accumulating more at the right prices. Thanks
thank you very much. excellent advice. GLTY, and hope to see you at WAMUer's union party in Vegas.
Any idea who is dumping since yesterday, retail or institutions?
Which one you would like to pick Lehman CTs or WAMU Pref. stocks? In other words, which one is risky? TIA
Please advise whether I should mark opt-out or no since I totally reject the plan. TIA
because of those hidden assets, NOL, etc.
By the way, should I mark "opt-out" or not. TIA
The 20B NOL is going to be the assets of "New WMI" in order to attract the new investors.