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Thanks Cotton for keeping us informed...
Its just noone wants to talk about the 75/25 story anymore. Its a dead horse, get it?? Besides what is the 75/25 distibution of zero dollars LOL!
We were given these shares as a settlement due to criminal intent. I dont think anyone can force us out of these shares unless we want to sell. Otherwise what good is the court judgement in our favor for if they can sell our arses downriver later?? If this were to happen we should be able to go back to court and sue for our right to be part of this company.
Quote: "What Lehman is doing is trying to issue the shares for the senior creditors and DB and Citi is saying not so fast. We hold class 10 goober......NO NO fast one......play by da rules and stick to da plan....DAT is what we want...we want Lehman to stick to da plan...... "
Nice analysis Wayne
LOL, Argus!
I always treated these plays as lottery tickets, knowing this kind of bankruptcies only happen once in a lifetime. So its all good
I agree just saying would be nice to see some pps action and Gus crying and trying to get in at the last minute without success LOL
LOL,WMIH has been on life support 4 long time.
Hoping one of these days some news will brake CT's dead pps up high and all hell brakes loose
Thanks for info Cotton and Argus.
We need some cojones and collectively start something up. Does anyone here has legal expertise we should be able to sue the BOD for inaction, they have done nothing to increase share value no acquisitions
LOL, this POS has everyone on edge!!
I said class action lawsuit dont get excited!
Securities Act of 1933 -- The Securities Act of 1933 (also known as the '33 Act) is essentially a consumer protection law for "retail" investors (i.e. not money managers, foundations, pensions, etc.) Its objectives are to provide investors with material financial and other corporate information about issuers of public securities (i.e. stocks and bonds), and to prevent fraud in the offering of such securities.
The Right to Sue for Wrongful Acts -- Common shareholders who feel their rights have been violated also have the right to sue the issuing company. A court has the power to enforce common shareholder rights when corporations are found to have violated their rights, either through a single shareholder complaint or as a class-action lawsuit.
Fiduciary Duties
Corporate directors are subject to the fiduciary duties of care and loyalty. The duty of care requires a director to exercise due care when managing corporate assets. The duty of loyalty requires a director to avoid undisclosed conflicts of interest. Generally, he may not engage in self-dealing by profiting from acts undertaken on behalf of the corporation, other than to receive any compensation authorized by the corporation. This rule is sometimes relaxed when the transaction in question is also approved by disinterested parties. A board may also generally may not take advantage of any business opportunities received as a result of its relationship to the corporation. Fiduciary duties can be used to define many different types of wrongful acts that may or may not be explicitly prohibited by statute but it generally fiduciary duty means that the board member must put the interests of the corporation before his own individual interests.
U.S. law authorizes shareholders to sue corporate directors for wrongful acts that harm the corporation or the value of its shares.
Hey thanks Jimmy. I just cant stand people saying prefereds have some kind of special treatment over commons when the court judgement included commons. There is no "I" here anymore is "we" but you are right lets just sit down by the fire get some beers and wait to see what happens.
What equity needs is a Class Action Lawsuit to erase all the suckas smiles away. Blow this thing wide open, see who gets the last laugh...
Yeah all this no time limit makes Suckman look like an idiot.
So they have till wednesday to tell us if there is going to be a distribution or not odd how they always wait till the last minute.
I always said it did not make sense to bring KKR if they know legacy assets are coming back. It looks to me like BOD are gifting our company to KKR. This whole thing just does not make any sense. It just seems like they hate equity and want to find a way to zero equity out. I do not understand why the hedge funds have been so patient and don't seem to have any problem with what is going on. They must have inside info that is a given. I wonder what their plan is?
thanks for info. Darn KKR got a better deal #%@#$@!$ BOD
WHY stop at 6K why not 12k/share there is no limit for prefereds...heck sue commons back in court and take another 12% off the non deserving little guys the colorable claims only apply to prefereds benefit not to them
commons are just good for taking risks nevermind we need them suckas to get NOL rights...
Actually isn't that good news if series B are gone then less dilution for us and the first Big thing I see BOD has done for shareholders by increasing our future value.
Funny thing about this new theory is even though preferreds and commons are on the same boat apparently with 75/25% split only preferreds get to go private and commons get to ride under the bus. Why is it that people are so infatuated to screw common shareholders. LOL
To me this theory is flawed...
voodoo,Im right behind you, no retreat no surrender..
I think this tender offer is just another nonsense just speculation. I believe they cannot force you to sell in this case and if this was possible we can use our fair and reasonable court documents to start a class action lawsuit. I think wamuvoodoo could easily start the lawsuit with his more than 1M shares
They ain't forcing shiat on me!! I will not sell by my own hand if I don't see the price is right. I will let them take action on my shares and then sue them if I can. I rather lose my money on a court fight than give it to them on a silver platter.
after 9 years I will never sell for $1.
yeah, they will give us our fair and reasonable tender offer and Hosen, Kosturos and WillieJam will say take it that's a steal, right!!
zeke got any new info on the hedgies?!
Has anyone try gifting or changing escrow to someone elses name or is that even possible. Wondering if anyone has done this??
Yep, thats why I want to take the money and run!
I think this PIG being manipulated to $1 to avoid pink sheets.
I was hoping for 50 cents but I will take $1
That would be sweeet,I want to treat myself..
LOL, yeah could always be worse.
ok maybe two..
I bet on Feb 1 we get a kick in the azz!!
AZ,would I be able to buy a lamborghini this year? with my escrow funds.
LOL nice try. Quote "If it's the latter and not enough $$ comes back to pay Prefs face + interest, commons will get ZERO. That's a FACT. "
That's not a fact that's your opinion there was insider trading commons will not get zero out under any circumstances they must get a percentage either all get something or no one gets anything..
you are wrong there was wrong doing here if they did not accomodate everyone there would have been a SERIOUS class action lawsuit. You are under the pretense that preferreds are doing commons a favor LMAO!! Like wamuvoodoo said they got caught with their hands on the cookie jar.
You may have been right if this was a regular bankruptcy most times commons get wiped out. Bottom line is greedy people tried to steal the pie but failed thanks to Nate Thoma.
https://www.reuters.com/article/idINIndia-54015720110108