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Linda: Everyone here I believe is feeling well today because your explanation. Thank you, 3 CTs are advanced, 1 is the same. Is it nice?
Thanks for your encouragement. GLTA
Me too. The only thing left beside WAMU, Leman are freddie mae and fannie . They are dying too. Thanks for your precious education and information
Yes, WAMU CT is paid 70% of FV. Unfortunately, I only bought common back to Sept 25, 2008, had no knowledge of BK stocks in terms of which one was better. Learn a huge lesson since then.
Later, I started buying GM and Cit notes and Ct around $1.40 and $6.00 respectfully prior to bk.
I now hold 4 Cts and J is the only one pref stocks. Should I buy more of pref. stocks? TIA
It's sad, hoping to get something back here offset my huge loss -- WAMU.
One more stupid question, could this the excuse from our Trustee. Could we ask Marsal or anyone else to get more confirmation, as you said US Trustee?
Sorry got this one a little bit late. Roger, I got it.
Thank you linda. I have another similar questions on LHHMQ.
Can we ask Marsal if our Trustee hadn't done right in the beginning, what could we do? And, what is our true position, it seems that we do not belong to any of those classes.
Do we have to write to our Trustee (bank of ny mellon??) asking for the clarification related to not mark "guarantee", or to Marsal about our confusion , or......
You're on the top of the issue, any suggestions?
If Marsal is the person decides the direction, Miller could only assist from the legal point of view. Since Marsal really doesn't want to have substantial consolidation, It looks like CTs are in trouble..........our trust dumped us as orphans.
What can we do next?
Linda, I thought CTs are issued by LBHI's subsidiaries. I'm wondering that we are not included in class 6 is because of not "guaranteed". Or,if our trustee could regain our status as "guaranteed" then we would be reclassified into class 6.
By the way, do you hear anything from our trustee? TIA
I'm so glad to hear from you. Examiner certainly doesn't recommend us to go after those SOB. The main reason is that wmi doesn't have a deep pocket. It's pretty logic. However, if wmi has some hidden assets worth billions then it's different story. We don't know yet.
I personally don't believe $20-$30/share unless huge hidden assets are found. I always take low ball as $4.00/share. If it's more than $4.00, thanks Gods we are lucky. Even it is $4.00, still 20 times ROI based on 0.18/share a while ago.
I'm very happy so far, transmitting some to you. Cheer up, GLTY.
Marsal and Miller are no strangers to Y board. You or someone could ask the same questions on Y board. Marsal seems a CEO of the restructuring company, and Miller is the counsel of LBHI. I may be wrong.
wonderful and excellent analysis. Thanks again. Hope to see you in Vegas have a great celebration. GLTA.
I was very sad as you. By looking from a different angle, I relaxed a lot. Looking from the examiner's viewpoint, he didn't spend anytime digging assets. I believe Susman + Soloman have it.
If you were the examiner with no information of $$, what kind of comments you could have either go or no go with GSA. If you said "no go", you could not provide any evidence of where is the "money". I rather play safe saying go w/current GSA. His comments irritate a lot of us. Examiner at least pave the road of lawsuit in the future and clear a lot of confusions and make the picture much viable.
GO WAMUers, I didn't sell any. On the contrary, I bought some at 15-25% of the prior prices. Get a smile GLTA
Thanks. As always, very appreciated your comments.
Linda thanks. you're absolutely right. The debtor wants to save intercompanies' debts. By the way, what is class 6? Is it subsidiaries of LBHI or any subsidiary claims within 6-8?
It has happened on my previous S-company before. It carries 20 years for my personal tax. Assuming your tax bracket is 40% then your total saving in $ is 32B x 40% for federal tax. If I move out from A to B states, then B State will not recognize your NOLs.
It brings my concern that common will be wiped out after reorganization. The NEW WMI will use this NOLs to attract new partner and new investors. Keeping the old common doesn't do good to new company. To continuing operation is the main purpose of BK court's decision. Prefs will be wiped out as happened in Cit Group.
Appreciate your comments
Since examiner has no asset list. if you were him, what do you do?
I would just agree to the POR because on the table there had no money. If I said common would be compensated, and everyone asks the source. The best is say nothing. In any rate, whole issue could be turned around within 1 second because don't forget Susman has the list.
Opps, typo.. should be 0.022 and 0.025.
100% agreed. In the PORv6 meantioned that prefs get JPM's stocks. Opps, it just likes US Treasury printing US dollars without costs. Why don't print JPM stocks in exchange of 4B in deposit, 5.8B tax return, 32B NOL, and whatever got from wmi before. Plus no lawsuit in the future. If you were JPM, are you do it?
That is my personal experience. I put a low bid of 0.25, and cost me only 0.22 for 390 shares. I think it could be done by typing at 0.22/share rather at bid price. Or, broker could do it at exactly amount. The whole purpose is to scare away those low bidders because of transaction expenses. However, it does not work on me. I have three Merrill Lynch accounts for total 90 free trades a month.
Because we're long WAMUERS.
From U board FF increases 9%.
Asset list is undersealed. You don't need it for the settlement. Everyone is upset to Examiner who didn't provide a list because of saving precious time. No need to it since EC has it plus soloman's value. Examiner clears all confusions as to pave the road to the next round (i.e. lawsuit,and trial)
Why shareholders only think from their own side. If you were JPM, what is your action. JPM needs money now to prepare for the next crisis of mortgage. Paying low ball to common(i.e. $2.00/share) and FV for prefs in exchange of its JPM stocks. Remember, printing stock costs nothing as US treasury did the same as US dollars. Common would be happy under current circumstances, and pref as well.
In return, JPM gets everything, including 32B NOL, 4B in deposit, tax return of 5.6B, and whatever got before without possible lawsuit in the future.
My theory is that settlement is going on. That is the reason that Susman, EC, JPM are so quite,
Most likely the settelment is going on. I'm more optimistic than ever since Sept 25 2008. I bought more yesterday because it costs me only 15-25% one day earlier adding to my wish list.
I feel Mr. Marshal still wants to keep the same classes before just with differently distributing ratio. Some classes get more and some get less. But, class 5 is still subordinated to class 3. It sounds good class 5 gets something but in reality, class 5 gets nothing.
What do you feel?
Any more other thoughts...Your advice is always well taken.
More interesting is that 523M is allowed, any thought?
Catz, what is your professional feeling of appointing a case trustee/or whomever from Department of Justice to continue fighting w/FDIC&JPM? EC doesn't have deep pocket but DOJ definitely has.
Catz, excellent points. You have a real experience in investigation or DA. You were probably working either in FBI or US Attorney.
Linda, thanks for these information. Correct me if i'm wrong.
First, we understand that CT will get paid under substantive consoliation.
Second, if CT is only subordinate to senior notes, why we are in classs 5 and total impaired, or subordinate to class 3? Is class 3 a senior creditors, or CTs should have its own class.
Thanks
Also, be carefull, the "New WMI" may pretend to include pref. stocks but wipe you out eventually through CVRs as they did in Cit's case.
Thanks for your information. I'm not sure that GM has any subodinated claims, but I know there are secured and unsecured ones. The one which I have is "7.5% senior notes due 7/1/2044". If GM did wipe out subordinated claims, then there is another story.
Following your thoughts, that is perfect to get rid of secured ones.
It is a CT. The price was $0.50 yesterday. I put a low bid today and got that 800 shares. Nothing wrong.
Linda,I'm not sure that GM went through with substantive consolidation or not. The deal is that all creditors, including secured and unsecured, with total 26B credit for exchanging New GM 10% stocks with additional warrants. Unfortunately, all common are not included in the new GM . US Government with 50B injection exchanges for 50% of new stock, which is much more than crditors.
Basically, I know it is almost not possible for us here.
Still with my best wishes that THJ Peck could do something. For instance, treating the secured creditor as US government,and us as GM's creditors to form a new Lamco. But, I don't know that common and pref stocks will still be there.
definitely. Jude Peck, please reverse the sales, and let LBH gets its trading arm back. Plus creditors accept hair-cut and convert the debts to comm, and we all go to Vegas.
I hope the judge reverses the sales and proves the new POR/DS(WAG) based on GM's pattern. We all go to Vegas.
Linda, nice article. I didn't read, to, it's new. Thanks