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Just for the sake of discussion, if the preferred chose could they vote to waive their priority right? By majority vote?
p.s. I'm only trying to investigate the possibilities. I am quite confident in the value of preferred's over commons regardless of any conversion. I'm also more confident then I've ever been in a positive outcome, especially for preferred's.
Minute Entry for Hearing Held on June 8, 2011 at 9:30 a.m.
http://www.viewip.net/WMI/docket/7868_0812229110608000000000002_OCR.pdf
I wasn't in the courtroom.. only on the phone. If anything bad were occurring the EC would speak up; Susman's group is not shy.
Yep.. I was hearing that a deal was on the ropes. But that they need to document the details. The word smithing that needs to be done is extremely important. I'm sure the EC is being very careful in their dealings with the debtors. All good news to me.
**Hearing 6/8/2011 - Audio
The hearing audio can be found here:
http://www.viewip.net/WMI/Hearing/
Thanks.. fixed. I added the _01 to the files.
6/8/2011 Part 1 of the hearing audio is now online: http://www.viewip.net/WMI/Hearing/
We'll need to listen to the hearing again. I think we'll find that a deal is already done. The EC is now performing discovery (with the help of the debtor) on a valuation. They are documenting POR.7 as Rosen stated.
True.. but we don't know what has already been agreed to. As others have postulated, and supported by Ilene's tweet, discovery may relate to valuation.
What I've heard has all been good news. No, we don't have POR.7 yet, but we're getting closer.
And the WMB holders are getting what, $50M? Let's see that go away as well.
Possibly a new plan which may include equity. If no plan is announced we should at least get an update regarding the negotiations.
No harm. I simply couldn't let a good opportunity pass me by. LOL
Cool thanks. Someone should sticky it.
When we get POR.7 my thought it we will not have most of the large valuation numbers anyway. It is going to be hard to quantify. We should be able to identify a range though.
I surely hope to see it filed tonight, but I'm prepared for Rosen to simply say negations are progressing. We're close. Then there is either POR.7 on the 10th or an extension to the EC's objection.
We've watched the two mirror each other these past years. And I've been waiting for Lehman to jump on WMI's big news, thinking I would be unloading a dead horse. Yet Lehman has its' own big news now. I couldn't be happier.
This is lining up to be one huge week with WMI and Lehman exploding.
It's great to see lehman come alive again. I still have a lot of my initial holdings from 2009. Including a ton of J's bought at .0047 LOL Looking good now.
Not to mention P's when it was cheap to buy them in the thousands.
Very nice read. Go David!
Yep a spammer.. like here an wamu:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=63539576
OCR'd copy of the agenda
http://www.viewip.net/WMI/0812229110606000000000006_OCR.pdf
**Hearing 6/8/2011 - Phone Dial-in and Audio Archive
LISTEN LIVE ON 6/8/2011:
Dial-in at 09:20AM EST
Hearing begins at 09:30AM EST
The bridge number is:
712-432-1001
and when prompted for the access code enter:
477420980
You will hear no music just an intermittent beep until I join the call to the hearing.
AUDIO ARCHIVE:
To be notified as the audio archives become available:
http://twitter.com/WaMuAudio
The archived audio will be made available at the conclusion of the hearing:
Hearing Index: http://www.viewip.net/WMI/Hearing
WMI calendar:
http://www.my.calendars.net/wmi
For any that are in Europe, here are the dial-in numbers. Use the same pass-code above.
Germany 49 01805 00 76 18
UK 44 0870 352 0483
France 33 0826 100 265
Ireland 353 0818 270 030
Austria 43 0820 4000 1561
Belgium 32 070 35 9983
Spain 34 0902 88 60 36
Switzerland 41 0848 56 01 88
Italy 39 0848 39 01 65
It's just the congressman and their aids wanting to play the market. Short GS and hold GS hearings. You do know they are exempt from insider trading rules? Why we're not marching to capital hill with pitch forks I'll never know.
http://blogs.forbes.com/kylesmith/2011/06/01/insider-trading-rules-that-dont-apply-to-congress/
Are you referring to the par value? It is meaningless in relation to the stock price or any settlement offer. Research 'par value' in regards to company stock.
I wouldn't say it -has- to. Rosen really wants to discuss it at the June 6th hearing. But it all depends on the negotiations.
I expect that if it isn't filed this Friday, it could still be filed or hand delivered for Monday's hearing. Otherwise I would expect it to be filed for June 8th's hearing.
And that was my understanding. But there seemed to be confusion regarding it. I wanted to remove any doubt.
June 6th hearing confirmed.
I checked with the court and we still have the June 6th hearing date. It is scheduled for 1 hour.
Either way, I'll find out from the court tomorrow. But I do believe WMI has the court dates 6/6, 6/7, 6/8 and 6/23. I think they will just be flexible in which dates they use.
Yes.. but keep reading further. Rosen mentions he could give up the 6/6 date but nothing is confirmed.
Tomorrow I am going to try and confirm the next hearing date with the court. My understanding from the transcript is that we have a hearing 6/6 at 9:30AM.
THE COURT: Well, when do you think you might be
21 filing the plan if, in fact, you have a settlement --
22 MR. ROSEN: Your Honor, as I indicated --
23 THE COURT: -- that can be translated into a plan?
24 MR. ROSEN: 7 to 10 days. And that's ruining a lot of
25 people's lives in order to get it done, but we have to do it.
THE COURT: Well, we have a hearing the 6th of June.
2 Will it be on file, do you think, by that date?
3 MR. ROSEN: That is our hope, Your Honor, yes.
You should really ask your broker.
http://www.forfeiture.gov
All seizures are noticed to the public before they can be disposed. I'm not sure who made the seizure though. The website has a few agencies but not them all. So his may not show on the website.
Sheessh.. don't bother him.. he's working.
Ah.. perhaps it was Nuclear Plant futures. We know you're against making money.
Anyone else have an issue with copying? It should work fine. I placed no acrobat security restrictions on it.
http://www.viewip.net/WMI/0812229110527000000000004_OCR.pdf
For your viewing pleasure.
Amazing.. watch AABA try and keep throttling the stock. Pressure builds and AABA backs off.
I'm thinking tomorrow's volume should be pretty nice.
WMI stocks are extremely risky. Oh.. no longer risky to be in, but now risky to be out. How's that pump? LOL
WaMu Gets Closer to Bankruptcy Exit (full story)
By PEG BRICKLEY and MIKE SPECTOR
Washington Mutual Inc. reached a deal that could end a two-and-a-half-year bankruptcy odyssey that began with the largest bank failure in U.S. history.
The settlement between feuding shareholders and creditors means that the company could emerge from bankruptcy later this year.
Terms of the deal call for the reorganization plan proposed by Washington Mutual's estate to be revamped in several ways.
Shareholders would get ownership stakes in the restructured company, which was marooned when U.S. regulators seized most of its operations and sold them to J.P. Morgan Chase & Co. in September 2008.
Once it exits bankruptcy, Washington Mutual also will get the benefit of net operating losses that could result in $2 billion to $5 billion in tax breaks. And a litigation trust of $30 million benefiting shareholders will also be created to file lawsuits against Washington Mutual's former auditors, underwriters and other parties.
The settlement was brokered by four hedge-fund creditors accused of insider trading during Washington Mutual's bankruptcy case. As part of the deal, shareholders will drop an investigation into whether the hedge funds improperly traded Washington Mutual debt while negotiating the company's bankruptcy plan.
Shareholders said their investigation had failed so far to show that any of the hedge funds traded securities while in possession of material, nonpublic information, said Brian Rosen, a partner at law firm Weil, Gotshal & Manges LLP who represents Washington Mutual, during a hearing in a Delaware bankruptcy court on Tuesday.
The deal came after hedge funds Appaloosa Management LP, Centerbridge Partners LP, Owl Creek Asset Management LP and Aurelius Capital Management LP revived talks with shareholders, according to Mr. Rosen.
Aurelius hasn't signed off on the agreement but "will endeavor to try to achieve a successful resolution" of its remaining reservations, said Kenneth Eckstein, a partner at law firm Kramer Levin Naftalis & Frankel LLP who represents Aurelius.
The agreement still must be approved by the judge overseeing Washington Mutual's bankruptcy proceeding. The current reorganization plan calls for the distribution of about $7 billion.
The hedge funds agreed to provide $100 million in financing to the reorganized Washington Mutual if it can't get better terms from other investors.
Washington Mutual will run a fading insurance operation but could buy other businesses to take advantage of tax breaks stemming from losses piled up by its former banking operations before they failed under the weight of bad subprime mortgages.
Another key deal paving the way for Washington Mutual's bankruptcy exit was reached last year with U.S. regulators and J.P. Morgan, providing the bulk of the cash to be distributed under the plan.
Washington Mutual sought Chapter 11 bankruptcy protection a day after regulators seized the company's banking operations. The collapse came nearly two weeks after Lehman Brothers Holdings Inc. tumbled into bankruptcy.
Write to Peg Brickley at peg.brickley@dowjones.com and Mike Spector at mike.spector@wsj.com
I'm thinking we'll have another day of day-trader infestation tomorrow.
"shareholders agreed to a quick payout"?? huh? They make it sounds like shareholders go away from the new company for a few bucks. Not true.