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I appreciate, as always, your input. Hopefully, I will be able to attend one of the hearings sometime soon as I hear it gives a better understanding of the players and process than we get on the phone.
Thank you Catz. Do you think she may approve the DS, since the criteria is different from approving the confirmation plan?
July MOR, Per p. 8, Disclosure statement approval hearing is Sept 7th and Plan Confirmation hearings start Nov. 1st. This DS hearing date is not on the calendar but the debtor needs about 60 days to solicit votes for the confirmation hearing, which would make Nov 1st about accurate.
Can anyone confirm the Sept 7th DS hearing?
Penny,
Does it state this specifically? I show TPS wants them to reply with an admission or denial, which of course, they refuse to do. When they are forced to, it may be the nail in the coffin of the POR.
Steel,
If the report is filed under seal, it will be available for the court's, and attorney's eyes, but not the general public. If a document needs to be filed with the court, the "sealed" portion will be reacted or excluded but the court players will know the contents.
I get a feeling that a lot of information will be sealed before this is all said and done.
This is a good point as you will choose to accept a value when you sell or it cashes out in settlement. I trust the EC to fight for the best deal possible so I don't to set personal expectations, low or high.
Fish,
The last POR shows the P's at 0-1% of face as a distribution. The fact that we are trading at 3+ times that amount is a testament shows that the market believes they will receive more than this. I do agree, once more assets are documented, these will move up in a blink of an eye.
Gold,
Do you have level 2 and if so, can you post a screen shot?
Thanks
Does anyone know if we have audio for tomorrow's hearing?
How are you in position to know anything more than the rest of us?
Still have 800K commons?
I understand this but I'm just curious of his prediction. He called the .22 close right and I want to hear his thought process.
No worries. We all have been here too long to get too worked up about anything anymore.
City,
You called the .22 close today. Nice job. So where are you getting the $4 settlement prediction?
Tulokid
Here is one of them:
Limited Objection of the FDIC-Receiver to Entry of Proposed Order for Appointment of an Examiner and Statement in Support of FDIC-Receiver's Proposed Order (related document(s) 4644 ) Filed by Federal Deposit Insurance Corporation (Attachments: # 1 Exhibit A# 2 Exhibit B) (Luton, Jaime) (Entered: 07/19/2010)
http://www.kccllc.net/documents/0812229/0812229100719000000000013.pdf
Cat,
The statue of limitations is 4 years if you are referring to fraudulent transfers. See below:
§ 1309. Extinguishment of cause of action.
A cause of action with respect to a fraudulent transfer or obligation under this chapter is extinguished unless action is brought:
(1) Under § 1304(a)(1) of this title, within 4 years after the transfer was made or the obligation was incurred or, if later, within 1 year after the transfer or obligation was or could reasonably have been discovered by the claimant;
(2) Under § 1304(a)(2) or § 1305(a) of this title, within 4 years after the transfer was made or the obligation was incurred; or
(3) Under § 1305(b) of this title, within 1 year after the transfer was made or the obligation was incurred.
70 Del. Laws, c. 434, § 1.;
http://delcode.delaware.gov/title6/c013/
The tide is turning back in our favor. Welcome back Johnny!
Usual,
Post the balance sheet portion. Is this the 4 billion plus the tax returns?
Usual,
Did anyone have full access to this article? My Google alerts showed this:
A victory for WaMu shareholders
International Financing Review
... risk losing control of the company Washington Mutual is expected to renew negotiations with the equity committee to win their support for a settlement, ...
Chloe,
I only am allowed to have five people on ignore and you are now in my very exclusive club. Congratulations!
Washington Mutual Bank owns a ton of WMI Bonds. Check out the disclosure statement starting on p 373 and scroll down. Since JPM owns WMB, guess who may be pushing the settlement?
http://www.kccllc.net/documents/0812229/0812229100326000000000009.pdf
Mordicai,
Forgive me for the simplicity of the question but is there a timing difference for approval if the plan is to liquidate as compared to re-organization. If all parties are on board, can this end without waiting the full vetting period?
Very good post Chiron. Great summary and I couldn't agree more. Now that the world believes this case is settled, hardly anyone will notice the changes to be make to this "agreement."
I just figured out how to enable the ignore feature. Makes the board much more peaceful.
GN - Don't leave us hanging like this. What else have you heard?
Nothing too exciting on the schedule yet but you never know what we will hear that can move the stock price one way or another.
The next hearing is on Monday, Feb 22nd unless something has changed that I'm not aware of. Check the calendar link:
http://www.my.calendars.net/wmi/
"I don't need anymore emergencies" What in the world did she mean by that?
Amended Agenda for 2/5 Hearing - Automatic Stay Motion of FDIC moved to 3/4 Hearing
Thank you Ghost:
http://www.ghostofwamu.com/documents/08-12229/08-12229-2316.pdf
Dan,
Thanks for all your hard work today. If you find this on one of the recordings, please let us know where!
I think Rosen had to go change his pants.
It looks like rramirez posted while I was typing. Thanks again for your legal insight RR!
WMI withdrew Moody's from the motion as they voluntarily agreed to turn over documents. This is partial withdrawal for Moody's only. The rest have not voluntarily produced documents and the motion will continue and be heard on the 28th.
The document title initially looks confusing but the document itself is pretty clear.
http://ghostofwamu.com/documents/08-12229/08-12229-2134.pdf
Mordicai,
Since we are all on the same team, can you help answer this question? This was posted earlier and I am curious to the answer as well:
From rssely:
Hey, this is an interesting thread and I am jazzed about the prospects for a CUSIP change, but I don't understand something........
I'll make no bones about it -- I have shorted a lot of stocks in my time. Over the years, I think 2 or 3 of them had a symbol change while I held the short position. Prior to the change, the symbol might have been ABC. Then one morning I'd log onto my account and the symbol was changed to something else, BCD for example. But I never had to cover anything.
So my question is this -- what good does changing the CUPIP make as it relates to NSS???
This is a serious question looking for a serious and educated answer.
I hope I get one, because I just cannot see how it matters... And if somebody can tell me why it matters, then I'll be 100% jazzed along with the rest of you
TIA... RSS...
http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_W/threadview?m=tm&bn=86316&tid=323941&mid=324195&tof=2&rt=2&frt=2&off=1
Thanks.
Drrugby,
I always enjoy your posts but please give credit to the author if you copy a post from another board.
Thanks.
http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_W/threadview?m=tm&bn=86316&tid=306982&mid=307057&tof=2&rt=2&frt=2&off=1
Very interesting! Does anyone else own any other BK stocks? I'm curious if this is just on WAMU stocks.
I have the same thing. Isn't the Scottrade CEO on the board at NITE?
Usual is right. This is an old document posted on another board. I replied to this earlier but my post was quickly deleted.
Diamond,
I'm curious why you believe we will see an initial offer before the final offer like Bear Sterns? Since our legal team would need to approve any offer before it is announced, why would they make public a lowball offer if it's not the final amount they will settle for? I get a feeling we will know about it when we see the Motion for Global Settlement.
Respectfully,
Tulokid
Yawn...
Don't forget that the bondholders are privy to negotiations as we have learned in previous filings.