is...with that girl.
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I think there is a lnk between RAFFENSPERGER, HUGHES & CO and JPMC via Raymond H. Diggle Jr.
Failed Bank Information
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WASHINGTON MUTUAL BANK - Receivership Balance Sheet Summary (Unaudited)
Fund Code: 10015
Failure Date: 09/25/2008
For Period Ending June 30, 2010
(in $000's)
Assets Current
Balance
Cash / Investments $ 1,928,848
Assets in Liquidation 0
Estimated Loss on Assets in Liquidation (1) 0
Total Assets $ 1,928,848
Liabilities Current
Balance
Administrative Liabilities $ 60,834
FDIC Subrogated Deposit Claim 0
Uninsured Deposit Claims 0
Other Claimants 13,814,915
Liabilities at Inception - Unproven 0
Total Liabilities (2) $ 13,875,749
Net Worth (Deficit) (11,946,901)
Total Liabilities and Net Worth $ 1,928,848
. Proven Deposit Claims Claim
Balance %
FDIC Subrogated Claim $ 151,150,664 100%
Uninsured Depositors 0 0%
SubTotal - Proven Deposit Claims $ 151,150,664 100%
Less: Dividends Paid to Date 151,150,664 100%
Total Unpaid Deposit Claims $ 0 0%
Other Claimants Claim
Balance %
General Creditor $ 16,527 0%
Senior Debt Holders 6,077,557 44%
Subordinated Debt Holders 7,720,831 56%
SubTotal - Other Claimants $ 13,814,915 100%
Less: Dividends Paid to Date 99 0%
Total Unpaid Other Claimants $ 13,814,816 100%
(1) Valuation of Assets/Loss Allowances: Assets of the receivership are shown at values representing cash on deposit or the book value of amounts invested; the principal balance of loans, notes, other debt instruments or receivables (note that interest on these assets is not accrued after failure but is recognized when received); the foreclosed value of real and/or personal property or the book value of assets (cost less depreciation or amortization through date of the institution’s failure); and the historical cost of the net investment in subsidiaries, partnerships or joint ventures, adjusted where appropriate to reflect the receivership’s portion of the underlying net earnings or losses. An Estimated Loss on Assets is provided when anticipated future asset disposition proceeds, including associated expenses, are less than recorded amounts. Future asset disposition proceeds are generally estimated by determining, via sampling or recent disposition activity, the recovery rates for similar assets across all receiverships. However, actual recovery rates for this receivership may differ according to the quality and type of individual asset, as well as over time with changing market conditions. Accordingly, the gains or losses ultimately realized for this receivership will likely vary from amounts estimated.
(2) The Total Liabilities line item reflects those actual and accrued liabilities recorded on the accounting records of this receivership as of the date of this report. The Total Liabilities line item may not include other liabilities arising from Estimated Interest on Claims and Income Taxes, as these liabilities may not be recognized as of the report date, in accordance with current receivership accounting practices.
Looks like they extended the settlement date on 8-27-10. thanks
Is the sale final now? Any word from the FDIC?
Wasn't the FDIC supposed to extend something today?
Can somebody explain this in laymens terms Please.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 25, 2010
Arena Pharmaceuticals, Inc.
(Exact name of registrant as specified in its charter)
Delaware 000-31161 23-2908305
(State or other jurisdiction
of incorporation)
(Commission File Number) (I.R.S. Employer
Identification No.)
6166 Nancy Ridge Drive, San Diego, California 92121
(Address of principal executive offices) (Zip Code)
858.453.7200
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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In this report, “Arena Pharmaceuticals,” “Arena,” “Company,” “we,” “us” and “our” refer to Arena Pharmaceuticals, Inc., unless the context otherwise provides.
Item 4.01 Changes in Registrant’s Certifying Accountant.
(a) Dismissal of independent registered public accounting firm.
On August 25, 2010, the Audit Committee of our Board of Directors approved the dismissal of Ernst & Young LLP, or E&Y, as our independent registered public accounting firm. We dismissed E&Y on the same date.
The audit report of E&Y on our consolidated financial statements as of and for the year ended December 31, 2009 did not contain an adverse opinion or a disclaimer of opinion and was not qualified or modified as to uncertainty, audit scope or accounting principles, except that the report contained an explanatory paragraph stating that “[a]s discussed in Note 8 to the consolidated financial statements, the Company changed its method of determining whether equity-linked financial instruments are indexed to the Company’s own stock, with the adoption of the amendments to the FASB Accounting Standards Codification Topic 815-40, Contracts in Entity’s Own Equity, effective January 1, 2009.” The audit report of E&Y on the effectiveness of our internal control over financial reporting as of December 31, 2009 did not contain an adverse opinion or a disclaimer of opinion and was not qualified or modified as to uncertainty, audit scope, or accounting principles.
The audit report of E&Y on our consolidated financial statements as of and for the year ended December 31, 2008 did not contain an adverse opinion or a disclaimer of opinion and was not qualified or modified as to uncertainty, audit scope or accounting principles. The audit report of E&Y on the effectiveness of our internal control over financial reporting as of December 31, 2008 did not contain an adverse opinion or a disclaimer of opinion and was not qualified or modified as to uncertainty, audit scope, or accounting principles.
During the fiscal years ended December 31, 2009 and 2008, and through August 25, 2010, there were no disagreements (as defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions to Item 304 of Regulation S-K) with E&Y on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of E&Y, would have caused E&Y to make reference to the subject matter of the disagreements in its reports on our consolidated financial statements for such years.
During the fiscal years ended December 31, 2009 and 2008, and through August 25, 2010, there were no reportable events (as defined in Item 304(a)(1)(v) of Regulation S-K).
We provided E&Y with a copy of the above disclosures and requested E&Y to provide us with a letter addressed to the Securities and Exchange Commission stating whether it agrees with such disclosures. A copy of E&Y’s letter dated August 27, 2010 is attached as Exhibit 16.1 to this Form 8-K.
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(b) Engagement of new independent registered public accounting firm.
On August 25, 2010, the Audit Committee of our Board of Directors engaged KPMG LLP, or KPMG, as our independent registered public accounting firm. During the years ended December 31, 2009 and 2008 and through August 25, 2010, neither we nor anyone on our behalf consulted with KPMG regarding (a) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on our consolidated financial statements, and neither a written report was provided to us nor oral advice was provided that KPMG concluded was an important factor considered by us in reaching a decision as to the accounting, auditing or financial reporting issue; or (b) any matter that was either the subject of a disagreement (as defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions to Item 304 of Regulation S-K) or a reportable event (as described in Item 304(a)(1)(v) of Regulation S-K).
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
16.1 Letter from Ernst & Young LLP to the Securities and Exchange Commission dated August 27, 2010
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: August 30, 2010 Arena Pharmaceuticals, Inc.
By: / S / S TEVEN W. S PECTOR
Steven W. Spector
Senior Vice President, General Counsel and Secretary
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They never said how big of a scriviner error it was.
What if JPM was bidding on just a portion of WM and received the whole package by mistake? What would the ramifications be?
Some people look at the numbers and see WMI underwater. Others look and see a Yacht. So what is it? Are they all looking at the same numbers? If you read the articles written at the time of takeover they sound correct in justifying the take over, because they are using just the numbers from the Morgtage Div. not every other division at WMI. Are those the numbers that were being fed the FDIC at the time of the auction? Does this scenario explain what happened?
Does anyone have the list of items that JPM expected for their bid. Or the actual auction documents? Or did anybody have a clue what JPM was bidding on at the time of the auction? I would like to see how they stack up against the real numbers at the end of this debacle.
Just a thought. Maybe it is nothing.
His numbers are wrong. Bad article.
They have to find the data first to claw back money. "It seems there was a error in accounting and we have changed accounting firms and the data has been misplaced. So we can't pay you back because we don't know what we took." Sound familiar?
I told you yesterday guys big sell off tommorow. But anyone listen? Noo. This is a classic case of pump and dump. You could smell it coming.
I wonder how many of those dollars have found the way to buy wamu stock. Anyway a big buy coming soon.
hahahahaha!
How you like those apples?
I think the letter is a good idea. When you figure out what you want to say I will send 20 of them with different names. Also am I supposed to be telling investors in Brazil about this. I can tip the boat if you want.
If you guys wreck this case for Susman there will be hell to pay.
Sell off tommorow morning for sure. Take the profit and reload.
Like I said it wasn't necessary.
Thanks, It's just all the naysayers want to go to that fact and say it will never get passed, they didn't do due dilligence. For me any company that is up in the Golden Triangle in La Jolla has got to be ahead of the curve in science. That is where the best minds in the world are.
i find it ironic that there is a link to buy Phen -Phen at the bottom of my page.lol. Can you buy Lorcaserin online yet? I would buy some just to see what it is like.
Can you please send me the link to your source of this fact please. This is the first I have heard of this. This is extremely crucial. IMHO
3. Lorcaserin revealed no risks during trials that might warrant a REMS, and Arena has publicly stated that they were ready to launch a REMS should the FDA require one but that the FDA had in their many discussions advised that it would not be required.
No disrespect wamuvoodoo but I was just trying to figure out what the bad guys are going to try and do to get out of trouble. You know they are looking at all their options. One of them must be to go back to the beginning and make the deal look legit. I know, you know and everyone else that has spent more than a day on this board knows what the reality is. But you got to remember that Rosen and company will try to spin this up until the end.
FWIW I think Rosen and crew are going to stall until the last minute with whatever the examiner requires from them. Then when they come up with the numbers the numbers they produce will show that WAMU was underwater and that the numbers that everyone thinks are the correct numbers were actualy fudged by WAMU themselves near the end of their collapse so they could buy time and qualify for the TARP.
This is the only way that I can see these guys at JPMC getting away from all this. The FDIC will go along too if they think they can pull it off also. These guys are very good at manipulating numbers(scrivners error)and they have the weight of the financial world on their side, who will nod their heads at anything JPMC comes up with. Even if they have to lie about the numbers again they have nothing to lose now.
JMHO
What is the other side saying?
I know it is just the crumbs next to the pie. But an extra thousand shares here and there add up.
WIll there be another sell off tommorow morning?
What if the prefered holders get a straight swap with JPMC and the commons split the rest?
This is a bad day for the market all around. With this volume and the MM and the flippers manipulating the price of this stock. Plus all the finacial advisors talking smack about this pink sheet stock and advising against it. I think the pps is showing that with all that against it, it is being very strong and todays trading is a barometer for the final outcome of this whole illegal takeover thing. Nobody in the world can hold back the water when it wants to flow. That is to say that there are way too many people looking at this from all different points of view for for JPMC to wiggle out of it. This is too big for the media and financial kings to sweep under the rug. Sooner or later these fatcats have to lose one. They can't win them all can they?
Even King David got one good shot in.
Project Orca?
There will not be enough room on your charts after the settlement.
Okay, But you got to admit the other side is probably looking at this as an out of some sorts? Especialy if their backs are up against the wall.
I don't want to be the devil's advocate. But I have asked this before and the answers were off the mark. But if the deal has yet to be finalized and the FDIC has been granted new powers over bank take overs just recently. Then wouldn't the FDIC have the power to just make this whole case just go away and everything stays the way it is? I don't want this to be true, but the question must be asked. Sorry I don't want to get you guys angry.
And the retroactive argument isn't valid because the deal has yet to be finalized.
Keep talking pennies. I wanna talk dollars. I just keep loading up. Somebody is talking somewhere.
Is MOP going to be able to fill a bunch of new orders? How much do they have in the wharehouse?
Isn't it $750k a month?
If I had more available coin I would put it into MOP. This as got to be the classic traders versus investors scenario. This company will fly no matter what the MM do. IMO
Also this new contract that the French group may have received from the government to clean up the Gulf seems to me politicaly biased in nature. I thought that Haliburton had a lock on the contract. I looked into what the French were using for sorbant and they don't have anything as good as MOP. So if I was MOP I would be sending the new salesman (the one that speaks French) to go talk to these guys.IMHO
Thanks. It was just a thought.
If the deal of the takeover hasn't closed. (I am still not clear if this is right or not) And the FDIC has been granted new power over bank takeovers recently ( I am sure of this), there seems to be an overlap of dates here.
Is this something that the FDIC can use to make this all go away for them and JPMC?
I have'nt heard anybody mention this before.
If I had my back against the wall I would be looking for an out.
Does this mean that MOP is going to sponsor a NASCAR Team?