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Thank you Dan
Thanks... Jim
To go along with post #82755 ...here is a Bop post from Yahoo>>
Re: Reality Check on $4B Summary Judgment Motion 26-Jul-09 07:26 pm JPM knows that the 2004 process has ramifications well beyond anything connected with WMI (i.e., $): it has the potential to leave JPM vulnerable to governmental investigation into JPM's business practices which could have far-reaching adverse consequences. Accordingly, the right to discover is the most important legal weapon against JPM and therefore the greatest settlement catalyst. Moreover, as I pointed out in an earlier post, the Kaiser opinion renders the 2004 order invulnerable to appeal, which is devastating for JPM.
It is because of the foregoing that I have not been concerned about the recent flurry of pleadings (e.g., the turnover litigation). Judge Walrath has absolute power over the 2004 order and will not undo it, so they are simply background noise.
Great post from Viv on Yahoo >>>
Re: Reality Check on $4B Summary Judgment Motion 26-Jul-09 09:04 pm Bop:
Thanks for responding to this thread. I agree with everything you've said in responding to it today. Clearly, the 2004 discovery is the biggest issue, but since everyone (myself included) has been so focused on the prospect of the $4B issue being decided immediately (and maybe bumping share price a bit so we can all breathe a little easier), I thought it important to diffuse that anticipation. The fact that JPM has fought with such histrionics and persistence against the 2004 discovery has told me they REALLY have something to hide. I find it very interesting that your "inside information" from the courtroom tends to corroborate that idea and the inference that much is going on behind the scenes. I think in the formal pleadings we are only seeing the tip of the iceberg.
Regards,
"Viv"
Im not a legal type but someone said to go on with discovery is to possibly open up JPM to government investigation...they will do everything in their power to avoid discovery and if unsuccessful in stopping it, they will settle.
This is a late post as I live in the Pacific Northwest and have been outside watching shooting stars with my wife. Lawn chairs are the perfect vehicle to star gaze. I talked to god tonight after spending 45 minutes in faith without a single shooting star. I was finally rewarded for having faith (that which we believe but cannot see).
It relates to WAMU as this is a faithfull act...months of investing in something that could be gone in a second but you hang on because you hold faith.
Despite whatever happens...I have ultimate faith in a positive outcome for WAMU and I want to thank those posters that have righted my vision when it has wandered, and those same posters that bring practiced knowledge to the boards for the edification of many that have never experienced a courtroom except for the obligatory jury duty or reruns of Perry Mason.
The next 60 days are going to be one for the record books either way. Diamond....I hope and pray your $12+ belief is realized.
Lights out... Jim
Post #82703 correction.. I meant pre seizure.
Agree but TPG was post seizure with an influx at around $8.
But I see that there may be no difference wether it was pre or post. I also am beginning to see (as i read some yahoo posts and those here) that if JPM doesn't pay at least $8 (the previous offered turned down by WMI) then it is on to discovery and not a pretty picture for Jimmy and company.
Ok..If you are correct I owe you a public apology for my doubts. We will see how it all lays out. Jim
diamond...so one last time for edification only..you are saying $12+ per share will be the final outcome wether JPM buys WMI or there is a bidding war AND you see all holders Pre and Post seizure commons as the same. Correct? Jim
Thanks Billiam...I agree..I'm no expert so I do like to see a concensus of opinion among the legal minds here.
mordicai..thank you for your thoughts. ~Jim
I thought this was a great confidence building post from Vivian on yahoo>>>
Quinn & Greenleaf Invoke "Awesome Power" of BK law 25-Jul-09 02:25 am With many thanks to WithCatz for paying the PACER tab, and to bigpictureboss for his efforts at highlighting WMI's filing today (PST), let me say the following:
In the last nine months of following the WaMu saga in detail on a daily basis and trying, like the rest of you, to understand and follow the legal intricacies involved in this unique case, I have never been more convinced of the absolute genius of our attorneys and never more confident that they have a winning strategy. The work of Quinn et. al. and Greenleaf et. al. in today's brief was truly stunning. It demonstrates Bop's admonition to us long ago to wait and watch "the awesome power of the bankruptcy court" unfold. We are in good hands, not only with these lawyers, but also with this judge.
I realize that this brief seems merely to address arcane procedural issues, but I urge all of you to read the entire brief. (You can skip the exhibits.) It is as good as anything I've ever seen in 35 years in the law biz. Absolutely top notch. Awesome!
I'm not going to address the details of this brief, because I could go on forever, but let me summarize: First, it's arguments are bulletproof and thoroughly supported by irrefutable case precedent and statutory law. Second, the brief continually reiterates simple, clear themes that enable the court to act decisively. Third, it subtly reinforces the court's prior decisions without being obsequious or fawning. Fourth, it persistently and effectively marginalizes JPM's and FDIC's prior arguments by demonstrating their absurdity and uncovering their double-dealing (in DC court) and delay tactics. Finally, it subtly motivates the judge's emotions (anger) against JPM and FDIC by exposing their duplicity and contempt for the judge's prior rulings, thus undermining her respect for their honesty and intellectual integrity and setting the stage for future strong rulings against them.
I have said this on the board before, but as a judge myself, let me reiterate: Once a party's lawyers first start lying to you (including misrepresentations of the law) or start showing disrespect for your prior, carefully considered rulings, that party is toast. That judge will never take that attorney's word for anything again. Ever. JPM and FDIC have misrepresented and obfuscated over and over again. WMI has once again put them both in their place. If I were in Judge Walrath's shoes, I'd ream both of them in open court on Monday, to show them who is really boss. She probably won't, because she's more careful and proper than I am, but I expect she will send a clear message of some sort.
Keep the faith . . .
P.S. I want f.ckthewhat back!
Does the TPG group have that kind of pull? It must be deeper than the investment..please explain..
Yahoo...up 2%!
I'm impressed with the strength at .40 going forward.
Billiam...Obviously what would be fair is in excess of $8.75 a share. But..they can ask anything they want..still the fact remains, WAMU is at the mercy of the court.
Nice post from larry on yahoo >>>>>
USE YOUR NOODLE… 23-Jul-09 10:46 am You have up front seats to one of the most intriguing Bankruptcies of the Century, and according to the records; if WMI is successful in their pursuit for justice, the payout could exceed every BK on record. At your fingertips is plethora of filings by some of the top law firms in the USA. WMI called in Weil, Gotshal, one of the most honored and JPM hired Sullivan & Cromwell, one of the oldest. Weil has come to the OK Corral with an award winning track record and some incredible sidekicks, Quinn, Emanuel and a gaggle of experts.
Both sides, WMI vs. FDIC and JPM have fired their best shots back at Weil & Associates and haven’t even nicked their hats..and they keep firing and changing position looking for shadows to fool the Weil team and the only thing that you can see from this incredible volley of action by both the FDIC and JPM is “smoke”, smoke everywhere, in every corner and in every space, some not even new smoke, but a lot of old smoke still lingering in the air.
If you are tuned into the filings, even as an amateur, you can realize that the scales of justice are leaning to WMI, plain and simple. And, if you look at all the information available on this total debacle started by the OTS and the FDIC with JPM’s help, you will also see some very damaging evidence that their fingerprints are all over.
Discovery is in the cards and I am sure that Judge Walwrath realizes that she is sitting on the bench of a legacy ruling and she is just as aware if not more, where this BK could go. I am also sure she will let every filing or reasonable legal attempt go the distance, as she will not allow this “once in a lifetime opportunity” to rule on a case of this magnitude to slip through her fingers because of a “ a fault or decision that can be appealed.
USE YOUR NOODLE, do not be swayed by the shorts, the machinations of the MM’s, the naysayer’s, the empty suit posters, as this is also your “once in a lifetime” shot at a huge payout. Stay strong, stay long, do not use stops and if you have some spare change, buy !
climberprof..<some people are talking about liquadation, cancelling the commons. > Who are the "some people"?
So my initial sentiment that we will be fortunate to see $4 let alone anything is starting to get some traction with a few here as we D R A G this out...funny how dull times create mind wandering among the masses. Same in my business...when it is slow, that's when all the employee problems, payroll demands, etc. start to crop up. Just an observation..no need to attack me.
Lawrence...<At once?> Yep...it's a magical mystery bus. You don't know wether you are coming or going.
FSSHON...<THEN WE CAN HEAD FOR THE ISLANDS!!! > lol..Yeah it's either going to be Hawaii or that vinyl blow up island with the palm tree you can buy at any Walgreen.
omnibus is a bus that goes in all directions
Well..we were at .34 yesterday..so its all good.
Yep...I think you are right Jerle.
fsshon...<because on the news they will skyrocket so fast, buyers will not be able to catch them.> It has been said a few times here there will be no runup..it will open at the settled amount. I think Diamond stated that? You disagree?
Billiam..thanks. Jim
Hi smitter...exactly..welcome to a new day . Hope your evening and business went fine. Jim
Yesterdays bid is todays ask...
Billiam...I appreciate your post. I am from the Pacific Northwest...tonight I sat outside with my wife and we saw several shooting stars and a small but ever present northern lights show to the north. Perhaps there is some truth to what you say.
regards,
Jim
Agree... a bit foolish at this point
Stock went up for a reason not because of the meeting..we will see.
He cant he is a basher
billiam..I know I am beating a dead horse here but your 2:1 guess is a bit crazy. You are not going to sit here with 100,000 shares of WAMU then magically one day your account reflects 50,000 shares of JPM at $35/sh.
Not going to happen.
right...lol
I would have to think if GS were involved in bidding we would be up a hell of alot more than we are...
Someone posted some billings and it reflected something like that..
2:1 ? With today's close at just over $37 AH's for JPM that would be $18.50. You are not going to (though I never say never) see $18.50 for our common. $3-$8 range inmho. I am anxious to see if GS is really bidding to get WMI. That would be a huge lift to our common.
Bio...agreed!
Should be much higher by then as well.