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WAMUQ FOLKS WAMUQ !!!!!!!!!!!!!!
WAMUQ FOLKS WAMUQ !!!!!!
MONDAY EASY 50% !!!!!!!!!!!!!!!!!!!
True Valuation
Looking at the CH11 filing in Delaware Bankruptcy Court (Case: 08-12229), some very interesting facts appear.
Exhibit A to the initial filing states:
Assets: $32 Billion.
Debts: $8 Billion.
Also the company has put an X by the line that reads:
"Debtor estimates that funds will be available for distribution to unsecured creditors".
Common shareholders are 'unsecured creditors'.
So how much money is available to be distributed?
Of the $32 Billion in assets, roughly $18 Billion is secured loans by reputable entities, i.e. Govt and Commercial loans.
Also, they have $5 Billion cash on deposit with their bank, which is now owned by JPM.
JPM paid them $1.9 Billion for the bank
So, let's add it up:
$18B
$5B
$1.9B
Total $25B.
Subtract the $8B debt, and we have:
$17 Billion Net Worth.
Outstanding Common Shares stands at 1.7 Billion shares.
SO, $17 Billion divided by 1.7 Billion equals a true market value of $10/share.
WAMUQ closed Friday, Oct. 3 at $0.155, +29%.
It seems that this bankruptcy proceeding is soon to be withdrawn, because from a financial standpoint, I see no reason for it to proceed.
This means is that the company would leave the OTC Pink Sheets market and return to the New York Stock Exchange. And the WAMUQ trading symbol would return to it's rightful place as WM.
STRONG BUY WAMUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUU!!!!!!!!!!!!
BUY BUY BUY BUY ....... WAMUQ ....STRONG BUY NOW!!!!!!!!!!!!!
3.10 ?
Good post .....From Yahoo boards ...... 50 stars ........
WM SHAREHOLDERS - WE ARE ON TO SOMETHING
I spoke with Larry Weinman of "Barron's" and was advised a story is being written about Washington Mutual. He said, "there are many things about the seizure that have left unanswered questions like."
(1) Seizures are usually not discussed with bidders 3 weeks before, why was JP Morgan advised 3 weeks before? Wouldn't that pose a conflict of interest bc JP Morgan could influence the market to increase chance of seizure?
(2) What about the assets? How does JP Morgan assume $180B in assets for free? Has the government just stepped in and taken those assets from the company?
(3) The OTS chair claims that they were aware no buyers came forward because all were interested in the finalization of the government intervention bill, "bailout." How could they bid until the bill was passed? Would you buy a home on a vacant piece of land if you were told the adjacent property was either going to be a nuclear waste dump or a golf course? Wouldn't you wait to make a bid?
(4) If the OTS knew the bailout was the core of the problem, why did they seize prior to the bill being passed. They certainly were aware of the situation which led to the "bank run," including Lehman, AIG and Fannie Freddie. Fact is, the bank remained above the minimum level of well capitalized banks when they seized. What this means is, the OTS acted without the level of breach existing. Much remains to be seen regarding Washinton Mutuals legal stance on this action.
(5) If JP Morgan was awarded the deposits, wouldn't that still be worthless without branches to operate?
I had this conversation with Larry, and we both came up with news will break after the bailout is announced. There are just too many unlawful parts to this puzzle, combined with the fact that Washington Mutual has not spoke makes us believe discussion of assets is on the table, and we may see a buyout for the holding companies assets: DEALER BRANCH NETWORK + CASH ($24B).
AGRESSIVE COVER IN PROGRESS THIS WEEK !!!!!!!!!!!!!!!!!!
STRONG BUY HERE !!!!!!
Bank reports it is solvent: Washington Mutual will udergo changes
http://www.pinksheets.com/pink/quote/quote.jsp?symbol=WAMUQ
Oct 03, 2008 (Los Banos Enterprise - McClatchy-Tribune Information Services via COMTEX) -- Since JP Morgan Chase & Co. acquired Washington Mutual's banking operations from the Federal Deposit Insurance Corp. last week questions have been asked about the bank's future.
Washington Mutual Spokesman Gary Kishner indicated there's little for the average customer with money in a banking account to worry about.
"Right now it's business as usual," Kishner said.
He referenced JP Morgan Chase's more than $900 billion in customer deposits as an example of the solvency of the bank. He also said banking accounts are FDIC insured up to $100,000 -- talk among the presidential nominees has lately been of raising that amount to $250,000.
Kishner said at the present time there are no plans to shut down the Los Banos Washington Mutual branch.
On JP Morgan Chase's Web site the company boasts about the acquisition of Washington Mutual giving it a presence in California, Florida and Washington state.
Kishner said Washington Mutual is continuing to grow despite the purchase. He said eight new branches will open in the Bay Area this weekend.
The business did not acquire any assets or liabilities of the bank's parent company, according to the JP Morgan Chase Web site.
Kishner said there will be a name change in Washington Mutual's future, but it will take until 2010 before it's fully instituted.
The acquisition of Washington Mutual's banking operations is expected to add more than 50 cents per share in 2009.
PICK UP ALL YOU CAN...... BIG NEWS SOON!!!!!!!!!!!!!
PICK UP ALL YOU CAN...... BIG NEWS SOON!!!!!!!!!!!!!
great news,...OCT 3, 2008
There are questions about the legality of LEH bankruptcy:
One hedge fund, Bay Harbour Management of New York, has said it will challenge the Lehman bankruptcy and its sale to the brokerage arm of Barclays Capital Plc BARCBC.UL(BARC.L: Quote, Profile, Research, Stock Buzz) in federal court.
Two other hedge funds, Amber Capital Investment Management in New York and European hedge fund GLG Partners Inc (GLG.N: Quote, Profile, Research, Stock Buzz) have objected to the sale, according to court documents.
great news, IMO,...OCT 3, 2008
There are questions about the legality of LEH bankruptcy:
One hedge fund, Bay Harbour Management of New York, has said it will challenge the Lehman bankruptcy and its sale to the brokerage arm of Barclays Capital Plc BARCBC.UL(BARC.L: Quote, Profile, Research, Stock Buzz) in federal court.
Two other hedge funds, Amber Capital Investment Management in New York and European hedge fund GLG Partners Inc (GLG.N: Quote, Profile, Research, Stock Buzz) have objected to the sale, according to court documents.
0.50 next week ?
agressive buying next week !!!!!!!!!!!!!!
0.50 next week ?
JP Morgan manipulating banksrupsys !!!!!!!!
Lehman creditors want to investigate JPMorgan role
Friday October 3, 6:24 pm ET
By Vinnee Tong, AP Business Writer
Lehman creditors want investigation of JPMorgan's role ahead of bankruptcy filing
NEW YORK (AP) -- Creditors of Lehman Brothers have asked a judge to allow an investigation into whether JPMorgan Chase & Co. had a role in weakening Lehman as it headed toward bankruptcy.
The committee filed the request in court documents late Thursday.
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The creditors committee believes Lehman Brothers Holdings Inc. had more than $17 billion in cash and securities held at JPMorgan before its Chapter 11 filing but that JPMorgan froze the assets Sept. 12, three days before Lehman filed for court protection. Its case is the biggest in U.S. history.
"The creditor's committee believes that as a result of JPMC's actions, LBHI suffered an immediate liquidity crisis that could have been averted by any number of events, none of which transpired," lawyers for creditors wrote in court papers.
"In freezing LBHI's assets, JPMC was purportedly holding all of LBHI's assets as a potential offset against any claims," lawyers said. JPMorgan provided billions in clearing advances -- short-term loans investment banks use to clear trades on a daily basis -- to Lehman in the days around its Chapter 11 filing.
Lehman disclosed last week that JPMorgan is its biggest creditor holding secured claims worth an estimated $23 billion.
A spokesman for JPMorgan Chase declined to comment on Friday. U.S. Bankruptcy Judge James Peck is scheduled to consider the creditors' request on Oct. 16.
Separately, the government's pension insurance agency objected to Lehman's sale of its North American investment banking and trading operations to Barclays Capital, a deal that closed Sept. 22. Lawyers for the Pension Benefit Guaranty Corp. argued that Lehman has not said whether it would use any of the proceeds from the sale to shore up its pension plan, which covers 25,000 former and current employees.
If the plan were to be terminated today, Lehman would need to add $72.5 million to make the plan whole.
Also, a slew of vendors filed objections to Lehman's cancellation or transfer of contracts. Objectors included the Chicago Mercantile Exchange, Cisco Systems Inc., Bloomberg LP, Sun Microsystems Inc. and others.
Lehman Brothers entered bankruptcy protection on Sept. 15 with assets of $639 billion and debt of $613 billion. It was forced to file Chapter 11 under pressure from the shrinking credit markets and a loss of confidence among investors that it could carry on its day-to-day business.
That marked an end to what was once the nation's fourth-largest investment bank. In addition to the Barclays buyout of key U.S. units, Lehman has sold its money management arm, Neuberger Berman, to two private equity firms and its Asian, European and Middle Eastern businesses to Japan's largest brokerage, Nomura Holdings Inc.
GOOD NEWS FOLKS !!!!!!!!
Lehman creditors want to investigate JPMorgan role
Friday October 3, 6:24 pm ET
By Vinnee Tong, AP Business Writer
Lehman creditors want investigation of JPMorgan's role ahead of bankruptcy filing
NEW YORK (AP) -- Creditors of Lehman Brothers have asked a judge to allow an investigation into whether JPMorgan Chase & Co. had a role in weakening Lehman as it headed toward bankruptcy.
The committee filed the request in court documents late Thursday.
ADVERTISEMENT
The creditors committee believes Lehman Brothers Holdings Inc. had more than $17 billion in cash and securities held at JPMorgan before its Chapter 11 filing but that JPMorgan froze the assets Sept. 12, three days before Lehman filed for court protection. Its case is the biggest in U.S. history.
"The creditor's committee believes that as a result of JPMC's actions, LBHI suffered an immediate liquidity crisis that could have been averted by any number of events, none of which transpired," lawyers for creditors wrote in court papers.
"In freezing LBHI's assets, JPMC was purportedly holding all of LBHI's assets as a potential offset against any claims," lawyers said. JPMorgan provided billions in clearing advances -- short-term loans investment banks use to clear trades on a daily basis -- to Lehman in the days around its Chapter 11 filing.
Lehman disclosed last week that JPMorgan is its biggest creditor holding secured claims worth an estimated $23 billion.
A spokesman for JPMorgan Chase declined to comment on Friday. U.S. Bankruptcy Judge James Peck is scheduled to consider the creditors' request on Oct. 16.
Separately, the government's pension insurance agency objected to Lehman's sale of its North American investment banking and trading operations to Barclays Capital, a deal that closed Sept. 22. Lawyers for the Pension Benefit Guaranty Corp. argued that Lehman has not said whether it would use any of the proceeds from the sale to shore up its pension plan, which covers 25,000 former and current employees.
If the plan were to be terminated today, Lehman would need to add $72.5 million to make the plan whole.
Also, a slew of vendors filed objections to Lehman's cancellation or transfer of contracts. Objectors included the Chicago Mercantile Exchange, Cisco Systems Inc., Bloomberg LP, Sun Microsystems Inc. and others.
Lehman Brothers entered bankruptcy protection on Sept. 15 with assets of $639 billion and debt of $613 billion. It was forced to file Chapter 11 under pressure from the shrinking credit markets and a loss of confidence among investors that it could carry on its day-to-day business.
That marked an end to what was once the nation's fourth-largest investment bank. In addition to the Barclays buyout of key U.S. units, Lehman has sold its money management arm, Neuberger Berman, to two private equity firms and its Asian, European and Middle Eastern businesses to Japan's largest brokerage, Nomura Holdings Inc.
WAMU STRONG BUY !!!!!!!
BLOOD BLOOD BLOOD BLOOD .... Monday EASY 0.20$
SKF FALL STRONG ....FINANCIALS UP AF..... BIG DAY TOMORROW !!!
NEXT WALL 1.49$ !!!!!!!!!! IN MINUTES !!!!!!!!!!!!!!!
BLOOD BLOOD BLOOD BLOOD ...... COVER BRUTE !!!!!!
$1.44 x $1.45 BIG gap tomorrow !!!!!!!!!!!!
$1.44 !!!!!!!
COVER COVER COVER TODAY .....TOMORROW YOU CRY AT 2$....!!!!!
$1.42 x $ 1.43 !!!!!!
WWW.LEVEL2QUOTES.COM
1.43 $ !!!!!!!!
TOMORROW BIG GAP 1.65 $ .... NEW range 1.50$- 2$ !!!!!
1.50$ at AFTER HOURS CLOSE !!!!!!!
$3 $3 $3 $3 $3 $3 $3 !!!!!!!!!
Hinch good to see you !!!!!!!!