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I guess it's WMI making cash.
Yeah, but simply say they regret the loss should bee outrageous for TPG investors!!!!
I think it is fair to say that if no notice of ownership was filed in Court, then no material change in WMI's capital occurred.
But I do not know if any such notice was filed.
Agree! Things are so distorted that AIG went up more than 7% today!
For the market in general, i think the declines we are seeing in the stock markets will further inflate the Treasuries bubble and when it busts, it will be of epic proportions. Money will then migrate to cheap assets.
As to WMI, I believe that our situation has little to do with the general market, as long as JPM does not fail.
Just my opinion!
Thank you!
Where is the money going? To Treasuries and gold? Zero remuneration!?
Imagine what will happen when the Economy begins to recover or at least people realize the US and the world are not finished!?
I thought it was the deadline for any creditors, including JPM, to state any claims they had against WMI.
I also thought it was the last day of the exclusivity period for WMI to present its reorganization plan.
Am correct?
My hope is that JPM will prefer to buy WMI shares to avoid costly and extended litigation.
We'll see what will happen...
I think the discussion will not be rtestricted to the assets. It is not unlikely that JPM will end up being responsible for certain liabilities of WMI.
As fas as I remember, the ultimate beneficiary of a loan may be responsible for its repayment. What I mean is that if WMI took loans, issued bonds or whatever and relent the proceeds thereof to Wamu Bank, then JPM may be liable for it!
Any thoughts?
Why is that? Could you please indicate what part of the document says it?
Thank you!!!!!
I have high expectations too!!!!
I think you're right!
We'll have to wait.
Cheers!
It is. Thank you very much!!!!
Does anyone have fresh news on WMI's fight with IRS?
Thak you for the answer!
I think Citi will issue new common shares and the currrent shareholders get diluted, but by no means wiped out.
It seems that if other preferred shareholders agree with the conversion into common shares, the plan will go ahead. I think that over time, this is excellent for Citi and its curret shareholders, as they will get rid of a debt burden that cannot be paid!
Just out of my curiosity. Why are people in panic with Citi today?
Apparently, the government is willing to exchange its preferreds for common stocks, meaning that they will transform a giant debt into equity.
Even with a dilution of current shareholders, this sounds a very sweet deal for Citi!!!!
As to WMI, one more precedent to induce the US Government to force a descent solution for the case.
You are correct!
I think that once the tax issue before the IRS is resolved, we will have a big move!!
That's probably the criterium to determine which banks are too big to fail. Wamu was clearly one of these banks:
Banks with $100 billion in assets can use new investments
It's interesting to have a look at the article below. WMI could, indeed, be worth a lot of money:
http://www.marketwatch.com/enf/wallstreetjournal.asp?guid=%7Bc50da74c-775c-4dab-82af-145339f49c97%7D&link=http://online.wsj.com/article/SB123517735084237725.html?mod=MKTW&ru=MKTW
I agree. The last court documents give reason for some optimism. The rest is mere baseless speculation.
Anyaway, I'm waiting to buy a bit more of WMI if it falls further!!!
Entrely agree!!
Entirely gree!
Agreed. He also talks about Mr. Market.
Remember, though, that this is the time to buy the GOOD American companies.
I think it may go to 5000 or even less....
Then, people will see the dawn and DOW will go back to 14000. That's the nature of people- manic-depressive.
Keep buyng the good stocks. In the end, there will be a lot of money to be made!!!
Yeah! But the good news are in the court documents!!!!
It's very goog news!!!!!!!!
I think Citi's situation is completely different. This conversion of preferred shares into common shares would be a result of a mutual agreement between the US and Citi.
It is an amazing degree of confusion!!!!Authorities don't knw what to do!!!
http://www.marketwatch.com/
Let's hope for the best. Cheers.
Thank you! That is extremely relevant.
In addition, I do not think that Shearman&Sterling would represent WMI in a conflict situation with JPM. Do you think that there is some kind of understanding between WMI and JPM?
I think so too. The stock markets, however, may react sooner!!!
At this point in time there is no good argument to contradict you.
However, I still think that we will go back to a certain degree of normality, within some time. You know, WWI, the Great Depression, WWII, Vietnam are all in the remte past now.
As to trading, look what happend wih Lehman, Merril, Hedge Funds across the board....
I think WMI is not an investment anymore. It is a very interesting gamble.
Lawyers make a big difference and the precedents that you have seen may mean nothing in this unprecedented situation.
The outcome of this whole thing will depend on things that we do not know, such as the situation of WMI before the IRS and and the property of certain of its assets.
It is also possible that there will be discussion over the liabilities of WMI that may end up falling on JPM.
I don't think a bank can go bankrupt! If it is illiquid or insolvent, it is seized by the FDIC.
I think it means that, for example, the IRS will not be able to make any setoff against WMI on the account of any possible credit they may have against it.
Therefore, the IRS will have to wait until a decision by the competent court of law is given, or until an agreement is reached with WMI.
I see that as very positive. I don't think it was a forgone conclusion that the judge would rule in favor o WMI.
That's what I think of it.
I guess the main point is that the United Ststes cannot setoff any credit they may have against WMI against any debt.
They will have to wait until those matters are decide by the competent courts. If it was not the case, WMI could be dead!!
Thank you for the post. It is good news!!!