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Lehman Judge Says He Never Approved Final Documents in Sale of Brokerage
http://www.bloomberg.com/news/2010-10-21/lehman-bankruptcy-judge-says-he-never-approved-final-barclays-sale-papers.html
WOW, commons just jumped to 8 cents
Here's FT's version
http://www.ft.com/cms/s/0/a31c22d6-dd2e-11df-9236-00144feabdc0.html
If it doesn't come up,
google this:
Lehman battles for Barclays’ windfall
OK thanks, must be a problem with my L2
Has anyone been able to get an L2 on any Lehman equity stock?
I haven't been able to see any on IHUB L2 today, including JQs.
CTs show up just fine though.
very strange
Washington Mutual, Inc. Files Amended Plan of Reorganization and Disclosure Statement
21 minutes ago - Pr Newswire
Washington Mutual, Inc. (Pink Sheets: WAMUQ) ("WMI" or the "Company") today announced that it has filed with the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court") an Amended Plan of Reorganization (the "Plan") and Disclosure Statement (the "Disclosure Statement").
The Plan contemplates the implementation of a global settlement agreement (the "Settlement") among WMI, the Federal Deposit Insurance Corporation (the "FDIC") and JPMorgan Chase Bank, N.A. (NYSE: JPM) ("JPMC"). The terms are reflected in the Amended Plan and Disclosure Statement filed with the Bankruptcy Court.
As previously announced, the Plan, under which the Settlement will be implemented, contemplates, among other things:
WMI will establish a liquidating trust to make distributions to creditors on account of their allowed claims. In accordance with the terms of the Plan, the trust will distribute funds in excess of approximately $7 billion, including approximately $4 billion of previously disputed funds on deposit with JPMC.
It is anticipated that the reorganized WMI will undertake a rights offering pursuant to which certain creditors will receive a right to purchase newly issued shares of reorganized WMI common stock. The reorganized WMI will retain equity interests in WMI Investment Corp. and WM Mortgage Reinsurance Company.
JPMC will assume certain liabilities related to benefit plans (including the pension plan sponsored by WMI).
The various litigations involving WMI, JPMC and FDIC will be stayed or dismissed. In addition, JPMC and the FDIC (in its capacity as receiver of Washington Mutual Bank and in its corporate capacity) will withdraw claims against WMI's bankruptcy estate and the parties will exchange mutual releases.
Preferred and common equity securities previously issued by WMI will be cancelled.
The Bankruptcy Court will hold a hearing on May 19, 2010 to consider approval of the Disclosure Statement. Following approval of the Disclosure Statement, WMI will ask the Bankruptcy Court to confirm the Plan.
The Disclosure Statement filed today contains historical information regarding WMI and certain of its affiliates, a description of proposed distributions to creditors, an analysis of the Plan's feasibility, as well as many of the technical matters required for the solicitation process, such as descriptions of who will be eligible to vote on the Plan and the voting process itself.
WMI's Plan and Disclosure Statement are available at www.kccllc.net/wamu. The Plan is subject to confirmation by the Court. This press release is not intended as a solicitation for a vote on the Plan.
Media Contact:
Andrew Siegel / Jed Repko
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449
SOURCE Washington Mutual, Inc.
a shareholder meeting, or the threat of one, might attract some attention as well
our trustee did file a proof of claim for the full amount plus interest and fees.
Hopefully they will pursue those claims, or at least object to the current DS.
182K shares. i'm in.
here's a link to that doc, fwiw.
http://www.kccllc.net/documents/0911351/0911351091001000000000004.pdf
nice find!
Latest News Headlines for Washington Mutual Inc
Washington Mutual Fails To Block Holder Bid To Oust Board
it's referenced in a different post
here it is
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=49134000
Thanks Fsshon for all the hard work!
here's an article from yesterday. Although it's not the one you're describing, I think.
"Federal probe: A grand-jury investigation of whether fraud played a role in WaMu's collapse continues. The inquiry, led by the U.S. Attorney's Office in Seattle, involves agents from the FBI, Securities and Exchange Commission and Internal Revenue Service."
http://seattletimes.nwsource.com/html/businesstechnology/2010131947_wamuside25.html
That settles it then, I'm not moving. LOL
If the THJMW does finally make a decision, how long would it take for us to find out?
It's nice to see news finally getting out. Hopefully more people will take an interest in what is going on here.
I'm looking forward to next week, hopefully with all the positive news coming out lately, we will have a nice increase in pps.
They have been working hard toward having the opportunity to review and correct the P&A agreement. I don't think they would have tried to unless they already knew there was something to gain.
same with scottrade. they're showing zero for the volume, bid, and ask.
great article, thanks!
I hope so, I would like add some :)
It's nice to see this finally start to move. I think we're ready to pass the commons.
I agree, we've been undervalued for far too long.
I see. So there may be a few more days of large sells at these levels, then the discounts might dry up.
Thanks.
I guess to offset equally large future gains
thanks for the input.
I'm familiar with that part of the process, but I'm not sure what would motivate someone who suffered large losses in the JQ's to rush to sell before the year is up.
Hello coach,
isn't there a capital loss limit of $3000 per year?
I think that for people who purchased prior to the BK filing, that their losses would be significantly more.
why would they rush to sell now?
you're welcome.
I agree. I'm new to IHub, but have had positions in Lehmans for quite a while now. It looks like conditions are starting to improve, and hopefully we will see some rewards.
LBHI is seeking information as to how Barclays was able to realize a profit of billions so quickly after the purchase of Lehmans.
They must already know that errors / unfair asset valuations took place. The goal here for LBHI would be to recover additional funds from Barclays.
If you have the time, read Docket #4067 (on epiq systems), it goes into the details of why LBHI believes they received an unfair deal and are now seeking discovery.
good luck
The preferreds are a safer play than the commons, yet the commons are trading at around 0.15. i just don't get it.
low volume so far, hopefully things will pick up this afternoon