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Much as I hate government regulation, this new initiative to prevent people flying out car windows will benefit SOA.
http://www.bloomberg.com/news/2011-01-13/passenger-ejections-in-vehicle-rollovers-targeted-by-u-s-in-safety-rule.html?cmpid=yhoo
I wonder if the government will require us to keep our windows rolled up?
Thanks again Bluzie.
OK, So because of the $337 cap, interest will not really be a factor in pushing this process along, as in motivating the debtors. It will really only come into play if we are awarded something below the $337mil cap?
Interest rate question.
Can someone clarify if we are to be paid interest on the award, when the interest begins accumulating and what the rate is?
I was under the impression it would begin if classified as creditors.
Will this be affected by the set reserve or will it be on top of the award, even if the award is the full reserve amount?
thanks
Busted my balloon. I apologize for misreading. I think bcblab is correct that it is a warrant to purchase at $29.70 in the next three years.
This still makes for a decent possible return, especially as the share price moves in closer to the strike price and the three year time frame factored in.
Sorry for posting this on the Dimeq board. It is in reference to my my misrepresentation of the SLIWW warrants.
Jared,
I hope you don't mind me stepping in here. I did look into SLIWW when Adamante mentioned it and I'm more excited about it now than I was back then.
I know Adamante could do a better job explaining these, but they are warrants that were issued as part of the bankruptcy reorganization of Solutia(SOA) and are scheduled to convert to one share of SOA if SOA reaches a price of $29.70 withing the next three years. That's only another $5 or so.
The warrants are trading thinly around $2.50 to $3 right now, but it makes sense that they will increase rapidly for any SOA movement as they both have to have an equal value at $29.70.
Think of it as two graphs. SOA starting at $24 and SLIWW starting at $3. Assuming SOA continues to progress as it has, both will reach $29.70 at the same time.
To me, that means every dollar move in SOA will mean a $3-$5 move in SLIWW.
The warrant agreement can be found in one of the old quarterly filings, I believe March of 08 maybe. I have it bookmarked on my broken laptop.
Now back to DIMEQ.
Bluzie,
Thanks for the summary both here and over on the WAMUQ board. Unfortunately for many, just keeping up with the WAMUQ board is almost a full-time job. Any posting about DIMEQ gets dismissed fairly quickly. At least the market is listening!
Greg
Excellent and certainly does strike the right tone for many of us.
Thank-you for submitting this.
historic audio files are posted here http://www.viewip.net/WMI/Hearing/
Today's hearing should be available shortly.
It seemed to me to be a repeat of yesterday with the only exception being the puppet in the witness chair.
These guys are all swearing that the GSA was done without input from legal council and it was all their doing, yet none of them can answer simple questions about the DIMEQ LTWs. One even stated that he hadn't read the updated agreement.
Another one up and another one down with no idea how DIMEQ LTWs were separated from the award or why it was backdated 2 years.
PIERS. I think Nelson was trying to show that members of the same class were being treated differently, a big no-no.
This is why he made it clear that the NOL value is $5bil and then led Kosturas to the agreement stating that only those holding $2mil would be allowed to a piece of the existing subsidiary. This $2mil minimum restricted all but the hedge fund guys, thus splitting the class.
Kosturas felt it didn't split the class because WMI had valued the NOL at $0 and so felt they weren't giving anything special away. Obviously ridiculous since just minutes earlier Kosturas had agreed that they were worth $5bil.
still ongoing
He stated that if he had a dollar for every time there was a discovery complaint, equity would be in the money.
I didn't hear any laughter.
DIMEQ lawyer
lost audio again??????
call in info for anyone interested http://investorshub.advfn.com/boards/read_msg.aspx?message_id=57230230
I think they should get it because it's what I think is right, regardless of what it does to equity. They got screwed also.
JPM lawyer is sitting on the side tapping his pencil on the mike. TPS lawyer is speaking.
15% for administration fee.
yes, but you actually said something. I just pointed to others words. lol
Edward Mintz has not rolled over and disapeared either.
http://www.kccllc.net/documents/0812229/0812229101117000000000041.pdf
Filings galore coming across kcclcc.net tonight. Mostly objections to the POR V6.
Here's one of specific interest to us DIMEQ holders.
http://www.kccllc.net/documents/0812229/0812229101117000000000037.pdf
Well done Brad Christensen.
More interesting filings compiled by WithCatz
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=56831430
http://www.viewip.net/WMI/Hearing/
The WAMUQ board keeps the latest audio in the sticky posts.
Nice to hear from you Adamantane.
It does seem we're tied, justly or not, to the pricing and action of WAMUQs.
On a higher note, SLIWW is performing well. I have to thank you for bringing that one to our attention.
Yes. It is signed.
Sorry, I don't have a level 2, just a streamer.
wow 4250000 @ .50
Hey Ralph,
I have been following the WAMU boards and hearing and while I do think the risk is higher with WAMUQ, I also think it has a much higher reward possibility. There have been many arguments on the boards concerning the end value depending on the examiner/settlement/litigation etc. Assuming a positive examiners report, even the low end points to higher than .90 and some estimates almost seem laughable until reading the reasoning behind them and the numbers that support them.
I also think WAMUQ will react faster than DIMEQ if there is a positive report from the examiner and may afford the opportunity to return to DIMEQ. DIMEQ is still mostly misunderstood and ignored. That said, the majority of my holdings are still in DIMEQ. I transfered less than 20% over to WAMUQ.
Be carefull when listening to me though. I tend to be fairly reckless and enjoy the higher risk senarios.
Jared, Scott,
There is a hearing scheduled for Monday Oct 18, 2010. Here's the current agenda. http://www.kccllc.net/documents/0812229/0812229101014000000000001.pdf
Broadbill does have objections listed.
The examiners report is due Oct 25, 2010. It will available to the public, with possible redactions, on Nov 1, 2010.
I think WAMUQ is going to be the big show to watch over the next two weeks. I sold a few DIMEQ and moved more into WAMUQ over the last two days.
Greg
Whatever it is, he's buying it with our money.
Hello Fsshon and board. I'm a long time DIMEQ holder that has turned into a WAMUQ holder also thanks to this board.
Don, what about on 8/24/10 when THMJW questioned whether JP Morgan Chase had an asset list and he went on to say no? If she had seen the list in her chambers, wouldn't she be aware he was lying in open court and do something about it?
http://www.sidedraught.com/stocks/WashingtonMutual/Walrath-CourtHearing%5b08242010%5dAudioTranscript-Courtesy%20of%20DanBB-iHub/mp3/Walrath-to%20JPM-You%20Dont%20have%20documents%200242010.mp3
I find your theory plausible and after listening to the above clip, I also believe it's possible that the JP Morgan lawyer may have skated on the edge here by anwering that they couldn't find that particular asset sheet that was requested. He wouldn't state that they didn't have one.
Greg
Uncross your fingers. Nothing new is coming. SHGY is over. The only thing left to do is attempt to collect on the judgement and that is something that will take time and at best result in shareholders receiving a small percentage of original investments.
SHGY is a nearly worthless shell now.
I think it bodes well when their only defense is "is not!".
If the claims were actually absurd, maybe a judge would accept this defense. The claims are far from absurd.
I loved the denial of being a corporation.
thanks oltimer,
I agree. He's a classy guy.
I do think the company should be more publicly transparent as to their intentions now that the legal dispute is settled. Without any information we're left with only wild speculation and building discord.
Thanks, for the contact info. I'll put in a call.
I have tried unsuccessfully to contact Mr Toledo through Busca Corp.
I have had correspondence with him in the past and he always left me with a good impression.
It's my feeling that Mr Toledo, due to the misdeads of Bibiyan, does not hold a controlling interest of SHGY as he was led to believe when entering the agreement to purchase. Now that it is apparently 20 mil shares outstanding, if he were to roll Busca into SHGY, he would be a minority shareholder like the rest of us.
So what's fair?
Busca Corp was built out of the SHGY, no matter how crummy that base was, and is therefore tied to SHGY. A public corporation can't for a spin-off without compensating the shareholders.
Mr Toledo has invested more time and money than any of us towards the development of Busca Corp and should be rewarded for the success propotionately.
In my view, Busca should be rolled into the SHGY shell, possibly a reverse split to shrink the number of shares issued, a new issuance of shares to Toledo and his large cash investor allowing them majority control.
I don't know if such a proposal is possible because there it would take a majority of shareholders to approve something like this.
Without any response from Mr Toledo, we'll be left to wonder what's happening and grow angrier that we hold worthless shares in a successful business.
Over time this will lead to a class action suit against Busca Corp, especially as the business becomes more successful and continues to develop.
That's my rambling thoughts on the situation. I think Toledo had planned on using SHGY as a vehicle to Nasdaq, but never really had control of it. Now he has a successful business that has shareholders looking to be part of it and no way to bring them together without losing his, and his investors share.
Sounds like Opex is asking if the chart reflex the actual market for DIMEQ or is there a last minute small trade each day that artifically inflates the closing price.
I've seen that on several issues. It is not the case here. There is minimal daily fluctuations in the price and rarely, if ever, a 100 share end of day painting.
Count me in also Login. I joined the WAMUQ club after the examiner was appointed also. I have been a little worried at times about being so heavy in related securities, but it's the best show in town right now.