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They skipped over your order, didn't they?
Ahh, I see. I assumed you had just placed a limit order to buy at .60 so that's why I thought you were crazy. :)
Why? The ask is .58
Wow I really hope he goes to jail.
Don't worry. You didn't miss a very exciting hearing. It was putting me to sleep at work. Nothing like the confirmation hearings!
He is FOS... claiming he heard a leak of a leak... BS.
The debtors only gave Hochberg what they wanted to give him and he never requested more. He also never deposed anyone, relying only on unsworn self-serving statements. That is why THJMW excluded his worthless report from the confirmation hearings. I'm not defending Hochberg. I'm just saying that it is much more important to attack the debtors at confirmation because we have the goods. This is getting exciting.
Hochberg = irrelevant
Wells Fargo’s Secret Offer to Buy WaMu
DECEMBER 2, 2010, 5:33 PM ET
Wells Fargo’s Secret Offer to Buy WaMu
http://blogs.wsj.com/deals/2010/12/02/wells-fargos-secret-offer-to-buy-wamu/tab/print/
The day before regulators seized the banking operations of Washington Mutual and sold it to J.P. Morgan Chase in 2008, Wells Fargo & Co. made an 11th-hour pitch to buy the Seattle institution if it went down.
In a Sept. 24, 2008, letter to Federal Deposit Insurance Corporation Chairman Sheila Bair, Wells Fargo Chairman Richard Kovacevich proposed that Wells could assume all deposits at the “best premium we could offer” and perhaps acquire $50 billion to $100 billion in assets if the FDIC would allow for a 60-day review period.
The message is the first evidence that an institution other than J.P. Morgan and Citigroup wanted to purchase a failing Washington Mutual. The letter is among a trove of documents recently made public by a court-appointed examiner in Washington Mutual’s bankruptcy case.
(Click HERE to read Kovacevich’s email to Sheila Bair.)
The FDIC looked at the proposal but didn’t pursue it, according to a person familiar with the matter. Wells Fargo declined to comment about its late pitch for a piece of the nation’s largest-ever bank failure.
The structure proposed by Wells Fargo had not been offered or discussed with other banks and it was too late in the process to offer a similar opportunity to additional bidders, according to the person familiar with the matter. Bids were due the evening of Sept. 24, 2008.
Bair notified J.P. Morgan CEO James Dimon via email at 8:23 p.m. that he was the winner, according to another document unearthed by the examiner and recently made public.
“You are the high bid,” she wrote in the Sept. 24, 2008, message, according to the document. The subject line of the e-mail read “Congrats.”
Regulators did speed up the action, taking WaMu down on Thursday, Sept. 25. J.P. Morgan assumed all deposits and most assets for $1.88 billion, saving any costs to the FDIC’s insurance fund.
Wells Fargo’s failed purchase attempt certainly didn’t deter the bank from going after Charlotte, N.C.-based Wachovia a week later. Its purchase of Wachovia transformed the San Francisco company into the nation’s fourth-largest bank as measured by assets.
Kovacevich, who stepped down as Wells Fargo chairman at the end of 2009, said in his Sept. 24, 2008, letter to Bair that Wells Fargo was unable to submit a bid that met the FDIC’s parameters because there wasn’t enough time to conduct the proper due diligence and because of “the extreme uncertainty associated with potential losses to Washington Mutual’s loan portfolio.”
Instead, he proposed an alternative structure in a series of bullet points, arguing that his approach “could serve as a basis for a bid in the event Washington Mutual is placed in a receivership or conservatorship”:
* Wells, he wrote, would assume all deposits in exchange for “the best premium we could offer.”
* All other liabilities would be assumed by the FDIC, and Wells would get up to 60 days to decide which it wanted to assume.
* FDIC would hold all assets, and Wells Fargo would get 60 days to decide which to purchase. He said Wells Fargo would likely buy between $50 billion and $100 billion. Any assets not acquired by Wells Fargo would be retained by the FDIC, but Wells Fargo would agree to manage and dispose of the assets it didn’t want to hopefully “maximize recoveries for the FDIC.”
Kovacevich argued that a “a bid structured along these lines would both be in the best interests of Wells Fargo and its shareholders, and would allow the FDIC to dispose of Washington Mutual’s assets and effect a resolution measured in terms of expenditures (long and short term and direct and contingent) in the manner the least costly to the FDIC when compared with other alternatives.”
“If the FDIC is interested in discussing this proposal further, please contact me or John Stumpf,” the bank’s chief executive officer.
That never happened. The FDIC decided the Wells Fargo proposal could not be considered, even as a non-conforming bid.
Bopfan is defending her appearance over on Y!
Please elaborate...
KCC needs to get the UST objection and the Hoffman response up. If it takes too long, I won't be sober enough to read them tonight!
Pretty much nothing here makes sense.
I also received this email from Scottrade and believe it is in regard to voting on the plan of reorganization. Nothing to see here.
I got completely out of Us and all into Ps today. The Ps went down a higher percentage than the Us so you can actually get more today in the exchange than you could a couple days ago.
The .000001 is the new par value for the reorganized commons, not the current ones. It does not affect us.
Agree that volume is way too low to conclude that there is widespread switching of big money from class to class. I've noticed a lot of common bashing / preferred touting over the last couple days on this board and others, a good sign for commons.
The volume is way too low to conclude that those "in the know" are switching from commons to preferreds. What about the two separate purchases of 1M+ commons that occurred in the last two days? Those were $200K+ purchases of commons. Also, the preferreds jumped on low volume. There wasn't any huge volume spike that explains why preferreds went up. It looks to me like the MMs are trying to make the retailers believe something... and that it is working.
I don't know if that was necessarily a sell... .18 was the ask immediately before that 750K trade went through... The MMs will sometimes shift the buy and ask immediately before putting the trade through on the tape. I think it was another buy at .18 but the MMs quickly changed it to .18X.181 so it would appear that it went through at the bid and was a sell.
Washington Mutual Challenged Over Chapter 11 Grants of Immunity
Washington Mutual Challenged Over Chapter 11 Grants of Immunity
Dow Jones | Tuesday, June 1, 2010
By Peg Brickley
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Federal bankruptcy watchdogs have challenged Washington Mutual Inc. over tactics designed to force angry creditors to abandon the pursuit of those they blame for the collapse of Washington Mutual Bank, or Wamu.
Washington Mutual's Chapter 11 plan is based on a settlement of legal claims the company had against JPMorgan Chase & Co., which bought Wamu, and the Federal Deposit Insurance Corp., which brokered the sale of the distressed thrift, from lawsuits over the deal.
A "trap door" built into the Chapter 11 plan punishes those who don't want to let potentially responsible parties off the hook, U.S. trustee Roberta A. DeAngelis said in a court filing, and that's not fair or legal.
Washington Mutual is urging creditors to support a Chapter 11 plan that means an end to a storm of legal trouble that erupted when regulators seized Wamu and sold it to JPMorgan in September 2008. Creditors who "opt out" will be stripped of legal rights, and some won't get anything out of the bankruptcy proceeding, the U.S. trustee warned.
The forced releases mean Washington Mutual's plan won't qualify for confirmation, so there's no point in sending it out for votes, Wamu bondholders say.
DeAngelis added her voice to a rising chorus of protest over Washington Mutual's Chapter 11 plan, which sets out how the company plans to distribute an estimated $7 billion, mostly cash. Hers is one of more than 580 objections Washington Mutual will face Thursday, when its plan comes up for preliminary review Thursday in the U.S. Bankruptcy Court in Wilmington, Del.
Efforts to force creditors to abandon legal claims against outsiders they blame for their financial distress are a controversial topic in bankruptcy circles that has divided the courts.
Plaintiffs in a securities class action that targets Washington Mutual's top leaders and underwriters have also challenged the releases in the plan as unjustified.
"A settlement implies that somebody is getting something to give up rights," said plaintiff attorney Michael Etkin, attorney, who's with of Lowenstein Sandler. "In situations like this, in Wamu in particular, I see these releases as being gratuitous to the extent that they extend to the defendants in the securities litigation."
While they're a common element of Chapter 11 plans, grants of legal immunity are suspect, Etkin said. Troubled companies courting consent from creditors are "all wolves in sheep's clothing."
DeAngelis said Washington Mutual's "unduly coercive" Chapter 11 plan effectively guts the concept of consent. If the company thinks it can force creditors to give up rights, it should make out a case of necessity in open court, she said.
In the meantime, however, Washington Mutual should not be permitted to approach creditors seeking consent "based on the false premise that their choice matters."
Plan objectors range from stock speculators who bought Washington Mutual shares for pennies in hopes of a big lawsuit payout to major institutions that backed Wamu and paid full price for the debt of the once-thriving thrift.
A spokesman for Washington Mutual did not respond to an invitation to reply to the U.S. trustee's criticism. Lawyers for the parent company say lawsuits against JPMorgan, the FDIC and others are chancy, and the settlement that forms the basis for the Chapter 11 plan is the best route to a sure, fast recovery.
The U.S. trustee in Washington Mutual's case is siding with bondholders of Wamu, the failed thrift. In their objection, they said the former parent company has no legal right to force them to walk away from valid legal claims.
If they're correct, they say, Washington Mutual's plan won't even clear the first hurdle at Thursday's court hearing, which is a bid for permission to start the voting process.
http://www.americanbanker.com/syndication/wamu-1020156-1.html
That first sentence sure does sound interesting though doesn't it?
Two new EC Filings:
Wondering if this could be a motion for discovery of the FDIC. I'm assuming it has to be related to someone other than JPM since we've already seen that motion filed.
Courtesy Ghost:
Not on KCCLLC yet...
EC Appeals Examiner Decision
From Ghost on other board:
OT: What an awesome username you have!!! (Oops that was supposed to be to RockyTop)
For Example: More buys than sells today for WAMUQ.
Buy Volume 13.4 mil
Sell Volume 10.9 mil
Cashbuilder owned by Uzualsuspect.
Because the judge decides by May 26 whether or not to approve of the current POS. If she approves of it, we are toast and I no longer have any remaining faith in justice for the good ol' US of A. I hope to God that she'd turn it down even as of right now. Hopefully Susman et al. will come up with a good enough argument to assure that this POS will NOT be approved. If it isn't, competing PORs can be submitted starting May 26.
I have an idea for a POR that sucks, but is still SO much better than the one out now. Collect all NOLs without giving any of them to JPM/FDIC, collect $4B that is clearly ours, and then tell us if A<L.
You mean they found enough to pay off debtors, bondholders, JPM, AND the FDIC. "We're suing you but wait, nevermind. Here is a few billion dollars instead."
OT: You copying my posts from Yahoo? :)
-Boulderrrr on yahoo
Someone just bought 10K P's at 33... No big deal, just $330,000.
http://seattle.bizjournals.com/seattle/stories/2010/04/12/story2.html
In his first public statement since the seizure of Washington Mutual, former chief executive Kerry Killinger plans to tell a congressional subcommittee that the bank could have survived and that regulators seized it precipitously, according to people familiar with his testimony.
Killinger’s testimony, and that of former WaMu President Steve Rotella, obtained in advance through interviews by the Puget Sound Business Journal, will paint a picture of a bank that was close to stabilizing its finances amid the financial turmoil of 2008.
Killinger plans to use charts and graphs at the April 13 hearing in Washington, D.C., to show the Seattle-based bank’s improving financial condition at the time, and to argue against the “bargain purchase” of WaMu by JPMorgan Chase & Co. The New York bank paid $1.9 billion for WaMu’s $307 billion in assets.
The testimony is part of an inquiry into events leading up to WaMu’s seizure and sale in September 2008 in what has become known as the largest bank failure in U.S. history.
Read more: Killinger, Rotella will tell Congress that bank was on the mend when seized - Puget Sound Business Journal (Seattle):
Additional Information by Kirsten Grind:
"Follow WaMu story on Capitol Hill"
http://seattle.bizjournals.com/seattle/b...
Are you a shareholder of Washington Mutual? Did you once bank at the nation's largest savings and loan? Were you one of 43,000 employees nationwide when the bank was seized by federal regulators on September 25, 2008?
If you have been following the ongoing saga of the largest bank failure in U.S. history, you will want to make sure you're tuning in to the Puget Sound Business Journal's online coverage next week of two congressional hearings about the bank's failure. Here is our website: http://www.bizjournals.com/seattle/
I will be in Washington, D.C. along with our editorial intern, Kelly Gilblom, covering these hearings live. The hearings are being arranged by the Senate Permanent Subcommittee on Investigations.
The first is scheduled to begin at 9:30 a.m. Eastern (6:30 a.m. Pacific) on Tuesday, April 13, and will feature testimony from former WaMu chief executive Kerry Killinger and former president Steve Rotella, as well as five other former WaMu executives. (If you'd like the inside scoop about what Killinger and Rotella will say, you will find my story here.)
The second hearing is scheduled to take place at 9:30 a.m. Eastern on Friday, April 16 and will examine the Federal Deposit Insurance Corp. (FDIC)'s and the Office of Thrift Supervision (OTS)'s role in WaMu's regulation and its abrupt closure. This hearing is likely to examine why regulators stepped in at the bank, a topic that was part of an investigative series of stories published by the Puget Sound Business Journal last year. The witness list for that hearing will be announced on Monday.
On the Business Journal's website, we will be live-blogging both hearings, which means, if you're tuning in to our blog, you will get up-to-date information on what's being said and what's happening in the room. You can also watch the hearing live on the subcommittee's website. I will also be posting updates on Twitter, and you can follow me @KirstenGrind.
In addition, we will be filing online news stories throughout the week, summing up the events with interviews from key players — information you will not get simply by watching CSPAN. If you're interested in the back story of the bank, and a timeline of key events, we will also have that available on our website.
I would encourage all of you to comment during the week. You can comment on blog posts, or email me at kgrind@bizjournals.com. I'd love to hear what you think.
Because it is the WAMPQ board. Go to the WAMUQ board for more action.
Seems plausible... Screw the WMB bondholders. They need to submit their claim where WMB lies. This was filed at the last minute before the POR. Give equity the money that you were going to gift the WMB bondholders. The judge will approve that settlement because WMB bondholders shouldn't have a say... that is, if equity approves it as well.
and by meal you mean a $70 steak. EOM
I can't decide if I'm more nervous for the POR or the Tennessee-Ohio State game... GO VOLS!
ARE WE HALTED? No trading EOM
Tiny range in FF so far...
.136-.138
http://www.boerse-frankfurt.de/EN/index.aspx?pageID=35&ISIN=US9393221034
Great post shiftaz... Definitely sticky material.