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Sticky?
This post is from the "other board" but I think it is extremely relevant and really sheds a light on what is going on right now and what we can expect. It was posted by avmx7.
To clarify Jorian Rose's (EC Lawyer) query to WMI if the settlement agreement will be a 9019 or simply incorporated into the POR. Rosen's reply was both; the agreement will be "hand and glove working with each other in a 9019, and the concepts of the settlement will be folded into the Plan at the same time."
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Rule 9019 of the Federal Rules of Bankruptcy Procedure provides in subsection (a):
"On motion by the trustee and after notice and a hearing, the court may approve a compromise or settlement. Notice shall be given to creditors, the United States trustee, the debtor, and indenture trustee as provided in Rule 2002 and to any other entity as the court may direct."
The rule, which is substantially the same as its predecessor (Bankruptcy Rule 919) under the Federal Bankruptcy Act1, provides the bankruptcy court no applicable standards for compromise and settlement approval. Consequently, Rule 9019 has been interpreted as giving the bankruptcy judge substantial discretion in determining whether a proposed compromise or settlement is proper, with court-made standards providing a general framework.
The policy behind Rule 9019, as articulated by several courts, is to prevent debtors from entering into secret agreements and to provide interested creditors the right to weigh and review the proposed settlement and, if necessary, object. See id., citing Columbia Gulf Transmission Co. v. Louisiana Natural Gas Pipeline, Inc., 1994 WL 693361 at * 3 (E. D. La. 1994); In re Masters, Inc., 141 B.R. 13 (Bankr. E.D.N.Y. 1992) (stating that the “clear purpose
of Rule 9019 is to prevent the making of concealed agreements which are unknown to the creditors and unevaluated by the court.”).
At a minimum, the 9019 Motion should: (i) describe the general terms of the settlement or compromise, usually attaching the actual settlement agreement; (ii) discuss the relevant standards for approval (see below) and the reasons the settlement or compromise meets such standards; and (iii) request bankruptcy court approval of the settlement or compromise.
In addition, in a case under Chapter 11 of the Bankruptcy Code, a proposed compromise or settlement agreement can be incorporated into and approved pursuant to the terms of a plan of reorganization.
Whether the settlement is proposed by motion or through a plan, parties opposing the proposed settlement or compromise should file and serve an objection in accordance with applicable Rules. The filing of an objection, in turn, initiates a contested matter governed by Rule 9014 of the Federal Rules of Bankruptcy Procedure.
FF trades in Euros. EOM
FF spiking even higher! Practically going straight up
Nice volume spike there on FF... Let's hope it keeps rising.
In the past, we have often ended up after gapping down.
Perhaps they're bringing it down so we don't have to worry about any gaps here. We know what happens when they want to fill gaps.
I totally agree. My buddy was bummed out because he didn't get into the WAMUQ ride on time. I suggested that he get into WAMPQ because he is guaranteed 10X return before he'd get anything with WAMUQ. There was a ridiculous amount of buy volume the last couple days with no change in PPS so it was ready to take off. I also sold some of my WAMUQ today and rolled it into WAMPQ. Not a lot of it, but enough if it gets paid full!
Risk vs. Reward. Best possible case for WAHUQ is to get 1.36X your investment if it gets full value of $34 or 2X your investment if it gets $50. That is maximum. With WAMPQ, you would get 12.195X your investment if made full. With WAMKQ, 10.917X your investment if made full. WAMUQ just has to get over $4.72 to beat all of those. Risk vs. Reward.
They are WAMUQ, WAMKQ, WAMPQ, and WAHUQ. WAHUQ gets paid first. WAMKQ and WAMPQ are next. WAMUQ gets everything left over. Go here to see a list of what they get paid if made full and for comparisons with WAMUQ. It's on the right side.
http://streetace.com/wamu.php
WEEEEEEEEEEEEEEEEEEEEEE eom
From Ghost Board:
holy shit,rosen, clark, friedmon, back with the judge in the chambers
Annnnnnnnnnnnnnnnd we're green EOM
A lot have speculated that the low volume means there won't be anything big happening tomorrow. If it were known that nothing big would happen, wouldn't there be a lot of selling volume? I believe the only logical conclusion is that nothing is being leaked about this case. Otherwise there would be high volume regardless of the direction.
I believe the motion is just standard so that the EC is actually a party to what is going on. I wonder if the EC would even be allowed to sign off on a settlement if they weren't already deemed party to the adversary proceeding. I doubt it will take THJMW long to approve this.
It is a motion for the judge to consider. If she approves it, she will sign it.
EXACTLY... There are a lot of people who still believe that money will never get transferred over because it would be too damning.
Motion to Intervene Filed by Equity Committee
http://www.ghostofwamu.com/documents/09-50551/09-50551-0180.pdf
"Rule 24(c) of the Federal Rules of Civil Procedure requires that a motion to intervene
state the grounds for intervention. The outcome of the Adversary Proceedings will have a
significant impact on the ultimate recoveries available for equity security holders. The
Committee's intervention in the Adversary Proceedings is necessary to allow the Committee to
exercise its fiduciary duties to assert and protect the equity security holders' interests.
Additionally, the Committee's intervention will cause no prejudice or delay."
If Weil doesn't object to this, hopefully it's a sign that they're now working together.
Looks like we may see summary judgement.
----------------
CONTESTED MATTERS GOING FORWARD
Motion of the FDIC, as Receiver for Washington Mutual Bank, for an Order Modifying the Automatic Stay
Status: The hearing on this matter is going forward.
ADVERSARY PROCEEDING STATUS CONFERENCE:
Motion of Plaintiffs Washington Mutual, Inc. and WMI Investment Corp. for Summary Judgement
The Court indicated at the conclusion of the February 5, 2010 hearing that it would reserve ruling on this matter pending the outcome of the FDIC's motion for relief from the automatic stay. The Debtors respectfully request that the Court render its decision on this matter at its earliest convenience.
Huh???? There wasn't even a request for a delay. Did you have a dream about that or something?
Can't wait for the agenda to be posted! Many were saying it has been posted 3 days in advance in the past. Today is only 2 days until the hearing so hopefully it will come out.
Looks like you may be right. You're on the ball!
I agree. Dred Scott knows what he is talking about and is an invaluable asset to this board.
That doesn't mean they have to call a board meeting though. They could have a VTC or even do it on the phone I'm sure.
A 50,000 share WAHUQ trade just went through between the Bid and the Ask at 23.375 at 1544
There are 19 minutes left. That sounds a bit ambitious.
Sounds reasonable to me. Is it a normally scheduled board meeting or did they call it?
Buy volume is currently higher than sell volume today.
http://ih.advfn.com/p.php?pid=trades&cb=1267210174&symbol=WAMUQ
Agree 1000%. Yes that is three zeros. EOM
Great post mordicai, though I've come to hate settlement timeline predictions. It always leads to a huge letdown. I hope it is this weekend but I am DEFINITELY not getting my hopes up. I'm just glad we have next week's hearing to look forward to. Again, I really hope you're right and the hearing turns into a venue for settlement approval.
Check out the daily chart. It's pretty easy to draw a trading channel in there. Perhaps we're just going back down to test the bottom of the channel. I know you don't want to hear MM Manipulation but that is exactly what it is when they open it a cent below the close on buying volume. They know that they control the BidXAsk so why not shake out as many day traders as they can before we continue up? That's why the trading channel even exists.
I reckon it was day traders who already had made a tidy profit. There are plenty of people out there who don't care about the big story. To them, there is no reason to hold overnight. They take their profit and will decide tomorrow if they want to play it again.
It was one of those errant prints where the ask was at about .285 I believe.
What are you talking about? Don't just talk out of your ass.
I'm asking about WAMPQ, which is at $75. Thanks.
Question about buying WAMPQ
Does anyone know if you can immediately purchase WAMPQ with Ameritrade after wiring fundgs? I know you have to wait 3 days with WAMUQ because it is under $3. Thanks!
There was over $400,000 worth of WAMPQ bought in just five minutes between 1347 and 1352.
Over 3300 WAMPQ shares just went through at 147PM EST in several trades. That's bout $250K.
Over 3300 WAMPQ shares just went through at 147PM EST in several trades. That's bout $250K.