Thanks Sidedraft! Great document! I think I'll frame it - much like people do with their first dollar! This of course representing many, many, many more dollars! :)

Where is Viva? I can't believe he is missing all of this - unless he was so stunned that he can't talk - or maybe he's busy making reservations for everyone for the celebration party! :)

10 Form T's showing after market close?

Someone previously mentioned that heavy form T activity after mkt close is an indicator. I've never taken notice in the past so I don't know if this is considered "heavy form T activity" or not. Just thought I would bring it up for comment!

JPM appears to be bleeding red this morning - following a drop off yesterday too! Don't we wish it related to the WAMU issues! Just dreaming - or speculating, but wouldn't it be nice! :)

JPM is bleeding some nice red ink today! :)

TPG takes write off on WAMU?

http://www.cnbc.com/id/29769274

One of TPG's high profile investments, in savings and loan company Washington Mutual, was wiped out by a move in September by the U.S. government to close and sell WaMu's banking assets to JPMorgan Chase [JPM 27.11 --- UNCH (0) ] .

The fund reported a realized loss of $473 million on that investment, according to the document.

I like that scenario, as I would prefer THMR to remain independent.

Well I'm calling it quits for tonight and hoping that tomorrow morning some light will be shed on these recent events and what it all means! Good luck to all of us! :)

Good thought! I just didn't think FBC got enough TARP $$$ to refinance everything. But the removal of COI by MP's board resignations and giving up their warrants does make sense if FBC is involved and using TARP $$$, especially since Obama's team is now tracking where the TARP monies go!

Sorry about the gender mixup! :)

Hopefully tomorrow's sunrise will reveal more than just a pretty blue sky - like maybe details about how THMR will now survive & the significance of MP's board resignations and cancellation of their warrants! Let's pray that it's all good news! :)

Have a nice evening Ms Sidney!

http://www.snl.com/irweblinkx/ShowFile.aspx?Output=XML&KeyFile=7510859&Format=XML

This was the link I got from my Fidelity account relative to their filings - 3/12 & 3/16

Just speculation - but is it possible that THMR has obtained new financing, and the lenders requested MP withdraw from the board during the active term of the refinancing period. And that perhaps the refi party(ies) might want to name/place their own people on the board. But that they have agreed to w/d their board seats once the refi pkg expires/or is satisfied. At which time MP would exercise their option to return to the board! Again this is just a speculative scenario, as none of us will know the true scenario until it is announced.

Best of luck to everyone!

Jumbo mortgage rates - lowest in nearly 2 yrs

http://biz.yahoo.com/cnnm/090305/030509_mortgage_rates.html

"The average jumbo 30-year fixed rate reached the lowest level in nearly two years, slipping to 6.77% from 6.87%."

Thanks for your contribution during your time as our asst. moderator, as we do appreciate your effort! Good luck with the new part time job, and especially when you decide to re-enter the market at a later date! Best of luck to you!

Copy of good article posted on Yahoo MsgBd

http://www.mmdnewswire.com/investors-dem...

What Jackson said about .031 vs .030 is true! I put in an order to buy at .031 and it was immediately filled!

?Good news for THRM regarding JUMBO mortgages

Jumbo loan limits eased in stimulus

http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_T/threadview?m=me&bn=18112&tid=206966&mid=206966&tof=1&frt=2#206966

Nice carrot! Thanks for the effort of you and your colleagues!

I look forward a fairy tale ending to be posted on the site, upon conclusion of the court proceedings/buyout, etc.!

GLTA!

Sorry - that post apparently references old news! :(

?Circuit City still in talks for sale of company?

BRIEF-Circuit City still in talks over potential sale
07:13 a.m. 01/19/2009 Provided By AFX Asia Financial News


ATLANTA, Jan 14 (Reuters) - Circuit City Stores Inc (CCTYQ):

* Company lawyer says retailer still in talks with bidders over sale of company or its assets - lawyer

* Auction process to continue on Thursday

((Atlanta Equities; tel: +1 404 493 3656))

(For more news about Circuit City Stores Inc (CCTYQ) click here:)

COPYRIGHT

Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.

MMMM
LINK: http://eresearch.fidelity.com/eresearch/goto/evaluate/news/basicNewsStory.jhtml?symbols=CCTYQ&storyid=200901190713MERGENT_ASP_AFX__11173272&provider=MERGENT_&product=ASP_AFX_

Great Find! It almost reads as though the FDIC has a fiduciary responsibility to the company which they seized! Sounds good to me - IMHO! I'm sure that the BK lawyers also have this in their bag of tricks!

Here is the link to the article that I posted - which I got off of Lifegear's posted link

http://www.labusinessjournal.com/industry_article.asp?aID=78733962.5524001.1726907.0175246.3032423.840&aID2=132830&cID=2

Thanks for the link!

Of interest is the last statement in the article which indicates that the holdling company is not part of the deal!


Posted date: 1/2/2009

IndyMac Bought by Consortium

By DEBORAH CROWE

Los Angeles Business Journal Staff

As expected, the Federal Deposit Insurance Corp. confirmed Friday that a consortium of private equity and hedge fund firms, including J.C. Flowers & Co. and Paulson & Co., has agreed to buy the assets of IndyMac Federal Bank in a deal valued at $13.9 billion.

The FDIC, which took over the failed Pasadena mortgage lender in July after a run on the bank, is selling bank’s assets to IMB Management Holdings LP. The group’s leaders include buyout specialist Christopher Flowers, hedge fund operator John Paulson, and Steve Mnuchin, the chairman of Dune Capital and a former Goldman Sachs executive. Affiliates of billionaire investor George Soros and Dell Inc. Chief Executive Michael Dell also are among the investors.

The Office of Thrift Supervision said Friday that it granted preliminary clearance to IMB’s application to operate IndyMac as a federal savings association under the office’s supervision. Terry Laughlin, who previously headed Merrill Lynch Bank & Trust, will serve as the bank’s chief executive. There was no mention of whether the new owners intend to keep the headquarters in Pasadena.

IMB, of which Mnuchin is chairman and chief executive, will get 33 branches with about $6.5 billion in deposits. A loan portfolio and securities portfolio worth about $22.9 billion, and loan servicing portfolio worth more than $175 billion. The investor group agreed to capitalize IndyMac with about $1.3 billion in cash when the transaction closes, which is expected to happen in late January or early February, said the FDIC, which recently loosened regulations to enable private investor groups without bank charters to bid for failing lenders.

IndyMac was among the largest of 25 financial institutions that collapsed in 2008.

The FDIC said it entered into a loss share agreement with IMB, in which IndyMac will assume the first 20 percent of losses on a portfolio of qualifying loans. After that, the FDIC will assume 80 percent on the next 10 percent of losses, and 95 percent on losses thereafter. The deal is expected to cost the FDIC's insurance fund between $8.5 billion and $9.4 billion.

Not involved in the deal is IndyMac Bancorp. Inc., the bank’s former holding company, which is in bankruptcy proceedings with plans to liquidate.

LOL - Sounds like good advice! Besides, I need to get back to the football game and see if Alabama can overcome a 21-3 deficit in their game with Utah. Have a good weekend guys!

Don't know!You see what I see - and it doesn't specifically mention the holding company. So I guess we will still have to wait for further clarification going forward!

Here is some additonal information regarding the terms of sale - but I couldn't find anything about shareholders!

FACTBOX-Terms of the FDIC's IndyMac sale agreement
5:24 p.m. 01/02/2009 Provided by


Jan 2 (Reuters) - The Federal Deposit Insurance Corp said on Friday it agreed to sell the assets of failed mortgage lender IndyMac to a consortium of private equity and hedge fund firms, including Dune Capital Management and J.C. Flowers & Co, for $13.9 billion.

The private equity group called IMB HoldCo will put up $1.3 billion in cash to capitalize IndyMac, and the FDIC has agreed to share losses on a portfolio of loans.

The group buying IndyMac is led by Steve Mnuchin, the chairman of Dune Capital and a former Goldman Sachs executive, buyout artist Christopher Flowers, and hedge fund operator John Paulson, who gained billions of dollars betting against the U.S. housing market.

Following is the FDIC's fact sheet on the agreement:

* The transaction is structured as a sale of IndyMac to IMB HoldCo, controlled by IMB Management Holdings, for approximately $13.9 billion

* IndyMac consists of:

- The retail bank headquartered in Pasadena, California, with 33 branches located primarily in the Los Angeles with about $6.5 billion in deposits

- A loan portfolio of $16 billion and a securities portfolio of $6.9 billion

- A servicing platform with mortgage servicing rights (MSRs) representing an unpaid principal balance of $157.7 billion

- A reverse mortgage platform, Financial Freedom, with $1.5 billion of reverse mortgages and MSRs representing an unpaid principal balance of $20.2 billion

* Uninsured depositors will not be receiving an additional claims dividend at this time

* The FDIC has agreed to share losses on a portfolio of qualifying loans with IndyMac assuming the first 20 percent of losses after which the FDIC will share losses 80/20 for the next 10 percent of losses and 95/5 thereafter

* IMB HoldCo will continue the FDIC's existing loan modification program

* Under a participation structure on an approximately $2 billion portfolio of construction and other loans, the FDIC will receive a majority of all cash flows generated

* The FDIC has agreed to continue to provide secured financing on transferred assets to IndyMac

* When the transaction is closed, IMB HoldCo will capitalize IndyMac with about $1.3 billion in cash

* The transaction is expected to close in the first quarter of 2009

* Barclays Capital and Deutsche Bank Securities served as financial advisers to the FDIC (Reporting by Karey Wutkowski, editing by Leslie Gevirtz)

No active message board apparently available on Yahoo! The option is grayed out, and if you click it you get the following message: "There is no data available for IDMCQ.PK."

Great information - thanks for the post!