Thanks Bluzie. I'm going in circles now, but it still seems to me that the problem was in the fdic transferring the lawsuit to JPM. I know Mintz lost and I don't care who the cash comes from, but I wonder if Broadbill can, or plans to, go after JPM and the FDIC with a legitimate class action if we don't win cash.

I know this is old stuff, but that still seems to be a wrong that hasn't been righted. Jpm should not receive this money.

Have you ruled out the possibility of us being paid in wamuq stock? Is that not a possibility?

Because that would obviously not be good.

I would guess that the merger adjusted stock price adjusts for the exchange ratio of wamu for Dime when that merger took place. If that had been one for one there wouldn't be an adjustment. Just a guess.

In any case, I'm going to assume they knew what they were doing.

The merger adjusted stock price refers to the price of wamu for determining how many shares of wamu you would receive. In the example, they use a price of 40(kind of funny), times the 1.1232 merger adjustment, which means that $44.928 would be the price used to determine how many wamu you'd receive even though wamu was trading at 40. If the amount recovered was 44.928/ltw you'd receive 1 share of wamu using those numbers.

In the present situation recovery will hopefully be paid in cash.

Completely off topic but this is interesting. I find wealthtrack is almost always worth watching.

Bruce Berkowitz on WealthTrack http://seekingalpha.com/article/222733-bruce-berkowitz-on-financials?source=article_sb_popular

A few of his comments:

" Some say we came very close to another Depression. And the U.S. government and its agencies just did a great job of pulling us away from that cliff."

"So, the financial system came to the brink. U.S. Treasury, New York Fed, Congress did an amazing job. I mean, with hindsight, you know, you could criticize a little here and there. But they did an amazing job."

It's refreshing to hear a positive opinion these days. I love contrarians.

Be careful reading the wamu board or you might wind up like me owning both dime and wamu. I bought the wamu thinking to make a trade, but the more I read, the more I think it may be worth holding. I thought the appointment of an examiner was more positive than was reflected in the stock. Who knows what the examiner might turn up? Whale sightings, golf reservations, assets hopefully. I think of these as potential zero's but you could own a blue chip and see it turn into the next lehman,GM, enron etc.

The wamu board is good reading. The yahoo board is ok also.

Examiner question - Examiner is looking at everything, correct? Someone brought up real estate, for instance. The examiner's scope isn't limited somehow is it?

I'm new to this, but it didn't seem to me that the appointment of the examiner gave this the lift it should have.

Also from the wamu board tomorrow's dial in.

**Hearing 8/24/2010 - Phone Dial-in and Audio Archive

LISTEN LIVE:
Dial-in at 1:50PM EST
Hearing begins at 2:00PM EST
The bridge number is:
712-432-1001
and when prompted for the access code enter:
477420980

I read the Black Swan and have to admit I didn't get as much out of it as apparently everyone else did. It certainly got a lot of good press. I had just read a couple of similar books at the time and I think I was worn out.

I recommend The Drunkard's Walk by Mlodinaw. No, I can't pronounce it. It's about how people frequently misunderstand statistics and odds. It comes into play in investing when people state that Jim Miller must be good because the odds of him achieving his performance record are 1 in 10000 or something. Those odds are obviously irrelevant because out of 10000 money managers the odds are good that one should have his record. It goes into political polls, studies, and meaningless statistics.

A lighter similar vein is Malcolm Gladwell's Outliers. Nothing to do with investing but it changed the way I see a lot of things. It's pretty light reading.

OK back to work.

Wamu has been flying. I actually bought some the past two days. I think others here are holders. It's a complete crap shoot, but everything lately has been going right for common holders including the appointment of an examiner. Now the speculation is over the fact that the fdic jp morgan sale hasn't closed yet, which I guess is normal. The story made it into a wsj blog an hour before the close today. Some are hoping the fdic can still squeeze something more from jpmc.

Not all here are rational investors.

http://madblab.com/post/8-10-2010-omnibus-transcript

Transcript of 8/10 hearing. From the wamu board.

"we'll get our full dough" Bluzie- Do you believe we'll be paid cash or is the payment in stock still an option?

Merrill obviously can't recognize a quality investment like dime when it sees one.

http://www.viewip.net/WMI/Hearing/2010-08-10/20100810.mp3

http://www.viewip.net/WMI/Hearing/

The archive of the 8/10 hearing is available if you didn't listen. We're covered in the first five minutes. I know this has been discussed, but unless there'e some kind of a curveball all ltw holders will be covered as in a class action. The 21 per se complainants are mentioned. Rosen said they would amend the POR. The next hearing I believe they said is 8/24.

Great job knixx and all who provided him input.

I know we all appreciate the quality of the information here. We don't want this to turn into a yahoo message board and we expect much higher prices, but I think we could stand a little cheerleading here.

WHOOHOOOOOO!! Fifty Cents! Long and strong Baby! TWO DOLLARS HERE WE COME!!!!! Volume 500,000!

I just had to get that out.

Amended agenda for today. http://www.kccllc.net/documents/0812229/0812229100809000000000008.pdf

Broadbill is on page 25. Debtor motion to consolidate 43 and 44th omnibus agreement. Broadbill's objection.

"The hearing on this matter is going forth as a status conference only"

Can anyone explain what this is? Is it important?

**Hearing 8/10/2010 - Phone Dial-in and Audio Archive

LISTEN LIVE:
Dial-in at 1:20PM EST
Hearing begins at 1:30PM EST
The bridge number is:
712-432-1001
and when prompted for the access code enter:
477420980
You will hear no music just an intermittent beep until I join the call to the hearing.

http://www.kccllc.net/wamu click on claim form and print. Send to KCC.

New Citadel warrant exercise price of zero. Interesting considering the distinction being made in our dime case.


"The warrants now trading are essentially a proxy for Citadel’s common stock. 25.4 million warrants were issued to creditors who chose to take them, rather than stock, for attribution reasons (or any other reason they would not want to own the stock outright). The warrants are convertible one-for-one into common shares at an exercise price of zero."

http://www.rbr.com/radio/26422.html

Adamante Thanks for the input and the sliww idea. I'll have to find the warrant agreements for the bank wts.

And speaking of special situations, LIA and the warrants are up nicely after the terms of their prisa deal were sweetened for lia holders. I don't remember what spac you had been interested in, but hopefully you own some lia warrants.

There aren't many spac's left but I'm going to start looking again, more at the common stocks than the warrants. They're basically no risk with a potential for a nice pop if they put together a good deal. And companies are starting to see them as a source for cash which is what happened with BPW/TLB. By the way Talbot warrants are worth a look. I don't own them but I'm looking.

I have Margin of Safety on my computer in pdf. I have to admit I've only read a little. I hate reading on the computer and the book is out of print.
And I gave Greenblatt's Little Book to my daughter as an intro to the stock market. The apple didn't fall far because she hasn't picked it up yet. I liked it a lot though.

Jared - You mentioned warrants. I think the new government bank warrants are interesting.

Vly.ws exercise price of 17.77

sbibw 7.18 strike

and the BAC b warrant about $33. There's the A warrant also but I forget the strike.

All expire some time in 2018. I don't know that any are huge bargains at their current prices, but 8 years is a long time. I'm a sucker for a cheap price and time. I like the vly and sbib but kim there's a risk that if the banks were bought out for cash the warrants could be worthless.

I like warrants in general but don't see anything too interesting right now.

Bluzie - I can't copy and paste from this scribd document: http://www.scribd.com/full/31453669?access_key=key-18wspnc6xjee400t0e6o

Mad Clown, on this board and in that document, suggested that trust preferred holders could have been dime buyers in the last run up - the trust prf were "rolling over" while the dime was appreciating because after broadbill the $350 million could flow to Dime holders and impair the trust prf's or "zero them out."

I think he was right. Very smart observation on his part

Back to the Basics - This is a little old but the valuation may be accurate. It's not mine.

http://www.scribd.com/doc/31453669/DIMEQ-Warrant-Summary-Updated-05-16-10

Thanks for the reply Bluzie and Jax.

Great jobb Knixx! I am happy to be a member of the "irate ltw holders" group.

Unfortunately I'm also a member of the late claimants group. MY POC should be at kcc but isn't yet on the list and it sound as if late claims would be objectionable.

It sounded to me as if there is a good shot the ltw's will be viewed as a class, claim or no claim. Any listener opinions? Bluzie?

Jax - just read your post. "B/N were also given permission use a judicial procedure to have the court accept a motion for all LTW holders to be beneficiaries of their efforts." That's what I heard. This meant claimant or not correct?

I've been listening also. Not sure I can listen any more. Are we definitely on the agenda?

*Hearing 7/20/2010 - Phone Dial-in and Audio Archive

LISTEN LIVE:
Dial-in at 9:20AM EST
Hearing begins at 9:30AM EST
The bridge number is:
712-432-1001
and when prompted for the access code enter:
477420980

Claims are still being recorded to the claims registry on KCC. Last 7/14. Names from the Knixx list are recorded so check for your claims #.

Searching the claims registry - Nantahala and Blackwell filed claims 4/22/2010 Claim #3833 3834. A year after the deadline.
.

Broadbill is #2036 filed 3/26/2009. It looks like they bought their position, all or in part, in 12/2009. It was transferred from the previous owner.

This is spectacular.

I feel like Broadbill is representing me when they refer to the "legally unsophisticated" ltw holders who the debtors are trying to "bully".
I'm half way through and I want to stand up and cheer.

They make KNIXX's argument that the warrant agent or wmi should have filed POC for the ltw holders and refused to do so. I mentioned this in my POC cover letter.

"there are numerous credible reasons why some ltw holders did not file" poc. Exactly!

This almost makes up for the fact that I'm getting killed in everything else I own.

You guys have done fantastic legal work here. I would have no idea what was going without this board. Thanks everyone.

Filing POC - I spoke first on the 12th to the court and a woman told me I should file a motion to have my claim accepted late. The court would forward my claim to KCC. The next day KCC returned a call I had placed prior to calling the court. He said that they would accept my claim and record it. It could eventually be challenged for lateness and I could include an explanation as to why it was late. But, KCC would accept it and record it. This leads me to believe that we will receive a POC # filing now. Whether our claims eventually stand up I don't know. I sent mine in yesterday to KCC with a SASE and copy as they requested.

KNIXX - I hope to receive the # in my SASE. I'll also check the claims register on kcc on Monday. As soon as I have one I'll get it to you.

Thanks again for all your efforts.

Edited out. Sorry.

Knixx - "Whether DIME LTW holders have to file a claim is not self-evident."

Great post. I just used part of this in a cover letter with my proof of claim. I have no idea if anyone will read it but I want to make the point that as a holder of a publicly traded security I don't believe I should have to file individually. All ltw holders should be seen treated as a class.

This dime has me starting to sound downright lawyerly. That's a scary thought.

Thanks for your help in this.

I spoke to kcc this morning. He told me I could file by sending the form directly to them rather than the court. I may send it to both.

I'm going to add in a cover letter something to the effect that I hadn't filed earlier because I felt that ltw holders would be a class of creditors. There should be no need for individual holders to file.

Claim form link: http://www.deb.uscourts.gov/Forms/b10.pdf

I called the court and was told I'd have to file a motion to have my claim accepted now as claims were due 3/09.

I have a feeling a claim will not be accepted now but I guess those of us who didn't file can try. It still makes no sense to me that I should have to. Maybe I'll tell them that.

Does anyone have advice on how I do this? Do I just attach a cover letter explaining why I didn't file in 09?

If the common stock is not cancelled can we expect that the ltw's will not be eliminated?

Because the price of the common is irrelevant to us as long as it's worth something.

And what's happening with the litigation and Judge Block. When could that be finalized?

I just emailed knixx my information. I haven't gone anywhere or sold out. I just haven't had anything useful to add. The analysis here has been great. Thanks all of you for posting. Bluzie you should have been a bankruptcy lawyer.

Thanks for your work Bluzie. I will file an objection. I did not file a claim.

I will add that I believe Broadbill is in this for a group of LTW holders, and therefore us as well. I think a bunch of big holders are behind Broadbill. I think they are our best bet.

But, I could obviously be wrong and rather than sit and do nothing, I think it can only help for us all to object.

Bluzie - How do I file an objection?

Filing as a creditor - I remember back maybe a year or so ago when some of you were filing a claim form. I didn't, partly out of laziness I have to admit. It still seems absurd to me that someone who knew to file a claim should be treated differently than someone who didn't. All dime holders should obviously be treated equally. I think the file deadline has long past, correct? And you had to file a quantity with estimated damages. Someone is buying these today, and for the past year in large quantities, who obviously can't file, unless I'm wrong about that deadline. I don't like what I'm hearing lately but I can't help thinking that someone smart is still sucking these up. And it makes no sense to me that WMI would be allowed to settle with Broadbill. That's not to say it can't happen.

I think I'm more confused about this now than ever.