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mia-culpa, Can't "link", but quote was taken from Seeking Alpha.
Also, Reuters Nres had a similar blurb item on Yahoo.
Monday, November 5, 3:19 PM A judge lets stand the FHFA's lawsuit against JPMorgan (JPM) accusing the bank of misleading Fannie and Freddie into buying as much as $33B of poorly underwritten mortgages.
Monday, November 5, 3:19 PM A judge lets stand the FHFA's lawsuit against JPMorgan (JPM) accusing the bank of misleading Fannie and Freddie into buying as much as $33B of poorly underwritten mortgages.
cubs:
AS you know, I am here to the end.
A grave injustice has been perpetrated and the stain will not be cleansed until the guilty ones are forced to pay.
I am not convinced that 2013 is the year of redemption for the DIMEQs. The Courts are stubbornly slow and the opposition is mighty and strong.
But hang in there, we will prevail.
In your 2012 tax return you will write off your entire DIMEQ investment. If you you held for more than a year, it will be Long Term Loss. Less than a year, Short Term Loss. Mixed holdings have to be separated by date of purchase to 8/12/12 worthless status.
When we win on Appeal or Claims or other lawsuits and/or reversals.
At that point, you will resuscitate the DIMEQ and pay Long Term Tax on the entire Award, as by then you will have Zero cost basis for the DIMEQ.
If you chose to convert your DIMEQ into WMHI, your cost basis is the entire cost of the DIMEQ.
ANICO vs FDIC
USCA Case # 10-5245
Document 1315055 06/24/11
corrected info
Basically says that ANICO (an Insurance co.)owner of WAMU bonds that were extinguished in BK can sue JPMC for recovery. The case was brought against FDIC under FIRRAH(sic) and ultimately was ruled to be against JPMC.
Let us all remember that DIMEQ LTW were given away to JPMC one day prior to BKY. JPMC knew what to take because they had placed spies within WAMU to assess the good assets that they were to take in the midnight raid of 0/25/08. DIMEQ was one of the easiest plums to pick, along with those ANICO bonds (good as gold).
LISTEN UP! ALL IS NOT LOST!!!!!
Notwithstanding our suffering horrific manhandling by JPMC and the FDIC, I just became aware of a new class action filing about to be filed based on
ANICO vs FDIC , USCA Document 1315055 d/d 6/24/11 (can be obtained by googling ANICO vs FDIC.
We're still in business.
Hi uzualsuzpect, I'm from the DIMEQ board. Just saw an item on wsj.com/deals regarding nasty back door deal involving Hedge Funds screwing Old General Motors bond holders in return for hundreds of millions in HF pockets. US bankruptcy judge Robert E Gerber wants to see full details of this previously secret deal. Reminds me of our great screwing at JMFW's Court in Del.
Same screwing same time line.
"Trustee shall serve a notice (together with a form of release) upon such holder, either directly or indirectly through such holder’s nominee, informing such holder of such reserved distribution and the requirement of such holder to execute and deliver such third party release to the appropriate trustee prior to delivery of such reserved distribution"
DID anyone get such notice? Every three months?
Marty, they already gave me a zero valuation in March when the WM BK became permanent. But, yesterday they renamed it "worthless" and removed it from my account altogether . This is not done when a stock becomes worthless thru BKy, this removal is permanent as "worthless", is a designation that is accorded when an option expires and is indeed worthless, which this one clearly IS NOT.
URGENT ALERT!!!!!!!
on 08/21/2012 ALL DIMEQ shares became worthless according to Fidelity.
I called them and requested a written legal decision to this effect.
I am clear from the final POR, that we had until Dec 31 2012 to convert to WMHI, provided we sign the non-culpability clause, which is an unconscionable travesty.
This matter is still open in two different Courts and should not have been labeled worthless, unless the godless people at JPM/FDIC pulled a fast one again.
Someone may HAVE TO INFORM THE COURT(S) OF THIS DESTARTDLY ACT.
There may even be an ugly tax consequence as well. We will all have to write the DIMEQ as a capital loss. If you held these securities long term you will get up to a $3,000.00/ year write-off of your investment. IF, a judgement is later rendered in our favor after 12/31/12, the income will be taxed as a Short Term gain in the year it was awarded.(because you have a zero cost basis and it was off your books)
The gain in that year will be taxes at Short Term rate which are generally your higher ordinary tax rates.
Anyone who is holding DIMEQ in their 401(k) or IRA accounts.
Now is good time time to transfer these non-tradeable securities into a Roth IRA. The value that will be ascribed to these securities is going to be approximately $.03 per ltw. Upon transfer this will be considered taxable distribution for 2012.
If it ends up worthless...well...c'est la vie. But...if there is $$$s payoff at some future date, then you will receive all of the $$$s tax free.
DO IT!!!
If you don't have a Roth IRA, its very easy to open one. For ease of transfer use the same broker as your IRA. 401(k) plans are a bit more complicated, but they should accommodate you as well. Just make sure that you request a partial distribution and not a plan termination.
Roach, don't sweat it.
Firstly, you report holding a piddling sum.
Secondly, it's not over "til the fat lady sings".
You probably lucked out as there is
a. Time until 12/31/2012 to "elect" to convert to WMHI and
b. For those who choose not to convert at all because of the forced exculpatory declaration , the outcome of either the Bush appeal or the Block Court action could result in a huge payoff.
Not only are the DIMEQ standing to claim 85% of the total award, the award itself can be increased substantially...and...If fraud is proven the award may be trebled.
So, IMHO, you may have lucked out by the incompetence of KCC
There is a heavy discussion on other boards about the true P&A agreement between the FDIC and JPM. Apparently, the P&A introduced in BK court was an abridged version that obfuscated certain salient facts from the public and the court. These facts may change the whole settlement agreement as being fraudulent.
Although this information was obtained in a foreclosure case involving wamu/jpm transfer of obligations, it may be the "smoking gun" that will nail FDIC/JPM in a conspiracy to defraud action with huge payout potential to DIMEQ holders.
I have been trying to get this 138 page document, but my skills at computer manipulation are very wanting.
Stay tuned. THIS CAN BE BIG!!! BIG!!! BIG!!!
Thanx sidedraft.
ILOVESTOCKS, could you please provide us with link to the JPM response to the first filings by Rosenbaum Group,Apparently JPM is denigrating the very poignant filing put to Judge Block by this group.
The California briefs are awesome. I smell blood in the waters.
I estimate that there are approximately 50mil ltws still unconverted to wmhi.
I wonder if a judgement awarding damages to the ltws will be split to the remaining ltws or will be awarded. as well. to the original holders (112 mil)?
Maybe I'm years premature in speculating on an outcome, but I never gave up on my optimism of an eventual win.
FB is a passing fad. The stock has reached the highest point that it will be for the next ten years if not ever.
The Company will only succeed by buying and developing other companies, but that takes time and talent, virtues that I don't see coming from this over-hyped money grab by Wall street insiders who know that this balloon is blown.
Hi there ILOVESTOCKS.
I'm still here. Never considered "selling out" to the crooks.Bought more during the short interval after the decision. It's a great (expensive) civic lesson on the American Justice System. It's been pretty ugly, so far, from our current perspective...but it's not over ""till the fat lady sings".
While Judge Block is the final arbitrator for the DIMEQ status, it is important for Mr. Bushes appeal to go forward.
Again, while walrath may be the chief judge in Del BK court (she's a big shot), her decisions have been overturned before. There are certain Justices that issue very strong opinions that are almost impossible to overturn, and you don't want challenge them, thankfully, walrath has no no such reputation.
remmy I read about JPM and the "Panic of '07" and the Jekyll Island affair. Junius Pierpont Morgan was some piece of work. In the end JPM paid out a very handsome settlement to the entities that they rooked. I think this time they'll have to do the same, no matter how many politicians and Judges they own.
My hope is that the DIMEQ that were tendered are expired and are converted to newco. The remaining DIMEQs (probably 1/2 of the original outstanding) will be able to split the Award. By the way, the Award should be at least $400M and possibly $450M. But that is only my private take on this sordid episode.
So, if if you are a cock-eyed optimist wearing rose-colored glasses, you could see DIMEQ at $8.00 or more.
Sounds fair and equitable, but... unlikely. We've all seen the unjust side of justice and we will continue to experience same.
My take is that the wording of the APOR7 was so restrictive and conclusive that no one could back out of it. As a matter of fact, when I submitted my WAMU ballot, I crossed out all the paragraphs that exculpated Debtors or that made my election final and irreversible. I initialed all the cross-outs and gave it to the broker's compliance officer, who insisted that I rescind my voids or my ballot will be disqualified.
I am hoping that Judge Block will award the decision to DIMEQ. He may have waited too long to give every holder a piece of the action. Most likely, WMI(newco) or JPM will claim the award for those shares that were tendered.
This is not to say, that I don't like your arrangement better.
You are correct. w was not impressed as I had thought. I re-read the decision.
Nevertheless it is a milestone that the chief expert witness was impeached. Also the fact that both sides were aware of this is a very disturbing revelation.
THIS IS HUGE! Mr. Alderson has touched a bruising challenge to the good judge w. Her decision placed enormous weight on the credibility of chamberlain. Those of us who listened in to the trial were flabbergasted at her (chamber..) ignorance and simpleton like analysis of the warrant agreement. Yet w. gave her prominence in the final decision as a convincing credible witness. The decision was a homage to ms chamberlain. Now its a proven fraud.
Thank you sidedraft for always posting in an easy to access format. And a huge thank you to Mr Alderson for his excellent research. We are getting a very accurate picture of Big Boys behaving badly and, almost, getting away with it. Hopefully, more astute research will further expose this devious group.
I.L.Stocks and marty 009
I think think that mentioning that the 363 transfer at bk was illegal is the crux of our case. The 2 letters support that claim. It is irrelevant as to who took the prosecution obligation as that will be determined by J. Block.
The confiscation of property without due process is what is claimed here. The intricacies of the contract (Warrant agreement) should never have been a subject of Walrath's court. That whole charade is moot in the face of the 363 transfer.
Did I read correctly? The time to file DIMEQ opt (in or out) extended to March 16th,2012?
I thought I read in in one of last Friday's filings.
Anchor,
I agree with your analysis 100%.
We are in a very tight position, in that JPM and FDIC are in bed together. That was my point all along.
How can we expect JPM to proceed with the lawsuit when they have already won the whole enchilada. The FDIC declared that they will pay the Award directly to JPM, and that they (the FDIC) unilaterally extinguished the LTW claim.
Here it is in a nutshell. Can anyone outside an autocratic systems do such a thing with impunity? And where can we go for redress? The DOJ? FDIC? OCC and 40 other governmental "watchdogs" that theoretically are here to protect the public?
What a joke!
Where is the yellow journalism of the 1930's?
We have to get this into the public arena. The only time you will get results is to embarrass the sh*t out of these a**holes.
The FDIC and DOJ are defendants. That is why it was important to have the banks as advocates due to the time and expense. The DOJ and FDIC have unlimited time horizons.
The real issue is who is the successor to (DIME, WAMU, WMI) if mw took it away from us and gave it to JPMC, are they the responsible paty? I say yes!
And now the ball is in their court. If they fail to pursue, then another breach. If they pursue the case and collect, they have a case of conversion on their hands.
BUT: Then again, JPM is exempt from the laws of the land so this hypothetical extension is just mental masturbation.
You just said a mouthful.Great thoughts here. We will all be thinking this one over. Thanks.
The legal bills are so egregious, inflated B/S. They consumed most of the remainder Estate and the judge routinely grants them. They equal about $1,000 per word. And, since his whole BK case is based on a wrong assumption that the LTWs were part of the WMI estate, it is just mind boggling to think this kind of s2*t goes on in this country day after day.
Whenever I read a contract that has inexplicable terminology, I usually suspect fraudulent activity. The APOR7 is one such document.
If you go back to post #6647, On Feb 1 2012,I requested a thirty day stay to replace our counsel. Apparently it got lost in the mfw court.
I was just about to vote to "opt-out" but I read further that they will stop trading my shares.
But, if I neither vote "opt-in" or "opt-out" than I can continue trading the stocks for about a year after the final date (April 16,2012)
I am as confounded as anyone. A team of monkeys wrote this gibberish to divide and conquer. They have to give you something for your ltws otherwise its called larceny, but by the time MFw gets done with revisions you'll be lucky to get 1 cent.
What's this at the top of the letter notice
Case No.: 10-50911-MFW
Chapter:0
I thought we were 08-12229?
I just opened a first class letter from the Clerk of the Court.
"Please be advised that Benjamin bush filed a notice of Appeal on 1/26/12 regarding the Opinion and Order date January 3, 2012 Docket #312 and 313.
The notice of appeal may be viewed at docket number 326. The order on appeal may be viewed at docket number 313."
In this whole proceeding I have never been advised by the court about anything. I wonder why they sent me this letter?
ILOVESTOCKS and others, please do your thing to get this thing posted #312,313,326.
THAT DOES IT! JUDGE MARY F WALRATH IS A CRIMINAL!!!!
IF you read the final order you will agree.
I do hope that an appeal is in the works.
More important is Claim Court Judge Block who is very familiar with the FDIC and its nasty tricks, and who has, noted for the record that he will not stand for this kind of shenanigans in his Court.
So, there may still be life to this security.
I'll be keeping all of mine.