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Good evening Diane! I also agree. Susman to me comes across like a 250lb linebacker playing with a broken leg as apposed to a well-suited, crap-heeled, pedantic attorney!
He is a fighter – not a poser! A take no prisoners type of man. A man’s man if-you-will!
Between Susman and the impending examiner, Rosen will be so overmatched that he will wish that he failed his bar exam and was now selling aluminum siding! … rs
Court hearing, Omnibus, May 5th, 10:30 AM (Del), includes:
• Objection to claim #2462.
• 25th Omnibus Objection.
• 28th Omnibus Objection.
• 30th Omnibus Objection.
• 24th Omnibus Objection (contested).
• 26th Omnibus Objection (contested).
• 27th Omnibus Objection (contested).
• Objection to claim #3220 (contested).
• Equity Committee motion (4/26) to appoint an Examiner.
http://www.my.calendars.net/wmi/d01/05/2010?display=M&style=B&positioning=A
The agenda should be filed next Monday AH or Tuesday… rs
Agreed – LOL! Well in all honesty, the first seven, eight, many nine days are acceptable. It goes precipitously downhill from there! … rs
Q’s are only down 1% and P’s are only up 1%. Nothing to look into … rs
Climber, I myself entertained your concern regarding an examiner when it was brought up initially! However, I only entertained that concern for approx 30 seconds as Susman would NOT have entertained the thought of bringing one into the act had he concerns of it backfiring on him!
Entertaining to say the least … rs
It will be interesting to see how WMI plays this once the examiner officially commences his anal probe. IMO, we will see the degree of how scared they are by how fast a second POR is proffered and of course how favorable it is to equity!
If a decent 2nd POR is filed – say within 20-30 days, little Brian is scared and hurting a bit down there and not wanting any more. If WMI offers nothing POR wise in the near future, then WMI is content to let this play out and take its chances. Of course by then many other variables may be in place (new BOD, Solomon’s valuation, Susman, etc) so who in the hell knows! LOL! … rs
Agreed! http://www.marketwatch.com/story/nexmed-appoints-dr-stephen-b-howell-world-renowned-key-opinion-leader-in-oncology-as-chairman-of-its-scientific-advisory-board-2010-04-27?reflink=MW_news_stmp
AH was not affected but lets look forward to tomorrow! … rs
Touche’! Honestly Dale, that reason was on my mind regarding why the UST finally and ultimately pushed for an EC! We all saw the writing on the wall but the UST needed confirmation! … rs
LOL Knick! I hear ya! What irks me, and I am probably not alone, is why the first 15-16 months of this case were allowed to be a monumental waste of time serving only to lock in legal team profits! We are all grateful to the UST for pushing for an EC (which got the ball rolling) but if said UST would have acted much earlier, this case may have been “in the books” by now!
The UST works in mysterious ways … rs
They fear this. I posted this an hour ago but it is worth a rerun …
The Role of an Examiner:
The appointment of an examiner in a chapter 11 case is rare. The role of an examiner is generally more limited than that of a trustee. The examiner is authorized to perform the investigatory functions of the trustee and is required to file a statement of any investigation conducted. If ordered to do so by the court, however, an examiner may carry out any other duties of a trustee that the court orders the debtor in possession not to perform. 11 U.S.C. § 1106. Each court has the authority to determine the duties of an examiner in each particular case. In some cases, the examiner may file a plan of reorganization, negotiate or help the parties negotiate, or review the debtor's schedules to determine whether some of the claims are improperly categorized. Sometimes, the examiner may be directed to determine if objections to any proofs of claim should be filed or whether causes of action have sufficient merit so that further legal action should be taken. The examiner may not subsequently serve as a trustee in the case. 11 U.S.C. § 321.
http://www.uscourts.gov/bankruptcycourts/bankruptcybasics/chapter11.html
… rs
None at all! JMW already signed the order for the examiner! There will be the obligatory poppycock spewed at the May 5th omnibus by all objecting parties but I believe in legalese – the term is tough crap! … rs
FYI: Another Objection (Unsecured Creditors)
http://www.kccllc.net/documents/0812229/0812229100427000000000024.pdf
... rs
What did they call my hero Ronald Wilson Reagan – the Teflon President? Rosen may very well currently be the Teflon Attorney but things are about to change on 05/05, well maybe 05/06!
This has recently gotten rosier quickly! First Susman and now an examiner!
Let’s roll! … rs
The Role of an Examiner
The appointment of an examiner in a chapter 11 case is rare. The role of an examiner is generally more limited than that of a trustee. The examiner is authorized to perform the investigatory functions of the trustee and is required to file a statement of any investigation conducted. If ordered to do so by the court, however, an examiner may carry out any other duties of a trustee that the court orders the debtor in possession not to perform. 11 U.S.C. § 1106. Each court has the authority to determine the duties of an examiner in each particular case. In some cases, the examiner may file a plan of reorganization, negotiate or help the parties negotiate, or review the debtor's schedules to determine whether some of the claims are improperly categorized. Sometimes, the examiner may be directed to determine if objections to any proofs of claim should be filed or whether causes of action have sufficient merit so that further legal action should be taken. The examiner may not subsequently serve as a trustee in the case. 11 U.S.C. § 321.
http://www.uscourts.gov/bankruptcycourts/bankruptcybasics/chapter11.html
This is righteous all! JMW can be pretty quick at times! Just hate it when she says ASAP! It's the kiss of death! LOL! … rs
FYI: Order Granting Motion to Shorten Notice of the Motion and Supporting Memorandum of the Official Committee of Equity Security Holders for the Appointment of an Examiner Pursuant to Section 1104(c) of the Bankruptcy Code
http://www.kccllc.net/documents/0812229/0812229100427000000000017.pdf
... rs
Your all BOLD is a bit hard on the eyes but I agree with your thoughts. Mr. Culley, by putting out a PR regarding the re-submittal of ANX-530 for Q4, directly after the R/S tanks the pps is preposterous! Did he think that he was doing already worried investors a service by basically saying – just hold on another 5, 6, or 7 months and things will be gravy?
Now that the BOD has brilliantly righted the ship (LOL) in instituting the R/S - getting NYSE Amex out of their hair for a while - let’s see what future madcap, bunny-brained, miss-timed PR’s come from Culley in the next 6 months!
Now all that said, I have been long in ANX as I believe in their product(s)! Culley just burns my ass at times!… rs
I have been long in this, in at approx $2.70 post R/S pps yet this is still gut-wrenching for me to witness! I feel for those here that are in a much worse position. I have never been involved in a play where an R/S was favorable to my position!
I should have gotten out last week near .26-.27, but thought that this one was worth the gamble to hang in there! WRONG AGAIN – so far … rs
Yep - If the R/S hadn’t hurt this enough, now we get this (encouraging ?) PR of a re-submittal in Q4! What a kick in the head! This is tantamount to teasing a drowning man by lowering a life preserver a bit at a time telling him to hang in there until it eventually hits the water!
If nothing new develops product wise in the next few months, we may be seeing .17 again post R/S!
… rs
FYI: KG
Monday, April 26, 2010, 5:27pm PDT
WaMu shareholders seek new investigation
Puget Sound Business Journal (Seattle) - by KIRSTEN GRIND
Washington Mutual shareholders are demanding that an independent examiner be appointed to scrutinize the parties involved in the bank’s September 2008 seizure and sale.
Shareholders, through their attorneys, cited the “continuing disclosures of material information highly relevant” to the bank’s government takeover and the holding company’s Chapter 11 bankruptcy as the reason for demanding an examiner, according to a 30-page motion filed Monday in U.S. District Court in Delaware.
The new developments, according to the motion, include information revealed during the recent hearings examining WaMu’s failure held by the Senate Permanent Subcommittee on Investigations in Washington, D.C., and internal company documents released at the hearings. Also at issue for shareholders is a controversial bankruptcy settlement proposed in March.
“The examiner would bring something vital to the table that the (holding company) cannot bring: An independent, objective assessment by a person who was not a participant in the events that led to WMI’s collapse and has no personal interests stemming from the participation that could create conflicts of interest,” according to the motion.
Among the topics shareholders would like the examiner to explore are Washington Mutual’s negotiations with JPMorgan Chase and other merger partners during 2008. JPMorgan bought WaMu’s assets from the Federal Deposit Insurance Corp. (FDIC) after the bank was seized by the Office of Thrift Supervision, its primary regulator.
Shareholders also want to know about any discussions between the FDIC, the OTS and any other government agency during 2008, as well as any actions by JPMorgan that would have had a damaging effect on WaMu’s reputation, according to the motion. They also want to know more about WaMu’s financial condition prior to its seizure — that information was briefly touched on during the recent congressional hearings.
The motion comes several days after the federal court awarded shareholders the right to force the holding company into an annual meeting.
Read more: WaMu shareholders seek new investigation - Puget Sound Business Journal (Seattle):
… rs
Thats funny! I see volume of 3.75M!
NexMed, Inc. (NEXM) After Hours Trading
Apr. 26, 2010 Market Close: $ 0.40
After Hours Last: $.622 / After Hours High: $.679
After Hours Volume: 3,751,078 / After Hours Low: $.39
http://www.nasdaq.com/aspxcontent/ExtendedTradingTrades.aspx?&symbol=ANX&symbol=NEXM&pageno=6&selected=NEXM&mkttype=AFTER
No matter, it was a beautiful and righteous thing! ... rs
I wouldn’t exactly say that people over-reacted AH to this stock and/or misconstrued the filing and PR as FDA approval!
I do agree however, that this will most likely pull back to the mid .50’s tomorrow morning not taking PRE into consideration! There are many people that cannot trade AH/PRE so there may be many profit takers at market open. I know a few people myself that got out very recently as the last month has been a snooze-fest and was gnawing at investor patience!
I have been holding for a long while and nicely averaged in at .20 after my entry of .25 exactly 11 months ago tomorrow!
I sincerely hope the legs continue on this thru pre-market. We shall see! … rs
FYI: NexMed jumps on FDA clearance
http://www.sddt.com/news/article.cfm?SourceCode=20100426czi
NexMed jumps on FDA clearance By Daily Transcript staff report
Monday, April 26, 2010
Shares of specialty contract research organization NexMed Inc. (Nasdaq: NEXM) jumped in after-hours trading Monday after the company said it had been cleared to take a liver cancer treatment into a Phase 2 trial.
NexMed specializes in products based on its NexACT drug delivery technology. The U.S. Food & Drug Administration gave the company clearance to proceed with a proposed Phase 2 trial of PrevOnco, a drug for advanced, unresectable hepatocellular carcinoma.
The FDA granted PrevOnco orphan drug status in August 2008. NexMed filed its Investigational New Drug application for the product candidate in March.
The FDA said it would allow NexMed to proceed directly to Phase 3 if NexMed received positive results and expanded its Phase 2 study to include combination therapy with Doxorubicin for patients who have failed Nexavar, the current first-line anticancer treatment for patients with either HCC or advanced renal cell carcinoma, or kidney cancer.
"We are actively assessing the suggestion made by the FDA," said Bassam Damaj, president and chief executive officer of NexMed, in a statement. "Following this path could be very advantageous for NexMed since advancing the drug directly into a Phase 3 study would save us at least 12-24 months in development time.”
PrevOnco incorporates lansoprazole, which is the generic anti-ulcer compound approved under the name Prevacid and marketed in the United States by Takeda Pharmaceuticals North America Inc.
In vitro and in vivo data generated to date has demonstrated the ability of lansoprazole to inhibit tumor cell growth and enhance survival in mouse models of cancer alone, and in combination with Doxorubicin, NexMed said.
In after-hours trading, NexMed rose 19 cents or 47.5 percent, to 59 cents.
... rs
YOWZA! Just checked AH – hot damn! … rs
Couldn’t agree more David! The first 15-16 months were micturated away and only served as a benefit to the legal teams pocket books or in Rosen’s case – his delightful leather purse! … rs
Well it would bother me but it hasn’t happened yet! I am sure Rosen is on it like stink on a monkey digging for a reason to conflict Susman out!
With so much at stake, Susman would not have been chosen and accepted such a challenge if there was even an inkling of possible conflict! All IMO of course … rs
Not a legal mind but …
Pro Hac Vice the Latin word which means "on this occasion" or "only this time". Usually it refers to the lawyers who are not a part of the jurisdiction where a certain case is being heard and he/she may want to be the part of the case by practicing in that jurisdiction for this particular case only. The lawyer has to take the permission from the court of that jurisdiction by going for the Motion to appear pro hac vice which is applied by a lawyer who is already a part of that jurisdiction of court. The outside lawyer has to prove his/her good standing in his/her own jurisdiction also.
This is not 100% assurance but in the 90% area! … rs
Once again – thanks to all that responded to my PM regarding the test site www.wamuq-poll.info / http://wamuq.yolasite.com on Friday night / Saturday morning! You are a righteous bunch but I need to clear my PM replies and do not have time to respond to all!
Rock on and GLTA … rs
Yes Hammer - TY! I am guilty and damned proud of it! The site www.wamuq-poll.info / http://wamuq.yolasite.com will continue to grow and have an entertaining aspect (R-rated) as well as be an additional information depot!
Thanks to all who have visited so far. … rs
Hammer. Check out www.wamuq-poll.info
Let me know what you think sir! … rs
FYI: KG Not sure why this Citigroup bid for #WaMu is making news, since that's been out since late 2008: bit.ly/9XXgt1 14 minutes ago via web
http://twitter.com/KirstenGrind
http://seattle.bizjournals.com/seattle/stories/2008/12/15/story1.html
… rs
Voodoo. This is really wasting my time but if you will notice, right below the excerpted statement, I did post a link to the entire article as a courtesy for folks to read said article and glean from it what they may!
Great Caesars Ghost! … rs
Voodoo. You are a peach! I post and will continue to post any and all information pertinent to this case! Good or Bad! Would you rather only have links to Kirsten Grinds articles posted – well, of course you would!
For a guy that just turned 36 yesterday, you have a lot to learn… rs
Voodoo. By DAN FITZPATRICK And RANDALL SMITH.
… rs
Side. Although this may not ultimately hurt our case, it most likely will not be good short term. I guess the big question now is how large the legs on this grow overnight and thru the morning! Golden opportunity for the MM’s to walk her down again! … rs
XOM! I just saw this myself. This doesn't look particularly good ...
The document appears to weaken claims by Washington Mutual's now-bankrupt parent company that the FDIC bent over backward to give J.P. Morgan a sweetheart deal on Washington Mutual. Citigroup offered no upfront cash as part of its bid and didn't want to assume Washington Mutual's uninsured deposits.
http://online.wsj.com/article/SB10001424052748704830404575200413908733450.html?mod=rss_Deals_and_Deal_Makers
Hello JHD! Completely agree on Thing #2! Thing #1 is open to interpretation however as in – is it considered a “run” to .40, .70, or even a buck? I believe so, and we can see .70 or more again with the right combo of rulings/filings, etc.!
We are well past “a settlement can happen at any time”! That theory or mantra, if-you-will, actually prevented many here from trading this stock at opportune times! I myself, and probably too many people here not willing to admit it, followed that mantra and could have been sitting on the same number of shares that we originated with, but with thousands of dollars in our bank/trading account(s), if we had not been so gullible!
I guess that turned out to be a mini-rant! Nothing personal of course my friend! … rs
Honestly, I do not think that is the issue! This “play” has been in play for over 18 months now! This has moved in the past due to speculation. Speculation that for the most part never came to fruition! I believe that certain LARGE investors are reluctant to pony up now for that reason! Refer to the “fool me once, fool me twice" adage …
Volume will roll in once speculation converts to confirmation on any given issue! .. rs