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A simple read.
The participants in the case being heard in Washington D.C. have asked their judge (Sleet) to freeze or put all matters before him on hold (in Washington D.C.) until the 'understanding' that is before the judge in Delaware (Walrath) is accepted or denied.
There is nothing more to the letter. It has no effect on the BK in Delaware at all. EOM
A simple read.
The participants in the case being heard in Washington D.C. have asked their judge (Sleet) to freeze or put all matters before him on hold (in Washington D.C.) until the 'understanding' that is before the judge in Delaware (Walrath) is accepted or denied.
There is nothing more to the letter. It has no effect on the BK in Delaware at all. EOM
B709 - Plan and Disclosure Statement
(Fees: $10,199.00; Hours: 30.30)
17. This Task Category includes time spent by Venable attorneys conducting research and analyzing issues relating to the Debtors' exclusive periods to file a plan of reorganization and solicit acceptances thereof.
From the January monthly billing by Venagble.
http://www.ghostofwamu.com/documents/08-12229/08-12229-2617.pdf
They don't come cheap!
We can only hope they are worth every penny!
WHEREFORE, Venable respectfully requests that this Court: (i) approve the allowance of $216,976.50 for compensation for professional and paraprofessional services rendered to the Committee during the period from February 1, 2010 through and including February 28, 2010; (ii) approve the reimbursement of Venable's out-of-pocket expenses incurred in connection with the rendering of such services during the period February 1, 2010 through and including February 28, 2010 in the amount of $8,362.36; and (iii) authorize and direct the Debtors to pay Venable the amount of $181,943.56, which is equal to the sum of 80% of Venable's fees and 100% of Venable's expenses incurred during the Compensation Period.
Dated: March 25,2010. VENABLELLP
You are on the right track.
In my opinion, WMI will be very much alive when the BK is resolved. Getting a single and final payment for shares owned (via a settlement and cancelled stock) is not likely to be that simple. The stock has a great propensity to survive and to be traded well after the BK. EOM
Leave equity intact?
Is your theory predicated upon the asumption that WMI will continue business as usual (before the seizure)? You anticipate that they will rebuild what they lost?
Why bonds are more actively trading -
Consequently, separate and apart from the jurisdictional bar, all of plaintiffs’ remaining claims also must be dismissed because plaintiffs lack standing to assert them. Dismissal does not deprive plaintiffs of a remedy. To the contrary, plaintiffs acknowledge that they filed claims against the receivership as to which they have been or will be issued receivership certificates. Having filed their receivership claims, plaintiffs, “like all others who have some interest in recovering funds from the closed bank, must simply rely upon the FDIC to do its job.” Pareto v. F.D.I.C., 139 F.3d 696, 701 (9th Cir. 1998) (emphasis added).
http://www.ghostofwamu.com/documents/09-01743/09-01743-0109.pdf
Ghost of WAMU SUPPLEMENTAL MEMORANDUM -
SUPPLEMENTAL MEMORANDUM to re 87 MOTION to Dismiss for Lack of Jurisdiction Pursuant to F.R.C.P. 12(b)(1) MOTION to Dismiss for Failure to State a Claim Pursuant to F.R.C.P. 12(c) MOTION to Dismiss for Lack of Jurisdiction Pursuant to F.R.C.P. 12(b)(1) MOTION to Dismiss for Failure to State a Claim Pursuant to F.R.C.P. 12(c), 88 Joint MOTION to Dismiss FDIC as a Party and for Remand, or in the Alternative, Dismissal Without Prejudice for Lack of Subject Matter Jurisdiction, filed on behalf of All Plaintiffs filed by FDIC, AS RECEIVER FOR WASHINGTON MUTUAL BANK, HENDERSON, NEVADA. (Clarke, David) (Entered: 03/23/2010)
http://www.ghostofwamu.com/latestupdates.htm
Easy to be confused.
With the mass of information being exchanged on the board it is easy to get confused, but you are not.
Creditors have extended credit to either WMI or WMB. If the credit was extended specifically to WMB, the court has opined that JPM is responsible as the debtor. If the credit was extended to WMI then WMI is the debtor. These labels do not change ownership due to bankruptcy.
Creditor = who extended the loan, or credit.
Debtor = who owns the debt or who got the proceeds from Creditor.
EOM
Symbol Look-Up for Market-Makers (MM).
http://www.nasdaqtrader.com/Trader.aspx?id=symbollookup
http://www.allstocks.com/markets/Market_Makers/market_makers.html
A long way to go.
Due process is all that we shareholders can expect. Along the way we fervently hope that the EC has the best representation possible, and that if a decision by the court is questionable, according to law, the judge will side with us.
Friday is just another step along the way.
Do not expect justice. Hope for a decison by the judge in our favor that cannot be successfully appealed. EOM
From Yahoo! Finance – Germany Exchanges
Enter any symbol at 'Get Quotes'
Symbol WMI.BE is Berlin
Symbol WMI.F is Frankfurt
Symbol WMI.SG is Stuttgart
Symbol WMI.DE is XETRA
Symbol WMI.MU is Munich
Only take part in the settlement?
No.
Every shareholder owns the value of their share as long as they own the stock. When they bought it is irrelevant.The 3-3-2010 date is the cutoff date for shareholders who can vote in the sharehodlers meeting that will hopefully unseat the crooks who are on the Board of Directors.
Pre/post seizure argument again.
Good grief Charlie Brown!
A great argument in favor of post seizure shareholders is that if they owned stock on or before 3-3-2010, they will get to vote at the shareholder's meeting that is certain to happen.
Great news! Thanks!
Finally – Some comforting news from the EC, and in line with what we already WAMUQ. EOM
Wherever you go and whatever you do, may the luck of the Irish be there with you.
It is more than likely that the luck of the Irish, and by default the luck of the Celts, is nothing more than making good decisions. The Law of the West.
Standard Court Fare - to Cook20
This is just standard court procedural events. Based on voluminous filings as of 3-9-2010, the court has ordered all parties to limit the amount of fluff in their filings so that the process can focus on real issues.
The Great State of Texas - WAMUQ Update
MINUTE ORDER granting 108 Consent Motion for Order. It is hereby ORDERED that the initial Supplemental Briefs, authorized by this Court at the March 9, 2010 hearing held in this case, shall be filed by each party no later than March 23, 2010, and that no Supplemental Brief shall exceed 15 pages in length, and it is further ORDERED that any replies to the initial Supplemental Briefs shall be filed no later than April 5, 2010, and that no reply brief shall exceed 5 pages in length. Signed by Judge Rosemary M. Collyer on 3/17/10.(lcrmc1) (Entered: 03/17/2010)
Hearing cancelled?
HEARING CANCELLED/RESCHEDULED. Notice of Agenda of Matters Scheduled for Hearing. Filed by Washington Mutual, Inc.. Hearing scheduled for 3/18/2010 at 10:30 AM at US Bankruptcy Court, 824 Market St., 5th Fl., Courtroom #4, Wilmington, Delaware. (Sloan, Drew) (Entered: 03/16/2010)
http://www.ghostofwamu.com/latestupdates.htm
Fisherman -
Is there any way we as shareholders can get our EC to tell us what their game plan is?
Yes. My error.
Today's low of $0.36.
I saw several people refer to the low of $0.36 today and that 8M shares were purchased by someone. The stock closed for that tick @ $0.465, and the next two ticks @ $0.46. Is there any way to determine if the stock was sold. At that gap the purchaser could have made $.8M+/- for a few minutes work.
Thanks as usual.
Excellent effort on posting the agenda.
End of Day PPS.
Current chart indicates a probable $0.60 for EOD. EOM
BOIINNNG!!
Bounced @ $0.34. Will it hold?
The goal for the gold is Friday.
What kind of settlement?
The various settlements discussed on the board have all been in the scenario where the stock is halted and cash, or cash and stocks (JPM) are posted to each shareholder account, and WMI ceases to exist.
What do you think of a scenario where WMI receives an influx of cash by FDIC and JPM, and the stock (WAMUQ) continues to trade, rising or falling based upon normal indicators that determine the value of a company and/or its stock? Although very different, the recent settlement with LEHMQ might be a small example of this kind of settlement. EOM
Frankfort Link
http://finance.yahoo.com/q?s=WMI.F
Currency Converter
http://finance.yahoo.com/currency-converter#from=USD;to=EUR;amt=0.6657
Frankfort Link
http://finance.yahoo.com/q?s=WMI.F
All filings.
Thanks for the advice.
I choose to stay abreast of all filings.
Summary Judgment hard deadline.
As someone stated, these filings, and other filings to come before Friday, are either a formality, or an attempt to cover their rear end for something that could happen in the future, or both. Something will have to give in a big way on Friday. It can only be good for the shareholders of all classes. IMO
New FDIC filing
Apparently the FDIC is asking the court to pierce the corporate veil, and disallow 'objections to claims' made by Washington Mutual Inc (WMI), to claims made by the bondholders toward WMI, that should have been directed at JP Morgan (JPM), formerly the Washington Mutual Bank (WMB).
Perhaps the momentum has slowed and all is not as rosy as we thought.
http://www.ghostofwamu.com/documents/08-12229/08-12229-2480.pdf
Capital Gains Tax?
Make sure your CPA checks this out.
http://en.wikipedia.org/wiki/Capital_gains_tax_in_the_United_States
WMI Court Calendar for March 2010
Each court case stands or fails on its own merit. As investors (shareholders) in WMI, we are mainly concerned with the Bankruptcy case in Delaware.
The link below is for the WMI court calendar for March 2010. For the month of April, change the '03' in the date to '04'.
http://www.my.calendars.net/wmi/d01/03/2010?display=M&style=B&positioning=A
A great post.
Thanks!
Finally some real news on what is happening with the Equity Committee!
Thanks!
Newest post on Calendars.net
Court hearing, Omnibus, 11:30 AM (Del). On the agenda:
* Contested and going forward:
11. FDIC-R motion (11/17) to modify automatic stay so it can take possession of the $4 billion cash.
12. 21st Omnibus (Substantive) Claims Objections: many claims
13. 22nd Omnibus (Non-substantive) Claims Objections: many claims including #3515 MARTA $40B and #3744 IRS $9.7B (both superseded).
* Status Conference:
14. WMI motion for summary judgement on $4B turnover: "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."
* Continued:
- to 4/6: 20th Omnibus (Substantive) Claims Objections: includes WMB Bondholders $5.5B claims #2480, 3710, 3711.
- also continued: Omnibus Objections 1, 5, 6, 16, plus Buss et al, IP sale, Egencia #3678.
http://www.my.calendars.net/wmi/d01/03/2010?display=M&style=B&positioning=A
How Investors become successful.
Posted on the WAMUQ board by 'alliecorp'.
The secret to profitable investing is to buy into well-run companies at the beginning of their earnings growth cycle—before Wall Street takes notice and bids up the stock price.
Thanks.
I see now that 'Court Date' and 'Agenda' are two different things.
I look forward to the agenda when it is available.