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wamkq only 20,000,000 float
Up to .23
I agree all should do great
WAMKQ most intriguing at the current price, and over the next quarter or two.
Commons will do good today too
wamkq up to .22 pre-market
Preferreds - face value $25
WaMu parent sues FDIC over bank-unit sale, seeks $13 bln damagesFont size: A | A | A7:03 AM ET 3/22/09 | Marketwatch
RELATED QUOTES
8:00 PM ET 3/20/09
Symbol Last % Chg
JPM 23.15 0.00%
WAMUQ 0.04 0.00%
Real time quote.
TEL AVIV (MarketWatch) -- The holding company for Washington Mutual Bank filed a lawsuit, charging that the Federal Deposit Insurance Corp. improperly sold its banking operations to J.P. Morgan Chase and could have gotten more money for those assets, media reports say.
Parent Washington Mutual Inc. saw its banking operations acquired by J.P. Morgan in a late-September sale arranged by the FDIC. Parent WaMu, which wasn't acquired by J.P. Morgan, is demanding more than $13 billion in damages, the media reports say. The suit was filed in U.S. District Court in Washington, the reports say.
J.P. Morgan (JPM) paid $1.9 billion for the banking assets. Parent Washington Mutual filed under Chapter 11 of federal bankruptcy law after the sale.
Among other claims, Washington Mutual wants back $4 billion of trust preferred securities that it said were wrongfully transferred to the banking unit, Reuters reported. The suit also claims Washington Mutual may be entitled to as much as $3 billion of tax refunds, Reuters reported.
They are all great to have a position in, I would say WAMKQ is the greatest position as of now (.16 with face value of $25), but not sure if it is too late to get in. Depends on where they open. I am in all, but K's are in my opinion the best in order of potential reward for the investment. But, also want to make it clear all including the commons are wonderful as well
FYI
It's been all over the news :)
Yahoo, CNBC, Reuturs, Local New Casts, AOL, and much more
Don't know if it will start off as high as people think but there is no doubt it will go up and should grow throughout the 2nd quarter, in preparation for possible buyout, more news on the suit, and the re-structuring that will take place by 3Q
I would say it is a safe bet, most will do just fine, it the preferreds especially, and the commons will be a good trade, as well
It is/was on the yahoo homepage, aol, reuters, cnbc, seattle times, san francisco chronicle, and more
I would say GREAT coverage for a weekend.
Once Monday morning stories start, it should be great.
ALL Wamu's will do well, but in order I would put
WAMKQ
WAMPQ
WAHUQ
WAMUQ
For there present value, potential face value, order of float, and ability to move on pennies or in .10-.50 increments
All will do well over the 2nd quarter though
WAMKQ
Anyone looking to play the WAMU FDIC lawsuit, that is now all over the media.
WAMUQ, WAMPQ, WAHUQ are also plays
At the price of only .16 and a face value of $25, WAMKQ is the best play in my opinion.
http://www.reuters.com/article/ousiv/idUSTRE52K1K620090321
WAMKQ
Anyone looking to play the WAMU FDIC lawsuit, that is now all over the media.
WAMUQ, WAMPQ, WAHUQ are also plays
At the price of only .16 and a face value of $25, WAMKQ is the best play in my opinion.
http://www.reuters.com/article/ousiv/idUSTRE52K1K620090321
http://news.yahoo.com/s/ap/20090321/ap_on_bi_ge/wamu_lawsuit
I also just e-mailed CNNmoney.com about this big story
Great day everyone. Continuing a beautiful climb to the dollars, with all the refinances coming down and mark-to-market, should be beautiful days ahead
Almost $300,000,000 traded.
Follow the volume
Have a great night
New government website just launched
$$$$
http://makinghomeaffordable.gov/
Personally don't think it is going to happening leading up to new mark-to-market being put in place for 1Q09 earnings
See churning and building next week in all financials and FNM and FRE
Personally don't think it is going to happening leading up to new mark-to-market being put in place for 1Q09 earnings
LCCI up 85% and climbing
What an absolutely stunning gift of a dip. Congrats to all those who got profit along the way. Next stop looks to be $1.50-$2 EASY next week IMO
Love the stability the Fed and Administration is putting out there
2nd Quarter is going to be AMAZING IMO
Without a doubt.
Whether people like the plans or not (I do personally), this admistration is at actually doing something about it.
The banks are on board, and they are making so much money by getting money for 0.00% and lending it out for between 4.50% - 30% between credit cards and mortgages.
The Public Relations and websites set-up about mortgage refinancing and building pushing hard to get inventory off should see an amazing boom in housing in the next 3-6 months.
It is just a ticking time bomb for it to explode. Also, this is just in receivership, and the govn't wants to give it back to FNM and FRE (reducing their ownership) once profitablity comes back.
I will be taking profits along the way, but 5 years from now, I truly believe this stock will be back between $40-$60.
Also, two companies in MUCH WORSE (GM and AIG - jumping to $3. 00 and $1.87) shape selling goods that Depreciate as opposed to Housing that should APPRECIATE over the life-time of owning a property, is a no brainer in my book :)
Exactly. Key word is stabilization. I think the March refinance #'s are going to be amazing. So much PR about the President's mortgage program that was released on the 3rd, I believe, that a flood will be occurring the next 3 months.
Almost everyone at my job (a huge multi-media company) is re-financing or buying up foreclosures or heavily discounted standing inventory.
Huge money is running into FNM and FRE. Congrats on your profit! This is bigger than anyone realizes though IMO
Housing Market bottom should be in place by the end of the 2nd quarter. I think you will see some of the biggest housing #'s next quarter.
Just a matter of time until this is in the $3-$5 range.
IMO
The crash under .50 was because everything was in choas, no housing plan, scare tactics in overall market. Now we have policies in place and a Fed that is doing it's job. Stabilizing the ecomony and encouraging spending with bonds being bought and driving interest rates down. They will adjust it most likely late 4Q09 into 1Q10 when recession is over.
Things are stabalizing and this dip is just profit taking (which should happen and is natural), setting up beautiful base in the $1.10-$1.20 range now, look for $1.50-$2 after market closes at 8 PM tonight and a wonderful week next week, with shorts covering and mark-to-market approaching.
IMO
BEAUTIFUL Dip here. Allowing the big boys to load up. Looking for $1.50 close. $2 after hours, IMO
hmmm, got this e-mail from Bloomfield
Webmaster@bloomfieldinvestmentclub.com" <Webmaster@bloomfieldinvestmentclub.com>
What is going on right now in the market is unbelievable and we can only hope that everyone is capitalizing on this rally.
Look for SPNG to continue today
Take a look at CHB it might just be about to go.
We still like our EPIX .40's
If you can get any cheap FTMK you will thank yourself next week
Remember Salon City...look for that one to get reveved up in the days to come...wink, wink
If AIG is up to $1.87 with all the bad PR and owned at the same stake as FNM and FRE, then FRE and FNM will follow suit big-time IMO, with all the mortgage news and big gains in construction building that surprised everyone on Wall Street this week
People are in the buying mood it seems this week
FNM up to $1.20 pre-market
Think that this may bigger than people realize
Unbelievable amount of re-finances going on, and they expect possible double what they did for February, in March and April
What the Fed did yesterday with buying the bonds is forced mortgage rates too 5% and under probably for the next 90-100 days
With a possible announcement of mark-to-market changes by April 2nd, and financials rebounding unbelievably, and shorts having to cover in 4 days, this just MAY be one of the biggest movers out there
IMO
If you don't mind can you walk away till 4:00, so we can be over $1
I kid :)
same problems on etrade
Thanks Cook. Well shows they are telling the truth. Florida sucks.
K's up 17% with lots of room too
Congrats to all my WAMU's Commons and Preferreds :)P
23% gain, great day
see yall tomorrow
anyone have etrade? can't buy online. want to buy about 10,000,000 shares
WAMKQ
If anyone might be interested in a lotto pick that is picking up steam, check out WAMU's preferreds K and P
Some rumors going around that lawsuit might be filed by next Monday against the FDIC
WAMU holding has billions and FDIC has been holding it from them
Re-organizational plan to be discuessed next month and implemented by 3Q09
Payout looks to be $25/share for WAMKQ
Might be worth looking at
And 20,000,000 float and lots have been bought up between .07-.80
WAMKQ
If anyone might be interested in a lotto pick that is picking up steam, check out WAMU's preferreds K and P
Some rumors going around that lawsuit might be filed by next Monday against the FDIC
WAMU holding has billions and FDIC has been holding it from them
Re-organizational plan to be discuessed next month and implemented by 3Q09
Payout looks to be $25/share
Might be worth looking at
And 20,000,000 float and lots have been bought up between .07-.80
Yeah, there is no doubt that all WAMU's would get rewarded, which I would be thrilled about for all the LONGS. you are right, with such a tiny float, no doubt that with the right news, it could take it to a level that would be huge
Only 20,000,000 float, and a ton are bought and held already.
If lawsuit does come down and announced over the weekend, or resolved and we are alive, look for a minumum of $5 open on Monday
We are in a good and better place that the commons IMO
FNM Taking off
Thanks for the briefing on everything that went down.
Seems as though Jason diluted tons of Market 99 stock to just keep his head above water to keep the doors open.
With the way you describe him running things, it seems like it was doomed to fail.
Martha seems like a piece of work and no attention was paid to qualified employees and extremely poor management.
In my book, Jason should have every license/cerificate revoked including his birth certificate :)
He and his crew, which includes people like Des and everyone associated with Des, Jason, James and Dusty, should have lawsuits filed against them, fines galore, and once all facts are known, probably enjoying the confines of a jail cell.
I will never ever believe one word spoken by the Brola's, Des, or their associates.
This is one of the most unbelievable and incompetent run "business'" ever seen.
Dave (our moderator), I would advise you to actually not reach out to Jason anymore, and lose his #.
You are better to start-up your own company and forming a business plan for us to look at, then to even contemplate anything to do with Market 99.
I would also like to see this information, sent to the SEC and law enforcement to further have a record of these criminals.
Best to all
If SIX goes into bankruptsy, does the preferred shares still get paid in August?
SIX.PR.B
Does anyone know after reading this latest analysis, if Six.PR.B will be able to collect that $25/share if they went into bankruptsy? I am trying to figure out how it all works.
US CREDIT-Six Flags risks bankruptcy as debt maturity loomsFont size: A | A | A4:48 PM ET 3/12/09 | Reuters
RELATED QUOTES
10:48 AM ET 3/13/09
Symbol Last % Chg
SIX 0.16 -15.79%
Real time quote.
By Karen Brettell
NEW YORK, March 12 (Reuters) - Six Flags (SIX) is facing a $287 million payment in maturing preferred shares in August, which threatens to push the company into bankruptcy if it is unable to pay or refinance the debt.
The New York-based theme park operator is struggling to refinance its debt load as capital markets remain essentially closed to the riskiest borrowers and the economic slowdown weighs on theme park attendance.
"At this point, the August 2009 maturity on Six Flag's preferreds is the looming liquidity event that has no clear resolution," CreditSights analysts Christopher Snow and Frank Lee said in a report on Thursday.
If the company is able to redeem its shares, known as Preferred Income Equity redeemable Shares (PIERS), it will also need to repay or refinance around $130 million in a bond maturing in February 2010.
Six Flags warned on Wednesday that it may be unable to repay the preferred shares.
"Given the current negative conditions in the economy generally and the credit markets in particular, there is substantial uncertainty that we will be able to effect a refinancing of our debt on or prior to maturity or the PIERS prior to their mandatory redemption date on August 15, 2009," Six Flags said in a regulatory filing.
Failure to repay the shares could accelerate payments on its loans and bonds, which the company would be unable to repay, Six Flags said. It added that it is exploring refinancing options, which include a restructuring in or out of court.
"It is clear in the current credit market that refinancing of these issues will be nearly impossible," Barbara Cappaert, an analyst at KDP Investment Advisors, said in a report on Tuesday.
The options for refinancing the debt are limited and complicated, though the company may be best served seeking a solution that does not harm existing debtholders, CreditSights said.
"The market capitalization of Six Flag's common equity is about $20 million, which means that the company could offer some value to the PIERS holders, but this would be clearly dilutive," the CreditSights analysts said.
Fitch Ratings last month cut Six Flags to an even deeper speculative grade of "CC," 10 steps below investment grade, and warned that the company may pursue a distressed debt exchange.
However, bondholders would be unlikely to participate in any proposed debt exchange, as it would fail to address the critical maturing shares, said CreditSights.
"If Six Flags could resolve the problem of the preferreds without offering any type of security that is senior to the equity, the company could scrape by for quite some time," they added.
Assuming Six Flags can redeem its preferred shares in August, the company may then be able to refinance its bond due in February, the CreditSights analysts said.
A successful refinancing of this bond could allow the company to survive until 2013 when it would need to refinance $244 million in its revolving credit line and repay $142 million in maturing bonds, they added.
I think it's time for some more lying PR's. Great job keeping us updated Jason.
There will be dips and there will be days when it takes off.
I think many will look back saying, I can't believe there was a time when you could have bought BAC under $5.
BAC is using the federal reserve rate of 0.00% and loaning it out for 3-30% interest rates (between bank deposits, mortgage loans, and credit cards). With the Fed keeping the rate at 0.00% most likely until minimum the end of the year, latest 2nd Quarter next year, there will be HUUUUUUUUGE profits by all the major banks.
The biggest thing was were they going to survive or be nationalized.
Now that more transparency is coming and the comments by the CEO, it is pretty clear, they will actually thrive with the rate of return they are getting from borrowing at 0.00% will be in the Billions.
New Mark-to-market accounting changes coming, and stability/bottoming of housing market, most likely by end of 2nd quarter of this year, there is HUUUUUUUGE upside.
IMO