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I think if there was bad news coming, the MMs would know it and the pps would be a lot lower than it is.
I'm keeping my eye on this situation and will share everything I find.
I like that part too, and I think if they wipe out their shareholders, then their future is grim at best.
Response from Christina Bradley at Charter.
"Thank you for your email and for your interest in Charter Communications.
As you may be aware, Charter announced on December 12, that it had asked its long-standing financial advisor, Lazard LLC, to initiate discussions with the Company’s bondholders about financial alternatives to improve Charter's balance sheet. Within the context of this process, the Company did not make scheduled interest payments due on Jan 15. While we appreciate your desire for more information, it is too soon to say what the outcome of the discussions will be. What we can tell you, however, is that our bondholder discussions are ongoing and our goal throughout this process is to take steps that will better position Charter for the future.
In regards to your follow-up question, Charter’s stock can be traded in both the Pre-Market (8:00-9:30 a.m. ET) and the After Hours Market (4:00-6:30 p.m. ET.) Please visit http://www.nasdaq.com/reference/glossary.stm for additional information on Pre-Market and After Hours Market trading.
If you have any additional questions, please feel free to contact Charter at 314-543-2459"
I just received this e-mail. Pretty standard and vague.
I did see the big buy, and I have seen a lot of BIG TRADES go through over the past 2 weeks in sizes of 20-50,000 and almost all of them were purchased at a price that was higher than the ask.
Good Post.
The IRS showed its hand , and it is weak.
This is pure posturing for the record.
GIBSON-MICHAELS v. BAIR et al
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Plaintiff: YOLANDA C. GIBSON-MICHAELS
Defendant: SHEILA C. BAIR and FEDERAL DEPOSIT INSURANCE CORPORATION
Case Number: 1:2009cv00022
Filed: January 9, 2009
Court: District Of Columbia District Court
Office: Racketeer/Corrupt Organization Office
County: 11001
Presiding Judge: Unassigned
Nature of Suit: Other Statutes - Racketeer Influenced and Corrupt Organizations
Cause: Federal Question
Jurisdiction: Federal Question
Jury Demanded By: 18:1964 Racketeering (RICO) Act
Amount Demanded: $3,000,000.00
I think the FDIC is going to be hit with a TON of lawsuits in 2009.
Here is another SUIT FILED on 1/29/09 :
New Orleans Employees' Retirement System et al v. Federal Deposit Insurance Corporation et al
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Plaintiffs: New Orleans Employees' Retirement System and Marta/ATU Local 732 Employees Retirement Plan
Defendants: Federal Deposit Insurance Corporation, WAMU Asset Acceptance Corporation, Washington Mutual Mortgage Securities Corporation, WaMu Capital Corporation, Richard Careaga, David Beck, Diane Novak, Thomas Green and Rolland Jurgens
Case Number: 2:2009cv00134
Filed: January 29, 2009
Court: Washington Western District Court
Office: Seattle Office [ Court Info ]
County: XX US, Outside District
Presiding Judge: Judge Ricardo S Martinez
Nature of Suit: Other Statutes - Securities/Commodities/Exchanges
Cause: 28:1441 Notice of Removal
Jurisdiction: U.S. Government Defendant
Jury Demanded By: None
Venegas v. JPMorgan Chase Bank, N.A. for itself and as Acquirer of Certain Assets and Liabilities of Washington Mutual Bank from the Federal Deposit Insurance Corporation Acting as Receiver et al
Plaintiff: Armando R. Venegas
Defendant: JPMorgan Chase Bank, N.A. for itself and as Acquirer of Certain Assets and Liabilities of Washington Mutual Bank from the Federal Deposit Insurance Corporation Acting as Receiver, Indymack Bank, Washington Mutual and Chase Bank
Case Number: 2:2009at00153
Filed: January 30, 2009
Court: California Eastern District Court
Office: Other Statutory Actions Office [ Court Info ]
County: Sacramento
Nature of Suit: Other Statutes - Other Statutory Actions
Cause: Federal Question
Jurisdiction: Federal Question
Jury Demanded By: 15:1601 Truth in Lending
Amount Demanded: $75,000.00
I don't know the details of the case, but it looks like it is definitely related.
Here is where that information came from.
There was a new 8-K filing today.
http://www.secinfo.com/dRx61.s28.d.htm
Here is a great video about the Federal Reserve, the same guys that tried to take WaMu down, and the issue of paying taxes is addressed.
This one is a must watch!
http://video.google.com/videoplay?docid=6507136891691870450
New 8-K
http://www.secinfo.com/dRx61.s28.htm
http://www.secinfo.com/dRx61.s28.d.htm
I don't think there is anything "new", but I haven't looked at it yet.
Just got the e-mail alert.
People that have shares issued to them as a form of payment for their work need to learn that it is all about selling as many times as you can.
You gotta take it when you can get it.
You should never buy common stock unless you are expecting a move.
If you are not expecting any news, and you are issued shares, you should sell them immediately.
All workers need to learn that standard 401k plans are a joke and a trap, and all of their money that goes into them right now should be put into preferreds only.
Pieces of $hit don't care about, nor do they have any respect for such words as "privileged" .
Also, it would basically be impossible to prove wrongdoing like that, unless someone was stupid enough to talk.
If these guys gave JPM inside info, nobody would ever own up to doing so.
I don't like it.
Hopefully the initial theory that a buyout was near and something happened is correct.
It is time to request uncensored documents.
Well hopefully they didn't get the inside scoop on what WMI's plans are and then jump ship back over to JPM.
Where is the documentation of the fair value, and where is the documentation that justifies selling the assets for less than fair value ?
This just makes me angry.
It looks like a kindergartener put it together.
http://jpm.isadork.com/docs/gib/Washington_Mutual_Bank_Closing_Book.pdf
Look at the Citi bid and the suggestions on page 4.
http://jpm.isadork.com/docs/gib/Citigroup_September_24_2008.pdf
Notice how there is no detailed list of assets with an estimated worth next to each asset .
There is still no record of exactly what was sold/purchased.
How could $1.88 B be considered a reasonably acceptable offer?
Wouldn't you think there would be more exact accounting of the assets?
WTF ?
It is my understanding that WMI filed a claim against the FDIC at the end of December.
The FDIC has 180 days to settle the claim, otherwise they can/will be sued.
I am saying that the US is saying that WMI owes them money now . Money they are certain is owed to them.
If they had to pay everything that the IRS says that it owes them NOW, it wouldn't be good.
The US will ultimately have to pay WMI a huge refund no matter how you break it down, but the US is arguing that speculation about future dealings is not valid support for an objection.
Don't worry, Washington Mutual Inc's lawyers are the best of the best, and they know exactly what they are doing.
180 days from the filing of the claim...
The FDIC has until the end of June.
I think they are going to pay BIG!
It's only a matter of time.
I don't think so either, but if WMI did have to pay everything they owe in "new" back taxes right now,
the party would be over instantly.
"The timing of a possible bankruptcy filing is not known and there is a possibility the company could negotiate a "prepackaged" bankruptcy with bondholders, unnamed sources told the news agency."
"possible" "not known" "possibility" and "unnamed" ?
Is this just a "fake leak" in order to send misinformation?
"Anita Lamont, a Charter spokeswoman, declined to comment Tuesday."
http://www.bizjournals.com/stlouis/stories/2009/02/02/daily27.html
So WTF?
Are they really "preparing" for bankruptcy, or are they going to announce that there was not a need to file for bankruptcy and that their debt has been successfully re-negoited?
If you are right, then atleast it was a fun couple of days.
I was getting used to seeing red next to WAMKQ.
It is disgusting to hear people arguing the law and supporting there arguments with precedents in this case considering the FACT that TONS OF LAWS WERE BROKEN by several parties that wanted Washington Mutual Inc. to fold.
Mary should put this on the agenda for August.
The US is simply saying that WMI's objection should be overruled because their arguments are not valid.
They then list a bunch of cases that are much different than this case. This is not your average bk case.
I think they are going after the money WMI owes them for taxes.
I don't think they are fighting for the $20B .
Certification of No Objection re: Notice of Proposed Sale of Debtors' Interests in Certain Investments Pursuant to Investment Sales Procedures [Docket No. 574]
Filed 2/3/2009 Docket 645
http://www.kccllc.net/documents/0812229/0812229090203000000000006.pdf
I have seen $20 B in court documents, and I love the drama.
IMO it is good that the US responded like this.
They showed their hand and this is the best they've got.
The cases reference didn't include a debtor that has 20B in NOL, a capital loss that is of similar value, and HUGE NUBIL and other losses that guarantee a HUGE REFUND for WMI.
Also, the US had to file a response, and now it is on the record.
What do you guys think?
FILED TODAY
2/3/2009 0812229-648 0644 United States' Response to Debtors' Objection to Proof of Claim Number 8 Filed by the Internal Revenue Service
http://www.kccllc.net/documents/0812229/0812229090203000000000005.pdf
So what's up?
There has been a lot of 20-50,000 plus trades going through for the past couple of weeks.
Is CHTR buying back their own shares cheap and planning on issuing those shares to creditors?
Under what circumstances do such alerts get dropped?
I'm not too familiar with Scottrade.
Hopefully it is the beginning of continuous "coverage" that is in our future.
Knight was too busy eating up the Ps.
Now he is selling to NITE for cheap.
ACRCA is bidding 5.25 MAXM is asking 4.75, and night is second up on the bid asking 4.61 and will probably be getting filled soon.
So was that 3,000 shorts covering real quick at 5.00 ?
Are they going to open the floodgates for the last half-hour?