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Were those your 400 that just got pushed through?
100,000 shares just through @ $6.00
I can almost guarantee you that there are tons of buy orders out right now, and the MMs are just being pricks and stalling the action.
Guaranteed they could take down trades right now, and they aren't taking 'em down.
Unbelievable.
Dimon's probably still getting them.
The MMs are making the profit takers sell low.
I figure if positive news comes out, such as successful re-noegotiation of debt without the cancellation of the stock, then this puppy will run hard.
If that happens, I'll wait for the news and hop in and ride for a while. If I am unable to do that, so be it.
Good luck, and it looks like the MMs are going to bounce it up and down by 10% + everyday, so it will play as long as it trades.
Right.
Pretty classic.
Creditors need to be paid at 100 cents on the dollar before commons see anything.
Most often the debtor can't pay its creditors 100 cents on the dollar,which is why they go to bk in the first place, and satisfy the creditor with partial monetary payment +
"new paper" . If new paper gets issued, the old paper gets cancelled.
I got out of this yesterday morning, but I am still not entirely convinced that they are going to file.
It's all about respect, ethics, presentation, professionalism, effective communication, and The LAW.
Money well spent right here:
2/2/2009 0812229-640 0636 Third Monthly Fee Application of Pepper Hamilton LLP, Co-Counsel for the Official Committee of Unsecured Creditors, for the Compensation and Reimbursement of Expenses Incurred for the Period December 1, 2008 Through December 31, 2008
http://www.kccllc.net/documents/0812229/0812229090202000000000004.pdf
Monthly Operating Report for Washington Mutual, Inc for the Period December 1, 2008 Through December 31, 2008
Filed Today:
http://www.kccllc.net/documents/0812229/0812229090202000000000007.pdf
It is an excellent, logical, and to-the-point response, and it is now officially on the record.
I think it means that the creditors are on WMI's side and they know that JPM and the FDIC are a bunch of crooks.
How can somebody buy a huge-@$$ bank, and then tell the court they need more time to figure out what they got?
Something stinks, and it's still JPM and the FDIC.
I hope Bair rats those guys out.
Has anyone viewed the transcript?
2/2/2009 0812229-638 0634 Notice of Filing of Transcript and of Deadlines Related to Restriction and Redaction
http://www.kccllc.net/documents/0812229/0812229090202000000000002.pdf
This is the 3rd time I've bought.
Each time I thought was a good time, but I think this is the time.
I am planning on accumulating as many as possible and actually hope that the pps stays low for a while .
Reply of the Official Committee of Unsecured Creditors of Washington Mutual Inc, et al to JPMorgan Chase Bank, National Association's Response and Limited Objection to Motion of the Debtors for an Order, Pursuant to Section 502(b)(9) of the Bankruptcy Code, Bankruptcy Rules 2002(a)(7), (f), (I) and 3003(c)(3), and Local Rule 2002-1(e), Establishing the Deadline for Filing Proofs of Claim and Approving the Form and Manner of Notice Thereof
Filed Today:
http://www.kccllc.net/documents/0812229/0812229090202000000000001.pdf
There are a few more docs out there.
Well I say that .002 is cheap .
I think they are going to hold it here for a while .
But when they let it go, it should trade smooth if everybody does it right.
That's a good point about the preferreds.
WTF?
I bought more after I read that they were going to be issuing them.
UFB !
I'm not selling.
I have only sold some off a couple times that were shares I bought @ 2.30 back on 12/11/08 .
I am only accumulating now.
Just hold the Ps and the Ks.
Something's gotta be going on.
You know something's up when the MMs won't fill your overbid.
I swear I have put in a buy order on the Ks @ 1.00 , and they wouldn't even take it down.
I'm on the train.
Did you just see the 5,749,300 share trade go through?
I'll accumulate it.
I'm not kidding.
I overbid again this morning, and it went through at the ask.
I don't know what the F they are doing, but they won't even take down bids that are over their asks.
You could have put in a BIG BUY order at $7.00 at the end of the day, and the MMs wouldn't have even sold them to you @ $7.00 .
Got that right!
It was great to see!
These things are very underpriced!
Somebody is holding this down.
I overbid by a lot this morning, and it went through under the ask.
Something's not right.
Did you see that classic Knight move like 30 seconds ago?
I think you put in a bid right now for 3,550 shares @ 6.50 , they would go through at the ask of 5.75 , so you guys sold me, it's pure manipulation.
The good news is that they are manipulating it so they can accumulate as many shares as possible before they run it up.
I would think the MMs are lining up as many as they can to take down @.20 ...
Serves me right for breaking my 20% and out "rule".
It definitely looks like the MMs are indeed stalling out the traders.
We'll see what happens.
I am still guessing that it drops for a while.
They should spread this out to .20 - .25
Make the profit takers dump at .20 and make the buyers buy at .25 .
I agree.
It is good to see the MMs buying the 25,000 share dump @.20
So why would a creditor accept payment in the form of a "new" stock that would likely drop right away?
Just so they can sell it right away and get real money or what?
I would rather have real money in the first place.
These people have significant interest and substantial ownership in the company.
I think today is just move #1.
I have never researched chapter 13.
Can common shares be cancelled in chapter 13?
I think the Ps are going to run during the last part of the day. If they don't, they'll run tomorrow.
8,500 pushed through at .21
What to do you think?