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Good point.
Also, many of these creditors are also SHAREHOLDERS, and would greatly benefit by accepting a plan that does not wipe out the shares they hold.
I think you will see atleast a 10-15% gain by Wednesday.
Thanks for input from the perspective of someone that has seen this first hand.
It is very much appreciated.
The old article stated that JPM bought Washington Mutual Inc last year, which was inaccurate.
I think everybody is aware that is a possibility.
It happens in more than 98% of ch 11 cases.
I just received a response from Rick Green, US Insurance Editor for Bloomberg regarding an inaccurate story that
Edward Evans wrote a few days ago.
Here is an updated version of the article that was put out due to the inaccuracy of Edward Evans' initial story.
Notice how it no longer says that JPM bought WMI last year.
"Dimon’s bank salvaged Bear Stearns Cos. and assets of Washington Mutual Inc. last year, and is unlikely to make more acquisitions while it consolidates, the 52-year-old CEO said. "
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=afYmYskaGvTk
If they were planning on liquidating everything in order to pay creditors then this would move to chapter 7 liquidation.
I would imagine that they plan to pay the creditors by using the money they get in the form of a REFUND from the IRS and from the money they get from the FDIC in the form of a settlement.
I live in Wisconsin, and in my area Charter is the only option.
I also do not see why creditors would accept "new common stock" as a form of payment if the "new stock", if they do file BK, would be likely to tank right away anyways.
I personally feel that it is just a threat to "force" the creditors to re-negotiate their debt.
We'll see.
I sent a "nastygram" to the investor relations team late last night and am expecting a response within the next few days.
I will be sure to share the response I receive.
Here is my last e-mail to Steven Church.
He is actually a nice guy and it seems as though he is trying to report what is going on, however, I feel he is not performing his duties as a journalist to the best of his abilities, which is why I am continually prompting him to cover only issues that can be backed by verifiable facts.
"Steven.
I have another question, but this one is related to another story you just wrote regarding JPM and Washington Mutual Inc.
My question is related to the following quote from the following article.
http://seattlepi.nwsource.com/business/398065_wamu30.html
"...it bought WaMu's bank and other assets for $1.9 billion last year."
To what "other assets" are you referring?
The FDIC does not have the right to sell any non-banking assets, nor do they have the right to receive any non-banking assets.
So, either your reporting is inaccurate, or the FDIC did indeed transfer assets that they had no rights to receive or transfer, and if they indeed did sell non-banking (or as you refer to them as "other assets"), then why are you not reporting about the FDIC transferring assets that they had no rights to transfer?
Also, why have you not reported on the fact that Washington Mutual Inc filed a claim against the FDIC?
There are several court documents that prove that WMI's legal team not only prepared a claim agains the FDIC, but also filed it on 12/30/08 ?
In addition, you wrote an article talking about how Washington Mutual Inc owes the IRS money, but you still have failed to report on the fact that court documents suggest that Washington Mutual Inc is expecting a significant REFUND from the IRS.
It seems to me that you are not covering the whole story, and by failing to do so, you are misleading the public about the real happenings in this case.
If you could please respond to my inquiry, it would be very much appreciated.
Thank you kindly, and have a great weekend!"
My last response to the FDIC's last response.
"Thank you kindly for your quick response. It is very much appreciated.
I will definitely be contacting the FDIC's DRR on Monday as I am very disgusted with the way that the unjust seizure by the OTS and subsequent unethical, wreckless, and what I consider to be FRAUDULENT firesale of Washington Mutual Bank was handled.
I am extremely eager to receive all relevant documents surrounding the receivorship and sale of Washington Mutual Bank , especially schedule 3.1a which supposedly lists the assets that were sold to JPM, so that I can review them with my attorney.
Have a great weekend!"
Response received from the FDIC.
I just received this email. I sent a complaint on Monday and initially received an automated response that stated that I should not expect a response for atleast 4 weeks. My complaint was not a light and airy complaint and apparently someboy read it right away. It looks like I will be giving them a call on Monday.
"Date: January 30, 2009
Ref No: SCC2009W-001121-0
Dear Mr. S_______:
Thank you for contacting the FDIC's Division of Supervision and Consumer Protection.
The FDIC's Division of Resolutions and Receiverships (DRR) is responsible for the information you are requesting. I have copied DRR on this message, however, you will need to contact DRR at the toll-free number listed below.
Federal Deposit Insurance Corporation
Division of Resolutions and Receiverships
Field Operations Branch
1601 Bryan Street
Dallas, TX 75201
1-888-206-4662 (toll free)
Hours of operation 8:00 a.m. 4:00 p.m. CST
We trust this information is helpful.
Sincerely,
Janet R. Kincaid
Chief, Consumer Response Center
Federal Deposit Insurance Corporation
Division of Supervision and Consumer Protection
Consumer Response Center
2345 Grand Boulevard, Suite 100
Kansas City, MO 64108
1-800-378-9581
Fax number 703-812-1020"
I suggest that EVERYBODY who posts on this board should file a complaint and request ALL DOCUMENTS related to the receivorship of WMB whether you are an investor or not. The unjust seizure and illegal firesale affects ALL AMERICANS, not just shareholders.
I recommend sending an electronic complaint first so there is an electronic record of it and would follow it up with phone calls to the number above.
: ^ )
That's what it looks like is going to happen.
I wonder how long that will take?
I'm locked and loaded with the Ks and the Ps, atleast as locked and loaded as I can be.
I actually dumped my WAMUQ this morning and bought more Ps.
I am a very small fry but am doing the best I can.
I will get back into WAMUQ when I feel the time is right.
I would personally like to see the pps get back down to .03.
We'll see what the MMs do this time.
What is bullshit is that the MMs run LEHMQ up and down all the time, and those shareholders have a 0% chance of any recovery. Those guys had like $640 Billion in debt. WTF ?
I have bought and sold about 8 times.
Bought back in a couple of weeks ago and was waiting for the next run, but I am not getting a good feeling about the pps so I dumped.
I say the Ks are the play right now. They are preferred and they are cheap, and at current prices, the divi yield is more than adequate if they ever start paying them again or if they get bought out and assumed.
If he doesn't start covering the juicy stuff, I will dedicate my time to finding someone who will.
The claim filed with the FDIC needs to be included in a public article.
If Church won't write it, I might have to work with the Milwaukee Journal and see if someone will write about it.
I have a relative that worked for them for about 25 years and hopefully there are still some employees working there that she used to work with.
I'm sick of the selective reporting.
Viva said it right before when he stated that almost everything is a smoke-screen.
I've had enough of the smokescreens.
It has been 4 months and there has been nothing worthwhile included in most articles written about WMI.
There is some good stuff in those court documents, and court documents are a pretty valid source if you ask me.
Well the least these guys could do is correctly distinguish between WMB and WMI.
I also find it amazing that nobody wants to crack this story wide open.
We all know the same things.
Left off the "no short list", seized right before the announcement of the "bailout" for banks, Paulson quoted as saying "should have sold when you had the chance", well-capitalized at the time of the seizure, etc etc etc.
Why someone who calls themself a reporter would not want to dig a little bit in order to find the facts is beyond me.
I am trying to work with Steven Church at Bloomberg to start covering some of the juicy stuff.
He wrote an article about WMI owing the IRS $$, and I sent him some court links that suggest otherwise, along with some juicy tidbits like WMI filing the claim with the FDIC on Dec 30th. I told him he has a good opportunity to start reporting on things that nobody else has yet.
We have had some email correspondence and I have his cell # now.
I gave him a call yesterday but said he couldn't talk because he was in court.
We'll see what happens.
Some people are definitely going to be getting in trouble, and I think that these idiot reporters are going to help our cause.
Also, I sent another email to the guy who wrote the Bloomberg article referenced in the following post. I ripped into him real good and told him that I expected a revision to be put out otherwise I will have to take further action.
I really laid it on and 10 minutes after I sent it I got a phone call from someone at Bloomberg telling me that a revised article has been put out since they received my initial email. They left a message and also stated that they will be sending me an email with a link to the revision. I have yet to see the revision and am ready to take the gloves off.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=35181252
They have been looking like that for quite some time now.
I think the Ps and the Ks are going to steadily increase until WMI exits BK.
I bought more Ps today and now I'm done.
If the Ps jump as big as I think they will, I will have more money than I have ever had in my life.
I have about about 5 times the value of Ks than I have Ps, so if they both run I'll be good to go.
I think the Ps and the Ks are going to be the clear winners.
romang
I'm sure that those who do not have level 2 access appreciate your screenshots, but you should be careful when you post them because your account # shows up on the screenshots.
I would have sent this via PM, but you have me blocked.
Just trying to help you out.
"it bought WaMu's bank and other assets for $1.9 billion last year."
What's wrong with this quote?
The FDIC does not have the right to sell "other assets".
It is my understanding that they only have the right to receive and sell banking assets.
Statement of the Bank of New York Mellon Trust Company, N.A. as Indenture Trustee Pursuant to Federal Rule of Bankruptcy Procedure 2019
Filed 1/30/09
http://www.kccllc.net/documents/0812229/0812229090130000000000001.pdf
I just found this one.
Looks like they are "prepping" for BK.
I wonder if they are really going to file, or if this is just posturing with the intent of persuading creditors to re-negotiate their debt without actually filing.
http://www.guardian.co.uk/business/feedarticle/8335970
Judges Order Regarding the Bar Date
Must Read
1/30/2009 0812229-636 0632 Order Pursuant to Section 502(b)(9) of the Bankruptcy Code, Bankruptcy Rules 2002(a)(7),(f),(l), and 3003(c)(3) and Local Rule 2002-1(e) Establishing Deadline for Filing Proofs of Claims and Approving the Form and Manner of Notice Thereof
http://www.kccllc.net/documents/0812229/0812229090130000000000005.pdf
I hope it gets down that low.
We'll see.
It would be quite a gift if it hit .02 .
I think .03 is more realistic, but certainly wouldn't complain with .02 .
Also, don't forget about the naked shorts, and yes, this stock can be/is being shorted.
No doubt about it.
You are right that the supply is drying up, but one can argue that the laws of supply and demand are complete BS a lot of the time.
The MMs can still sell below .04 and make money.
Also, if there are enough people that think this is going to drop over the next 8-9 months, then they will dump now instead of watching market value shrink up.
The last run was from about .025 up to .08 not too long ago.
I hate to say it, but that Adophis guy might be right.
Don't be suprised if WAMUQ sees .03 again.
I dumped today, and if .04 really is the bottom, then I will have plenty of time to get back in before the REAL RUN .
Until then, I think that WAMKQ is by far the best play right now.
Why pay .04 for a common when you can get a non-convertible preferred for .14 ?
The last time I bought PQ was on 12/11/08 @ 2.30 .
I bought more today at 6.00.
Still holding on tight to my Ks and would recommend picking some of those up before the Ks and Ps run.
C is a buy again.
Might want to wait and see if it dips under 3.50 , but if you buy it right now , you will be able to sell it for a 15% gain next week.
So is this one only a matter of time before it shoots up?
Nice.
I bought in last Friday at .08 and failed to set up a sell at .10 today.
Oh well.
I see this thing taking off after an announcement is made that they have successfully re-negotiated the terms of their debt.
I think it is either someone buying WAHUQ for WMI or it is someone buying WAHUQ for JPM.
I think people are silly for chasing WAHUQ.
WAMKQ and WAMPQ are the clear winners.
I dumped my WAMUQ this morning and bought some more PQ before it gets too expensive.
That's it on the Ps for me.
Only the Ks from here on out.
At .14 it is a no brainer, especially since the commons are at .04.
Sure looks like everybody is hanging on tight to these shares.
I got in at .013 last Friday.
It is only a matter of time before this one takes off.
We'll see.
We'll see.
Without any solid news about the commons, a lot can happen over the next 8 months.
The last bottom was a liitle higher than .02, and that is when it shot up to .08.
I wouldn't be suprised if this drops down to under .03 again, and if it does, I'm back in again.
Until then, I am going to keep accumulating the Ks, because for the price, they are a WAY BETTER BUY than WAMUQ.
We'll see.
So I thought I was getting a good deal at .0134 a while back.
Guess not.
What do you guys think?
Are the MMs ever going to drop it to .000something?
Also, I bought in when they announced the preferred share dividend that never happened, but when that announcement came, which I thought would have been good news, the MMs dropped the pps like a ton of bricks.
WTF is going on with this stock?
Should I load up now or wait?
If they do announce the acquisition completion, is this thing going to run, or are the MMs going to take it down even further?
Any input would be very much appreciated, and if I don't respond it is because I am running low on posts.
Have a great day!
WRONG AGAIN !!!!!
I like seeing that 110,287 share trade at .14 .
Was that you Jerle?
Even if it drops back down to .135 later, it was still nice seeing green.
You have no idea what you are talking about !
NOL+NUBIL+Capital Loss = HUGE REFUND
Also, if you think that the FDIC is only going to pay $12Billion, you are sorely mistaken.
I suggest you either educate yourself on the FACTS surrounding this case.
If you do not, then you should not be contributing inaccurately speculative posts about a stock you know nothing about.
Misinformation is dangerous to investors, and your post is just that.
MISINFORMATION
That is correct sir!
WMI will be paying rent to themselves as usual.
Nothing like paying rent to yourself and being able to write it off as an operating expense.