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There is a real possibility that this turns into the Great American Story about how justice prevailed and how the common shareholders were not wiped out, which would thereby restore
INVESTOR CONFIDENCE.
We'll see.
It will take some time, but it will be worth the wait!
There are more documents surrounding the receivorship than the ones given to Ms. Bannister.
http://www.sidedraught.com/stocks/WashingtonMutual/JPMCoverLetter%5b1%5d.pdf
There is not a chance that I will settle for what was given to her.
Don't get me wrong, this is good stuff, but this is only the tip of the iceberg.
If they give me the runaround, I swear to God I will be a perpetual thorn in their side.
I have a friend who is a lawyer that will gladly take a few minutes here and there to send off paperwork to the FDIC on a regular basis.
They f#cked up, they know, and I will not accept BS responses.
I am going to RIP into this Evans guy tomorrow morning.
There is always the possibility that all shares will be cancelled, however, it is more than likely that after the NOL, NUBIL, and Capital Loss are figured into the assets (which will result in a HUGE TAX REFUND) and after the FDIC settles the claim that WMI filed against them, and after all of the non-cash assets on the A/L (which currently have an "undetermined" value) are re-valued according current market value, that the assets will heavily outweigh the liabilities, thereby resulting in enough equity to send the PPS of WAMKQ sky-high.
Also, these are preferred shares, so if the commons survive, the Ks survive for sure.
Most companies enter ch 11 because they can't pay their creditors. That is not why WMI entered ch 11. Most of their debt is long-term and is due over the next 30 years. WMI is in ch 11 because they had their banks stolen from them.
This is not your average bankruptcy case, and it will not end like your average bankruptcy case.
The Q will leave when WMI leaves BK .
It was stated in court , today, that WMI plans to exit BK by the end of the 3rd Quarter this year.
JPMorgan Chase faces lawsuits after pulling cash from Madoff
http://www.independent.co.uk/news/business/news/jpmorgan-chase-faces-lawsuits-after-pulling-cash-from-madoff-1520425.html
JPMorgan Chase faces AFTRA fund suit
http://www.pionline.com/apps/pbcs.dll/article?AID=/20090129/DAILYREG/901299967
AFTRA pension fund sues over loss
Retirement Fund seeks class-action status
http://www.variety.com/article/VR1117999279.html?
"JPMorgan Chase did not respond to a request for comment."
JP Morgan says has "plenty of capital"
http://uk.reuters.com/article/burningIssues/idUKTRE50S1V820090129
Why a surge of insider stock buying may not be so bullish
http://latimesblogs.latimes.com/money_co/2008/11/used-to-be-when.html
HAHAHAHAHA
That's right Z.
JPM better get used to hearing the word DENIED
coming out of Judge Mary Walrath's mouth.
Hahahahaha.
The only reason that common shares are ever cancelled in BK cases is because the debtor cannot pay their creditors.
Old shares are usually cancelled because the debtor has to issue new shares and give them to their creditors as payment for the debt.
Most companies enter chapter 11 because they cannot pay their creditors, however, in this case, WMI is in chapter 11 because their banks were stolen from them. Almost all of their debt is LONG-TERM and due over the next 30 years.
The commons cannot be cancelled simply because they are in chapter 11,
Also, many of the creditors in this case are also SHAREHOLDERS, and it would be in their best interest to accept any reasonable plan that includes keeping the commons in tact because they are going to make HUGE MONEY off of their shares.
That is 10,000% correct!
If any of the BIG DOGS thought the commons were in trouble, WAMUQ would already be at .01 or lower.
Also, if everyone hasn't already done so, file a
COMPLAINT WITH THE FDIC AND DON'T HOLD BACK!!!!!
REQUEST ALL INFORMATION RELATED TO THE RECEIVORSHIP OF WMB THAT HAS TO BE PROVIDED TO YOU UNDER THE FOIA !
My complaint was filled with LOADED words, and if I end up dead, it was either the OTS, the FDIC, Paulson, or JPM that killed me.
I'd say good luck, but this has nothing to do with luck!
Where is the WMI MASCOT ?
I was searching for it but can't find it.
Please post it again if possible, as it is WAY 2 FUNNY !
That is WAY 2 FUNNY !
If I ever have $10 that I don't want to spend on WAMKQ, I will definitely be sure to get a hold of Z and will
definitely put on a suit!
FYI- There were only 500 shares of the Series K Preferreds issued, and they were issued at $1,000,000 per share.
We own 1/40,000th of those shares in the form of each depositary share, which is represented by WAMKQ.
Rest assured that the 500 Shares of the Ks are locked up in a safe place and nothing is going to happen to them.
We are GOLDEN my friend!
WAMKQ = CASH or CASH
I'd say good luck, but this has nothing to do with luck!
The MMs want you to lose your patience and sell.
Don't do it.
If the pps goes down, BUY MORE !
Thanks buddy, and thanks for lobbying for me!!!!!
It is good to be back!
I'm still holding onto the Ks with all my might.
It is clear to me that the Ks are still the best buy.
Too many people still feel that there should be a relationship between the pps of the Ps and the Ks.
That is untrue, unless this moves into liquidation.
Also, if I understand the prospectus correctly, we have missed 1 dividend payment, and if WMI does come out of BK by the end of the 3rd quarter this year, that means that 3 more divi payments will be missed.
That means that if 2 more are missed after they come out of BK, 6 payments would have been missed which would result in
$25 CASH for all shares of the Ks.
If I do not hear back from him by the end of the day, I am going to be calling him to rip him a new one.
I am sick and tired of reporters writing articles about Washington Mutual Inc that are filled with inaccurate, misleading, and recklessly negligent information.
This email was nothing compared to the complaint I filed with the FDIC regarding the unjust seizure and illegal firesale.
I am done sitting back and watching.
It is time for everybody to be held accountable for their actions, and if that means that I have to spend all day, everyday playing games with reporters, then so be it!
I'd say good luck, but this has nothing to do with luck!
New Bloomberg Article Posted Today
Good morning fellow wamuers!
I just read a Bloomberg article that was posted on the internet today. Please be advised that this was not written by the journalist that I have been in contact with. The reporter that I contacted a couple of days ago has already been informed that it is in his best interest to do real research before writing articles about Washington Mutual Inc,and that it would be in his best interest to start writing about the Washington Mutual Inc court case and JUICY details like WMI filing a claim with the FDIC.
Having said that, I would like to post the e-mail that I just sent the reporter who posted today's article.
"Good Morning:
I am writing this e-mail in response to an irresponsible and inaccurate article that you just put out on the internet today.
The following quote from your article is inaccurate and misleading, and I expect a revision to be made to the article.
"Jan. 29 (Bloomberg) -- JPMorgan Chase & Co. is “unlikely” to acquire another firm in 2009 after buying Bear Stearns Cos. and Washington Mutual Inc. last year, Chief Executive Officer Jamie Dimon said. "
http://www.bloomberg.com/apps/news?pid=20601087&sid=ajVl2EeaGP.g&refer=home
JP Morgan DID NOT BUY WASHINGTON MUTUAL INC last year. They bought Washington Mutual Bank from the FDIC, which was a subsidiary of Washington Mutual Inc. There is a HUGE difference.
Even if Jamie Dimon did say that, which I doubt he did, it is your job as a journalist to add comments to the article specifying that even though Dimon said Washington Mutual Inc, his words were inaccurate, as JPM did not buy Washington Mutual Inc, they bought Washington Mutual Bank.
It is this kind of sloppy, effortless, and negligent reporting that is very dangerous to investors and the American Public as a whole. If you do not do the proper research that should accompany such an article, then you should not be writing such an article.
Please respond to this e-mail as soon as possible, and please let me know when a revision to this article will be posted.
Thank you kindly, and have a great day!"
What do you all think about that?
Mehedi, my predictions are that all items on the agenda will be ruled on, and ALL of them are going to go in Washington Mutual Inc's favor.
With regards to the Deadline for Filing Proofs of Claim and Approving the Form and Manner of Notice Thereof, The United States Trustee is on Washington Mutual Inc's side, as is the committee of unsecured creditors, and the only objection received came from JPM.
JPM is trying to play games, but Judge Mary Walrath is going to have none of it.
Washington Mutual Inc has all of their ducks in a row, and they have the BEST OF THE BEST working on their behalf.
All of the money that Washington Mutual Inc is spending on lawyers and consultants is money very well spent!
I'd say good luck, but this has nothing to do with luck!
The FACT is that the Republican Senators have already stated that the bill isn't going to pass as is.
I suggest you stay current with current events.
Amended Notice of Agenda of Matters Scheduled for Hearing on January 29, 2009 at 10:30 a.m. (EST)
Just uploaded a few minutes ago.
http://www.kccllc.net/documents/0812229/0812229090128000000000006.pdf
Also, if you haven't examined the following document yet, I would recommend doing so.
1/28/2009 0812229-621 0617 Third Monthly Application of Akin Gump Strauss Hauer & Feld LLP Co-Counsel for the Official Committee of Unsecured Creditors, for Interim Allowance of Compensation and for the Reimbursement of Expenses for Services Rendered During the Period from December 1, 2008 Through December 31, 2008
http://www.kccllc.net/documents/0812229/0812229090128000000000001.pdf
Also, do you think that WM is the one buying up all of the WAHUQ?
I would be if I was them. It is a good way to buy back debt at pennies on the dollar.
The SENATE is going to make amendments and send it back to the House.
Debate is going to start as early as this weekend.
It should be re-passed by the House and then passed by the Senate within a couple of weeks.
THE COMMITTEE’S REPLY
It is time for JPM to suck it up. They have to take the good with the bad, but so far they have only taken the good.
Well guess what? It's time for them to take the bad.
WMI says so, the committe of unsecured creditors says so, and tomorrow the honorable Mary Walrath will say so.
Look at Exhibit A and SMILE !
http://www.kccllc.net/documents/0812229/0812229090127000000000004.pdf
The low pps of the Ks is to EVERYONE'S BENEFIT.
Hats off to the ETRADE MMs and the Knight MMs for doing what I consider to be GREAT WORK !
Anytime you can buy a preffered share at a price that is
1/2 of 1 dividend payment you should consider yourself blessed.
I understand your frustration, but the low pps really is a good thing.
Second and Union was never a subsidiary of WMB as far as I know.
If someone has proof that suggests otherwise I would love to see it.
I believe that WMI will be paying rent to Second and Union, but I feel that the result will, in essence, be like paying rent to itself, just as they have always done.
The structure of WMI is a beautiful thing.
As far as I know, Second and Union is/was a non-banking asset, and if it was "seized" and "sold", then both the seizure and sale were both illegal as it is not a
banking asset.
You gotta love it when the committee of unsecured creditors says that JPM is full of it.
"4. By this Motion, the Committee respectfully requests entry of an order granting the Committee leave and permission to file the Reply in the form attached hereto as Exhibit A. The Reply responds to the various factual and legal arguments asserted by JPMorgan and sets forth why those arguments and the Objection should be overruled and the Bar Date Motion granted. Accordingly, the Committee submits that the Reply will assist the Court in the consideration of the Bar Date Motion."
"A. JPMorgan Has Had Sufficient Time to Identify
Alleged Claims Against the Debtors’ Estates
10. The Committee agrees with JPMorgan and the Debtors that the cases are “large and complex” and that the liquidation of the Debtors’ estates has been complicated by the interplay between the WMB receivership, the sale of WMB to JPMorgan by the receiver, and these chapter 11 cases. That said, JPMorgan’s concerns about insufficient time ring hollow given
the internal and external resources at JPMorgan’s command and the six month period in which JPMorgan will have had to identify what alleged claims, if any, it may possess against the Debtors’ estates.4 In contrast, the Debtors, with the assistance of the Committee, were able to marshal their resources to timely prepare and file a comprehensive and detailed proof of claim in the WMB receivership by the December 30, 2008 claims bar date established in such proceeding. JPMorgan, with tens of thousands of former WMB employees at their disposal and capable advisers, should be able to marshal its resources as well to comply with the Bar Date in these cases. If it fails to do so, it has the right to seek relief from this Court to explain the basis for its
failure under an excusable neglect standard."
The document should really be read in its entirety.
1/27/2009 0812229-619 0615 Motion for Leave to File 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), and (l) 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
http://www.kccllc.net/documents/0812229/0812229090127000000000004.pdf
I was actually in contact with ETRADE a couple of months ago and had several 1 hour + conversations with them in which I explained the value of WAMKQ.
I told them how they should control the price and how they should accumulate as many of these shares as they can.
I could be doing bad research, but it is my firm belief that they listened to me and have indeed been accumulating the Ks, and LOTS of them.
I started by sending electronic messages LAYING IT OUT for them, and after the second one, I got a message from a manager asking me to give him a call.
The rest is history, or almost history.
I'd say good luck, but this has nothing to do with luck!
It is about time.
It hurts to "lose" so much everytime it goes down by .01 , but it feels SOOO GOOOD to "gain" when it goes up.
The K's will have their day, as will all of the WMI securities, but I have almost all of my $$$$ in the Ks.
They are not convertible, they pay dividends, and even though they are perpetual, if 6 divi payments are missed, the $25 liquidation value will be paid.
The Ks are still the clear winner.
Woooh Hoooo!
The Senate is not going to pass it.
They are going to make amendments and send it back to the House.
CARRYBACK PROVISION IN THE STIMULUS BILL
The Senate is going to make changes to the stimulus legislation that was passed by the House and will send it back to the House after amendments are made.
The stimulus package WILL PASS, but it is not likely to pass tomorrow. It should get passed within a couple of weeks.
Everyone is in favor of the carryback provision, but the Rs are posturing and aren't going to pass the stimulus package tomorrow.
I hope I'm wrong, but I am certain that I'm correct, so don't be surpised when it doesn't pass.
I'd say good luck, but this has NOTHING to do with luck!
Best post on this board!
Hands down!!!!!
Thank you for the well-thought-out and supported post!
I'd say good luck, but this has NOTHING to do with luck!
So was the 5% increase at the EOD manipulation by the MMs too, or do you only accuse them of manipulation when the price goes down?
I only hear you complain about the MMs when the pps goes down, but when the pps goes up you say nothing about the MMs.
I am just curious, if you would be so kind as to grace us with your expertise and extensive knowledge, as to what justification you use to support such comments regarding the MMs holding the price down.
The bottom line is that if there is not enough support to sustain a certain price, then the price will drop.
Someone can buy 1,000 shares of WAMPQ at 5.00, but if nobody else is willing to pay 5.00 , then the price will go back down. That is not manipulation, that is the market.
Please enlighten all of us!
Call me whatever you want, but the FACT remains that if EVERYBODY who bids for WAMPQ tomorrow bid $10 , the price would go up PERIOD. If NITE sets his ask at 4.50 and 100 bids come in at $10/share, you better believe the pps would go up.
The market price is determined by VOLUME at PRICE. If nobody is willing to pay $10/share , then the price will never get up to $10 per share.
I am sick and tired of seeing this board filled up with nothing but “MM manipulation” posts.
“Who’s on the ask?” “Level 2 Please” “Is NITE on the ask?”, etc etc etc
If I would have sold WAMPQ today at 3.50, which I didn’t (I bought more), then you would be saying that it was the MMs manipulating the price downward, which would have been incorrect.
The FACT is that you are investing in a company that is currently in BK (not for long though) and the low pps is not the result of manipulation.
I suggest that you obtain access to Level 2 so that you don’t have to fill the board with misleading, and inaccurately speculative posts.
The PPS of WAMPQ will be rising SOON. When it does, are you going to be accusing the MMs of manipulating the pps upward?????
Give up your little manipulation theories.
That is all that is posted on this board.
If you all want the price to go up, then start bidding
$10 per share on the WAMPQ. If you did that, you would see the price shoot up.
The FACT is that people bid lower than the ask and people sell lower than the ask.
It is not manipulation, it is called buying and selling.
Are the MMs manipulating FNM too ?
Hang in there buddy!
This isn't going to close under .04 again.
There are NO big sells, only BIG BUYS .
The fact that the pps didn't tank after the Bull$hit articles put out by uneducated "reporters" is a GREAT sign.
Also, there is GOOD NEWS on the horizon.
Patience my friend, patience.
I'd say good luck, but this has nothing to do with luck!
Per the OTS and the FDIC, Washington Mutual Inc was not insolvent. (prove me wrong!)
Also, your mark-to-market theory doesn't hold any truth or weight. If it did, Washington Mutual Inc would be facing fines and penalties for their accounting practices, which they are not.
As always, your arguments are childish and foolish, and it is clear that you don't have the capacity to understand the reality of this situation.
I suggest that you do some REAL RESEARCH.
If you're short, you better cover because WAMUQ isn't dropping below .04 .
Thanks for your input as it is very entertaining and all of your posts provide an excellent example of what an unsupported and baseless argument really is.
I'd say good luck, but this has nothing to do with luck!
We will have to agree to disagree on WAHUQ.
You are not going to see $50 per share for WAHUQ for a very LONG time.
It is still a great buy, but not as good a buy as WAMKQ.
The NOL is ours, a HUGE refund IS coming our way, and Washington Mutual Inc has A LOT more asset value than the
INCOMPLETE A/L filed on December 19th suggests.
Do a little more homework and you will see that your Ks are going to outperform your HUs by thousands of percentage points.
I'd say good luck, but this has nothing to do with luck!
If everybody who bought WAMPQ bid .10 over the ask on every buy, you would see WAMPQ shoot straight up.
When people constantly bid under the ask and try to lowball, then the bid stays low.
If people aren't willing to pay more than the ask, then the price never goes anywhere.
It is to your advantage that the price is so low right now!!!
Nice stack of the Ks!!!!!
I do, however, disagree with your assessment of WAHUQ.
Full value isn't payable on WAHUQ for 30 more years.
The dividends/interest won't be paid until WMI is out of BK, although the missed payments from the period of time WMI is in bankruptcy will be payable, but won't be paid until 2041.
I can make more than 10 times my money in 30 years by purchasing other securities.
WAHUQ is not all it's cracked up to be.
Also, the current A/L doesn't mean anything as far as I'm concerned.
Anyone who thinks that the current A/L is an accurate reflection of the true value of Washington Mutual Inc needs to have their head examined.
I think people are foolishly chasing WAHUQ.
WAMKQ is still the best buy.
Current price of .13 or so, and once it starts trading on the BIGBOARD and paying dividends of 1.00 per year again, the current price will give you a dividend ratio of 777 % . That means you can lock in the % if you buy and hold.
If you load up on WAMKQ, you are going to be very happy.
The current dividend/interest yield on WAHUQ is only 53.75% at current prices, and everytime the pps goes up, the yield goes down. Yes WAHUQ is "first in line", but that is only in a liquidation scenario. Yes, WAHUQ holders will be paid the interest payments missed while in BK, however, that interest gets added on to the maturity price of $50 and doesn't get paid until 2041.
WAHUQ is NOT the BEST BUY if you ask me.
I'd say good luck, but this has nothing to do with luck!
There are very few that are opposed to the legislation, and anybody who opposes the legislation will not be making a smart political move.
Such legislation will clearly benefit BUSINESS , and not supporting the legislation can and will be interpreted as not wanting BUSINESS to benefit.
Nobody wants to be seen as someone who does not want
BUSINESS to benefit.
BUSINESS NEEDS to benefit NOW
more than ever, and therefore the legislation WILL PASS.
A little bit oh, and a whole $$$hitload of YEAH BABY !
I'd say good luck, but this has nothing to do with luck!
Look at PCD10 on page 22 and the dates and activities on page 29 of the following PDF.
http://www.kccllc.net/documents/0812229/0812229090123000000000006.pdf