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It stated: "December 22, 2008, the securities of the Company will not be eligible for quotation on the OTC Bulletin Board ("OTCBB") and therefore, will be removed."
note that "securities"means not only one stock.
http://biz.yahoo.com/e/081210/dimeq.pk8-k.html
I think all of threee stocks : wamuQ, wampQ, wamkQ to be removed, excepts WAHQE, wahqe is not the stock issued by Wamu,inc. it was issued by its trust.
Moody's Downgrades Washington Mutual Inc. Senior Debt to Ca.
"It is principally this risk that led to the Ca rating on the Wamu Inc. senior debt -- a rating that indicates that loss severity could reach 50% or more. In any scenario, Moody's expects the severity of loss on WaMu Inc. subordinate debt and preferred stock to be very high, and this supports the C ratings on these instruments. "
http://www.istockanalyst.com/article/viewiStockNews/articleid/2869942
If senior debt can only receive its 50% value back, then all other subordinate debt , preferred stocks and common stock will receive nothing.
I can't believe Moody still interest in rating a B.K stock.
Based on the first paragraph of court filing, the WFC's $1.15B debt was issued by Washington Mutual,Inc (wamuQ)on April 30, 2001.
http://www.kccllc.net/documents/0812229/0812229081204000000000037.pdf
the value of subsidiaries is $1,903,821,721. this amount is stated on the MONTHLY OPERATING REPORT on the assets list.
http://www.sec.gov/Archives/edgar/data/933136/000090951808000870/mm12-0208_8ke991mor.htm
right, this is a monthly operating report. its assets and liabilities just for referrence only.
The important data on this report is that the assets value is now been slashed down from $32B to only $7.71B , the liabilities is about the same $8.76B. This means assets is less than liabilites. If it is correct,it further means preferred and common stock has $0 equity. but the good is that the value of NOL was not included in that assets.
No, this is Monthly Operating Report, which was not prepared for the purpose of providing the basis for an investment decision relating to any of the securities of WMI. The Monthly Operating Report is limited in scope, covers a limited time period, and has been prepared solely for the purpose of complying with the monthly reporting requirements of the Bankruptcy Court and the United States Trustee. The Monthly Operating Report was not audited or reviewed by independent accountants; does not purport to present the financial statements of WMI in accordance with generally accepted accounting principles.
This report is only for referrence,not offical assets report.
Sorry, I have to correct that WMI's assets of $7.7B is already included the WMI investment corp's assets of $0.988B. therefore, the total WMI post B.K assets based on the report is $7.71B.
the post B.K liabilites is $8.28B.
the assets value is less than its liabilites without the value of NOL.
575 million is not in excess of liabilities. Based on the Monthly report WMI's liabilities is bigger than assets, WMI has not enough assets to pay its liabilities. assets $7.71B vs liabilities $8.76B.
On the filing stated: Investment in subsidiaries is $1,903,821,721. WMI investment Corp is one of subsidiaries of WMI,therefor the $1.9B asset is included with WMI investment corp's asset. the $977M shouldn't be added to WMI's assets again.
On the report tells WMI has no equity for shareholders,including preferred stocks,because assets value is less than liabilities owed. but these value did not included the value of NOL. We don't know the NOL exact value yet. I guess somewhat around $3B.
the $4.4B cash was included, see the section: Schedule of Cash Receipts and Disbursements on filed monthly report. they did count the deposit from JPM/wmB.
http://www.sec.gov/Archives/edgar/data/933136/000090951808000870/mm12-0208_8ke991mor.htm
$1.9B is belong to FDIC to be used to settle down the $14B unsecured noteholder of WMB.
I guess the cash is inclued,but not sure. On 8k it stated that Unrestricted cash: $4,266,036,078;restricted cash $144,005,882, total about $4.4B.
based on 8K filed:
Total assets:( WM,inc + WMI investment corp): $7.71B+$0.988B=$8.7B
Total liabilities: $8.28B
equity to be $8.7B-$8.28B=$0.42B
the nagitive equity from WM,inc of $(575,852,594)+ positive equity from WMI investment corp of $987,670,919. so that
the total equity will be $0.42B.
If so, Wamu stock is real worthless,but I believe the equity shall add the value of NOL about $3B.
The total face value of public and private preferred stocks of WMI:
WamPQ: $3.0B
WamkQ: $500M
series I: $1.25B
series J: $750M
series L: $500M
series M: $500M
series N: $1.0B
The total face value: $7.5B
News: the World second richest man purchased 26M share about 1% citigroup common shares.
http://www.bloomberg.com/apps/news?pid=20601087&sid=a_Gk476nXPy4&refer=home
Sandler, O'Neill & Partners LP analyst Jeff Harte upgraded Citi to a "Buy" from "Hold"
http://www.forbes.com/feeds/ap/2008/11/25/ap5741124.html
Associated Press
Citigroup shares rise for second straight day
Associated Press, 11.25.08, 11:36 AM EST
Citigroup Inc. shares rose sharply for the second straight day after the government announced a plan to provide the struggling bank with hundreds of billions of dollars in additional support.
Shares of Citi rose 40 cents, or 6.7 percent to $6.35 in morning trading. Shares surged 58 percent Monday, a day after the government deal was announced.
Sandler, O'Neill & Partners LP analyst Jeff Harte upgraded Citi to a "Buy" from "Hold" because of the additional support. Harte, though, cut his fourth-quarter and 2009 forecasts because of revised expectations for losses.
Fox-Pitt Kelton analyst David Trone late on Monday also cut his estimates, now projecting quarterly losses through the second quarter in 2009.
Late Sunday, the Treasury Department, Federal Reserve and Federal Deposit Insurance Corp., announced a plan to help Citi avoid the fate of other financial firms felled by the ongoing credit crisis.
The Treasury Department will provide Citi with an additional $20 billion, on top of an earlier investment of $25 billion. That cash will come from the government's $700 billion bank investment program aimed at providing relief for banks and in an effort to spur lending amid the economic downturn.
The Treasury and FDIC will also help guarantee potential losses on up to $306 billion of risky loans and securities backed by mortgages held by Citi. Under the agreement, Citi will assume the first $29 billion in losses on the assets. After that, the government will absorb 90 percent of the remaining losses, with Citi shouldering the other 10 percent.
Money from the $700 billion government investment program and from the FDIC would help cover those potential losses. The government will receive additional preferred stock in Citi and warrants to purchase common stock.
"Government actions reinforce our belief that the government has drawn a proverbial line in the sand around Citi's survival," Harte wrote in a research note. Harte said the deal with the government is a positive for shareholders as well.
Citigroup has been among the hardest hit banks by the ongoing credit crisis and posted four consecutive quarterly losses, including a $2.8 billion loss during the third quarter. The bank's share price tumbled precipitously last week amid fears about its near-term solvency.
Harte now expects Citi to post a loss of 62 cents per share during the fourth quarter, compared with a previous estimate for earnings of 6 cents per share. He cut his 2009 earnings estimate to $1 per share from $1.70 per share.
The cut in estimates is based on "significantly increased credit reserve builds and asset market-to-market losses," Harte wrote in the note. The 2009 estimate also includes rising credit costs and the preferred dividend payments to the government, he added.
Fox-Pitt's Trone now expects Citi to post a loss of 83 cents per share during the fourth quarter, compared with a prior loss estimate of 79 cents per share. He expects a 2009 loss of 8 cents per share instead of earnings of 28 cents per share as previously anticipated.
Analysts polled by Thomson Reuters, on average, forecast a loss of 42 cents per share during the fourth quarter and earnings of 44 cents per share for 2009.
This's a bullshit and stupid report trying to manipulate the market. I've never believed the rating they report. You have to use your own brain. in fact, the stock after hour trading was up to $6.12 and closed by MM putting 50 share sell on $6.05.
Take a look at others upgraded C from hold to buy.
Citigroup-C upgraded to Buy from Hold at Sandler O'Neill 11/25 08:06 AM
Sandler O'Neill believes shareholders are on the "right side of the government's" actions and that balance sheet now has a backstop. Target$8.
No, they share with other preferred stocks,excepts Wahuq to be paid first.
"WMI paid about 3 billion in taxes for 2006 and 2007" where did you get these 3B taxes from? Wamu only made $3.5B revenue on 2006, it had no income for 2006 with 67M loss. How can it be able to pay 3B taxes for 2006 and 2007?
http://finance.google.com/finance?q=wamuq
Wamu might be able to get $1B refund from 2006 and 2007.not $3B.
WMI will not have default loss on these investments. it will violate the B.K Rule of automate stay .
Two questions for your message:
1. the dividend payment on WaMkQ you posted:$2.5/share/Qt that means $10/share/yr. With $25 face value. Do you think that WaMKQ has dividend payment of 40% of its face value is correct?
2. Why would JPM get the $1.9B back from FDIC if he could kick out of $14B unsecured noteholders of WMB. To get the $1.9B cash back or wipe off $14B debts, Tell me which one will means more value to JPM ?
someone pulled down PQ from $4.50 by selling 25 shares at $4.00
Can some buy 10 share PQ at $4.50, to keep it up.
Is JPM been shorted? are WaMU shareholders shorting JPM? JPM has been down all week, Market are now up almost 400 point, JPM still down 10%.
That is nonsense. private and public preferred stock altogether more than $6B already.
then,retired your wife.
FDIC seized the WMB,in other words,FDIC took(robbed) the banks for free from WMI. and sold the Banks to JPM for $1.9B. these$1.9B is not belong to WMI. These $1.9B is belong to FDIC and use them to pay around $14B WMB's unsecured noteholders who got kicked out of JPM.
Did you see that JPM paid $1.9B,then kicked out of $14B debts. How much did JPM actually gain from this "present"?
I do not understand why FDIC and JPM unreasonably challenged this issue.
Let's say: WMB that JPM purchased was a under age adopted son of WMI.
I spent lots money and raised the adopted son for years, I gets tax refund every year, but Now my adopted son turned back to his own parents, you tell me ,AM I entitled for the tax refund from previous years for supporting the adopted son, or his parents gets the tax refund for the previous years that they did not paid anything to support his son?
Is this simple question helpful to answer why the NOL ought to belong to WMI ?
Let's say: WMB that JPM purchased was a under age adopted son of WMI.
I spent lots money and raised the adopted son for years, I gets tax refund every year, but Now my adopted son turned back to his own parents, you tell me ,AM I entitled for the tax refund from previous years for supporting the adopted son, or his parents gets the tax refund for the previous years that they did not paid anything to support his son?
Is this simple question helpful to answer why the NOL ought to belong to WMI ?
In fact, not much need to be fixed in B.K . WMI's B.K is simple without its banking units. besides the $4.4B cash and NOL benefit, WMI need to revaluate its assets and negotiate with creditors to see if they want to continue as lenders or want to exchange debts to become investors of new company. If they all want to continue as lenders (lender is safer than investor),then WMI might keep the same term or better term with those debts, at this situation, the common stock will not be cancelled, preferred stock will resume its dividend. That is best way and fast way to come out of B.K , then emerge with other banking institution. It is not impossible that WMI could come out of B.K as soon as next year. That will be a very successful B.K.
That pic is tea trees from china
Although exact time or date to emerge is out of company's control. However,it could be a timeline they estimeted. in fact, most B.K takes about 2yrs to come out. Only takes about one and half years from now to Feb, 2010. It is fast. WMI's B.K is not as complicated as others after all.
I personally don't believe there will be any buyout during B.K period.
For example; if you want to sell a broken car, for the better selling price, you would have to fix it ,clean and shine it before sell it out. Same thing to WMI, WMI is already in the B.K and has been paying the expensive cost to be fixed and reorganizing itself in order to have better and fresh look to show up again. The Buyout or merger most likely will be occurred soon after B.k. but not now. it is all just your expectation and hope.
On the 8K filed stated:
" Unless terminated for Cause (as defined in the Offer Letter), Mr. Williams’ employment will be (a) from November 13, 2008 to January 14, 2010, and (b) from month-to-month thereafter through February 2010, unless terminated (with or without Cause) prior to that date. "
This employment time schedule set from Nov 13,2008 to Feb 2010. Does this imply that WMI is planning and preparing to emerge from B.K around early 2010?
WMI's $4.4B cash wasn't sold to JPM. It was deposited in the WMB that JPM bought. FDIC and JPM didn't even know WMI has such huge amount of cash left. They were stealing WMB in the hurry.
Can i pay you $2 cash for a suitcase with $5 cash in it?
KQ Level II :
The reason WAMKQ has such power to went up and down strong and quickly, compare to WamPQ because:
WAMKQ price is below $1, This price attracts many penny stock lovers.
WAMKQ although has 20M outstanding shares,More than 6 times compare to WampQ's 3M shares, however WampQ's price currently trading is around 30 times of WAMkQ.Therefore, WAMKQ's share float is relatively 5 times tighter than WMPQ. Same amount of money you could buy WamkQ shares 30 times more than WamPQ's.
( for example: if you want to invest $1000, you could buy WamkQ 5000 shares,but you could only buy 180 shares of WAMPQ.
5000 shares to 20M is 0.025%, 180 shares to 3M outstanding shares is 0.006%. This figure means the shares of WamkQ will be consumed 4-5 times faster than WAMPQ. That is the main power that could drive WAMKQ up so fast.
WAmKQ's current price is reaching to the same level of WamPQ compares to their face value relatively, With above such said power, in my opinion WAMkQ could rebounce soon and harder than PQ.
PQ was originally issued to institutions only for $1000/share.
Do doubt there are still 80% held by institutions.
The reason WAMKQ has such power to went up quick and high compare to WamPQ because:
WAMKQ price is below $1, This price attracts many penny stock lovers.
WAMKQ although has 20M outstanding shares,More than 6 times compare to WampQ's 3M shares, however WampQ's price currently trading is around 30 times of WAMkQ.Therefore, WAMKQ's share float is relatively 5 times tighter than WMPQ. Same amount of money you could buy WamkQ shares 30 times more than WamPQ's.
( for example: if you want to invest $1000, you could buy WamkQ 5000 shares,but you could only buy 180 shares of WAMPQ.
5000 shares to 20M is 0.025%, 180 shares to 3M outstanding shares is 0.006%. This figure means the shares of WamkQ will be consumed 4-5 times faster than WAMPQ. That is the main power that could drive WAMKQ up so fast.
Although, WAmKQ's current price is higher than WamPQ compares to their face value relatively, With above such said power WAMkQ will rise high and strong again.