Washington Mutual Mortgage Reinsurance, Inc. - stock holders won in this major bankruptcy case.
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Z D,
Thanks for that link to the video card that runs 4 monitors on one PCIe slot. Nice. Amazon has it for $150ish. I spent hours Sunday sorting through options. I like the Gigabyte Motherboards, MBs, http://www.newegg.com/Product/Product.aspx?Item=N82E16813128075 or this MB;
http://www.asus.com/products.aspx?l1=3&l2=11&l3=473&model=1474&modelmenu=1
and the CPU: AMD Phenom 9950 BLACK EDITION 2.6GHz Socket AM2+ 140W Quad-Core Processor
The card you mentioned does reduce the cost of bringing on 4 monitors in one way but it ups the cost of the power supply to get it to 650w and the the specs reccomend a case that might be more expensive then the one I have in hand...
Since I have never run more than one monitor on each machine I wonder how one card will work better than 2.
Just some thoughts for others who may want to build a trading station. The market is going to surge forward sometime in the next year, maybe, I want to be ready!
J in Seattle
Finally, it's here, the door way into virtual realty. Thanks for the research Z D. I was at Tom's site but I just wasn't thinking big enough.
And I've been configuring a desktop with 3 monitors, : (
When I get this consoule I will hire a nurse / assistant with tech support skills that can cook. I would have to use a bib though... due the recliner feature, but's okay.
J
Monk, I would suggest no upgrades for you! Don't fix it if it's working and it's working for you and the rest of us!
J
Z_d,
You and I should take this to email. This is the type of conversation I need. I'm not a paid member this month on ihub, next month I will be. Send me a pm with your email.
I have Ubuntu here but now that there is a install that goes on top of XP I will download that. Thanks.
My trading station goal is going to require that I build a Quad Core, 64 bit machine but that's not out of my league. It's just putting all the pieces together in the most cost effective manner. I like Asus MBs, and I have a case here that will work. I'm not a gamer, I just want the trading data in my face so to speak.
I can get 2 flat screens for the first machine and work forward from there. I still have 3 other machines working anyway. Actually, I want to set up a server and stop using 3 versions of everything! I'll take a good look at the multi monitor device next.
J
OS 7 from Microsoft is free for the fist 2 million. It's beta but it's good. I downloaded it from their site but haven't installed it. I did hear it is fine from another techie type.
I was looking at the configuration Monk has... I'm still trying to piece it together. Thanks for asking what OS he is running. I like XP Pro too.
He has 5 monitors and one computer? Ummm. I can see getting 5 monitors running off 2 computers but I'm not seeing 5 monitors off one, even with 2 video cards. Each card can run 2 monitors so one computer could run 4 monitors but can 1 computer run 5 if there are 2 video cards in there? Monk?
TIA, Joseph in Seattle
super cool. Thanks! Take your time. Joseph
Hello Monk,
Would you be so kind as to spec out that 5 monitor set up in the ibox of this board? huh? could ya', could ya'? I had a vision about 25 years ago that one day I would have that set up, or something similar. I'm almost there... 3 computers but I'm still running one laptop and 2 CRTs. It's almost time for the real deal. TIA, Joseph
What he said!
Hey Viva, thanks for the great DD and excessive belly laughs!
twkgq right?
Mord,
Thanks for that! I'm in the bullion business and I had heard of the massive gold manipulation but wasn't sure how that was being done.
Islandcat,
Can you find a link to that article? I want to call the reporter who wrote that!
J in Seattle
Z, Here's what I see that is a bit confusing.
I'm glad to hear that the BK court can undo things but that would only benefit the company that is bringing suit, and not the share holders of WAMU. The holding company would bring suit and then get damages paid upon some settlement.
Today's news of goodwill firms up the value preseizure, and a settlement that the holding company may get would also firm up the value of the WM Inc preseizure but these valuations don't help the stock price until the court, or someone with authority to force JPM's hand to swap shares for shares. get's their job done.
In a nutshell, I hope tax dollars go to settle in favor of tax payers on this one. There's got to be a way to acknowledge a higher value to the benefit of the consumer/tax payer/citizen at large over the obscene benefit to JPM. Fact is that JPM's 8K earning figure would have been okay if it were closer to the norm. JPM just made out huge on the up side on this deal. Is that all going to be done on the backs of share holders? Why? Give me one good reason why these shares should not be worth at least $8!
J in Seattle
No wonder I'm crazy....
Anyway, the Seeking Alpha article didn't make the distinction between the co. in Ch 11; the holding company, and the company that was "sold" to JPM.
Maybe someone with a better grasp of this might add something to cover this.
http://www.thedeal.com/dealscape/2008/09/jp_morgan_buys_washington_mutu.php This article states the deal as of September 25th in no uncertain terms.
There are a few issues that, once settled, could increase the pps and thus benefit the stock holders.
The pps might go up because the settlement converts shares in WAMU into JPM shares at a much higher price than the WAMU price now.
A simple metaphor:
The holding company is like a large gorilla standing around with a base ball bat staring at the umpire and the pitcher while they figure out if the last pitch was a ball or strike.
This gorilla thinks it was a ball but the pitcher is arguing that it was a strike! The gorilla wins because he has the bat and he's a gorilla so he get's to do what ever he wants.
If the umpire calls a strike he will be pummelled and if the pitcher puts up too much of a fuss he will be pummelled so it's probably going to be called a ball.
Jest, bd2004 was correcting me. I lost my mind for a few minutes. lol
J in Seattle
So, what are you thinking was "strange" in that article about WAMU?
J
I see something strange in the first paragraph of that article at Seeking Alpha. JPM didn't buy the holding company. WAMUQ is stock in the holding company.
I don't hold stock in the company JPM bought, I hold stock in WM Inc., the holding company in Ch. 11 BK.
J in Seattle
Z,
The holding company was harmed and now has a reason to sue.
That's all one has to do to file suit: show a reason.
J in Seattle
Yep! It's pure logic. It's a known fact. It's on TV too! lol
Sue or sell. Which is it going to be?
J in Seattle
While we wait for a CPA I will contribute this:
All figures are dollars. None of those figures in that table represent anything but dollars. IMHO, those figures all represent dollars.
J in Seattle
I am seconding what HROLLER is saying. Newbies here should use this opportunity to see MM manipulation in action! Get a peak at Level II for a few days to see manipulation in action.
Again, if there is such as thing as MM manipulation, and we know there is, then this is a royal example and might be one of the most high profile and obvious cases recently, though I'm no expert.
If JPM says they want a low stock price, they may be able to arrange that, lol. IMHO.
J in Seattle
WaS,
Thanks. I found the mention on p 99 and 100. Adam Strochak is apparently a knowledgable attorney on this issue.
http://www.weil.com/adamstrochak/ ummmm...
One of the unknowns, imho, is the FDIC and Treasury Department's legal latitude under this misguided bush "administration".
Fundamentally, the wamurape site outlines very convincing info about a possible case for fraudulant conveyance, after the fact.
After getting up at 3 am PST many times over the last several months to watch the early financial news, I know that many days the lead stories are about the banks. Again today banks are in the spotlight. After Citi I think the news is going to focus on JPM. Others are saying the same thing, so it's not "my idea". It's about the process of sorting out and shining the public light in the closests. After all, tax dollars are now supporting all aspects of business and the gov is the big spender. News follows the money and the money is tax money with attached public interest!
Mike, Could you post one date or location within that doc where you see reference to the conveyance? I couldn't find one. Thanks, J
Let's go over what we have here with WAMU;
two parts, bank and holding company
bank in JPM hands
WM Inc is in Ch 11 BK, did that for protection.
Debate about price of bank and legitimacy of take over
No argument about the 4.4 billion on deposit
No argument about the valuation of WM Inc
No big problems among the lawyers motions
Bank was solvent or close to it at take over time
Recent 70 billion raised by JPM
No issues holding up the 4th quarter report
Large run at the end of last week.
No out and out negative stories in the news about JPM and / or WM
Progress has been made in other bank take-overs recently
Bashers are getting thin and tired
Large institutions have piled on, even recently
There are references to long term management contracts and
strong legal teams in play to explore all options.
Easy way out is for JPM to simply make a reasonable offer after "due process" and keep this all friendly and warm while everyone calms down. It was a rough 4th quarter and everyone is very tired. No one meant any harm! They all thought Paulson knew what he was doing!
For all WM Inc people this is looking very good.
This could go Either Way;
Up or Really UP! IMHO of course.
J in Seattle
Now that's intelligent humor and it's funny.
Cryptic yet deep and revealing.
Thanks VivaLaVegas
J in Seattle
WaS,
The key ingredient that I think you are missing in your reasoning on possible outcomes is your knowledge, or lack thereof, at the individual player level. What I mean is that this whole social system, a subset of which is the government and each of its branches, is piloted by individuals.
My life experience is enough to let me know that, on a day to day basis, people make decisions that will help them keep their jobs and their pay check coming rather than on the social good or a socially just path. Therefore, I calculate outcomes based on the likelihood of a sustained power struggle with the courts and judges being the front line, and the employees and managers the players. The game is to do the least damage while making the most money in the shortest amount of time... with the caveat that no one, and I mean no one, will stand up and take responsibility for the outcome or even the initial actions.
I call it modern human behavior. WAMUQ predicament is a continuation of this sense of self preservation and lack of personal responsibility.
J in Seattle
P.S. I used to do provide residential and commercial mortgage services.
I agree that Bopfan sounds correct. The logic is there. I'm 55 and have learned a few things from the school of hard knocks. I have had my share of BK experience, though not at upper corporate levels. I have seen the inside of court activity as well as studied law on a number of issues.
The power struggles, off the books and in the media, as well as the basic human nature for which Bopfan has a sense adds to the credibility of his posts on this topic.
J in Seattle
To All Readers,
As WAMUQ runs up, note the absence of the people who slam this stock. They will come around later to depress the price to take advantage of selling.
J in Seattle
Empty, There's a "good chance" of what?
Of these shares being worthless? Why?
It's at least 50 / 50 here Empty; 50% chance you are enjoying yourself while slamming the 50% and better chance that these shares will be worth much more than they are now by Friday.
So what are you saying again?
J in Seattle
WaS,
I may be able to help with enrolling video participants.
Email me at bizguidej@gmail.com
J in Seattle
lol lol lol
Further on the limits of accuracy in the A/L report yesterday:
There are many real estate assets so to accurately assess value appraisals must be done. Appraisals take time, especially commercial building appraisals. How many accurate appraisals would need to be done before all assets were estimated accurately here? Many, many, based on the list of real estate assets posted a few weeks ago. An accurate A/L report may not be completely necessary or even desired during purchase negotiations if it is seen to be in the best interest of
WMI for any number of reasons, the least of which is to fein market weakness while preparing a new business strategy. And, JPM may be very satisified at a weak looking WMI so their low ball offer is more justified.
In summary, there is value yet to be determined and that value will be reflected in the share price eventually.
Best regards to all
cantseemtopickem, specifically you were saying? Something seems to be bothering you. What's wrong with these numbers, or is it the postings your are commenting on? I think we are discussing the A/L statements, not the comments on the board.
The constructive thing to do is focus on the facts not the response to the facts.
I may be imaging things about now! There was no news from Cramer today. Sorry about the false alarm.
J in Seattle
Cramer's got a piece on WAMU and Chase coming up on TV tonight.
At least I think that's what I just heard.
J in Seattle
I believe that there is something to be said for this point of view; that the east power moguls had it out for the NW for years. What seems possible is that WAMU saw it coming and they were positioned to bounce after the pounce. We shall see.
Best to all,
Joseph in Seattle
cantseeemtopickem,
You write, "all of a sudden..."
Don't you mean "as usual"?
After reading over 3,000 posts in this board, I see a pattern!
The tone of your message is distinctly different than the educational, informative, and edifying posts. You incite emotion by emphasizing differences among the posters and you don't provide details, links, facts, figures or other insights which might help the reader understand the investment opportunity.
A rule of thumb: Tell your truth, trust the process and get out of the way.
What do you know, and what can you substantiate, about the future potential of this security?
Best regards!
timmmmmmmmber means what? at .04?
Let's go over this list of questions again. Which answers do we agree that we have?
Posted by: lifegear Date: Thursday, November 20, 2008 11:45:13 AM In reply to: joanneg who wrote msg# 6435 Post # of 7091
Matters that need to be explained further....
1. nothing was mentioned about our $67M in Notes Receivable
2. nothing was mentioned about the Series B Preferred shares convertible to common stock
3. details of the Lloyd's operations buyout plan was not revealed, nor the parties involved
4. the fate of the common stock - will it be considered and cancelled as worthless or not
5. who owns Syndicate 839 now?
6. if Syndicate 839 was sold, what did we get in return for the $583M in gross reserves, and $181M in net reserves as of Dec07
7. what happens to the economic interest we have on Syndicate 839 and S444 as part of the MBO?
8. why reactivate the realtime quotes of TWKGQ on 10/27/08?
anything else anyone would like to add here?