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Once P's are converted then its Bond holder series HU the KQ then common
The series R preffereds are convertible and will be converted to commons. The max conversion rate is 114.8 common to 1 PQ share. But the the Judge can decrease the ratio during the reorganation plan, if it goes at 114.8 to 1 then we must recalculate the PPS for common. The KQ are not convertable and are less risky. The conversion make PQ's more risky. Back in Dec they talk about how to convert the series R and we will see during the reorganation the rate they request and if the Judge will agree or lower the ratio.
OTS and FDIC seized the bank and no one can stop the them from the powers of that. But they took a holding company worth 32 billion dollars and included it in 1.9 billion fire sale. Under US fdic contract they cannot seize or take one penny of the holding companys assets. That is why our power lawyer tag team is chopping at the bit to get this before the judge soon and you will see one hot bankruptcy judge tear a new one in the fdic a$$
Second and Union LLC is a whole subsidary of Washington Mutual Inc.
Properties
The Company's primary executive and business segment headquarters are located at 1301 Second Avenue, Seattle, Washington 98101. In March 2006, Second and Union LLC, a wholly-owned subsidiary of Washington Mutual, Inc., in a joint venture with the Seattle Art Museum, completed construction of the Company's headquarters building and was granted an initial certificate of occupancy. At that time, Second and Union LLC took ownership of a condominium interest in the 944,000 square foot office tower and the attached 700 stall parking garage and the Company's employees began to relocate to the new space. Concurrently, the Seattle Art Museum completed and took ownership of 243,000 square feet of future expansion space that Second and Union LLC leased, and the Company's employees will occupy, for a period of up to 25 years. The Seattle Art Museum has the right to cancel the lease, in whole or in part, at any time after the tenth year of the lease. Certain leases covering downtown Seattle locations were not renewed when their terms expired. The Company leases an additional 697,000 square feet in other downtown Seattle locations for administrative functions.
Agree sounds fair enough
With so many banking sectors laying off it would be real easy to get a good banking core of tellers officers and mangement up
And WMI still owns the trade mark WAMU
I like the part about billions in assets that should get some eyes on wamu now
We now know the lawyers are as good as everone stated. Buy while you can and enjoy the ride. disclamer I have PQ and commons. They just fire the first shot lets see if FDIC blinks. there is no way in h#ll the judge is gonna give FDIC 4.2 billion the Nol and let JPM get the bank for 1.9 billion
The new stemulous bill has the tax benefit they gave banks reversed all ready wrote into so when congress passes the bill and the president signs it. The Nol will revert back to old rule. Yes I think they will hit this fast and hard and try to stop a train I wish them luck
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Yes the IRS is under the Treasury and under his watch
Bought 500 more PQ gets some UQ friday
This is the best thing in this crazy unstable market world is to be in chapter 11 with 4.2 billion in cash NOL worth billions and watching the rest of the banks falling like a rock GO WAMU
They failed the americain people,stockholders and bondholders. IMO they are gonna have to settle this one thru JPM or settlement (cash)
The fdic is private not the goverment (run by it)and can be sued and have lost before
The FDIC doesn't seizes banks OTC is the one who seizes they are only the reciever, It is there duty to find a buyer and get a fair value for banks assets.
Vegas I believe since there is a conversion with wampq to commons it does apply consult a tax expert but i believe it is the caes here.
IMO
They will not give the bank back but the judge can make them pay fair value under chapter 11 code
wmb assets and debts still are in
fdic control JPM does not have control of them yet
PQ can be converted at any time by the holder or if the judge orders it because there is a conversion in the R series and there is not one in the K prefereds. K will be bought out or stay intact
I stated on the PQ board this is good news for the common.
They would not be looking into it unless there is a need to convert to commons. R series have a conversion rate of 114.8 UQ to one PQ. K does't have a conversion so they will stay as issued with divys. If someone gives more than $8.71 then commons got a better deal then PQ.
We knew they was gonna convert the R if they kept the commons intact. No way they are gonna have a $77.50 per share divey prefered staying out. I see this a good sign for the commons. The converson is 114.8 uQ to one pQ unless there is a byout at $8.71 PPS or higher. Then it will equal $1000.00 of common per one PQ Share. If it is more then $8.71 then the common is a better deal but a lot more risky. I am in prefereds only at this time
Yesterday morning they jump over the $3.00 ask to $3.50 and nobody bought. It stayed there for a good while and then walked back down to $3.00 as soon as it hit $3.00 buying started again
sbsh is citibank mm and they are keeping it low for a reason stay cool and enjoy the ride this baby is gonna fly sooooon
Citibank bid was never disclosed but it was rule not conforming to FDIC guildlines and the bid was given to JPM
the ratio is 114.8 to one pq to uq. If the buyout is $8.71 PPS or higher then the pq get $1,000.00 If $8.70 or less then it is 114.8 to one the price of uq PPS
Ok so it overtured the entire 382 rule well that is great then. Until they reverse it is safe for now OK
I understand the change by the treasury. I do not think they overhauled the hole code just the transfer between bank section. I hope you are right for eveyones sake. I have been quiet a lot here but I knew in bankruptcy the judge can give bondholders new share and cancel common and still keep the nol. If they changed it I do not see the new rule for bankruptcy only distressed banks
Significantly, it is not even important what the percentage is between the portion of the company owned by the pre-change shareholders and the ownership interests held by the qualified creditors. Thus, it may be that the qualified shareholders will own all of the corporation after the smoke clears, and that the common shareholders will be frozen out entirely. That actually occurs with some frequency. This is still okay under section 382(l)(5). NOL relief will still be available.
500 X $.005 plus $9.99
$12.49
etade is .005 per share ecn trades plus commissions
WMI and WMB are so intertwinded with deeds restrictions that it will take sometime to get this resovled. I know eveyone wants a buyout yesterday (including me) Acording to filings from WMI. Second and Union LLC Holds the real property. It is a sub of WMI. FDIC is tring to take eveything so WMI is fighting for its life here. We have a great team of tax, bankruptcy, and restruction attorneys. Enjoy the season and hopefuly these guys and gals will have some good news very soon. Happy WAMU year.
The Company’s primary executive and business segment headquarters are located at 1301 Second Avenue, Seattle, Washington 98101. In March 2006, Second and Union LLC, a wholly-owned subsidiary of Washington Mutual, Inc., in a joint venture with the Seattle Art Museum, completed construction of this headquarters building and was granted an initial certificate of occupancy. At that time, Second and Union LLC took ownership of a condominium interest in the 944,000 square foot office tower and the attached 700 stall parking garage and the Company’s employees began to relocate to the new space. Concurrently, the Seattle Art Museum completed and took ownership of 243,000 square feet of future expansion space that Second and Union LLC leased, and the Company’s employees will occupy, for a period of up to 25 years. The Seattle Art Museum has the right to cancel the lease, in whole or in part, at any time after the tenth year of the lease. Certain leases covering downtown Seattle locations were not renewed when their terms expired and the majority of those occupants have relocated to the new headquarters space. The Company leases an additional 466,000 square feet in other downtown Seattle locations for administrative functions.
As of December 31, 2006, the Company’s owned and leased property in 36 states is comprised of 2,225 retail banking stores, 472 lending stores and centers and 325 administrative and other offices. Administrative facilities involve the ownership or leasing of approximately 2.0 million square feet in California, 1.2 million square feet in Texas, 922,000 square feet in Florida and 489,000 square feet in Illinois.
i POSTED THIS ONCE A WHILE BACK
The question is if Second and Union is still WMI the company then all the property is owned and leased by WMI
The Company’s primary executive and business segment headquarters are located at 1301 Second Avenue, Seattle, Washington 98101. In March 2006, Second and Union LLC, a wholly-owned subsidiary of Washington Mutual, Inc., in a joint venture with the Seattle Art Museum, completed construction of this headquarters building and was granted an initial certificate of occupancy. At that time, Second and Union LLC took ownership of a condominium interest in the 944,000 square foot office tower and the attached 700 stall parking garage and the Company’s employees began to relocate to the new space. Concurrently, the Seattle Art Museum completed and took ownership of 243,000 square feet of future expansion space that Second and Union LLC leased, and the Company’s employees will occupy, for a period of up to 25 years. The Seattle Art Museum has the right to cancel the lease, in whole or in part, at any time after the tenth year of the lease. Certain leases covering downtown Seattle locations were not renewed when their terms expired and the majority of those occupants have relocated to the new headquarters space. The Company leases an additional 466,000 square feet in other downtown Seattle locations for administrative functions.
As of December 31, 2006, the Company’s owned and leased property in 36 states is comprised of 2,225 retail banking stores, 472 lending stores and centers and 325 administrative and other offices. Administrative facilities involve the ownership or leasing of approximately 2.0 million square feet in California, 1.2 million square feet in Texas, 922,000 square feet in Florida and 489,000 square feet in Illinois.
i POSTED THIS ONCE A WHILE BACK
Most are saying the deal must be done before the first of the year. (i Hope so) But the capital gain lost is more then the
NOL at this time so use the capital gains loss now and use the NOL later. And have the time to get everything in order
OH yea MERRY CHRISTMAS AND HAPPY WAMU YEAR
How do you paste a L2 on here i have it but i do not know how to display it TIA
The Volume has really picked up
Net Operation Loss or Capitol Gains Loss is all you need to watch for. You can not use both Which one is the largest is the one they will file. By my DD Capital gaind loss is $1.25 Billion more then NOL as of friday But that will change
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