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9 Mar 2010 vol 141,358,900
The postponement, suspension and interruption of an ongoing hearing or meeting to resume at some future date; to break off for later resumption.
Potential assets of the estate.
Preference claims: 150m
Intercompany receivables: 22.5m
American savings litigation: 55m
Anchor savings litigation: 350-500m
TPS shares: 4b
Fraudulent conveyance July 08: 2b
Fraudulent conveyance Sept 08: 500m
Fraudulent conveyance 07-Apr 08: 4b
Tax refunds: 5.54b
Intercompany loans: 180m
Deposits: 4b
Cash on hand: 900m
D&O Ins claim: 238-500m
Pension plan: 36m+
Visa shares: 140m
BOL/COLI: 5b
WMMRC: 5.5b nol
Total: 33b+
IMO this is why commons are in the money. JN didn’t pull this out his a$$. Also more assets have been found since his chart presentation.
Sure does. 33b-7.5b=25.5b divided by 1.9b=13.42
Stolen! LOL!! eom
Potential assets of the estate.
Preference claims: 150m
Intercompany receivables: 22.5m
American savings litigation: 55m
Anchor savings litigation: 350-500m
TPS shares: 4b
Fraudulent conveyance July 08: 2b
Fraudulent conveyance Sept 08: 500m
Fraudulent conveyance 07-Apr 08: 4b
Tax refunds: 5.54b
Intercompany loans: 180m
Deposits: 4b
Cash on hand: 900m
D&O Ins claim: 238-500m
Pension plan: 36m+
Visa shares: 140m
BOL/COLI: 5b
WMMRC: 5.5b nol
Total: 33b+
IMO this is why commons are in the money. JN didn’t pull this out his a$$. Also more assets have been found since his chart presentation.
WaMu, Creditors, Shareholders Said to End Bankruptcy Fight
May 20, 2011, 2:45 PM EDT
More From Businessweek
By Steven Church and Linda Sandler
(Updates with names of accused hedge funds in fifth paragraph.)
May 20 (Bloomberg) -- Washington Mutual Inc. and its biggest creditors agreed to settle a fight with shareholders by giving them control of the company that will emerge from bankruptcy, two people familiar with the proposal said.
The outline of the deal includes $25 million for a litigation trust that would bring lawsuits to collect more money for shareholders. In return, shareholders would drop allegations that hedge funds who own $2.54 billion of WaMu’s debt used confidential information to guide their investments.
How much the deal is worth to shareholders can’t be easily calculated because the value of the reinsurance company they will get relies in part on future tax breaks, one of the people said.
“That is impossible to assess,” one of the people said.
Shareholders are among the last opponents to WaMu’s reorganization plan, which would pay more than $7 billion to creditors, who are mostly unsecured note holders.
The deal would include the court-appointed committee of WaMu’s equity holders, WaMu, and four hedge funds who helped negotiate the current reorganization plan: Appaloosa Management LP, Centerbridge Partners LP, Owl Creek Asset Management LP and Aurelius Capital Management LP.
Proposed Settlement
Details of the proposed settlement have not yet been decided and the deal could still fall through, one of the people said.
WaMu, based in Seattle, filed for bankruptcy on Sept. 26, 2008, the day after its banking unit was taken over by regulators and sold to JPMorgan Chase & Co. for $1.9 billion. Washington Mutual Bank was the biggest bank to fail in U.S. history, with more than 2,200 branches and $188 billion in deposits.
U.S. Bankruptcy Judge Mary Walrath has given shareholders permission to question the hedge funds’ under oath and collect documents about their WaMu trades. Depositions of the hedge funds were scheduled to begin this month.
Any evidence they found could be used at a hearing Walrath scheduled for next month to decide whether to approve WaMu’s reorganization proposal.
Under the plan WaMu would distribute more than $7 billion in cash and tax refunds and reorganize a reinsurance company that has the right to offset taxes on future profits with losses from the former bank-holding company.
The case is In re Washington Mutual Inc., 08-12229, U.S. Bankruptcy Court, District of Delaware (Wilmington).
--Editors: John Pickering, Mary Romano
To contact the reporter on this story: Steven Church in Wilmington, Delaware, at schurch3@bloomberg.net Linda Sandler in New York at lsandler@bloomberg.net.
To contact the editor responsible for this story: John Pickering at jpickering@bloomberg.net.
http://www.businessweek.com/news/2011-05-20/wamu-creditors-shareholders-said-to-end-bankruptcy-fight.html
Wamuq going to explode Monday morning!!!!
WaMu, Creditors, Shareholders Said to End Bankruptcy Fight
May 20, 2011, 2:45 PM EDT
More From Businessweek
By Steven Church and Linda Sandler
(Updates with names of accused hedge funds in fifth paragraph.)
May 20 (Bloomberg) -- Washington Mutual Inc. and its biggest creditors agreed to settle a fight with shareholders by giving them control of the company that will emerge from bankruptcy, two people familiar with the proposal said.
The outline of the deal includes $25 million for a litigation trust that would bring lawsuits to collect more money for shareholders. In return, shareholders would drop allegations that hedge funds who own $2.54 billion of WaMu’s debt used confidential information to guide their investments.
How much the deal is worth to shareholders can’t be easily calculated because the value of the reinsurance company they will get relies in part on future tax breaks, one of the people said.
“That is impossible to assess,” one of the people said.
Shareholders are among the last opponents to WaMu’s reorganization plan, which would pay more than $7 billion to creditors, who are mostly unsecured note holders.
The deal would include the court-appointed committee of WaMu’s equity holders, WaMu, and four hedge funds who helped negotiate the current reorganization plan: Appaloosa Management LP, Centerbridge Partners LP, Owl Creek Asset Management LP and Aurelius Capital Management LP.
Proposed Settlement
Details of the proposed settlement have not yet been decided and the deal could still fall through, one of the people said.
WaMu, based in Seattle, filed for bankruptcy on Sept. 26, 2008, the day after its banking unit was taken over by regulators and sold to JPMorgan Chase & Co. for $1.9 billion. Washington Mutual Bank was the biggest bank to fail in U.S. history, with more than 2,200 branches and $188 billion in deposits.
U.S. Bankruptcy Judge Mary Walrath has given shareholders permission to question the hedge funds’ under oath and collect documents about their WaMu trades. Depositions of the hedge funds were scheduled to begin this month.
Any evidence they found could be used at a hearing Walrath scheduled for next month to decide whether to approve WaMu’s reorganization proposal.
Under the plan WaMu would distribute more than $7 billion in cash and tax refunds and reorganize a reinsurance company that has the right to offset taxes on future profits with losses from the former bank-holding company.
The case is In re Washington Mutual Inc., 08-12229, U.S. Bankruptcy Court, District of Delaware (Wilmington).
--Editors: John Pickering, Mary Romano
To contact the reporter on this story: Steven Church in Wilmington, Delaware, at schurch3@bloomberg.net Linda Sandler in New York at lsandler@bloomberg.net.
To contact the editor responsible for this story: John Pickering at jpickering@bloomberg.net.
http://www.businessweek.com/news/2011-05-20/wamu-creditors-shareholders-said-to-end-bankruptcy-fight.html
Maybe Susman team of fine lawyers has the goods and only need 25m to bring down JPM/FDIC!
I agree I also stated in post#291419, “Take back the 5b BOLI and 4b deposit. Also since we are in control can we stop the NOL gift to JPM/FDIC and kick wmb bond holders to the curve for starters. IMO”
According to Bloomberg, “$25 million for a litigation trust that would bring lawsuits to collect more money for shareholders.” To me that implies going after JPM/FDIC.
Take back the 5b BOLI and 4b deposit. Also since we are in control can we stop the NOL gift to JPM/FDIC and kick wmb bond holders to the curve for starters. IMO
39,564,800 shorts need to cover. LOL!!!
SBLK
SHARES OF OCEANFREIGHT RANK THE HIGHEST IN TERMS OF CASH FLOW IN THE MARINE INDUSTRY (OCNF, FREE, HRZ, EXM, SBLK)
Apr 24, 2011 (SmarTrend(R) News Watch via COMTEX) -- Below are the top five companies in the Marine industry as measured by the price to cash flow ratio. Often companies with the lowest ratio present the greatest value to investors.
OceanFreight (NASDAQ:OCNF) has a price to free cash flow ratio of 0.9x based on a current price of $0.58 and a free cash flow per share of $0.64.
FreeSeas (NASDAQ:FREE) has a price to free cash flow ratio of 1.3x based on a current price of $2.52 and a free cash flow per share of $1.98.
Horizon Lines (NYSE:HRZ) has a price to free cash flow ratio of 1.6x based on a current price of $1.42 and a free cash flow per share of $0.91.
Excel Maritime Carriers (NYSE:EXM) has a price to free cash flow ratio of 2x based on a current price of $3.91 and a free cash flow per share of $1.96.
Star Bulk Carriers (NASDAQ:SBLK) has a price to free cash flow ratio of 3.2x based on a current price of $2.3 and a free cash flow per share of $0.71.
SmarTrend currently has shares of OceanFreight in an Downtrend and issued the Downtrend alert on August 25, 2010 at $0.91. The stock has fallen 36.3% since the Downtrend alert was issued.
http://www.zacks.com/research/get_news.php?id=114l9384
TOPS
TOP 5 COMPANIES IN THE OIL & GAS STORAGE & TRANSPORTATION INDUSTRY OFFERING INVESTORS THE BEST VALUE (TOPS, ONAV, TNP, OSG, GASS)
Apr 14, 2011 (SmarTrend(R) News Watch via COMTEX) -- Below are the top five companies in the Oil & Gas Storage & Transportation industry as measured by the price to book ratio. Often companies with the lowest ratio present the greatest value to investors.
TOP Ships (NASDAQ:TOPS) has a price to book ratio of 0.1x based on a current price of $0.71 and a book value per share of $8.24.
http://www.zacks.com/research/get_news.php?id=104l3484
I agree 100% and JPM had WAMU in it sights since 2004. Since WG have decided not to pursue JPM because of the long history they have together shareholders have been dealt a stack deck from the beginning. You can add Iron Mountain to this list. Also WAMU was solvent at the time of seizure to save JPM from total collapse. GLTY
Revolving Credit Facility for Pfizer
Represented Citi and J.P. Morgan Securities in a $5 billion revolving credit facility for Pfizer, one of the world's leading biopharmaceutical companies, for general corporate purposes and as a commercial paper backstop.
JPMorgan; Citi; Goldman Sachs
Financing for Ford Motor Company
Represented JP Morgan, Citi and Goldman Sachs Credit Partners in the $18.5 billion financing for Ford Motor Company. more
J.P. Morgan; Bank of America Merrill Lynch; Barclays; Citi; Goldman Sachs
Acquisition Financing and Credit Facility
Counsel to joint lead arrangers in a $22.5 billion bridge term facility supporting the financing of Pfizer's acquisition of Wyeth and in a $4 billion revolving credit facility.
J.P. Morgan Securities Inc., Banc of America Securities LLC, Goldman Sachs Credit Partners L.P., Morgan Stanley Senior Funding, Inc., UBS Securities LLC
Financing for Dr Pepper Snapple Group Demerger
Advised J.P. Morgan Securities Inc., Banc of America Securities LLC, Goldman Sachs Credit Partners L.P., Morgan Stanley Senior Funding, Inc. and UBS Securities LLC as bookrunners and certain of their affiliates as lenders in providing $4.4 billion of financing in connection with the demerger of Dr Pepper Snapple Group, Inc. ("DPS") from its former parent entity, Cadbury Schweppes plc. This financing consisted of a $2.2 billion term loan and $1.7 billion bridge loan, as well as a $500 million revolving credit facility. Weil Gotshal also represented affiliates of the lenders in the issuance by DPS of $1.7 billion aggregate amount of senior notes, the proceeds of which were used to refinance the bridge loan
Lehman Commercial Paper Inc.; JPMorgan Chase Bank, N.A.
Financing for Hawaiian Telcom Communications, Inc.
Represented Lehman Commercial Paper Inc. and JPMorgan Chase Bank, N.A. in the $1 billion financing for Hawaiian Telcom Communications, Inc.
Citi; JPMorgan
Acquisition Financing for AMC Entertainment Inc.
Represented Citi and J.P. Morgan Securities Inc., as joint lead arrangers, in an $850 million going private acquisition financing for AMC Entertainment Inc. and others to acquire Loews Cineplex Entertainment Corporation.
Goldman Sachs Credit Partners, L.P.; JP Morgan Securities Inc.
LBO Financing for Atlas Tube and Sharon Pipe
Represented Goldman Sachs Credit Partners L.P. and JP Morgan in the $1.69 billion cross-border secured cash flow and asset-based credit facilities for John Maneely Company's acquisition of Atlas Tube and Sharon Pipe.
JPMorgan Chase Bank; JP Morgan Securities Inc.; Lehman Brothers; Citi
Financing for Orchard Supply Hardware LLC
Represented JPMorgan Chase Bank, as administrative agent, in the dividend financing for Orchard Supply Hardware LLC.
JP Morgan Chase Bank
Acquisition Financing for Medco Health Solutions, Inc.
Represented JP Morgan Chase Bank as lead arranger and administrative agent in credit facilities for Medco Health Solutions in its $1.25 billion acquisition of Accredo Health, Inc.
JPMorgan Chase Bank, N.A.
Financing for Medco Health Solutions, Inc.
Represented JPMorgan Chase Bank, N.A., Goldman Sachs & Co., and Citi, as lead arrangers, in the $1.15 billion financing for Medco Health Solutions, Inc.
Citi; JP Morgan Chase Bank
Credit Facility for Amkor Technology, Inc.
Represented Citi, as lead arranger and administrative agent, in the $650 million credit facility for Amkor Technology, Inc.
Citi; Merrill Lynch, Pierce, Fenner & Smith Incorporated; JPMorgan Chase Bank
Financing for Amkor Technology, Inc.
Represented Citi and JPMorgan Chase, as joint lead arrangers, in a $300 million financing for Amkor Technology, Inc
I don’t believe NT has any documents on insider trading. I believe JPM does and a deal was worked out with Appaloosa Management L.P. JPM gives up or receives??? And Appaloosa Management L.P. invests 23 million in JPM. I do hope that SG has the information but only time will tell.
Motion of Appaloosa Management L.P. for an Order Compelling Nate Thoma to Search for and Produce Documents and to Respond to Interrogatory Requests
JPM filed the original complaint of insider trading and NT followed up on it. Why doesn’t Appaloosa go after JPM? Because, While the key to Appaloosa's success in 2009 came from buying beleaguered banking stocks, banking giant JPMorgan Chase(JPM_) only hit the fund's portfolio in the latest quarter. Appaloosa initiated a 540,000 share, $23 million stake in the bank.
Part of Appaloosa's late-to-the-game buying in JPMorgan may be due to the fact that the firm has long been the best-in-breed banking stock, with a comparatively conservative balance sheet and very profitable business units. In the height of the financial crisis, JPM got hit less hard -- and as a result, it's provided less of a mind-blowing rebound in shares since. That said, investors looking for exposure to the financial sector would do well to give JPM a chance.
A strong dividend payout, well-capitalized balance sheet, and serious scale make this stock a good option
I would hire a good attorney who specializes in housing contracts. Demand 2 times damages plus attorney fees or trial with 3 times damages. GLTY.
MM loves to play games with this stock.eom
There’s Another Crisis Coming as Long as Banks Remain Above the Law: Bill Black
A federal jury convicted Lee Farkas, the former Chairman of Taylor, Bean & Whitaker Mortgage Corp., Tuesday for his role in a $2.9 billion fraud that led to the fall of his company and that of former Top 50 bank Colonial Bank. Farkas was found guilty on all 14 counts of conspiracy and bank, wire and securities fraud. He now faces life in prison.
More than two years after the financial crisis, Farkas is arguably the only major player in the mortgage industry to face criminal charges. William Black, professor of economics and law at the University of Missouri-Kansas City School of Law, calls the lack of prosecutions a disgrace, and he blames policymakers.
It's a matter of "unofficial" policy, he claims. "The de facto policy right now is elite frauds go free if they're in banking because the whole sector is too fragile. That is significantly insane. It will produce the next crisis." Essentially he's saying officials think it's more important for the banking sector to make money than it is for them to follow the law.
In the accompanying interview with Aaron Task, he notes that Treasury or White House officials are fully aware of the fraud, citing FBI testimony as far back as 2004 about rampant fraud in the mortgage market. In fact, Black says the problems banks are now facing with foreclosure paperwork are simply a result of the foreclosure frauds that were never addressed. "Every time you fail to root out the frauds, the fraud simply migrates. It migrates from the lending process to the foreclosure and servicing process."
http://finance.yahoo.com/blogs/daily-ticker/another-crisis-coming-long-banks-remain-above-law-153109732.html
Need to go after JPM and FDIC, because they think they are above the law.
Look at Weil history with JPM.
Revolving Credit Facility for Pfizer
Represented Citi and J.P. Morgan Securities in a $5 billion revolving credit facility for Pfizer, one of the world's leading biopharmaceutical companies, for general corporate purposes and as a commercial paper backstop.
JPMorgan; Citi; Goldman Sachs
Financing for Ford Motor Company
Represented JP Morgan, Citi and Goldman Sachs Credit Partners in the $18.5 billion financing for Ford Motor Company. more
J.P. Morgan; Bank of America Merrill Lynch; Barclays; Citi; Goldman Sachs
Acquisition Financing and Credit Facility
Counsel to joint lead arrangers in a $22.5 billion bridge term facility supporting the financing of Pfizer's acquisition of Wyeth and in a $4 billion revolving credit facility.
J.P. Morgan Securities Inc., Banc of America Securities LLC, Goldman Sachs Credit Partners L.P., Morgan Stanley Senior Funding, Inc., UBS Securities LLC
Financing for Dr Pepper Snapple Group Demerger
Advised J.P. Morgan Securities Inc., Banc of America Securities LLC, Goldman Sachs Credit Partners L.P., Morgan Stanley Senior Funding, Inc. and UBS Securities LLC as bookrunners and certain of their affiliates as lenders in providing $4.4 billion of financing in connection with the demerger of Dr Pepper Snapple Group, Inc. ("DPS") from its former parent entity, Cadbury Schweppes plc. This financing consisted of a $2.2 billion term loan and $1.7 billion bridge loan, as well as a $500 million revolving credit facility. Weil Gotshal also represented affiliates of the lenders in the issuance by DPS of $1.7 billion aggregate amount of senior notes, the proceeds of which were used to refinance the bridge loan
Lehman Commercial Paper Inc.; JPMorgan Chase Bank, N.A.
Financing for Hawaiian Telcom Communications, Inc.
Represented Lehman Commercial Paper Inc. and JPMorgan Chase Bank, N.A. in the $1 billion financing for Hawaiian Telcom Communications, Inc.
Citi; JPMorgan
Acquisition Financing for AMC Entertainment Inc.
Represented Citi and J.P. Morgan Securities Inc., as joint lead arrangers, in an $850 million going private acquisition financing for AMC Entertainment Inc. and others to acquire Loews Cineplex Entertainment Corporation.
Goldman Sachs Credit Partners, L.P.; JP Morgan Securities Inc.
LBO Financing for Atlas Tube and Sharon Pipe
Represented Goldman Sachs Credit Partners L.P. and JP Morgan in the $1.69 billion cross-border secured cash flow and asset-based credit facilities for John Maneely Company's acquisition of Atlas Tube and Sharon Pipe.
JPMorgan Chase Bank; JP Morgan Securities Inc.; Lehman Brothers; Citi
Financing for Orchard Supply Hardware LLC
Represented JPMorgan Chase Bank, as administrative agent, in the dividend financing for Orchard Supply Hardware LLC.
JP Morgan Chase Bank
Acquisition Financing for Medco Health Solutions, Inc.
Represented JP Morgan Chase Bank as lead arranger and administrative agent in credit facilities for Medco Health Solutions in its $1.25 billion acquisition of Accredo Health, Inc.
JPMorgan Chase Bank, N.A.
Financing for Medco Health Solutions, Inc.
Represented JPMorgan Chase Bank, N.A., Goldman Sachs & Co., and Citi, as lead arrangers, in the $1.15 billion financing for Medco Health Solutions, Inc.
Citi; JP Morgan Chase Bank
Credit Facility for Amkor Technology, Inc.
Represented Citi, as lead arranger and administrative agent, in the $650 million credit facility for Amkor Technology, Inc.
Citi; Merrill Lynch, Pierce, Fenner & Smith Incorporated; JPMorgan Chase Bank
Financing for Amkor Technology, Inc.
Represented Citi and JPMorgan Chase, as joint lead arrangers, in a $300 million financing for Amkor Technology, Inc
http://weilwc.staged.hubbardone.com/prac...
5 David Tepper Stock Buys for 2011
What a surprise JPM is on the list.
While the key to Appaloosa's success in 2009 came from buying beleaguered banking stocks, banking giant JPMorgan Chase(JPM_) only hit the fund's portfolio in the latest quarter. Appaloosa initiated a 540,000 share, $23 million stake in the bank.
Part of Appaloosa's late-to-the-game buying in JPMorgan may be due to the fact that the firm has long been the best-in-breed banking stock, with a comparatively conservative balance sheet and very profitable business units. In the height of the financial crisis, JPM got hit less hard -- and as a result, it's provided less of a mind-blowing rebound in shares since. That said, investors looking for exposure to the financial sector would do well to give JPM a chance.
A strong dividend payout, well-capitalized balance sheet, and serious scale make this stock a good option.
Bad link maybe this one will work.
http://www.bloomberg.com/news/2011-04-19/iron-mountain-may-become-reit-to-avoid-elliott-proxy-contest-2-.html?cmpid=yhoo
JPM and Weil, Gotshal & Manges LLP still working together this time with Iron Mountain
See last paragraph. More proof of conflict of interest.
http://us.rd.yahoo.com/finance/external/...*http%3A//www.bloomberg.com/news/2011-04-19/iron-m...
J.P. Morgan Chase & Co. and Morgan Stanley (MS) are serving as financial advisers for Iron Mountain, and Weil, Gotshal & Manges LLP and Sullivan & Worcester LLP are serving as legal advisers. Paul, Weiss, Rifkind, Wharton & Garrison LLP is the legal adviser to Elliott.
Bottom line is they don’t need your SSN because if we do get paid it goes thru your broker who will then report it to the IRS. This is a scare tactic so you don’t vote. I’ll vote but I’m not sending in the W-9.
I haven’t and yes voting is for P,K and H shares.
BR is trying to get people not to vote. If you don’t vote you agree with his BS.
From form W-9:
Quote
Purpose of Form
A person who is required to file an information return with the IRS must
obtain your correct taxpayer identification number (TIN) to report, for
example, income paid to you, real estate transactions, mortgage interest
you paid, acquisition or abandonment of secured property, cancellation
of debt, or contributions you made to an IRA.
Unquote...
A Beneficial Holder Ballot and an IRS Form W-9 (attached to the Ballot).
WTF? BR is after your SSN #
Appaloosa Mgmt - Insider Trading Deposition Scheduled in WaMu April 19th
http://www.kccllc.net/documents/0812229/0812229110323000000000003.pdf