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I am still alive neighbor! I am glad that you and the WAMUQ minions are still here as well! Rock on … rs
Cat. Thank you for your effort. It has been a brutal November! The fish stinks from the head down! I apologize to you and all that I have not gotten back with via PM or garden variety e-mail! I am still in and angry as hell and simply will NOT put up with the BS afforded us for nearly 2 years!
As Rambo said, “nothing is over – you just don’t turn it off”!
We will persevere regardless of the odds! … rs
I am still above the sod Mattchew! I found that following WAMUQ on a daily basis was an exercise in futility! I enjoyed reading the daily DD and loved providing same, but this is not one’s grandfathers BK!
This has been an historic event and only God knows when it will end!
I will go back to lurking (for the most part) until something tickles my fancy!
Take care Matt and all … rs
Good evening JHD and all longs. Just checking in! I have opted to not follow on a daily … or even weekly … or even monthly basis! This thing has been going no-place fast for too long!
I noticed that bashers were out tonight so my interest was piqued!
Take care and Good Luck to all longs … rs
Yep Fix – I am still above the sod! I just had too many things on my plate and had to drop something! Still in WAMUQ long and strong! I just required a break from the daily grind of reading the posts and DD’ing!
Since vacationing from WAMU these few months, the air seems fresher, my hair is less grey, and my hemorrhoids have shrunk without surgery! LOL! … rs
Thank you my friend ... rs
Hello fellow Longs! Haven’t checked in here for a few months but noticed the 14% up-tick today! Hot Damn! Looks like something is percolating! … rs
Fair value VS negotiated settlement between the parties? BIG difference JHD and you know that – LOL!
Still in … Long. strong, and bored as all hell!
Have a great evening everyone … rs
UMAW! I distrust the government (our government – LOL) to no end as much as you! That is why I am counting on all parties to negotiate this to an end! Not one entity, save for the UST, gives two-and-a-half craps in this fiasco!
To you and all amigos, I am taking my leave for the night!
Take care all and best of luck … rs
UMAW! With all due respect my man, in your words ...
You are correct! Soon = months! Months = years in this fiasco! Rosen will continue to milk this until the teat is dried! You can’t blame him! Steady work for 20+ months! This is lawyer heaven!
My son wishes to follow in my footsteps and play guitar but I am strongly of the opinion that he become a lawyer and make money (off of regular folks misery)!
Tongue in cheek somewhat of course but life goes on … rs
• B: Perhaps. A 50.1% / 49.9% chance!
• A: A good bet!
• C: Has hell frozen over?
• D: In Rambo’s voice “Nothing is over – you don’t just turn it off”!
… rs
That would be righteous BB50 but not probable IMO! We have been waiting for an SJ ruling for what – near 12 months! JMW has a perverse aversion to ruling on SJ! Perhaps when she was a child, she was adversely affected by an SJ ruling?
I am readying for bed and will be preparing beef sausages with cheese on less than fresh buns!
Good night Blue and all WAMUQ’ers! … rs
BB50! It IS examiner time – pure and simple! Nothing else will get the parties to realistically negotiate! … rs
I beg to differ David! The minute an examiner is approved, the villainous parties will start having conniption fits! Now am I/we that naïve to pretend that the offending parties are NOT ultimately expecting this? I assume that they have been dreading this for months and have been preparing their defense for the independent anal probe that an examiner will bring!
Nonetheless, their BS will/should be remarkably less effective once an examiner is introduced!
My thoughts are based on common sense however and may not apply to this CF!
Happy Fourth everyone! … rs
Matt! Are you getting paid per post? Sorry – JK (just kidding)! Have a great long weekend everyone! We deserve it for Pete’s sake!
BTW: Has/had anyone thought that this play would still be in contention after all of these brutal months? Rosen has been milking this puppy with kid gloves! Win or lose, Rosen will retire after this and that upsets me to no end! … rs
What was with the action during the last 30 minutes of trading? Shorts covering or divine intervention? … rs
FYI: Many new docs today:
Motion of the Consortium of Trust Preferred Security Holders to Compel the Office of Thrift Supervision to Produce Documents
Motion of the Consortium of Trust Preferred Security Holders to Shorten Response Time and to Shorten Notice for Hearing on the Consortium’s Motion to Compel Office of Thrift Supervision to Produce Documents
The Texas Group's Response and Opposition to Motion of JPMorgan Chase bank, N.A. for Entry of a Protective Order with Respect to the Plan Objectors' Requests for Discovery
Objection to Debtors' Forty-Third Omnibus (Substantive) Objection to Claims Filed by Lawrence Grech
Summary of Third Monthly Application of Ashby & Geddes, P.A. as Delaware Counsel to the Official Committee of Equity Security Holders of Washington Mutual, Inc., et al., for Allowance of Compensation for Services Rendered and Reimbursement of Expenses Incurred for the Period of May 1, 2010 Through May 31, 2010
Order Governing the Production and Use of Discovery Materials in Connection with Plan Confirmation
etc ...
http://www.kccllc.net/Docket/SearchResults.asp
... rs
Hammer! For the most part, I have been in a self-imposed lurking mode the last few weeks! I have enjoyed entertainment elsewhere as this WaMu thing is getting a bit old IMO!
Rosen is a bully, and most bullies get their way until many years pass and they are eventually reduced to the smegma that they are!
Until Rosen is recognized as smegma by JMW, we will continue to spin our wheels here! … rs
Not hard – just average sauce hitting! How about you my friend? … rs
PS: Time for chips and salsa before beddy-bye! The snack of champions!
Our JMW may ultimately be seen as the first girlfriend, the first live-in, the first, second, or third marriage (for those so inclined) in this case! She may not appear completely hot enough, driven, or satisfying at the moment, but as time passes and we proceed with our lives, she may wind up as the one that we truly love and respect! … rs
Agreed Don - that is a dandy statement! It is most righteous and hopefully will NOT fall upon deaf ears … rs
FYI: Third Supplemental Objection of Individual Shareholders to Debtors' Motion for Approval of Disclosure Statement for the Joint Plan of Affiliated Debtors Pursuant to Chapter 11 of the United States Bankruptcy Code
http://www.kccllc.net/documents/0812229/0812229100628000000000005.pdf
... rs
Have been off of the board mostly all weekend chillin’ (in the parlance of our times) and partying with the neighbors, a great group of folks!
I apologize ALL for not responding to many PM’s over the many days but I am trying to catch up!
As for predictions, I am going out on a limb and I say that this coming week will/may be filled with intrigue and the pps may or may not increase! Business as usual until POR #5 is proffered – or even hinted at!
Good night all … rs
I knew you weren’t taking aim DP! I just raised my hand as I and a few others were chatting about the current KG situation last night! It’s always tough to lose an ally in any endeavor let alone this one where we have so few as it is!
Hand is duly down now – LOL! … rs
DP! My hand is up and my head is down as I admit I MAY have been perhaps a bit too aggressive in my Kirsten bashing last night! I still stand by my overall theory that she left “the cause” for her own personal aggrandizement! And ... because this is still a relatively free country, she certainly is entitled to live well and prosper with a book deal as apposed to earning a moderate salary as a local journalist!
Now that said, I DO appreciate what she has done for us and thank her as I always had! I knew something was fishy months ago when she stopped responding to my “heads up” emails as she was always very responsive last year. I just had a gut feeling that something was up!
Take care DP … rs
I had a very tasteless post readying for reply but I have not been aboard lately and have since reconsidered my actions! Is the “can” what I think it is?
If it is, I will post my post tomorrow – LOL!!! … rs
Well put Don, however, I wouldn’t say that she used us (at least initially not on purpose) but she simply saw which way the wind was blowing and wanted a piece of the freaking pie! American greed pure and simple!
A book deal and potential movie residuals? KG has a stronger business acumen than morals!
KG should be played in the movie by Rosie O’donnell or Kathy Griffin! They are the most obnoxious female humans that I can think of at this point in Hollywood - LOL! … rs
I am just presuming of course that this book is going to be a dissertation of bad loans brought on by greed, employee pensions lost because of greed, shareholders fornicated via greed, and ultimately, Kerry Killingers personal life changing thirst for power, brought on by greed!
To me, it appears that KG has given up on the hunt to the seizure truth (which is why we fell in love with her) and is poised to produce an Oprah-esque softball heartbreaking tome of greed is bad - and WaMu had it and blew it!
Perhaps I am over-reacting, but we lost a great ally many, many weeks ago IMO! Speaking of greed – jeez KG - perhaps I should write a book about you … rs
http://www.mynw.com/?nid=646&sid=335264
WaMu - a story of greed
Was it risky loans or greedy egos that took down Washington Mutual?
The story behind the biggest bank failure in U.S. history is the stuff best sellers are made of. Kirsten Grind, banking and finance reporter for the Puget Sound Business Journal, has a new book deal with Simon & Schuster to write "The Rise and Fall of WaMu."
"It's a psychological story about what happens to people, the real people that sort of build up all this power, and what it does to them and how they handle it," Grind says. "That's really the story of WaMu."
Washington Mutual started in 1889 by offering loans to businesses wanting to rebuild after the Great Seattle Fire destroyed 29 square blocks of downtown Seattle. Edward Graves, a former assistant superintendent of the federal Bureau of Engraving and Printing, was the first president of the company and there was only one other employee.
For most of its 100 years in existence was a successful bank and was involved with the community, sponsoring events such as the Fourth of July fireworks show at Lake Union.
The end for WaMu began in the late 1990s, with one bad business decision to purchase Long Beach Mortgage. Grind says the mortgage company "represented the wild west out in California," not requiring paperwork yet making a lot of risky loans. From there, greed took over at WaMu.
"The company just started gobbling up banks across the country and it grew into this massive power house bank," she says.
The paper trail leads to the Federal Government seizing the bank in September of 2008, we know that. But the story Grind wants to tell is about the personalities involved.
"This was a bank that was know as a friend of family. It started school savings accounts across the country," says Grind. "The story is really the contrast between the stability of goodness and then all of this out of control greed."
Could this book turn into a movie deal? It's possible with the way Grind talks about the lead character in the real-life drama. Kerry Killinger was a "very humble" CEO from Iowa whose personal journey mirrored what happened to the bank. He changed.
"He was this average guy who would come into a bank and make them get rid of all the corporate jets," she says. "Then he changed as the bank grew more powerful as well."
As recently as his April 13, 2010 testimony before the Senate Permanent Subcommittee on Investigations, Killinger said he was not to blame for the bank's collapse, though he was "saddened" by its takeover. He believes government regulators should not have seized WaMu and sold it to JPMorgan Chase. In his testimony he claimed that WaMu's seizure was part of a conspiracy.
WaMu fired Killinger just weeks before the bank failed and replaced him with Alan Fishman. Fishman was paid about $19 million for being on the job for three weeks.
The real losers in the WaMu saga were the shareholders and employees. The company's stock price dwindled to only pennies after trading around $45 a share three years ago.
"You will never find more loyal people than those who worked at WaMu," Grind says. "They loved their company."
The 350 page book, documenting the people involved with the rise and fall of WaMu, is due out in February of 2012.
http://www.mynw.com/?nid=646&sid=335264
... rs
Good evening folks! Trying to catch up on the PM’s since the weekend and of course catch-up on the “other board”! Will check back later when I have had a few more beers … rs
I have been in the $4-$8 range myself but will gladly love being wrong if $8-$12 occurs! Good Luck in Vegas JHD and enjoy the shows … rs
No bashing here. Completely agree.GN! If $50+ was even unreasonably achievable (LOL) the market would show same and we would currently be trading near a buck or two! Even elderly old grandmas would be selling their cats and knee-stockings to get in on this one! … rs
Thanks to all that responded - Gmenfan, Lawrence, Island, UZ, Warcton, Dudebug, Jmac, BlueB, and Michael. I cannot respond to you all but appreciate the range of your responses!
One thing is for sure, things are going to be heating up next week and I want to see Rosen sweating! His days of owning the court room are over! … rs
I offered that topic to the board last week. How does Rosen explain away the extra found monies that are required to throw commons a bone which will not happen in POR #5 but perhaps #6 IMO! Did the cat suddenly dig it up and drop in on the back porch?
WE know that the funds are there but Rosen has consistently stated that equity, particularly commons, are out of the money! Now he will eventually have to explain away the extra value. We have seen Rosen lie up some doozies thus far but the real doozies are coming soon to a theatre near you … rs
Good Morning Blue. I am always up early – I just am not usually functional until I have downed 6 – 8 cups of coffee – LOL! Today was an abomination! … rs