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Face value of prefs not including H's as they are trust preferred are:
P's $1000 3M outstanding
K's $25 20M outstanding
U's get whatever is left or as some state the EC could push for a pref haircut meaning they get less but commons still get some.
As Ghost stated over on Y!, wouldn't be surprised if an extension was filed to push back the objection date. HOPE I am wrong though.
Not to be a downer, but hasn't the old Wamu symbol "WM" (now waste management) been misreported on "wamuq" before? Don't know how much I trust this. My bet is it is a purchase of "WM" that is incorrectly reported under Washington Mutual. Still waiting for cheapies by the way.
Awesome.
Dang it!!! I WANT CHEAPIES!!!!!! GOBBLE GOBBLE..
Give me some cheapies on Monday... I'm hungry.
Plus they don't expect to have it approved if ever until July... Plenty of time for objections.
EC = Game over JPMC, FDIC, and JohnnyWinter.
WTH happened end of day??? Looked at previous posts, but doesn't appear anything came out. Volume really picked up...
Thanks guys and gals...
Finally a green day... Hope everyone is doing well. Still holding, but not happy...
Woo hoo... Come back to a very nice close... Here's to a penny!!!
What are they hiding??? Hmmmm... Maybe JPM was gifted WAMU just like we thought. Those derivatives are nasty....
4m On the bid... Someone wants chep shares and quite a few of them...
I wonder if the judge has started receiving those letters we sent out on Monday. Not saying it had an effect on today's order, as there were no objections, but wonder none the less.
GOOD NEWS!!!
YAY!!!!
Well that is laughable... However, a .01 cent buy out on a .002 is more realistic. If they came out and said, they are buying us out for .50+, I would sell. This I don't think is the case. They have approved the buyout, now, according to the PR, they are finalizing the sale.
I don't think anything they said in there needed approval from the court. The just want to reassure people that they are working on it.
Not without favorable rulings for us. Stay grounded please... I wan't to make money too but like Uzual said, we need to expect a slow recovery back into that recovery. We were hit hard, we have to nurse our wounds.
Maybe she was just waiting for the certification of no objection that was filed today...
JMO
Very nice, thank you Frank.
Of course today I tried to flip... Just paid a stupid tax. However, I really don't get how this jumped som much simply by the EC stating they were doing what we (knew) they were already doing and thinking. We'll see... In now for the long haul. Done trying to flip. I suck at it...
May be time for me to just cash out some GE and buy more Wamu. Thinking prefs just for some insurance.
C
Very nice... I hope that comes to fruition.
I can't wait to read their response. I hope it's a good one.
Sent my letter out to the court this morning. I recommend everyone do the same. I'm to the point now, I don't care about pps or anything, I just want justice. May try to flip some before they submit their plan of reorg. Sure there will be a shake out then.
Got my letter ready to go out today. Wamu hasn't seen it's last day yet, despite their own efforts.
Apparently the FDIC gets to keep that for "Administrative Costs"!? I am still perplexed on this one. How can it be called a settlement if we had over 10B in claims against them and ended up trying to give them money?!!!
Good point, forgot about that EOM.
I thought they said that JPM was taking over the trust prefs...
Same with ETrade. Once I realized my mistake it was too late...
Anyone interested in the protest can search for wamu protest on facebook. We need as many signed up as possible. We need to check the calendar to organize on the same day. This settlement "agreement" is bogus and we need to make it known.
Every idea starts somewhere.. If we can amass a group of holders to attend a hearing, we can do this.
I just posted this on Y!
Idea:
I think we need to organize a protest outside the courthouse during one of the next few hearings. I know due to limited funds that I would not be able to make it, but we need a visible message, and one with many voices. We have to stand up for what we believe in and this just is not it. To sit idly by while crooks get away with things like this only makes it easier for them to continue doing it. Get enough people to show up, we get some coverage, continue doing it and we get more. Get the idea. WE WILL NOT STAND FOR THIS!!!!!!
He looks like a clown without makeup.
Maybe because he is expecting it not to stick.
I wholeheartedly believe now that this is just one big indirect DELAY.
They are allowed to object to the "settlement" whenever they want, and their objections will be heard.
IMO
C
They do and that is why it was formed. The equity committee gets to be the voice of the shareholders, and that in turn allows them to submit objections to the court with evidence and due diligence to back it up. The reason they didn't know a settlement had been agreed upon is because nobody let them know. Not that they were out partying the night before. After talking with Bop some at Y! I feel that this is their way of trying to move assets out of BK court so that when reorganized, they can have them returned to the new company without the shareholders getting any. As a favor. The EC has to see this too, and won't just let it pass ( I HOPE) and will hopefully submit an objection and their reasons why.
If the judge doesn't realize what is going on after all this (I doubt it) she will get a wake up call from the people that are being left out in the cold with this proposal.
IMO
C
Too much time... EC needs to go nuclear.
AND NOW!
Do what you are comfortable with. And good luck.
They need to address the issue of submitting an objection, which they can now do with at least some educated idea of what is going on. Sounds like WMI left them out of the loop. We have to derail the settlement first, (if it is even really intended to stick) before we address the BOD change.
Same boat, placed the order at .30, but didn't get filled till just above .10 tried to cancel on the way down to 18 or so but couldn't. Luckily (I hope) I got back in after without parting with too many shares. Still sucks though.
BTW I apologize for the negativity guys and gals, just not a good day if you know what I mean.
If we don't I'm moving out of this country... Beginning to think Russia or China would be a step up anymore.