Lovin' it !
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Looks like the professional scam artists couldn't get this POS to break $1 even with the help of a professional P&D PR.
Much lower prices to come in the not too distant future.
The days of pps > .80 are over.
It is officially time for this POS to die.
Sorry to burst your bubble BH , but this POS is about to crash hard.
The buy signal came on Monday when Joe Terranova from Fast Money said that he didn't like SVU or any of its peers. LOL
Joey T is wrong on almost every one of his calls and has no business making stock predictions on air imo.
Just do the opposite of what he says and you'll almost always make money. About a week ago he said that it was time to take risk off and sell financials, so I bought FAZ puts and made > 100% in a day. LMAO He also thinks JOY is a takeout candidate even though their PE is nothing special and it is trading at approx 4 x book.
Oh yeah, RIMM is another one. Last week Joey T said that RIMM is going to $10 ( and someone with the initials of BH who used to pump RIMM to no end is now saying that RIMM is dying and going to < $10), so I suggest you load up on $14 near-dated calls as well as longer-term $15 calls.
LOL. Check out what Pickens said back in October of 2009.
"He also said that he sees the average price for natural gas next year at $7 per million British thermal units, up from about $5 currently.
The price ratio of American crude oil futures to American natural gas futures, which widened to a record high in September as oil prices rose, will likely narrow in the coming years, according to Mr. Pickens.
“It will be back (to) 10 to one, probably, in two, three years,” Mr. Pickens said."
http://dealbook.nytimes.com/2009/10/07/pickens-increasing-oil-and-natural-gas-exposure/
Needless to say, his price prediction was definitely wrong, and his prediction about the price ratio of crude v. natty was ridiculously wrong as well.
Valuation of WAMUQ based on the projected Re-Organized WMI Balance Sheet:
$198,754,000 = Newco equity
Wamuq holders are to get 30% of Newco
30% of $198,754,000 = $59,626,200
$59,626,200 divided by 1,700,000,000 shares = $.035 per share (aka 3.5 cents)
Keep in mind that this calculation utilizes the projected balance sheet of Re-Organized WMI taken from the DS (see below) and does not take into account any dilution resulting from DIMEQ being converted into equity. If DIMEQ is converted into equity and DIMEQ is to share in the 30% ownership of Newco, then the value of WAMUQ is even less (and one could argue substantially less) than 3.5 cents. Forget about how many shares of the Newco you will get in exchange for each share of wamuq and simply focus on the dollar amounts.
Also, if you think that the projected balance sheet of WMI is understated by 50% (even though Soloman’s/EC’s projected valuation of Re-Organized WMI is in line with the projected value from the DS) or that the value of Newco will double over time, then the value of WAMUQ is 7 cents (without dilution from DIMEQ). So, there is your “2 times value plus”.
See:
VII. FINANCIAL INFORMATION AND PROJECTIONS ...................................................197
A. Projected Financial Information ...................................................197
B. Projected Statements of Operations (Unaudited)....................................................200
C. Projected Balance Sheets (Unaudited)....................................................201
D. Projected Statements of Cash Flow – Indirect Method (Unaudited)....................................................202
E. Projected Statements of Cash Flow – Direct Method (Unaudited) ...................................................203
F. Assumptions to the Projections....................................................204
1.Projections .................................................204
2.Key Assumptions..............................................204
12/12/2011 9179 Disclosure Statement for the Seventh Amended Joint Plan of Affiliated Debtors Pursuant to Chapter 11 of the United States Bankruptcy Code
http://www.kccllc.net/documents/0812229/0812229111212000000000005.pdf
p.s. – Given the size of Re-Organized WMI, only a small portion of the NOLs can/will actually be utilized, which has been said AND ignored many times. Also, I would definitely take a look at the projected stockholders’ equity for years 2012, 2013, 2014, etc. because it isn't pretty.
Remember, NUMBERS DON’T LIE, PEOPLE DO.
HAPPY HOLIDAYS!!!!
Washington Mutual's reckless former executives
"The Seattle Times editorial board has little sympathy for former Washington Mutual executives Kerry Killinger and Steven Rotella, who are being sued by the FDIC.
WE would be more sympathetic to Kerry Killinger and Stephen Rotella had they owned up to being reckless in the management of Washington Mutual Savings Bank.
But when Rotella, the former president, answers a federal lawsuit by calling himself "an effective, hardworking bank manager," and Killinger, the former CEO, answers the same lawsuit by saying he "responsibly and consistently served the interests of its depositors, customers and shareholders," our sympathy shrivels to the size of a raisin.
They can claim what they want. In the lawsuit filed in U.S. District Court in Seattle, the Federal Deposit Insurance Corp.'s complaint against Killinger, Rotella and the head of WaMu's home loan division, David Schneider, is full of documented detail of how they ran the bank in a manner blind to risk. WaMu's failure was no accident. It was not something that happened to every other bank.
In capitalist America, people who run big companies can make a lot of money. When they do it successfully, creating income and jobs and benefiting the community, we do not look too closely at how much they earn. But when they run a public company off a cliff, leaving busted public shareholders, unemployed workers, empty office buildings and thousands of homes in foreclosure, the people who did it lose the right to retire from the scene with bags of money.
According to the FDIC's complaint, from 2005 until WaMu was seized in September 2008, Schneider was compensated to the tune of $5.9 million; Rotella, $23.4 million; and Killinger, $65.9 million. These numbers are too high for a failed bank.
The lawsuit also says Kerry and Linda Killinger put their houses in Palm Desert, Calif., and in Shoreline into trusts in August 2008 "with actual intent to hinder, delay or defraud" future creditors, and that Stephen and Esther Rotella did "fraudulent transfers" of a house in Orient, N.Y., for the same purpose.
What exactly they did can be established at trial. But these allegations are serious, and we dispute Killinger's description of them as "political theater." "
http://seattletimes.nwsource.com/html/editorials/2014583796_edit24killinger.html?syndication=rss
I hope you are well and hope you have a great day !
That was a great pick-up and a great trade.
I saw your post yesterday, and I was going to tell you to make sure you sell them today, but I don't like telling people what to do.
Anytime you are up that big, it is almost always a good idea to take full profits imo.
You did GREAT !
"He" paid a lot more than that for his calls and he could have made out alright, but he got too greedy. Too bad so sad.
RIMM is now < $57.
I think the word you are looking for is empathy, and he will get none of that from me.
He gets what he deserves, he bet $100k, he decided to let it all ride, almost all of that money will disappear, and I just hope not too many people were listening to his excessive pumps.
Have a great night!
You're going to get your $10 move alright, but it's going to be to the downside and NOT the upside.
BTW, did you tell your wife you bet $100k on RIMM ????
Hey blue, RIMM is getting taken to the woodshed for the beating it deserves.
Those 65,70,75,80,and 85 calls aren't going to be worth too much, and those puts aren't going to be cheap to buy back.
Best of luck !
LMAO at RIMM !
<$58 and more pain to come imo .
Those that were buying/holding calls are essentially going to lose it all.
The Q1 downside guidance shouldn't be a surprise, but it definitely is a turning point .
LMAO !
..................
Iron Man
Order Denying the Official Committee of Equity Security Holders' Petition, Pursuant to 11 U.S.C. § 158(d)(2), and Fed. R. Bankr. P. 8001(f) for Certification of Direct Appeal to the United States Court of Appeals for the Third Circuit of the Opinion and Order Denying Plan Confirmation
http://www.kccllc.net/documents/0812229/0812229110208000000000012.pdf
(The "almighty" SS fails again . )
Order Denying Motion of Daniel Hoffman to Reconsider Order Dated December 17, 2010 Denying His Request to Unseal Documents
http://www.kccllc.net/documents/0812229/0812229110208000000000011.pdf
(Everybody should have known that was coming, and it was clear since his "arrival" that little Danny Hoffman was WAY OUT OF HIS LEAGUE.)
Modified Sixth Amended Joint Plan of Affiliated Debtors Pursuant to Chapter 11 of the United States Bankruptcy Code
http://www.kccllc.net/documents/0812229/0812229110208000000000001.pdf
(Modified, but not modified in a way that benefits equity interests. Also, hopefully too many people haven't been listening to good ol' "bopfan" because equity was not included in recent negotiations AND the Global Settlement Agreement is alive, well, and thriving.)
Supplemental Disclosure Statement for the Modified Sixth Amended Joint Plan of Affiliated Debtors Pursuant to Chapter 11 of the United States Bankruptcy Code
http://www.kccllc.net/documents/0812229/0812229110208000000000005.pdf
Notice of Hearing to Consider Approval of Supplemental Disclosure Statement for the Modified Sixth Amended Joint Plan of Affiliated Debtors Pursuant to Chapter 11 of the United States Bankruptcy Code
http://www.kccllc.net/documents/0812229/0812229110208000000000009.pdf
Pretty soon there will be no more straws to grasp at.
tick tock tick tock
Game, set , and match is correct.
After WMI makes the changes suggested by THE JUDGE , she will confirm the plan. Anyone who says otherwise is simply lying or unable to interpret reality.
Sorry buddy, it's game over for equity.
Shareholders can try and sue after the bankruptcy, but any such attempt will go absolutely nowhere.
If POR 6 would have included all PIERS holders in the rights offering and had more precise language regarding the releases, then THJMW would have approved the plan. Instead, she stated what needed to be changed so that the debtors can make the suggested changes in order to get the plan confirmed.
Thanks for playing !
Washington Mutual, Inc. Bankruptcy Court Finds Settlement Fair and Reasonable and Requests Plan Changes
"SEATTLE, Jan. 7, 2011 /PRNewswire/ -- Washington Mutual, Inc. (Pink Sheets: WAMUQ) ("WMI" or the "Company") today issued the following statement regarding the Opinion issued by the United States Bankruptcy Court for the District of Delaware (the "Court"):
WMI is pleased that the Bankruptcy Court found that the Global Settlement Agreement is fair and reasonable and that WMI performed a reasonable evaluation of the merits of the underlying litigation. WMI is also pleased that the Court suggested that the Plan of Reorganization is confirmable subject to limited modifications. WMI believes that the expeditious distribution of funds to holders of allowed claims is of paramount importance and intends to modify the Plan consistent with the Court's suggestions and will seek confirmation as soon as practicable.
WMI is also pleased that today the Court granted the Company's motion for summary judgment and denied the motions filed by holders of certain Trust Preferred Securities, finding that the holders no longer have any interests in the Trust Preferred Securities.
Additional details, as well as the Plan of Reorganization, Settlement annexed to the Plan, and related Disclosure Statement are available at www.kccllc.net/wamu.
Media Contact:
Andrew Siegel / Jed Repko
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449
SOURCE Washington Mutual, Inc. "
http://www.streetinsider.com/Press+Releases/Washington+Mutual,+Inc.+Bankruptcy+Court+Finds+Settlement+Fair+and+Reasonable+and+Requests+Plan+Changes/6205567.html
Once WMI makes the changes that The Honorable Judge Mary Walrath has suggested, it will be game, set match, and those that have been making ridiculous claims about "smoking guns", “two times “value” plus “, fraudulent transfers, inaccurate values of NOLs, ownership percentages of NOLs, ownership of Trust Preferred Securities, ownership of the Visa shares, value of litigation, "hidden assets", RICO charges, "bid rigging", collusion by JPM/FDIC, malpractice and fraud committed by Rosen, Weil and/or other WMI attorneys, and a whole host of other issues will be proven dead wrong. The Honorable Judge Mary Walrath's opinion is very close to the opinion of the Examiner, and if one is reasonable and goes over her opinion point-by-point, he/she will find that there is absolutely no hope for common equity, and holders of the preferred shares will definitely receive a distribution that is less than the current market value of their shares. WMI now knows exactly what needs to be changed in order for the plan to be approved, and once those changes are made, it is game over.
You have not been “invited to the negotiation table”, and your adversaries do not have to ask " what do you need/want?”
The party is almost officially over !
Rockie, here is the "good news" .
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=58021265
"So now Hoffman wants to know what was in the sealed docs. Maybe he should have saved his time and money and read the examiner's report. "
I stated a long time ago that Danny Hoffman is WAY OUT OF HIS LEAGUE.
The funniest part about Hoffman and his attorney is that message-boarders solicited funds in order to hire the hack attorney who was paid to do nothing but make a fool of himself in front of the Judge and the entire courtroom.
LMAO!
Gotta go already, but I had to pop in real quick.
I hope you are well BNB, and I hope you have a Happy Holiday Season !
"TD's offer was to buy the deposits and branches."
Alas, someone else who actually understands.
Order Denying the Official Committee of Equity Security Holders Permission to File Second Supplemental Objection to Plan Confirmation
http://www.kccllc.net/documents/0812229/0812229101221000000000008.pdf
Order Denying Motion to Shorten Notice and Schedule Hearing on Motion of the Official Committee of Equity Security Holders for Permission to File Second Supplemental Objection to Plan Confirmation
http://www.kccllc.net/documents/0812229/0812229101221000000000010.pdf
The EC is NOT in the driver's seat.
They are actually days late and dollars short.
Little Justin Nelson and the team need to learn more about the true value of loss carryforwards.
LMAO!
Order Denying Daniel Hoffman's Request to Unseal and Post Documents for Public Viewing
http://www.kccllc.net/documents/0812229/0812229101217000000000012.pdf
Money well spent?
LMAO!
***********************************************************************************************************************************************************************************************
Message from a fellow ultra-runner...........
"Greetings, and happy Sunset Day to all! This is the day of the earliest sunset of the year in mid-northernlatitudes; after today, the sunsets begin, ever so slowly, to belater, according to clock time.
If you aren't familiar with this interesting phenomenon, you can readmy personal take on it in my article on the subject.
It's in theWeather page of the DRS private pages -- see the top paragraph: http://storm.cadcam.iupui.edu/drs/private/weather.html
username dead
password qlsr
For a technical explanation at a nicely done web site (requires Javaand Quicktime; be sure to keep going past on the second page-- use the arrow at the page bottom):
http://www.analemma.com/
I've been evangelizing on this subject for years, but the author ofthat website is way ahead of me. In particular, I recommend hisfree app, SunGraph, which runs on both Mac OS and Windows.It has many wonderful features. The download page is a little hardto find from the site above, so here's the URL:
http://www.analemma.com/SunGraph/index.html
Some additional resources:
- To find the sunrise/sunset for any day of the year, at any city orairport on earth, see
http://www.mindspring.com/~cavu/sunset.html
- To see the Dennis diCicco photo mentioned in my article, see
http://www.uwm.edu/People/kahl/Images/Weather/Other/analemma.html
or
read a short bio of the astronomer himself, at the Sky&Telescopeweb site:
http://www.skyandtelescope.com/about/generalinfo/3305176.html?c=y&page=1
Another more recent effort at the same thing was done by aUkrainian astronomer:
http://apod.nasa.gov/apod/ap070617.html
Now, I know that this is somewhat latitude-chauvinistic. Sunset Day is8 December, or close enough, for 32N to 45N latitude. Empirically, itappears to be about 12 December at Cambridge, UK (52N) and perhaps 14December at Edinburgh (57N). (As for Australia, it's irrelevant --you'll have to make do with enjoying summer!) But the principlementioned in the article is at work in all the non-tropical north.
May all your sunsets be later!
Doug Dodds(dodds@pobox.com)Cambridge, Mass., USA "
YAK, I hope you have been well!
Have a good weekend SSSers !!!
LMAO!
Well, I am a "low life retailer" as well, but I've seen enough people get screwed with their pants in the past, and I know that this is exactly one of the things that "they" look for before the relentless selling begins.
If small investors are really pouring into stocks, then that means it is just about time to jump ship and start getting agressive on the short-side. At 1206, S & P might have about 4% upside from here, but after that, there is going to be a HUGE PULLBACK (atleast 20%) imo.
When they found out what was really on WaMu's books, TD ran for the hills (just like everybody else), and they didn't even want to bid on WaMu in receivership.
"My bet is and it's been pointed out that the FDIC was getting ticked at the OTS and the cozy relationship they had with Wamu. "
I'd say that your bet is right-on, and although there are still conspiracy theorists that think the FDIC are "the bad guys", the truth is that the OTS was/is completely incompetent, and WaMu should have been seized much earlier. The OTS contends that WaMu was "well-capitalized" up to the receivership, however, the Citi documents, and others like them, show that the "value" of WaMu's reported "assets" were completely inaccurate which was why nobody wanted to touch them (and didn't touch them)outside of receivership.
The TPS attorney sounds angry because he is angry.
He is angry because his interpretation of the verbiage surrounding the Trust Preferred Securities differs from that of The Honorable Judge Mary Walrath. LOL She is letting him say the same thing over and over again, and soon she will make her ruling.
Sorry buddy, if you never received depositary shares in exchange for your preferred securities, then the securities you do hold represent depositary shares whether you like it or not.
CAEI @ .55-.57 is a good entry-point for a swing trade imo.
Have a good day SSSers !
"How much trash did they actually have on their books?"
They had enough trash on their books that nobody wanted to buy them outside of receivership, and even once they were placed into receivership nobody (except for JPM) would touch them without a loss-sharing agreement.
The end of Peter Freilinger's e-mail says it all.
"If outflows reduce, we’ll be good through QE. If they don’t or they return to last Weds/Thurs levels, we’d probably tip on
Monday Sept 29. "
He was being honest, and the last time I checked, he hasn't been accused of being a "JPM mole", and this should help shut-down any conspiracy theory as to why they were seized on Thursday the 25th.
But they want to extend the Bush Tax-Cuts without paying for them imho.
Have a good night Z !
"Right now, there is only one job available for every five unemployed Americans.
Until we create more jobs and get America back to work, Congress must do its part
to help families in crisis."
It is more than unfortunate that the Republicans are completely heartless and only care about the rich. They don't want to extend the benefits, but they want to extend the Bush Tax-Cuts for the rich indefinitely.
It is not sad, it is depressing.
: ^ (
Nice.
I remember that article, and LMAO at your PM.
: ^ )
THE NEXT WIKILEAKS WILL BE ABOUT A MAJOR BANK
Courtney Comstock | Nov. 29, 2010, 5:42 PM
"The next Wikileaks will be about a major U.S. Bank.
Wikileaks founder Julian Assange told Forbes that early next year, a major U.S. bank will suddenly find itself turned inside out.
And now everyone's clamoring to find out which bank will be the subject of the massive data breach.
Will it be the biggest US bank? Asked Forbes' Andy Greenberg, who interviewed Assange.
"No comment," said Assange.
The one clue we get is this:
"With regard to these corporate leaks, I should say: There’s an overlap between corporate and government leaks."
Perhaps that means it's a bailed out bank. But really, no one has a clue.
Here's the bulk of what Assange did say:
Tens of thousands of its internal documents will be exposed on Wikileaks.org with no polite requests for executives’ response or other forewarnings.
The data dump will lay bare the finance firm’s secrets on the Web for every customer, every competitor, every regulator to examine and pass judgment on.
Early next year, the Wikileaks document, which Assange compares to containing the damning e-mails that poured out of the Enron trial, will hit.
Obviously this is huge news. We'll have to wait for more information."
Read more: http://www.businessinsider.com/the-next-wikileaks-will-be-about-a-major-bank-2010-11#ixzz16iRMrwzq
Well, I certainly don't think it's a coincidence that they have only had like 1 trading day over the last several quarters that they didn't make money. I mean come on, perfect trading days every day of every quarter? Those sort of numbers reek of corruption.
Have a Happy Thanksgiving with your 4kids !
Long ADBE here at 28.45 into the close.
.13 here, .10 there, .15 here, hopefully at least .15 more there.
LMAO
Cover ADBE AGAIN at 28.53.
It will be time to short it again in about 5 minutes.
LMAO!
Time to short ADBE again here at 28.68.
LMAO!