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I'm about 15 minutes from this address. Dare I check it out ? ??
So I guess my question is....
Why are we even entertaining the idea of a bill brought on by 2 states with a combined 0.8 % of the population that could have a supremely negative consequence on 313 million people nationally?
$STMC reinstatement. Check it out.
Greg Bond Rejoins Grubb & Ellis Company
As Vice President, Director of Management Services in Philadelphia
http://www.grubb-ellis.com/SitePages/ViewDocument.aspx?id=prod_624151&ft=pdf&rev=1&sp=press&rnd=0.7890466812300079
5 BANKS SELECT GRUBB & ELLIS COMPANY TO PROMOTE BANKRUPTCY AUCTION OF LAND IN NORTH LAS VEGAS
http://www.zacks.com/research/get_news.php?id=320c6039
For those not in the know yet, mediation extended.
http://www.bloomberg.com/news/2011-11-07/washington-mututal-judge-extends-mediation-on-bankruptcy-exit-two-weeks.html
Ladies and gentlemen, its time to stop with the bickering. I have been reading these boards for 3 years now, and have never seen such childish banter as the last 2 weeks. Long and short, we are all here for one thing, to attain and exchange information on an investment we may currently hold or wish to hold in the future. Debate over the topic is one thing, but arguing on a personal level over a very complex case doesn't do anyone here any good. GLTU ALL.
With bfc holding 53% of bank Atlantic I haven't done all the figures but .75-.90 seems realistic
Boom
Mediatation completion date
No volume today... Wonder if it's going to be like this until Nov 7
Copied from another post on the DIMEQ forum....
NJ Judge Tapped For WaMu Ch. 11 Mediation
By Lisa Uhlman
Law360, New York (October 11, 2011, 4:05 PM ET) -- A Delaware judge on Tuesday appointed U.S. Bankruptcy Judge Raymond Lyons as a mediator in Washington Mutual Inc.’s bankruptcy proceedings as hedge fund creditors and an equity committee attempt to sort out barriers to confirmation of the bank holding company’s Chapter 11 plan.
The appointment of the New Jersey judge comes as a blow to Aurelius Capital Management LP, which submitted proposals Monday asking U.S. Bankruptcy Judge Mary F. Walrath to appoint former U.S. Attorney General Michael Mukasey as mediator, arguing that the position should be held by someone with experience in securities law.
Aurelius also asked the judge to order all settlement decision-makers, and not just counsel, to attend the mediation and refrain from setting up a so-called ethical call restricting the fund's trading during and after mediation.
“Particularly in the context of a mandatory mediation order under which parties are being required, rather than choosing, to become temporarily restricted, it is entirely appropriate for the court to provide a mechanism to prevent such restriction from inadvertently becoming permanent,” Aurelius said.
The hedge fund, as a WMI creditor, submitted the statement in response to the debtor’s proposed order for governing the mediation proceedings, which are intended to resolve an equity committee’s insider trading claims that doomed WMI’s previous attempts at confirming the reorganization plan.
WMI lost a bid Oct. 6 to fast-track its third attempt at confirming its plan, failing to convince U.S. Bankruptcy Judge Mary F. Walrath that the insider trading claims could be mediated separately from the broader plan process.
Aurelius argues that if the mediation is to have any chance of success, settlement decision-makers including the WMI noteholder group must be present.
“A principal benefit of mediation is to allow a party to hear the unbiased position of the mediator,” it said. “Filtering that message through counsel simply defeats that purpose.”
Judge Walrath had rejected Washington Mutual’s plan Sept. 13, finding that shareholders had raised colorable claims that hedge funds like Aurelius that were involved in forging the settlement at the heart of the plan improperly traded on inside information gleaned from the negotiations.
The judge granted the shareholders standing to sue to disallow the hedge funds’ $3 billion in claims but ordered the parties to mediation in the hope that shareholders might get their long-awaited cut in the bankruptcy while avoiding costly litigation that would further degrade recoveries to other creditors.
WMI attorney Brian Rosen had argued that the plan could be modified to comport with the judge’s decision without forcing creditors to vote on the plan again. Creditors could then be paid promptly while the equity committee and the hedge funds — Aurelius, Appaloosa Management LP, Centerbridge Partners LP, Owl Creek Asset Management LP — mediated their dispute separately, according to the attorney.
Altering the plan to ensure confirmation “will not be complicated in any way,” Rosen said. “Even with the delay, projected distributions remain virtually unchanged.”
Among the mechanical changes to the plan ordered by the judge was a shift to the lower federal judgment interest rate on claims.
The equity committee countered at the hearing that splicing the insider trading dispute off from the broader plan process would likely produce another contested confirmation hearing and deny shareholders potential remedies that would require changes to the plan.
Judge Walrath largely sided with the equity committee, finding that Washington Mutual’s course would require her to give out advisory opinions that would prejudice other parties.
She did, however, deny the equity committee’s request that JPMorgan Chase Bank NA and the Federal Deposit Insurance Corp. — the other parties to the plan’s global settlement — participate in the mediation, likely foreclosing the chance that JPMorgan might throw a bone to shareholders to get the plan confirmed.
Through two rejections of Washington Mutual’s plan, the court has left this pivotal settlement untouched. It split $10 billion in assets between Washington Mutual and JPMorgan and released billions in claims over the FDIC’s seizure of Washington Mutual’s affiliated bank after it cratered in 2008 and the subsequent sale of the bank to JPMorgan for $1.9 billion.
An initial report from the mediator on the potential for a settlement will be due Nov. 7.
Counsel for Aurelius did not immediately respond to a request for comment Tuesday.
Aurelius is represented by Philip Bentley and Thomas M. Mayer of Kramer Levin Naftalis & Frankel LLP and Michael D. Debaecke and Victoria A. Guilfoyle of Blank Rome LLP.
WMI is represented by Brian S. Rosen of Weil Gotshal & Manges LLP and Mark D. Collins, Chun I. Jang, Travis A. McRoberts and Julie A. Finocchiaro of Richards Layton & Finger PA.
The equity committee is represented by William P. Bowden, Gregory A. Taylor and Stacy L. Newman of Ashby & Geddes PA and Edgar Sargent, Stephen D. Susman and Seth D. Ard of Susman Godfrey LLP.
The case is In re: Washington Mutual Inc. et al., case number 1:08-bk-12229, in the U.S. Bankruptcy Court for the District of Delaware.
Hey Rock,
If you want my opinion, here we go.
Although i'm a rather small investor in all of this, i'm holding.
Maybe i'm thinking a little big for my britches, but i'm attempting to try a hedge fund approach. Using these to cover any loses that may occur on the equity side, and the reverse. If equity wins i have some Ps and Ks. If debt wins, I have the Hs. If they both somehow manage to pull off magic and win, YAHH! And if they both wind up losing there money to the ongoing legal battles and attorney fees, well thats the gamble I have taken in trying to hold on to a bankrupt company.
Simple investing and valuations of the company have went out the door. No one really knows whats going to happen in the end. I feel that its all just a gamble now. I will tell you that at these prices, I have picked up and averaged down the Hs.
Aurelius is one the four hedge funds under fire for the possible insider trading. So I would think they are holders of the PIERS. This is speculative though, I haven't any factual evidence to support the theory.
Pardon my grammatical errors. I'm a much better speaker than typer. I meant as long as it goes through without any changes made.
Hey Linda,
NASCOWs brief quote is very easily taken out of context if that is all that is read. Aurelius has made many valid points in their report. The quotation was expressing concern over the fact that the PIERS may be wiped out if the current plan goes through without changes made in mediation, and that the shortfall could possibly snowball into the more senior noteholders as well. Obviously all in my opinion.
HALTED?
Form T: 30k bought at $5.20.. A sign of things to start back in the right direction?
GLDN starting its bounce back from last week...
CYTL... very thin on the bounce back up
DLAD wow, thanks
It s a very interesting read. There are greats points made here. Although I would love to see gold trounce $6k per ounce, the multiples are unrealistic. Its like comparing a subpenny stock jumping 24x vs a $10 stock jumping 24x. Its unlikely.
In the short term, lets get BONZ into production, that will give us the 24x multiplier at minimum. We then watch gold jump IMO to around $2200-2600 over 5 years. Another 3x.
GLTA, especially BONZ.
Absolutely and that article was published before the settlement agreement was 8-Ked.... Tomorrow should be a very interesting day.
Sentiments so far today?... Seems like accumulation is movingin the right direction. Price is stable in the 1.20 1.23 range
They are both the "real shares". All the common shares are split between 2 classes, "A" and "B". Both have the same share structure. Neither is better than the other. "A" has a higher share price. Maybe because people unknowingly think "A" is better than "B".
We should not be trading this low.... Even with the few issues that have come up recently , the company's cashflow per share is $1.87. Obviously, the market and shorts are taking full advantage. But once it's all said and done $3.10-$3.25 is a reasonable valuation in my opinion.
roughly 120K... wish i could have picked some up
Lots of watchers on this... just sitting back and waiting to pounce when the news comes... hopefully they won't be too late.
Our momentum is up almost 50% since the last dip... Looks to be moving in the right direction.. If it keeps up we should be able to break that resistance around .016 and jump into the 2s soon.
BONZ over 10M in volume and its not even 11am yet... Lets see this run!
Bids are starting to stack... a few hits on the ask and we moving up up and away
The only info I have found is from the 10-Q... It seems unclear, and there is no definitive answer.... We are likely to know soon after December 15th.
Trading in our securities during the pendency of the Chapter 11 Cases is highly speculative and poses substantial risks. It is impossible to predict at this time whether our common stock will be cancelled or if holders of such common stock will receive any distribution with respect to, or be able to recover any portion of, their investments.
It is unclear at this stage of the Chapter 11 Cases if any plan of reorganization would allow for distributions with respect to our common stock. It is likely that these equity interests will be cancelled and extinguished upon confirmation of a plan of reorganization by the Bankruptcy Court and the holders thereof would not be entitled to receive, and would not receive or retain, any property or interest in property on account of such equity interests. In the event of cancellation of these equity interests, amounts invested by such holders in our outstanding equity securities will not be recoverable. As a result, our currently outstanding common stock would have no value. Trading prices for our common stock may bear little or no relationship to the actual recovery, if any, by the holders thereof in the Chapter 11 Cases. Accordingly, we urge extreme caution with respect to existing and future investments in our equity securities and any of our other securities.
Our common stock is no longer listed on a national securities exchange and is quoted only on the Pink Sheets, which could negatively affect our stock price and liquidity.
In November 2009 and March 2010, we received notice from the New York Stock Exchange (the “Exchange”) that we were not in compliance with certain of the Exchange’s continued listing standards. We failed to regain compliance with these continued listing standards, and on July 1, 2010, the Exchange notified us that trading on the Exchange of our Class A common stock and Class B common stock (together, the “common stock”) would be suspended prior to the opening on July 7, 2010. We did not appeal the Exchange’s decision, and they have filed an application with the Securities and Exchange Commission to strike our common stock from listing.
As a personal opinion, from a purely economical standpoint "A" has twice the O/S and twice the liquidity. Therefore, more shares trading hands, more volume, and more spikes, high and low.
The 2 vote on the "B" seems to be more important to the longs and less to the daytraders trying to make a quick buck during the restructure.
I may be talking out of my wazoo through all this, but as BB emerges from the Q, I think that the flip-flop of share prices will occur, because the vote will become much more substantial in the moving forward process.
Just know that at these levels, EVERYONE can be heavily rewarded no matter how they decide to play it. Personally, I'm playing both "A" and "B". I think that a quick of whiskey can be just as tantalizing as delicately sipping a fine wine.
GLTA
Don't know if anyone knows about this yet, but take a look.
I found this while perusing for some new DD.
http://www.blockbustershareholders.com/
Definitely the quickest way I've seen to be updated from the company.
GLTA
Hey everyone... I found this while perusing for some new DD.
Take a look, http://www.blockbustershareholders.com/
Definitely the quickest way I've seen to be updated from the company.
GLTA
For your consideration.... SOPK down 51% volume could make this move quick, ASK looks very very thin!
For your consideration.... SOPK down 51% volume could make this move quick, ASK looks very very thin!
For your consideration.... SOPK down 51% volume could make this move quick, ASK looks very very thin!