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Wow, almost 10 years later, and everyone is still here saying there is an impending payout! I will say that this group has good staying power, if nothing else. I still get statements that say I am owed like $5k, but I sold off my shares a few years ago in a December when the price spiked to about $2.70 during one of the famous pump and dump runs. WMIH is trash. Even if it eventually pays something out, the lost opportunity on the money invested has made this one of my worst performing investments.
Chrissie is what this turd was touting as their saviour four years ago. A total pump and dump stock. Then there was a promotion where Cameron somebody was signing on with GMEC to direct films and that was going to shoot this piece of junk through the roof. Eventually a reverse split was seen as some sort of win (this stock tends to live in an alternate reality on most things financial). I found this stock from a pump and dump email, and while I never bought it, there were a handful of people who got sucked in, and lost about 98% of their 'investment'. It annoys me that people are still talking this stock up as if it will ever be worth anything, when the facts show that the typical investor has done nothing but lose their shirts when believing the lies that are posted here. I'm not drunk, I am an architect. We don't have money for that sort of foolishness.
Wow, you guys are still beating this dead horse years later? This stock is simply a dumb pump and dump vehicle with paid posters to try and dupe unsuspecting investors. I feel bad for the poor people that throw their hard earned money away on this junk. Is Chrissie still going to be a breakout star? Will that American director bring fortunes to this turd? I don't think so.
GLTA, for entertainment purposes only, yada yada yada.
How about if we end the day net positive? That would be a real slap in the face to the JPM guys. They shot their wad in court and still haven't had much effect on the stock just two hours later!!! I have to say I am surprised how quickly this has bounced back. I called my friend that introduced me to the WAHUQ stock and asked him if he know what the hell was going on just after lunch. I felt like I was in the beginning of the movie Fun with Dick and Jane. He said "Don't sweat it. This wil bounce right back." How correct he was!!!
I believe the P is in the money. Now trading at $58. If I did not think that there was money in the stock I would have sold it (or not bought it in the first place). I think we will end the day negative, but not terribly so. Maybe around $65 or so. After people either understand the balance sheet or a better deal is offered by the EC lawyers there should be better days! AIMHO!
What is amazing is that all this movement happened on roughly 6% of the total stock volume. I would see the EC taking a better deal than no return for the preferred or common shares. Otherwise, why not fight it out in court and see where the chips land?
The last MOR I saw had shareholder's equity at (1,365,000,000) so with +6BB we should have about $4.6BB equity.
BT
So with the $4BB and about 35% of the 5.6BB refund I think we should be good for at least a few hundred when the dust settles.
Who was giving JPM and FDIC everything they want? If the WMI lawyers did that they are really dumb, or corrupt. The Judge ruled on the $4BB or no???
Now up to over $44... Talk abouta Freaky Friday!
I think the shares will go higher once the EC presents their position. Also, did the judge rule on the FDIC stay??? That is what was on the calendar.
The equity committee supposedly did not know anything about today's hearing. I find that difficult to believe. They did not sign off on whatever plan was proposed as far as I know. Wacky Friday! So far the low is $8.01 and the volume is huge at around 115,000 shares!
No kidding! I think rhymes are the specialty over there... They also love feel good catch phrases.
Most definitely a meeting has started. The lawyers are probably meeting with the judge to discuss how the global settlement negotiations have gone, and updating her on the future prospects. Hopefully we will get a brief announcement that is favorable.
If you feel the stock is worthless why come here? To waste time? I think not. You have some info that you are trying to use to discourage stock buyers or owners. Do you feel that the impending SJ and tax refunds have no net effect on the value?
What you are proposing is that the preferred have no value. That is simply not the case. If it were so, why would there be almost $300MM invested in this stock? Many people believe that if anything is going to get wiped out and devalued, it will be the common stock. I think you are trying to seed doubt in order to drive the price down for other reasons than providing accurate information. Check it out!
No, although if she rules in favor of the FDIC it would hurt our position. The FDIC stay is worth about $4BB and the tax refunds are worth somewhere around $5.6BB IIRC. So if we miss out on one, and hit on the other we will still have the possibility of a payout.
All the negative posting about the fact that no liquidating event has occurred obfuscates the issue. If there is no liquidation then the business BOD is supposed to declare dividends to be paid. If they cannot meet the obligations of the prospectus then a liquidation may be the best course of action. In that case we would be due the $1000 per share. If not, then we should be getting $77.50 per share in divis. Either way works for me. I think with the SJ ruling and the tax refunds there should be plenty of money to earn the necessary money to distribute dividends, or buy out the shares starting in 2012 according to the schedule of values in the prospectus.
I'm hoping there is a decent settlement offer annouced in court today, or that we get a favorable ruling on the FDIC stay.
It depends on the settlement. If there is any payout for the common shares, the prospectus says that the WAMPQ (series R preferred) are entitled to $1,000 per share. If the settlement does not offer anything for the commons we would get whatever money is deemed available for distribution in equal percentages to the WAMKQ shares (like each would get X% of the liquidation value) as the bottom tier in the waterfall payout schedule. Of course there is always to possibility that the settlement offer would not include anything for the preferred, but in that case I don't see how the equity committee would agree to that. I am expecting maybe 50%, so $500 per share offered in a settlement. Most people here believe that we will get the full face value at a minimum, with the possibility of more. Many people think we will swap into some JPM preferred stock which would be nice also!
How does that work? If there is no BOD, does it become a 2 seat BOD? How are the 2 people selected that we are entitled to? Are there others that these 2 meet with? If so, who are they, and how are they selected?
BT
The dividends are 7.75% per year, or $77.50 per share per year ($19.375 per share per quarter). If they were declared for 6 periods that would equate to $116.25 per share. The problem is that since the company was taken over there has not been a board of directors to declare a dividend to be paid. Since the dividends are only due once declared by the BOD they are technically not required. They could be offered as part of a settlement, but I would not count on it.
I would not recommend it. You have some almost certain winnings with WAHUQ. If you want to risk everything you have invested, go for the WAMUQ. If you want to play with profits, sell as many shares as you can leaving enough WAHUQ to cover your initial investment, and take that profit to another stock. You may want to look at WAMKQ as a preferred stock with a $25 face value that is currently around $2.35. It has the POTENTIAL to go about 1000% if it gets full face value. It would get paid ahead of the common WAMUQ shares. It is on even seniority with WAMPQ but that stock has a $1000 face value and is selling for around $93 per share right now. I am invested in WAHUQ and WAMPQ. While the WAMUQ has the lowest priority of getting any money, it has the highest possible return of all the classes. If you believe the common stock will get more than about $4 per share it would be a better bet than the preferreds (WAMPQ and WAMKQ). Do some research, make a guess, and go for it (if you don't mind risking your profits from the WAHUQ investing). IMO
I think you are right that most people just look at the price and don't really consider the value when shopping the pink sheets. There is a possibility that the settlement offer that should be forthcoming will have big money for the common shares, but I doubt it. The A type personalities involved from JPM will never willingly admit wrongdoing, so they will stick with their idea that common shares are worthless. Strange that they did not consider them so just before the bank 'failure'. If we could get a 20% bump in the amount of shares and get JPM preferred I would love that! We could just about retire on the dividends. We celebrate September 26th at our house, the day we pulled the money out of all equities that were being (poorly) managed by Smith Barney. Without that move, non of our Wamu investing would have happened.
I find it funny that these are trading at 9-10% of face value while the commons have seen a large percentage rise in the past month or so. Either people don't understand the waterfall method of payouts, that method will not be followed in this case, or people just don't know about the preferreds. I know $1000 per share sounds like crazy money for a company in bankruptcy, but with the money that will almost certainly be ruled in WMI's favor and the refund of the taxes coming back I don't see why we would not get 50% or better. Even the WAHUQ is a good deal at about 65% of a payout that is already agreed to at $34 and change per share. When that payout happens is a question mark, but hopefully it will be resolved soon. My friend let me know about the WAHUQ shares when they were in the $8 range and then we found this preferred stuff which has been largely ignored by the investors. I'm feeling good about the future right now!!!
The Class P shares have a liquidation value (whether the liquidation is voluntary or involuntary) of $1000 plus any UNPAID but DECLARED dividends. Since there has not been a board of directors since the takeover there have been no dividends declared, so technically they are not due. But I would be loving it if we get $1000 per share. I bought in at around $75-80 hoping for a $300-500 per share payout. We are getting close to that. I am not sure what the class R shares are, but there are K preferred which have a face (or liquidation) value of $25 per share also. I bought in the P shares because they were selling for less than 40X the amount of the WAMKQ shares, so they are a better deal. Both the WAMPQ and the WAMKQ have equal priority so they will get paid out in equal percentages of face value. In other words, if the P's get $400 per share, the K's would get $10 per share (both 40% of face value).
The above is based on what I have read, so please research it for yourself before buying!
I think you are correct! I am buying some more P's today, but my bid got skipped over for some reason. Nice that there are trades over $97, but I got a partial fill at $91.50. I'm confident we will see at least $300 per share offered on a settlement Friday, but not sure if someone can force the settlement, or if shareholders get to vote on it. In any case, I think the preferred will be winners shortly. I would have loved to grab a few thousand shares a couple months ago, but I just can't risk our grocery money, so we have a few hundred shares instead. Good luck for the rest of the week, and I can't wait to see what comes out Friday!
The 114:1 conversion is an option that the preferred shareholder can exercise (according to the prospectus). Since we are in bankruptcy I don't think that is an option, but our value is defined in the prospectus as $1000 per share plus any divis that have been declared but not paid. There are no divis declared and unpaid so theoretically we would get $1000 per share and the common would split up whatever else gets sent to WMI in a settlement. Chances are better that the settlement will offer us maybe $300 per share and commons $.30 per share or so. All the talk on the common board of penalties and share settlements of $8, $12, $24, and $42 are big dreams, but little more than that inmy opinion. The preferreds are a much safer bet and I believe that based on today's prices will provide a much better return thatn the commons. This is, of course, just my opinion. I'm hoping that we get to see what the settlement offer may be in the next week, but I fully expect that to get delayed a few more times, with something actually getting put on the table just before the 18 month BK clock expires. Of course they could claim extraordinary circumstances that need more time and get the BK clock pushed out a few months. We shall see! I'm voting for us to get a $400+ per share offer next week!!!
BT
It should show $83.50 as the sell for just about unlimited shares. It has been stuck there for about 20,000 shares. When the market sells what is showing at $83.50 someone else drops their ask down apparently. This way we can keep the share price down somewhat.
I expected around $94 or so for the end of the day.
BT
Who the heck is selling 7,000 shares at this price today? Hopefully we will get good valuations soon. It seems like all the hype on the commons is generating more movement, or maybe the savvy investors just think there is better upside there. I'm good with my WAHUQ and WAMPQ! It seems to me that if the judge were to rule the $4BB to WMI and the tax refunds also go to WMI (as in their agreement that the judge agreed not to pierce), that there would at least be enough money for the preferred to get 50-70% of face value, even if the common were left out. We should see face value (or very close) if the commons get anything!
BT
This is all opinion and should not be used for determining stock purchases!