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I just got back from my local Scottrade branch. They printed off the 13 pages and I filled it out. They faxed it over to Reorg and I'm good now. I only own common.
I'm dealing with the same thing with Scottrade. Broad Ridge who is their transfer agent ( 888 830 4644 )say they mailed out ballots on the 20th but I haven't received mine. My local branch said I could come in and they could print off the 13 page document and I could fill it out. Once I did that they would fax it to their Corporate Actions department. He didn't know of anything about my shares being frozen either. I'm going in there on Monday.
That's the thing, it may never be over unless you sell your shares. We're getting shares in the NewCo but may not even be liquid for a while, still so much uncertainty. I like Large Green's post where he thinks that the big boys will want this NewCo all to themseleves and pay around $5 per share for the company. You can certainly have mine for $5 each.
Scottrade's national helpdesk told me that my local branch had the ballots and I could also call the Transfer Agent if I wanted to see why I haven't received my ballot yet. The Transfer Agent # for Scottrade is 888 830 4644. I guess I have to go to my local branch. So now I have to take some time off of work for this. Ughh!!
Right exactly - I don't see why some cash cow like a Goldman or someone wouldn't want to acquire WMMRC and use the NOL's. Some have said that this is why the SNHs were fighting for possession of NEWCO - now equity has it and could realize some big gains. Just holding my shares - I'm good, we'll see.
So it's this coming Monday, December 12th that Rosey said "No Later Than", is that right for the DS? Do you think that will be on KCC for all to see? I would imagine Friday afternoon trading could spike the pps quite a bit because no one will want to be left out if indeed common got something. Hey after a few years, it's still exciting.
Let's not forget that we've received good news before and the stock has tanked but that's usually due to a run up before a court date - the run up didn't happen this time or at least not yet.
Right - that's why we are sitting at .06. Market perception will spike price if we get good news - not like JPM will say ok let's payout commons - $5.
I know this is supposed to be one of the last steps, Mediation, before LIBR can approve a POR. But I feel this mediation is opening up more doors and getting JPM involved in the other non-confirmable issues (I guess Walrath never really stated what they were but the fact that she said there were some means alot.) Whatever comes out of this mediation I don't think would be enough to pay out .50 per common share even if the hedgies wanted to. But if JPM got involved we could see dollar signs or at least a substantial stake in NEWCO.
Mediation is really only between the Hedgies and the EC so they can come to an agreement on disallowing a percentage of claims maybe or some stake in the NewCo but it's not like $5 per share for commons will be announced on Thursday. Hoping for the best but expecting some type of delay yet again.
So coming out of mediation could one possibility be for the ground work be laid so that the fair and reasonable could be shot down? That's where the real money is, revisiting the distribution. Could Lyons make that suggestion? You're saying the GSA is not even being discussed in this mediation correct because the court deemed it F & R?
I don't understand how all issues can be mediated if all parties related to the issues are not at the table. That was the reason I was hoping more time would be needed to bring everyone in.
The mediation is only focussed on the IT issue and I don't think the hedgies although would like to make this all go away have enough to give us all what we want for a fair settlement. The only way that there would be a larger payout would be if the hedgies asked JPMC to come to the table as well. If the hedgies claims were disallowed, does anyone know if that puts equity in the money and by how much? I'm hoping the reason this is taking so long is because other parties have been included. We all trust that SG negotiates a fair deal for us. AIMHO!! Can't wait till Tuesday!!
I was just going to say the same thing - we don't have to wait until Tuesday for an announcement. I have never felt so confident. I'm hoping for the stake in the NEWCO but no one really knows what that is worth or could be worth so how do you place a share price on it. That's what I'm waiting to see - if that news comes out how high the common jumps.
A settlement mediated by Lyons would place him in the history books for sure so I'm thinking that's some nice incentive for him. I could just see the posts now "Guess we needed a man for the job". Well LIBR is doing OK in my book - just would love for her to have enough to kill the low standard for Fair and Reasonable on the GSA. If this goes to trial with hedgies I really don't see how common would benefit much. Some may be convicted and go to jail and a slight fine will be placed on them. It's not like a conviction will say "Convicted, Claims Disallowed and Commons Get Paid" at least not in this justice system. IMO.
Say this did go to trail and the outcome was the SNHs claims to be disallowed - how much closer are we to being in the money then?
I mean seriously are we the only group of investors here that see the potential for some big money here? Even if we got .14 per share that would be a 100% increase from here. Why aren't speculators and even as well informed investors jumping on this. I'm trying to accumulate myself.
Wow some equity positive news articles for a change - I would have expected the pps to be drifting higher by now.
Mediation should be quick - Parker and SG will say "Meet our demands or we're going to trial where you will fry". Not too hard but we will have to wait for the trial which will take quite a while. Not sure how all that money will be held up while this trial could take a year. Just my opinion that this is going to trial.
Can't wait for the day when we go a few hundred percent green when settlement that includes equity is announced. I've never been more confident in this investment...just a matter of time now. As Voo says "Tick Toc". I really don't see how we can come away with nothing now. I just keeping thinking about JMW's words where she stated that IT among other issues were up for mediation. Never looked so good - not pumping - just confident! AIMO.
JMW said it would be Lyons if they couldn't come to an agreement so looks like JMW will file something probably by tomorrow appointing Lyons as the mediator - IMO.
What's the math if the SNH's Claims are disallowed? How close is common to being in the money? Anyone know?
It's funny how we've come to expect perfection from SG - of course they will probably turn around that response within 24 hours of the SNH's filing and it will be articulate, compelling and very persuasive. They are doing one heck of a job for us shareholders.
I would bet SG opens with in the mediation "We're not going to settle for anything less than the value received from litigation so unless you are prepared to surrender that, see ya in Criminal Court!". I mean that's what SG does right - that's why they are a world renown law firm - litigation. Of course, we'll settle for just under that. Has anyone done the math if the SNHs claims are disallowed, how close are commons to being in the money?
Right those "phantom shares" would need to be covered and that will cause a huge spike in pps of the common because it's basically name your price then - they have to cover so at what point do you sell? We always say - these next few weeks will be interesting, these next few days will be interesting but the days leading up to Nov 7th will definitely be exciting.
Right - rather than just the issue of IT holding this up whcih is what Rosen would have you believe - she states "other issues" which was nice to hear!
Anyone done the math if Hedgie's stake is disallowed? How close is equity? I think preferred would be in the money but not sure about common.
Does anyone think JMW will try and gauge the progression of talks before getting the ball rolling with the mediator on Thursday or even if talks are ongoing?
This waterfall should be getting equity's toes wet soon.
I guess even if somehow 17 billion came our way for $10 PPS that really wouldn't be a win for pre-seizure but just some compensation when they bought at 30 or 40.
This article is making me hold my shares a bit closer - I try not to look at the day to day PPS anymore. One day soon, I'll be jogging on the treadmill and see the headline flash across CNBC - HedgeFunds Settle with Shareholders - http://seekingalpha.com/article/296151-washington-mutual-reorganization-part-1-fund-insider-trading-charges-prompt-mediation-order
Catz - is it simply that a mediator will be assigned by JMW on the 6th? Also what do you think is the best that we can hope for in mediation with the hedgies and when do you think that will commence? I believe it's still limited to the hedgies right? Thanks CATZ!
What do you think EC is asking for in mediation? Isn't this just with the hedgies though?
Been out of town and barely checking the board. So Oct 7th is a mediation hearing just to assign a mediator? I'm sure everyone has been throwing around what we could possibly win in mediation. I'm hoping that control of the new company is back on the table. So basically we are looking real good right now, we will definitely get something in mediation with the hedgies.
That makes perfect sense Catz - thanks. So then there is no way for the judge to impose "Well you get this many dollars per share if you purchased prior to that seizure date"?
I hate to bring up the old argument of pre vs post so you say "Well Don't" then. I would like to see justice for all the people who had their retirement or employer sponsored plans heavy with WAMU. That would be justice for pre seizure holders. Capitalizing or trying to make a quick buck, well I guess after 3 years this isn't really a quick profit any longer, on a seized bank is definitely more greed driven. Yes I jumped in because I thought equity would have a shot and so I stay. From all the DD, it seems that "A share is a share" but what is stopping the judge in this case, just like Enron, from paying a few dollars per share to preseizure holders. If you aren't too busy can you remind me why this is different? Thanks! I know you probably have an answer Don so TIA.
So I'm guessing that we don't have a decision on the POR and GSA until at least the end of next week or the week after because Walrath might want to rule on these all at the same time or at least not taint or sway and of the DIMEQ proceedings next week. I doubt we see any decision this week for POR...in my opinion. I guess what's another week or so to wait. I don't think there is a legal time limitation for her to rule...if there was I'm sure she could extend it but don't think that's an issue.
With this other trial going on in her court next week I don't think she will be issuing a ruling on the Confirmation until the week after next. I don't think she would want the ruling to sway the DIMEQ case. IMO.
Walrath just joked about how many issues were raised at arguments for the Confirmation - she said she hopes there aren't as many for this case.
OK - it's not media coverage but if we saw a slight pop we would know why. It's just one of those penny stock pickers telling you to put this on your radar. Sorry Don - I used the wrong term.