Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
I guess I shall add more shares towards December
So, you think nothing special until December? Is there a chance we can win by 2013 (that's already 5 years....wow)
Where is our X2 price of $16 per share based on old shares?
$600 per share (current stock, not the 1.7 billion outstanding shares)
Wouldn't that be your $15 dollar per share (1.7 billion outstanding share state)
It really sucks after putting in perhaps 3000 hours of my work money into this and see it 1/5 value in my account.......
What's the site for a new website forum dedicated to Washington Mutual? I heard there is a new one?
Yes, this is dragging on way longer than I've wanted and expected. Hopefully some good news soon
Any important notice for voting or such?
Any important notice? It's quite hard checking back and forth outside the country while interning....
Guys, did anything related voting happen recently after the new shares? I'm out of the country so I'm quite worried
$5-$15 dollar per share based on old shares is still possible I believe
Was out of the country for 2 month...Anything significant happened lately?
So you agree we will not get our assets back? LOL
No trade? something happened?
Purchased 1000 more shares
Yo mean as in $48 per share in the old shares right?
how much?
$48 per share (old shares?)
$40 pre share hopefully
Than what now? Where do we get our billions?
make that $1000 LOL
Where is all that money? WE WANT IT!
Is that what we're getting for just now?
I hope for a dimondguru's words to be true
after or before conversion?
where is our X2 fair price?
Where is our fair share of XX billions?
Yes, there is still some hopes left in me.....Which is why I'll hold on tight for couple more months
Average out around 9-10 cents per share
I won't sell out for a while but the slow pace is so stressful
We're likely to end up less than what we've invested even after the NEW COMPANY conversion happens
Could've easily profited 3-4 times if invested on other stocks from 2008 till now...........
I can't believe we've been defeated like this............
The FDIC/OTS seized Washington Mutual, Inc.'s (WMI) banking subsidiaries and awarded them to JPM for $1.9 billion. The $1.9 billion is being held by the FDIC first for distribution to the creditors of the seized subsidiaries, then any residual to WMI.
The seized assets included 2,200 branches, $265 billion in deposits, and two credit card companies.
The next day WMI filed for protection under Chapter 11 of the Bankruptcy Code.
Section 548(a)(1)(B) of the Bankruptcy Code (see http://www4.law.cornell.edu/uscode/uscod... allows a debtor to recover assets that have been 'fraudulently' conveyed. All that is required is a showing that WMI's property was seized (1) within one year of its bankruptcy filing, (2) while WMI was insolvent or undercapitalized or was made insolvent or undercapitalized by the seizure, and (3) that WMI did not receive reasonably equivalent value for the seized property. (FYI, a debtor is presumed to be insolvent for the period immediately before its bankruptcy filing.)
WMI has $4.4 billion on deposit with JPM that was on deposit with its former subsidiary, Washington Mutual Bank, and there has been much speculation that WMI is allowing JPM to keep the money because the parties are discussing a buyout/settlement of litigation claims.
There have been numerous delays on the hearing for release of this money (four, so far), and my experience as a former bankruptcy attorney tells me that if JPM doesn't make an acceptable offer by the next scheduled hearing date, 1/29/09 (see http://www.kccllc.net/documents/0812229/... WMI will institute a fraudulent conveyance adversary proceeding. Such an action won't take long to litigate as it will be a battle of pleadings supplemented by financial analyses. Neither the FDIC nor JPM has a chance of winning.
WMI's equity in the seized assets has been assessed at $26 billion. This is BOOK value and the market value would likely be around $200 billion (if you estimate it takes about $10MM per branch x 2,200 branches, plus the credit card companies). The bankruptcy court will award WMI the market value as that is the truest assessment of the seized assets.
Subtracting the seized subsidiaries' debts of $30 billion plus the value of toxic mortgage debt would leave the FDIC and JPM on the hook for about $170 billion. The losing parties would appeal but are unlikely to find relief through higher courts.
I said earlier this week on WMI's board that JPM's long time bankruptcy counsel was Davis Polk, and that its department head, Don Bernstein, is an excellent bankruptcy attorney. Accordingly, all of the foregoing has been communicated to JPM's general counsel (Stephen M. Cutler) and to Dimon. In the long run Dimon won't be able to out run this train and will have to settle with WMI or be on the hook for hundreds of billions in liability which would bankrupt JPM.
EC Susman just failed us all...........
So we take something like 2 cents per share and just end it like this?
What is happening?
I'm tired of waiting......just give us now or just take it away
But does it mean it's locked?
MY shares are locked, if its still valued at 0.044 cents per share on my account?
Your still on the $24 per share?