Thanks so much for your reply Michael! That was very helpful.

I hope you can get out of your s/s quickly.

Remmy

Michael, can I ask you a question?

I've often wondered what happens in the situation you describe. Knowing this delay occurs, is it better to cover the day before cancellation or better to effectively "cover" at 0 when it's finally cancelled?

Obviously, covering at .38 is worse than 0.00, but I wonder if it's worth the carrying costs of what can take weeks or months?

TIA.

Amen

Yes, it's 100% done. And we lost...

I ended up losing a significant amount of money on the LTW's. I reluctantly accepted the .06 settlement. So I personally stood near 0% of getting any type of clawback because I took the settlement. But I figured the chances of undoing a large corp bankruptcy ruling were near zero, even if an error was made with the LTW determination. And I believe an error was made.

But I always kind of hoped the rest of you all saw a payout in the end, even a partial JPM settlement to make you all go away. I mean, they got about $350M in cash they weren't entitled to. And they knew it. They seriously couldn't throw you guys $10M-$15M to make you go away? You would have all been made 100%-500% whole (depending on your average). JPM probably spent $10M in legal fees fighting with you guys all of these years. Selfish pr_cks.

Anyway, that's why I kept checking in about every 6 months for the last 6 years. To see how it went for you all. I'm sorry it didn't end up working out - for any of us really.

I hope the JPM executives and their lawyers working on this bankruptcy enjoyed their 6 and 7 figure bonuses that year. Those yachts and vacation condos in Aspen were paid for with "blood money" from middle class investors and retirees. Hope you JPM guys enjoy the money! Remember, it's your karma.

Anyway, there ends a rather unpleasant 6 yr saga in out lives. GLTA.

Remmy

ben.bush (at) verizon.net

Linda, you're preaching to the choir. I agree with you 100%. I just suspect the judge fears his decision to do so could set a new precedent in some way, even a small way, which most non-activist judges avoid doing at all costs.

This type of situation, a legal award/liability getting absorbed by a bank consolidation before being paid and subsequently swept up into a bankruptcy and being erroneously "comingled" with ordinary claims, and thus being paid at pennies on the dollar, might never have happened before and might never happen again.

I suspect a favorable ruling for us could be "narrowly written" quite easily to apply only to this particular case. But that would require judicial courage. Anyone else not holding their breath?

We can keep hoping for the best, but at this point, it's getting down to the wire.

Linda, they're trying to "run out the clock" IMO. The cash seizure from the dimes was probably illegal but undoing a massive corp bankruptcy, even partially, could create legal ramifications judges are really frightened to do. They'd rather not go on record either way. Kind of like when congressmen vote "present" on controversial bills. No backbone. I'm guessing only Mr Bush has the resources to push this issue for resolution. But the clock is running out fast. I fear my money is gone for good along with the rest of you fine dime holders.

Also, I've been lurking for the last two years but never had anything of value to add. Thanks Linda btw. I've found your court updates helpful and interesting over the last 2 yrs.

Remmy

ben.bush (at) verizon.net

Catz, you mean like copiers with computer brains?

There are lots of 'interesting' wmih theories propagated on this board, for sure.

I'm very interested in the first BOD meeting. Probably in April according to the calendar.

Anyone who puts $500K into a penny stock is:

a. rich and stupid
b. rich and knows something

Since a fool and his money are soon parted, which one do you suppose it is?

GLTA

Catz, to answer your question:

"In 2001, TASER International developed its "Advanced Taser Electro-Muscular Disruption" system. In May 2001, they filed for an initial public offering and began trading NASDAQ under the stock symbol TASR. In May 2003, the company released its new Taser X26 model."

I show they started trading on nasdaq in Aug 2002 as you said and traded in the range of .30-.50/share initially. They had their first split on 2/11/04 (3:1) and the stock hit 28.00 on about 4/15/04. They had two other splits since.

Adjusting for the initial split, it went from .30 to 9.00 in 1.5 yrs. That's a nice run. So it can be done.

Regarding the otc to nasdaq announcement pop, no idea. If anyone else can find that out, please post.

Want to know why the stock has been rising? Risk/fear fully priced in and almost no float. See how the small 11K order this morning pushed it way up? Supply and demand. And there's MUCH more to come. Booyah!

IMO.

Xoom, no idea. Stock appears to be waking up tho.

Yanik, agree with you 100%. I just sometimes throw out a prediction based on my experience for fun. But I'm not planning on selling anytime soon either. Even though I have extreme patience, any little blip of life with this stock brightens my spirits a bit. I'm very pleased willingham is actually working this like a real job, retained blackstone, hired a good yet affordable (I researched them) cpa firm for the audit, etc.

By the way, you mentioned you're not selling until it hits x price. Do already have a trading range in mind, in which if it hits x, you'd sell tomorrow, or haven't decided yet and taking a wait and see approach?

Finally, an accurate EOD prediction! The real question is, does anyone know where it will close on Monday--other than guessing .50 or .55. Go out on a limb people. Whoever guesses right is king for the day. I'll have to hold on to the crown over the weekend, unless someone else picked .55 first. :)
Have a good weekend.

Looks like someone's accumulating. It's now at the high of .52. If it closes near .55, I'm guessing another positive press release is coming out shortly, maybe this weekend. :)

mwg611, great analysis. I remember that from the FAR exam. I'm sure you do too. The only thing I'd add is that estimates can be assigned per the sfas's in addition to the historical cost for intangibles. Also, historical cost can be adjusted to fair value in certain situations under gaap, not just when following ifrs. Good job though.

I think the guy has a good overall analysis. But the $5.50 assumes the co is bought in 2+ yrs at his discounted rate, which is reasonable if that happens. If we buy a co, however, the numbers would be much higher.

Yanik, why not begin with your top three then? Easy to throw stones.

Sure, we buy one of the pieces. (ha ha)

Radium, is was a moving target. That's for sure. The pref's offered a more solid set of variables. Can't argue with that.

I also hoped it wouldn't trade for 6 mos or so, but it doesn't so much matter. People jumped ship already; the risk and fear premium has been priced in. When and if a plan comes together, the stock will "adjust" accordingly.

Catz, what you're seeing is a lot of day trading types swept up into the wmih conversion and they're hankering for some action.

Your analysis is spot on, particularly with regards to the private letter ruling. The audit will be necessary to sell the company, get listed on the nasdaq and account for the assets. In our particular case, the audit info will be shared more quickly than usual because there is much curiosity among investors as to what assets actually followed the shell, after the bones had been picked over.

This has become a buy and hold investment. Patience grasshoppers.

The dimes paid .1147 per share if you elected the cash portion to convert to stock or .1514 per share if you elected the part stock, part cash option. The later was more because wmih fell from 1.00 at emergence to .70 when the dimes were converted three weeks later.

The final checks were a fraction of a percent held back for finalized fees. But even those 'bonus checks' could be substantial depending on how many shares you owned. The only way you could get a $10 check was if you only owned $233 worth of dimes at .07. And why even bother buying for that?

Since the dimes were selling at .06-.07 in the last month, I dumped my preferreds when I ran the numbers and went all in with the dimes. It was funny. I think one other guy and me were competing for the shares because when I removed a buy order, the bid would fall way back down to his. Kind of fun.

I'm shocked everyone wasn't buying them because of the superior payoff. How else can you make 100% with zero risk in one month? Isn't that one of the reasons we all followed the case so closely all of these years? For an arbitrage opportunity like this?

I'm guessing the reason is because most people didn't bother reading the settlement agreement, running the numbers, or were otherwise confused by the settlement, which was convoluted.

Hi Catz, glad to see you're still holding down the fort.

Yea, long case, tired judge, corners got cut. I never thought the listing of assets (not what Voo is referring to) was remotely complete. But if enough of them stayed with the estate, the auditor will definitely sniff em out, throw em on our new, shiny p&l's, and Willingham will issue a press release. Hopefully, that will create some buzz. Until then, I'm still patiently holding.

Also, in case you didn't get your answer, those checks last month were for the dime warrants, $.003 cents per share in addition to the cash and stock received at emergence.

Remmy

Philip, you are the best. Love your optimism as always!

Merchant of death, if you happen by this board and read this, any updates on what went wrong? Last time you posted, you said friends in high places indicated something was happening behind the scenes but you couldn't post anymore until it (the bankruptcy?) was settled. Well, how about now?

Roach, so you sent it in on time. TDA should make good on their screw up. And since it was a small position, all the more likely they will. Good luck.

FW, kind of looking fully sold huh? :)

Nothing to do but wait.

I wonder if voodoo is still holding his kazillion shares?

Don, that valuation would be $50/sh. If that happens, you'll find me in Maui.

That's not my understanding. My understanding is that there were, in effect, two deadlines for dime holders. Feb 29, 2012 and Feb 2013.

You have one year to opt in to get your share of the cash settlement. This was the cash payout that can also be converted into newco stock. This was the $8M in cash less legal fees. You still have basically one year to opt in for that.

The deadline last month was to also receive the stock portion of the newco if you opted in and gave releases, etc. That was for the other class settlement. If you failed to opt in by Feb 29th, and no, that deadline was NOT extended like the other classes, you won't get that portion of the settlement. This was the 8.77% of 30% calculation.

(Sorry, I don't have the class numbers or calculations in front of me at the moment so the above figures are just from memory, which are undoubtedly off. But those who've followed the case will understand what I'm referring to.)

Chin up boys and girls. We still have until April 16 to get a stay on appeal. But that window is closing fast.

And no, I'm NOT saying all hope is lost if there's no stay by April 16th. I'm NOT saying that at all. I'm just saying the likelihood for a big settlement, in the range of $3/warrant instead of pennies, gets exponentially smaller after April 16th.

GLTA

Exactly right. Investors are waiting for the release of accurate financials, relisting on a big board, and a plan.

Any one of the three should raise the stock price. Until then, the stock will hover around actual cash value subject to the usual ebb and flow.

Also remember that many holders of this were preferred holders or of other debt instruments who got converted. And holding common stock, much less a "penny" common stock, has no place in their portfolios.

Therefore, in the absence of large, outside buying, i.e., hedge funds, it will fall until those converted are done selling. Granted, I 'd guess they waited a couple of days to see if it took off and they'd recoup some money. But since yesterday, they've mostly decided to sell this week, if not already, imo.

While I would also have preferred that it not trade for 30-90 days to get itself together, the short-term stock price is irrelevant to its long-term valuation.

The question is, who has the caj*nes to patiently hold a stock that's dropping fast, besides myself? We shall see...

April 16th is an important date. Until then, no dimes will be converted. Even those who opted in, all of their shares are still locked showing no value.

It's possible an appeal could happen between now and the 16th. If so, that would be the cleanest way to handle it because 100% of the dimes would still be locked. It would just make any settlement talks faster and easier IMO.

If nothing happens by the 16th, the opted in dimes will be converted to wmih stock, the opted out's will still be canceled and untradeable. And the odds of a successful appeal go way down IMO.

But as of today, an appeal is still a possibility. Where's good ole ben bush when we need him?

Voodoo, that would be very good news. I'd "guess" many sold in jan-feb because they didn't want to deal with the ballot nonsense, were international, etc. Many of those understand the value of the nol's and want back in. Of course, some holders of pref's want out and will dump asap. Who will win the tug of war? Should be interesting.

On the plus side, if lots of people can't trade (sell) their stock, it's more likely to rise due to supp and demand. That would be cool. Maybe get some upward momentum.

Wamugold, sounds like you'd be making precedent in that case. I have no idea where to point you other than possibly calling finra yourself, calling the sec yourself, or speaking with a specialist securities atty, who would be very expensive. Might not be worth the hassle. Weight the cost against how much you'd lose by giving in. Five securities atty's? Damn.

Wamugold, definitely, run it by an atty. Their probably going to request a copy of the texaco settlement. That should spell out holders as of a specific date range get a recovery. I would NOT take your brokers word for it. Usually, it's the settlement date, not the trade date. It's possible your broker is contacting everyone who sold but didn't settle to try to collect extra profits on a technicality. Then again, it might also go by the trade date and the texaco settlement lawyers did a claw back on your broker and they, understandably, want a claw back from you. Could go either way but you definitely have a shot of keeping it.

Linda, no problem. I understand and thank you for clarifying.

GLTA

Cubs, no we don't. It will depend on many variables. But my understanding is holders still have a year to opt in. Let's hope one of the appeals works out.

Linda, calm down. If you think it's better for the stock to be canceled than trade, I respectfully disagree. Therefore, sorry folks is more in order than great news, we got canceled today.

The dimes were canceled this morning along with all wamu securities. Sorry folks.

Chiron, truer words were never spoken. I'd also like to thank Catz specifically. His contributions to this board were epic. I said before and I'll say again, if catz wants to run for the board, I'll vote all my shares to elect him. Thanks all.

Also a holder since 2008.