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You've been right about this for years AZ... thank you for all your DD and insight on this fiasco. Hoping for something soon to our escrow marker accounts!!
Thanks again!
Great to see here again Don! I agree and am going to vote the same way. These crooks are truly despicable human beings!!
Given what you have just revealed in your own experience Owndude, what are your opinions as to legal off balance assets or any other assets that may exist? Is the cupboard bare IYO or just not legally accounted for yet?
The potential/value of our NOLs will be more than cut in half when/if Trump lowers the Corporate tax rate to 15%. Not looking good for a merger also. All IMO.
Yes I'm with Schwab and still have not received my pier payout check
Thanks for sharing this AZCowboy...do you also think there are additional NOL's in addition to assets within WMIIC?
That's a ridiculous and absurd conclusion Exdimer. There's tons of money to be made out there.
It's a couple small outfits called Fannie and Freddie.
Volume is raging today!
What? Wow, thank goodness you have a major league baseball pension!
So do these ownership percentages of over 5% by Apaloosa, Tepper, and others effectively void our NOLS? There was a redacted PLR floating around the board not so long ago that extended the fiscal year end from 12/31/2012 to 3/31/2013 of a company....could this be for WMIH? IS the only way for the current BOD to keep the HF out of the hen house is to sacrifice the NOLS and concentrate on the $8.37 Billion Ordinary Loss for 2012 based on the PLR they may have gotten?
How are people on this board taking this filing and the percentages it reveals? Does it jeopardize our NOLS? Is BKshadow's concern of a Hedge Fund takeover in June 2013 a likelihood if a deal isn't announced by the end of March 2013?
How does the board feel about the massive holdings by the HF? Is this good or bad for us IYO?
This seems to me that we are in the 4th Quarter now guys and we just hit the 2 minute warning! IMO
Please any and all weigh in!!!
I wish it was "almost Feb 2014" because we would be close to blast off!
There are many orders from Walrat granting the substitution of WMI Liquidating Trust in place of the Official Committee of Unsecured Creditors. Is this due to and does this tell us that the Unsecured Creditors have been paid in full and now the remaining claims trickle down the waterfall to equity? Opinions?
Olti, Tolling agreements extend the statute of limitation guidelines. Their existence doesn't mean we agreed not to litigate against these parties.
Catz can you please weigh in on this question pertaining to the 3-19-2012 audited balance sheet? Do you interpret pg 16 as saying we have 5.96 billion of usable NOLS going forward or do we also have the 8 billion worthless stock deduction to add to it? Making it 14 billion in NOLS to carry forward. Tia
According to the audited balance sheet WMi's stock abandonment in 2012 was $8.37 Billion(page 16 of audited balance sheet)... 10 Billion less than Fsshon's 18 billion estimate. Looks like we have 5.96 Billion of usable NOL's that can be carried forward. Very disappointing!
It's a sham and disgrace that under the disguise of "doing the best for their clients" 285 million was spent on this fraud. The judge has to uphold this crock of crap! Otherwise she couldn't sleep at night knowing she is a part of the financial raping that took place upon the WAMU estate. A handful of guys at a coffee shop could have come to this same conclusion. My only solace is that after many years on this earth I have been taught one very important notion and that is... You pay for everything you get in life, one way or the other. These crooks will get theirs...one way or the other! I only wish I was there when they do!
However, another step is complete and we must stay focused on the future and move on!
If that's accurate we need approximately 100 million for the the wahuq to be satisfied. Then it will hit the p/k/u's next!
Catz, is it of your opinion that the PIERS will get paid at 10ish per share at some point? Is this fairly certain IYO? TIA
This post may not be stickied here but it sure is on my board. If this acceptable to the IRS we are GOLDEN! I'm going to print out and have my business CPA weigh in on it! Thank you FSSHON!
They announced a 15 Billion Dollar stock buyback program not so long ago. They already made most of these losses back due to a cheaper share price. JPM wins even when they lose!
What company holds your account?
That might do but what about my liquidating trust shares? TIA!!
Hey Guys! I need some advice as to a problem I discovered today pertaining to some of my Wampq Shares held at Ameriprise Financial. Cutting to the chase... They completely screwed up my ballot!!! I voted to reject the plan and left the opt out box unchecked. I sent my ballot in on time registered mail return receipt. I have 95% of my other P shares in Schwab and voted the same way and have my reorganized shares showing up in my account as well as the liquidating trust escrowed shares. Schwab was fantastic through this whole process and I am very impressed with their knowledge and service!
HOWEVER, Ameriprise managed to bungle the voting process up at every turn. A few highlights of their complete negligence include but are not limited to:
-I never even received a ballot in the mail
-When I called to ask about when ballots would be sent out, no one in customer service knew anything about this BK
-When I asked for corporate actions/restructuring dept they said they didn't have one
-I contacted my planner and he knew nothing about the process. It took him 2 days before he got back to me with a fax number to fax my ballot. I tried to fax it for 2 straight days and their fax machine never picked up.( I then called and yelled and he got me an address to mail to)
-After I received the return receipt back in the mail I waited two days and called to see if/when my ballot would be processed and that they did in fact receive it. They did say it had been received yet didn't know if or when it would be processed.
That was a little over thirty days ago and I figured that I had waded through the confusing voting process and that in due time my old wampq shares would be replaced by shiny new co shares.
WRONG!
Today I finally went online to check my account because its a little used secondary account holding my 401k and I noticed my old WAMPQ shares and there value was gone yet no new shares took there place. Nor was there any mention of my liquidating trust shares!
I called my financial planner in haste and he called the dept handling the WAMU Litigation and he was then told that because I rejected the plan that I would not be getting any distribution...even though I did not check the opt out box. Only because I rejected the plan!
I sent him an email to forward explaining that my rejection of the plan doesn't exclude me from receiving a distribution if the plan was approved, which it was.
I cannot believe this multi-billion dollar company has erred so badly on there handling of this voting process! Can you imagine how many other WAMU shareholders that voted through them lost there shares too! I threatened to be the lead plaintiff in a potential class action lawsuit if they don't get back to me by Monday!
HELP SMART ONES!
I only had 500 WAMPQ($25 PPS) shares with them so it's not the end of the world and I don't want to spend $100,000 to lawyer up and fight for $12,500(Original Cost) in securities that are even cheaper today. Any of you Lawyers out there have a take. If I sue can I recover Attorney Fee's? Nothing I ever signed with Ameriprise to my knowledge contained an Attorney Fee clause.
Any thoughts as to potential remedies gang???
Kelly didn't call me(out on maternity leave). It was a guy who called me! It was probably Rosen pillaging through her desk looking for something else to steal!! LOL!
I just looked at my cell phone call log to do just that to see what they would say about buying my vote and it went strait to voicemail. It was a lady that is on maternity leave. Her message states that she is involved in the WAMU case. 212-310-8032 We will see if they call back!!!
My post revealing the phone call wasn't earth shattering news nor was it meant to rile up Voodoo. I just found it strange they would be calling. I hold many 1000's of P's. Maybe they were calling people that had over a certain amount of shares to switch votes.IMO
He said if the P's reject the plan it could potentially hinder other settlements down the line and possibly kill the plan. I told him "Good, I'm willing to gladly wait through 10 years of litigation if it means equity gets a fair distribution."
Got a call from an attorney yesterday from Weil, Gotshal, and Manges (didn't write down his name/playin golf) asking me if I would change my P votes from "reject" to "approve". Told him to go F himself. Anyone get a similar call?
I just got my voting packet from Schwab as well. I'm in California as is Chiron.
Thats a separate lawsuit that was settled. It is not part of this bankruptcy.
Yes sir! IMO
It's less! It's 35% of the 35%!
Wrong case guy!
What does that mean the Pqs would get if that happens? TIA!!!
HR...I truly respect and appreciate your take on things as well as your investment demeanor!
EAGLE, I really admire the optimism you display each and every day on this board in the face of all the panicking babies! Keep it up bro!
How are you voting HR?
Another thought that I would like to throw out there for consideration. If you put yourself in JPMC's shoes...why would you not settle until the very last possible moment?(And that's only if you think you may lose...which I don't think that's their mentality right now) They already have the billions in Wamu assets and are currently profiting from them. The lawyer fee's they pay are pennies compared to the billions(if that) they may have to part with to settle or the income they're currently making off potential settlement amounts. The longer this goes the more the other side(us) gets TIRED and DISCOURAGED. If we don't stay strong as a group they're going to grind us down to nothing guys/gals. It's already happening by the frustration/impatience that's going on with the board right now. DON'T GIVE UP MY FRIENDS! Take a week off from this board and recharge your batteries(you won't miss a thing...believe me) my fellow longs.This war is gonna take awhile! Why else would Susman defer for awhile? This is just starting to get interesting. Don't be steamrolled by this game! Please! I wanna give Ilene a big hug in Vegas!
Does anyone know how much Tepper and the hedgies paid for the debt? That would give us a bottom figure for them to settle.