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Do we know what the ratio would be for the new shares versus the old ones? Has there been any info regarding this?
I heard that the new shares will be worth $25 starting, don't know how true that is.
Yes I did.
Today I called them and they need to connect you to Corporate Actions department. You can mail it in or do it over the phone.
Either way you will get charged $30 if there is a distribution, if the plan doesn't go through you will be credited back.
If you do it over the phone you still need to fax in the ballot.
He has no point. Why pay $30, when I can just mail it in.
I just got off the phone with Etrade, they are really trying to push you to vote over the phone so they can charge you the $30. I said I do not want to do it over the phone, I want to mail it in and I need the address. After a few min blah blah blah, you might not get it in on time, its faster and more BS I said now can you give me the address.
So he finally did. What a joke. Here it is:
Etrade Financial
4005 Windward Plaza Dr.
Alpharetta, GA. 30005
Attn: Corporate Actions
Thanks. Now I need to find etrades. I will call them today.
Anyone know where do we send these ballots back too.
I have both Ameritrade and Etrade but there is no return address.
Has anyone who received them from Atrade or Etrade mailed them back yet
and if so where, what address. tia
and they don't have too much time to get this settled imo.
Diamond is that you that wrote that?
He never said 3 times value....GET IT STRAIGHT....2 times value plus
UZ.....sure looks like they got the word that News is on the way.....Green News
J.P. Morgan Steps Back From WaMu Tax Break
By DAN FITZPATRICK
J.P. Morgan Chase & Co. is abandoning its demand for a $1.4 billion tax break in exchange for a bigger upfront share of a Washington Mutual Inc. bankruptcy settlement, according to people close to the situation.
Ever since Washington Mutual was seized by regulators in September 2008, J.P. Morgan, the Federal Deposit Insurance Corp. and Washington Mutual's bankrupt parent company have been tussling over billions in deposits, pension benefits and tax refunds tied to Washington Mutual. J.P. Morgan paid $1.9 billion for the thrift's banking assets and deposits.
J.P. Morgan hopes that its concession may break the stalemate and bring the parties closer to an agreement, which could happen as early as this week. The proposal would deliver as much $6.4 billion in Washington Mutual assets to the New York bank, up from about $6.1 billion under a prior proposal. What it agreed to give up for the sweetened settlement proposal, people familiar with the situation said, is the potential for as much as $1.4 billion in federal tax refunds made possible by a provision in the 2009 economic-stimulus bill.
This proposal, however, doesn't have the approval of certain parties involved in the Washington Mutual case, including the FDIC and bank bondholders. The FDIC told a U.S. Bankruptcy Court judge Wednesday that the new terms "positively address the concerns" of the FDIC receiver.
Experience WSJ professional Editors' Deep Dive: FDIC WatchLBO WIRE
FDIC To Clarify Policy on Private Equity
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.Charlotte Observer
Charlotte Investors Seek $2 Billion. Access thousands of business sources not available on the free web. Learn More .J.P. Morgan declined to comment.
The 2009 stimulus bill allowed companies to apply losses from 2008 and 2009 against any taxes paid in the previous five years. Washington Mutual was eligible for as much as $2.8 billion under the law. J.P. Morgan originally said it should be allowed to claim all refunds because it had agreed to purchase Washington Mutual's assets.
But the bill specifically excluded any companies that received bank-bailout aid from getting the tax refunds. J.P. Morgan received $25 billion in 2008. The Wall Street bank had argued to other parties in the case that the bailout ban wouldn't apply because Washington Mutual, and not J.P. Morgan, was the taxpayer. The bank also argued the refund wouldn't go to the bank directly, instead it would be held by the FDIC in receivership and J.P. Morgan could access the funds if sued over Washington Mutual-related issues.
Washington Mutual bank bondholders and the FDIC balked at J.P. Morgan's potential stimulus benefit.
If the latest proposal is approved, J.P. Morgan wouldn't be able to tap the FDIC receiver for refund money in the event of a lawsuit. But it would get about $300 million more from a separate pool of refunds originally reserved for creditors and not tied to the 2009 stimulus bill, giving it a total of $6.4 billion in Washington Mutual assets.
Also, J.P. Morgan still has the ability to ask the corporate arm of the FDIC to cover as much as $500 million in future legal claims, according to the original Washington Mutual purchase agreement.
—Scott Thurm contributed to this article.
Write to Dan Fitzpatrick at dan.fitzpatrick@wsj.com
http://online.wsj.com/article/SB10001424052748704691304575254590133486282.html?mod=WSJ_latestheadlines
WaMu, FDIC May End Court Fight This Week, Judge Told (Update3)May 19, 2010, 5:44 PM EDT
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Story Tools
e-mail this story print this story digg this save to del.icio.us add to Business Exchange (Updates with bond price in last paragraph.)
By Steven Church
May 19 (Bloomberg) -- Washington Mutual Inc. and the Federal Deposit Insurance Corp. may end their dispute over the biggest U.S. bank failure by May 21, lawyers for both groups told a bankruptcy judge.
A settlement agreement “should be completed by the end of this week,” FDIC attorney Thomas Califano said in an interview after the hearing. Califano earlier told U.S. Bankruptcy Judge Mary F. Walrath in Wilmington, Delaware, that the agency would have enough time to review and approve the proposed settlement.
Under the terms of the agreement, the FDIC would get as much as $850 million from tax refunds worth as much as $5.8 billion, according to court documents. WaMu and the FDIC would also end their court battles over the September 2008 takeover of WaMu’s bank by federal regulators.
WaMu filed for bankruptcy the day after the takeover. Before it failed, Washington Mutual Bank had more than 2,200 branches and $188 billion in deposits.
The bank, its bondholders and the official committee of unsecured creditors support the proposed settlement that would split the tax refunds and other assets with JPMorgan Chase & Co. and the FDIC, both of which claimed WaMu owed them money.
WaMu, its bondholders and other creditors have considered using lawsuits to recover money to pay about $7 billion in debt, mostly to bondholders.
Shareholders would get nothing under a proposed liquidation of most of the company’s remaining assets, which include $4 billion in cash in addition to the tax refunds.
Accord Announcement
In March, attorneys for JPMorgan and WaMu announced settlement of their differences over the tax refunds and the $4 billion, which JPMorgan has held since it bought WaMu’s bank in 2008 following its seizure by regulators.
JPMorgan had claimed those tax refunds as the owner of the bank. Under the settlement, JPMorgan will get as much as $2.4 billion of the refunds and WaMu as much as $2.6 billion. The rest would go to the FDIC.
Until today, the FDIC had not said whether its governing board would approve the settlement. Califano said he expects FDIC approval by the end of the week.
Once the deal is signed, shareholders will be the only major opponents left to WaMu’s reorganization plan.
Shareholders have said in court papers that WaMu could collect as much as $20 billion from lawsuits, tax refunds and the deposits held by JPMorgan.
Creditor Vote
In June, WaMu will seek permission to send its reorganization proposal to creditors for a vote, the first step toward winning final approval from Walrath this summer.
The company’s 4 percent bonds that were due in January, rose about 1 percent today to 102.6 cents on the dollar, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority.
The bankruptcy case is In re Washington Mutual Inc., 08- 12229, and a related financial dispute is Washington Mutual Inc. v. JPMorgan Chase Bank NA, 09-50934, U.S. Bankruptcy Court, District of Delaware (Wilmington).
--Editors: Glenn Holdcraft, Fred Strasser
To contact the reporter on this story: Steven Church in U.S. Bankruptcy Court in Wilmington, Delaware, at schurch3@bloomberg.net.
To contact the editor responsible for this story: David E. Rovella at drovella@bloomberg.net.
http://www.businessweek.com/news/2010-05-19/wamu-fdic-may-end-court-fight-this-week-judge-told-update3-.html
WaMu and F.D.I.C. May Settle by Friday
May 20, 2010, 5:52 am
Washington Mutual and the Federal Deposit Insurance Corp. expect to reach a settlement by Friday to resolve legal disputes, a key to ending a bankruptcy stemming from the biggest bank failure in U.S. history, Reuters reported.
The FDIC board should sign the settlement agreement on Friday, Thomas Califano of DLA Piper, the law firm that represents the government agency, said after a bankruptcy court hearing.
He earlier told the Delaware Bankruptcy Court that talks this week had “positively addressed” the concerns of the FDIC.
Go to Article from Reuters »
http://dealbook.blogs.nytimes.com/2010/05/20/wamu-and-f-d-i-c-may-settle-by-friday/?src=busln
XOM....I agree I heard the hearing, this reporter states that
"The FDIC board should sign the settlement agreement on Friday, Thomas Califano of DLA Piper, the law firm that represents the government agency, said after a bankruptcy court hearing. "....True or not who knows
Did Johnny change his name?
WaMu and FDIC expect settlement this week
(Reuters) - Washington Mutual Inc and the Federal Deposit Insurance Corp expect to reach a settlement by Friday to resolve legal disputes, a key to ending a bankruptcy stemming from the biggest bank failure in U.S. history.
Deals
The FDIC board should sign the settlement agreement on Friday, Thomas Califano of DLA Piper, the law firm that represents the government agency, said after a bankruptcy court hearing.
He earlier told the Delaware Bankruptcy Court that talks this week had "positively addressed" the concerns of the FDIC.
The FDIC said in court papers last week that it objected to the way the reorganization would have released Washington Mutual executives from enforcement actions.
Washington Mutual said it would file the settlement agreement by Friday, along with an amended disclosure statement that describes its reorganization plan.
The company had originally planned to send that statement to creditors this week so they could begin voting on the plan. Now voting cannot begin until after a June 3 hearing on the disclosure statement.
The FDIC sold Washington Mutual Bank to JPMorgan Chase & Co in September 2008, at the height of the financial panic, after regulators seized the lender.
The next day Washington Mutual filed for bankruptcy. It has spent most of its stay in Chapter 11 on lawsuits involving the FDIC or JPMorgan.
The settlement, which has the support of JPMorgan, will end those disputes, clearing the way for Washington Mutual to reorganize as a mortgage insurer and investment company with valuable tax breaks. The company plans to sell shares to fund its exit from bankruptcy and reorganization.
Washington Mutual has said it expects to have about $7 billion to distribute to creditors.
Among those unlikely to recover anything are common stockholders, who have argued that the company's plan of reorganization releases various parties from potentially lucrative lawsuits without proper compensation.
Shares of Washington Mutual were down 5.7 percent at less than 12 cents in afternoon pink sheet trading.
The case is In re Washington Mutual Inc, U.S. Bankruptcy Court, District of Delaware (Wilmington), No. 08-12229.
(Reporting by Tom Hals; Editing by Lisa Von Ahn)
http://www.reuters.com/article/idUSTRE64I5K320100519
I totally agree with you Lawrence.....too much proof and info coming out to the public....It is leaking fast they better hurry to stop the leak or they will drown in the flood.
You want to bet that they have the proof and they are holding it as a HAMMER......The HAMMER will drop on both JPM and FDIC and if Rosen is one of them then guess what the HAMMER will get him too.
Biz....you bet they do, but I would love the Great Judge to read this article before the hearing.....It will just make he explode imo.
This is HUGE!
Goldman Sachs’ (GS) Problems Continue
Posted on 05/19/10 at 9:03am by Ed Liston
Following a lawsuit filed by the SEC, Goldman Sachs (NYSE: GS) has found itself cornered. The Wall Street giant has continued to battle against charges of betting against its own clients. The New York Times has now reported another case where the bank was betting against its own client’s interest.
The client in this case is failed bank, Washington Mutual (OTC: WAMUQ). It may be recalled that Washington Mutual was seized by federal regulators in September 2008. Washington Mutual was a longtime Goldman client. Goldman packaged and sold the mortgages originated by Washington Mutual. However, Goldman was aware of the trouble at Washington Mutual.
Apparently, Goldman was betting against Washington Mutual by going short on its stock. This was happening even as the Wall Street firm was underwriting mortgage related securities for Washington Mutual. According to documents recently released by Congress, the bets placed by Goldman against its own client were large enough to generate at least $10 million in profit.
http://www.benzinga.com/markets/company-news/10/05/289884/goldman-sachs%E2%80%99-gs-problems-continue
This is HUGE!
Goldman Sachs’ (GS) Problems Continue
Posted on 05/19/10 at 9:03am by Ed Liston
Following a lawsuit filed by the SEC, Goldman Sachs (NYSE: GS) has found itself cornered. The Wall Street giant has continued to battle against charges of betting against its own clients. The New York Times has now reported another case where the bank was betting against its own client’s interest.
The client in this case is failed bank, Washington Mutual (OTC: WAMUQ). It may be recalled that Washington Mutual was seized by federal regulators in September 2008. Washington Mutual was a longtime Goldman client. Goldman packaged and sold the mortgages originated by Washington Mutual. However, Goldman was aware of the trouble at Washington Mutual.
Apparently, Goldman was betting against Washington Mutual by going short on its stock. This was happening even as the Wall Street firm was underwriting mortgage related securities for Washington Mutual. According to documents recently released by Congress, the bets placed by Goldman against its own client were large enough to generate at least $10 million in profit.
http://www.benzinga.com/markets/company-news/10/05/289884/goldman-sachs%E2%80%99-gs-problems-continue
Johnny you watch and learn how we get $14.00......then you may have a chance to become Diamond's maid.
Diamond.....I know that it will.....just trying to educate Mr. wingiwang on how to read.
Yes it will......$14.00 is ours peice of cake!
The only thing that change is that it looks like the FDIS has agreed. The EC and SUSSMAN need to act NOW.
UPDATE 1-WaMu, FDIC agree on amended reorganization plan
* Deal keeps reorganization on track
Stocks | Bonds | Global Markets | Bankruptcy
* WaMu to receive disputed $4 bln deposit
* WaMu to receive up to $2.6 bln from tax refunds
WILMINGTON, Del., May 17 (Reuters) - Washington Mutual Inc (WAMUQ.PK) reached agreement with the Federal Deposit Insurance Corp on an amended plan of reorganization, bringing the company closer to exiting bankruptcy, according to court documents filed Monday.
Washington Mutual said the settlement will allow it to distribute $7 billion to creditors.
The bank filed for bankruptcy in 2008 after regulators seized its lending operations, which were sold by the FDIC to JPMorgan Chase & Co (JPM.N) for $1.9 billion.
The three parties have been fighting over deposits that Washington Mutual had at the operations sold to JPMorgan and about billions of dollars in tax refunds.
In March the parties announced a settlement, but the deal was not approved by the board of the FDIC.
According to a court filing on Monday, continued negotiations between Washington Mutual and the FDIC led to a revised settlement agreement with the parties and other creditors.
"The debtors, JPMC (JPMorgan), the FDIC Receiver and FDIC Corporate, the Settlement Noteholders and the Creditors Committee have agreed to compromise, settle and release, as to the parties thereto, certain issues in dispute," the filing said.
The benefits of ending further legal fights likely outweigh any gains that might be achieved in court, Washington Mutual said in the filing.
Under the terms of the deal, Washington Mutual will receive $4 billion of deposits it had with the operations sold to JPMorgan, and $2.3 billion to $2.6 billion of tax refunds.
The FDIC and Washington Mutual did not immediately return calls seeking comment.
The case is In re Washington Mutual Inc, U.S. Bankruptcy Court, District of Delaware (Wilmington), No. 08-12229. (Reporting by Tom Hals; editing by John Wallace)
Washington Mutual, Inc. Files Amended Plan of Reorganization and Disclosure Statement
Press Release Source: Washington Mutual, Inc. On Monday May 17, 2010, 9:28 am
SEATTLE, May 17 /PRNewswire/ -- Washington Mutual, Inc. (Pink Sheets:WAMUQ.pk - News) ("WMI" or the "Company") today announced that it has filed with the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court") an Amended Plan of Reorganization (the "Plan") and Disclosure Statement (the "Disclosure Statement").
The Plan contemplates the implementation of a global Settlement agreement (the "Settlement") among WMI, the Federal Deposit Insurance Corporation (the "FDIC") and JPMorgan Chase Bank, N.A. (NYSE:JPM - News) ("JPMC"). The terms are reflected in the Amended Plan and Disclosure Statement filed with the Bankruptcy Court.
As previously announced, the Plan, under which the Settlement will be implemented, contemplates, among other things:
•WMI will establish a liquidating trust to make distributions to creditors on account of their allowed claims. In accordance with the terms of the Plan, the trust will distribute funds in excess of approximately $7 billion, including approximately $4 billion of previously disputed funds on deposit with JPMC.
•It is anticipated that the reorganized WMI will undertake a rights offering pursuant to which certain creditors will receive a right to purchase newly issued shares of reorganized WMI common stock. The reorganized WMI will retain equity interests in WMI Investment Corp. and WM Mortgage Reinsurance Company.
•JPMC will assume certain liabilities related to benefit plans (including the pension plan sponsored by WMI).
•The various litigations involving WMI, JPMC and FDIC will be stayed or dismissed. In addition, JPMC and the FDIC (in its capacity as receiver of Washington Mutual Bank and in its corporate capacity) will withdraw claims against WMI's bankruptcy estate and the parties will exchange mutual releases.
•Preferred and common equity securities previously issued by WMI will be cancelled.
The Bankruptcy Court will hold a hearing on May 19, 2010 to consider approval of the Disclosure Statement. Following approval of the Disclosure Statement, WMI will ask the Bankruptcy Court to confirm the Plan.
The Disclosure Statement filed today contains historical information regarding WMI and certain of its affiliates, a description of proposed distributions to creditors, an analysis of the Plan's feasibility, as well as many of the technical matters required for the solicitation process, such as descriptions of who will be eligible to vote on the Plan and the voting process itself.
WMI's Plan and Disclosure Statement are available at www.kccllc.net/wamu. The Plan is subject to confirmation by the Court. This press release is not intended as a solicitation for a vote on the Plan.
Media Contact:
Andrew Siegel / Jed Repko
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449
UPDATE 1-WaMu, FDIC agree on amended reorganization plan
* Deal keeps reorganization on track
Stocks | Bonds | Global Markets | Bankruptcy
* WaMu to receive disputed $4 bln deposit
* WaMu to receive up to $2.6 bln from tax refunds
WILMINGTON, Del., May 17 (Reuters) - Washington Mutual Inc (WAMUQ.PK) reached agreement with the Federal Deposit Insurance Corp on an amended plan of reorganization, bringing the company closer to exiting bankruptcy, according to court documents filed Monday.
Washington Mutual said the settlement will allow it to distribute $7 billion to creditors.
The bank filed for bankruptcy in 2008 after regulators seized its lending operations, which were sold by the FDIC to JPMorgan Chase & Co (JPM.N) for $1.9 billion.
The three parties have been fighting over deposits that Washington Mutual had at the operations sold to JPMorgan and about billions of dollars in tax refunds.
In March the parties announced a settlement, but the deal was not approved by the board of the FDIC.
According to a court filing on Monday, continued negotiations between Washington Mutual and the FDIC led to a revised settlement agreement with the parties and other creditors.
"The debtors, JPMC (JPMorgan), the FDIC Receiver and FDIC Corporate, the Settlement Noteholders and the Creditors Committee have agreed to compromise, settle and release, as to the parties thereto, certain issues in dispute," the filing said.
The benefits of ending further legal fights likely outweigh any gains that might be achieved in court, Washington Mutual said in the filing.
Under the terms of the deal, Washington Mutual will receive $4 billion of deposits it had with the operations sold to JPMorgan, and $2.3 billion to $2.6 billion of tax refunds.
The FDIC and Washington Mutual did not immediately return calls seeking comment.
The case is In re Washington Mutual Inc, U.S. Bankruptcy Court, District of Delaware (Wilmington), No. 08-12229. (Reporting by Tom Hals; editing by John Wallace)
They must be smoking some good stuff there......are they for real, do they think the EC will just let this happen without payment?....ahahahaha
•Preferred and common equity securities previously issued by WMI will be cancelled.
As I have stated in the past....Mordi is a great poster with respect from many of us here....but I guess I was abducted by alliens and I did miss that post. I still enjoy reading Mordi's posts.
We are all here for one reason .....TO GET PAID!
Yes I really do....and we shall all see the results in the near future......GLOBAL SETTLEMET.....commons have a seat at the table.
Yeah must of......nice answer!
Wow mordicai, up to now you were all for the commons, now you switched tunes and are for the preffereds and that commons will not see much if any. Hmmmmm, I must of missed an episode.
Make the ruling!
ahahahaha Clark shoved it in Rosen's....
OUCH......He just shoved it deep......"You should of sold to JPM and blocked other bidders"
THIS GUY IS GREAT!
One holds a bond while the other one takes notes.
Just kidding. Here are the definitions:
bondholder:The owner of a bond. In addition to receiving regular interest payments and the return of principal, bondholders are given precedence over stockholders in case of asset liquidation
noteholder:a person who holds or owns a note, as a promissory or Treasury note.
ahahhaa thanks XOM and enjoy your Wedding Day, your Wedding Present from WAMU will arrive shortly!
All part of the PLAM....IMO
IMO, once the SH's meeting date is announced, then we will see this move in fast pace and may have a settlement before the meeting.
This is just my opinion!
Wow dm57, same day here......it's been a longgggggggggg time.