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300K bought in the last 5 minutes ABOVE ask
200K bought at .086 at 15:55 w/ ask at .084
100K bought at .085 at 15:59 w/ ask at .084
Motion for reconsideration of 2004 discovery denied
according to poster at Yahoo
Walrath denies Motion for Reconsideration!
She suggests there is a strong need for coordination of requests to reduce overhead to JPM.
http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_W/threadview?m=te&bn=86316&tid=197429&mid=197560&tof=1&frt=2#197560
I like how you think friend - EOM
I had to buy some more today... I couldn't help myself...
We're both talking about discovery and it cannot "easily be overturned" as you claim.
easily/ [ee-zuh-lee, eez-lee]
–adverb 1. in an easy manner; with ease; without trouble
I'm not talking about ANY appeal. You can't just lump all appeals together. Are you serious? Do some research on appeals to discovery in BK court.
"It could easily be overturned"
That statement is flat out wrong. Do some more research and then tell me that the discovery ruling can "easily be overturned."
Yes... it is speculation that JPM did wrong... That's the whole damn reason everyone is in this stock. Do you contest that WMI has some of the best BK lawyers in the world working for them? JPM's lawyers keep getting shot down by Walrath.
You don't think that JPM is worried about discovery. Those who believe a settlement will occur do. It really is as simple as that. Dimon will not be pushed into a deposition because it could ruin his reputation and land him in jail. (IMO)
Those who think that JPM will settle believe that they will do so because there is obvious evidence of their wrongdoings. That is the whole reason WMI lawyers sought discovery. It sounds like you think JPM has no reason to be concerned about discovery. If they're concerned that discovery will lead to damning evidence, they will settle. It's as simple as that.
Thanks for the update! eom
JPM is falling... hopefully that means something...
C, GS, WFC, MS, USB all up.... JPM down
Seems to be no resistance today... but not much buying to send us higher
1030AM EST is the word on the street
Um... this stock is moving on nothing today.... upticking on sells... not complaining... but suspicious
Don't worry... It has only been addressed about 345,958,591 times. The consensus seems to be that shares are shares. If you sold after the BK, you no longer own shares in the company. If you bought after the BK, it doesn't matter. You own shares in the company.
WRONG eom
Bid was above the ask there for a little while... it was .116X.115
and I responded over there with "That makes too much sense for the government to do."
Yeah... doesn't seem very important.
480K share buy just went through at .125
Woah... 592K share buy just went through too at .125
Were there several trades of $20,000 and $40,000 on WAMUQ at the end of the day?
$1 billion per share without a doubt
72.94% of statistics are made up... I'm 26.9% sure of that.
Almost 3 mil... we were at about 9 mil total at 3:50 I believe
That 5 minute chart looks pretty beautiful
WAMUQ HOD
It's THEIR money and they want it NOW
It's YOUR money... You want it NOW.
It seems the real difference in your and everyone else's thinking is that you don't think discovery will lead investigators to any obvious criminal action on the part of JPM and their management. People who are thinking settlement believe it will happen because JPM's management knows that discovery will land many of them in jail Enron style... That's really the only reason the JPM settlement talk is even around... because many are convinced they blatantly broke the law and conspired to bring down WAMU.
So have I... but we probably got lucky... An MM saw, "I want 5000 shares for .99" and said, "SURRRRRRRRRRRRRE... that's a tough bargain but here ya go."
Looks like an actual sale... Someone must've put in a limit order for .99 instead of .099. 5000 share transaction for $4950.
Someone just spent about $4950 on 5000 shares... They must've accidentally put in a limit order for 5000 shares at .99 instead of .099. If said person would like to buy more at .99, I will happily oblige.
Someone just bought 157,130 shares as the ask. EOM
From Bopfan:
The FDIC's motion to stay the two bankruptcy court adversary proceedings makes two arguments: (1) the two actions are barred by 12 USC 1821(d)(13)(D)(i), which gives the District Court exclusive jurisdiction to determine rights of WMB assets ('asset' means anything WMB owned that the FDIC as receiver might liquidate for the receiver ship (citing the District of Columbia District Court in Washington Bancorp. v. FDIC) and (2) the First-to-File Doctrine prohibits Judge Walrath from determining the adversary proceedings because it says that where two courts both have jurisdiction over a matter, the court in which an action in the matter is first filed shall determine the matter.
The first argument fails because the deposits are not assets of WMB. As deposits, that money was NEVER property of WMB, so it cannot be considered an 'asset'. The FDIC attempts a red herring by saying that per Art. 9.5 of the P&A it has the power to order JPM not to release the $3.7 billion, but concedes it has not exercised the 'power'. (This argument is ludicrous because a clause in an agreement cannot convey property rights unless one of the parties OWNS the property and expressly agrees to the grant of an interest in the property.) The FDIC knows the money is no more WMB/JPM's (hence the FDIC has no jurisdiction over it) than it would over a retail depositor's money that passed to JPM. The FDIC does raise the issue that the money on deposit with JPM may be commingled with "tax refunds and other commingled funds" it contends belong to WMB. Even if some WMB funds were commingled the amounts that were not (the lion's share) are WMI's property.
Point (2) is likewise silly because the deposits were never assets of WMB, the District Court never had jurisdiction over them, so First to File doesn't apply. In any case, WMI was actually the 'first to file' (i.e., the money became an issue in legal proceedings) as upon the Chapter 11 filing any bank accounts WMI owned became property of the estate under the jurisdiction of the bankruptcy court, i.e., on 9/26/08 by operation of law as opposed to the 12/30/08 filing of the administrative claim.
Accordingly, there is no 'concurrent' jurisdiction so the First to File rule is inapplicable. Moreover, the fact that WMI asserts a claim for the $3.7B in its administrative claim is irrelevant. That assertion was a duplicative precaution for the reasons discussed.
Long time board followers may recall I said WMI would seek removal of its bankruptcy avoidance claims to the District Court because though the bankruptcy court has jurisdiction over them under 12 USC 1821(d) they must be brought in the district court. Judge Walrath now has an opportunity to transfer those claims to the District Court.
The turnover action, is quite another matter. The District Court does not have jurisdiction over the deposits, and the FDIC knows it, which undermines its entire motion. It would have been in a stronger position if it had limited its motion to the disputed "tax refunds and other commingled funds" it describes in the motion, assuming it had iron-clad evidence to support its argument.
still says breath...
There were a few worth over $10,000 in the last hour... even a couple over $20K
HOD at .103 - lots of volume coming in near EOD
I know... I'm saying there is a poster on the yahoo board (wldgdr or something like that) who is in charge of writing and releasing those PR's. He has raised some money and releases them on behalf of wamuequity I believe.
Uh huh... instead of breath... They used "breath" in the title. Sorry, my post was a bit misleading.
Those PR's aren't from Wamu themselves... I believe a poster on the yahoo board puts them out...