Love that buyer beware warning... and they should be
However, there is a lot of mis-truths in the post that makes me wonder if you've done your homework or are just trying to make conversation.
So far everyone sees a positive outcome, yes; that is because to date, there is nothing negative that has surfaced and based on what we know, everything is on course.
The risk is worth your life savings... I'd be very cautious putting out a statement like that; one should only invest monies that they can afford to LOSE. If you can't afford to kiss it goodbye, don't invest buy mutual funds.
Yeah it bothers me that there are so many pumpers... me included; but what the heck, this kind of opportunity doesn't come along often and a lot have a chance to make some money here.
If your are holding... that is your decision... but then again, in the very next sentence... you say you sold... I guess it was enough to make your investment pay off and what you are currently doing is riding freebies so they say... so the most you can lose is nothing.
Now here is where it starts getting confusing....
Bk stocks are bk stocks... wow what tongue in cheek... pretty obvious there... I guess one can't argue with that statement.
However, not all survive and don't get life afterwards... depending on what kind of BK they filed, Chap 7, 11, 13 etc....
Won't dwell on the above too much since we ALL KNOW this is a Chap 11 - Reorganization Bankruptcy and NOT a Chap 7 - Liquidation Bankruptcy... correct?
At this point, I hope JPM gets out of the picture and moves on... after all, life does.
If they want to hang around, they must have a reason... after all, they got the banking side way too cheap and that was handed to them on a silver platter by the FDIC. Now that it is done, JPM is not going to get any more handed to them without a fight.
I will at this point disagree with you with the pink sheet statements... and you obviously have no clue why it is so. But let me enlighten you a bit on this so that you can understand what we have here.
First of all this was literally thrown down to the only market that was available for them and it was not by choice.
You will note that because they filed for Chap 11 BK, their price plummeted down and since the FDIC acted prematurely in taking away the banking division and gave that away, it took a viable part of it's working side away and perception caused people to think this was no longer worth what it once traded for; this is so far from the truth but nevertheless is a perception now.
The NYSE which housed this securities, cast them aside and thus literally kicked them off the exchange because they no longer met their requirements. Well, let me put in this short blurb... very recently they (NYSE) informed the SEC that they were going to reinstate 91 companies back onto the NYSE that were trading under $1.00 to include FRE and FNM... you can read the filings and or the PR on that.... why? guess they finally realized that if they kicked all the companies out, there'd be no one left... and thus who would pay the rent? LOL
But getting back to this.... since the NYSE kicked them off of their exchange, where would they go? At this time it would be ludicrous to apply for another exchange like AMEX or Nasdaq, etc and they would have to reapply for a 15c211... which I believe is still good since they are currently being quoted on pink sheets, so I may be wrong on that point but moot right now... the reason why it is trading on pink sheets is that currently that is the only market that accepts fallen companies until they fail to meet the minimum requirements of listing.
Mind you that this is although categorized a pink sheet stock, it is far from being a pink sheet company. It has more assets than a hundred start up pink sheet companies and it is transparent and there are no hidden agendas like 99% of the pink sheeters out there.
You can compare WAMU Inc to any of them and you will not see many that can even stand up to them.
Let me ask you an honest question.... If WAMU Inc were to come out of Chap 11... What market do you think they could trade on? Would they be forever stuck on Pink Sheets? Don't think too hard... but think about what you posted, do you really believe that?
I really think that your post is thought out, however, not that well, because you have either not done your dd on this and or do not understand what we have here....
I hope I didn't offend anyone and also hope that we all have a slightly better understanding of what is involved and where this could be going and what it is worth.
Yes, Buyer Please do Beware... and please do your own DD. After all, it's your money and your mouse click.
