Enterprise, thanks for the link/post.
Yes, I have come across that exact same document. That same fund/entity has been on CourtCall as an interested party, if I remember correctly. There were others like Silver Point (?), and I cannot remember the rest. There was also another entity buying unsecured claims. Thanks for the reminder.
Also, the latest development (that I do not have much info on) is that a subsidiary (Washington Mutual Bank fsb) of Washington Mutual Bank had a $17 billion "surplus" (on top the $4.4 billion publicly known). This points to Wamu having access to liquidity before the seizure.
I have not been following Wamu too much lately, but still have my shares.
I having been playing CIT Group, but after the last press release for CIT (of divy suspension), I sold all my preferred shares. Now just keeping an eye for an opportunity.
In my opinion, CIT may convert preferred shares to common. Here is the interesting part though: Citibank /Citi Group did a conversion to common at par value for the government and 95% at par value for the public. I believe that CIT Group may do the same/similar. Right now, CIT preferreds are trading below 10 cents on the dollar. I am waiting to see if there is an opportunity at a less risky PPS. You may want to put it on radar: CIT.PR.A and CIT.PR.C (ETrade)
Also, as you know, CCYPQ is not at $2.00. Slowly but surely. Just wondering, was any of that you between $1.65 up to $2.00? I was trying to add more, but my limit never filled.
Once again, thanks for the post.
I am going out. So talk to you later.
AI
