Washington Mutual Preferred fka WAMPQ

[fsshon]

From what I have learned is once an Examiner Motion is approved by the court and ordered, the court sets an appointment date. Thatdate could be a couple of weeks from the order date. Probably coincide with omnibuses and if date is reached, it is done.

The examiner once appointed is instructed by the UST of what to do and whom to do it to. Examiner will be reporting back to the court every 30 days for 5 straight months, if more time is needed, it could be provided by THJMW.

Examiner has the power to negotiate a settlement and submit a POR.

Once order for examiner is approved, the settling parties have a period of time in-between to get it done or it's "bRING ON THE EXAMINER!"

Dr explained this to me last night.

As the examiner thing is in play, the stock should react accordingly. Not sure if it will appreciate much, but the reports to the court could be under the 502d confidential order or they could release some of it publicly. It depends on what THJMW deems confidential and what is not..

It will be a "STAND DOWN" period while the examiner works. If JPM/FDIC go through examination, then they don't care about the outcome. They are going to fight to their dying breath. Examiner will find info on both sides of the table, that is important to keep in mind. Some parties are innocent and many others are guilty and THJMW knows it.

Hope this helps..

This article on them trying to get Buffett to invest in Lehman is good.

http://manualofideas.com/blog/2010/03/lehman_bankruptcy_examiners_re.html