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You guys have heard of WAMURAPE.Org Good Guys there.
I stopped posting my stuff over there. I think they have taken a bad direction. And it could be really bad for all investors.
They are trying to get the the justice department Trustee to launch yet another investigation into the Wamu holding company to discover if there are grounds for the formation of an equity committee to represent all the stock holders. The investigation would take about thirty days. So it means another arm of government looking into things from yet another perspective, their own, and delivering a report in 30 days to everyone.
So why is this bad??
If the trustee gets involved at this level and is given authority to comb through the company books on our behalf, and put forward it's own opinions about what things are worth, then the then the possibility of a sale and our eventual recovery is set on a much more rigid schedule and much like an ebay auction we limit the time to get the best bid. And a bidder knows that they will see all the cards on a specific date anyway. So why bid?
They are fools rushing in over there.
If we make life difficult for the guys working for the company, they could end up using our shares for toilet paper. We do want to back the team we have.
Personally I'm very happy with what the court is doing. Wamu is not forced to lay it's cards on the table and is playing them very close and very well in court. This is good because they only want to reveal those cards to a legitimate buyer. They are using the time to work for us. And if a buyer comes forward we all win big.
Do visit wamurape.org and do tell them how you feel about this. Somehow on that board they feel that they represent the entire group of wamu stock holders. Since they are doing things like issueing press releases and contacting the department of justice, we aught to log on and tell them how we feel about that!
That's the opinion of
The Grand Fool Hobson
formerly of wamurape.org
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