Replies to post #3204 on Dime Bancorp Inc (fka DIMEQ)

[philipmax]

Bk I agree that we may get end up with JPM stock...unless WMI is constituted as a stand alone company and shepherds this through the Courts. The deciding factor is, who guides the Anchor litigation through Federal Courts. Someone could check Jones, Day billing chain to see who is paying their legal fees.

Steinberg seems to think (want) cash is the ultimate payout. I frankly don't see that, not that I would not be happier with that result. For some of us, though, this means a big tax bite. If we take stock it would not be taxable until we sell. Also, JPM might want to run this baby through the end because it gets to keep the 15% retainer tax free.

Let's see how it plays out.

No matter. Definitely NO WAMU stock.

$.98 WOW!

[Zilla]

From past reading I think DIMEQ can be converted to U's but only if there's value. Now if you're SHORT U's and wanted to cover and you knew that the conversion was going to happen, then you'd be able to short 50 mil U's and cover with 1 mil DIMEQ's I know it sounds strange and one of my more 'out of the box' theories as to why commons can be held down for so long.
So if DIME's get 347 mil that would be 5,783,333,333 U's if avg is .06 add that to 1.7 bil current U's and you're just under 7.5 bil shares...Now if a settlement took care of debt and preferreds with 30 bil left for commons, that would actually be 4 PPS with the new structure. 30bil divided by 7.5 bil = 4 PPS
I know is far fetched but it's just another way they could screw over equity and not have to buy U's to cover hence keeping the volume low.
I wouldn't mind JPM shares for my DIMEQ's but only if we're in a seperate creditor class if JPM fails.

[jmbell42]

I don't think that either WAMUQ or JPM stock is truly viable at this point.

As it currently stands, if we get moved up to Class 12 (which we all here believe), then we would get equal treatment with all similarly situated creditors.

That is, we would get rights/warrants/shares in the new company (re-organized WMI).

In the event that Sussman et al. are successful and find enough money so that WAMUQ is in the money, then it changes things but it's not clear how that changes the dynamic. That is, are we honored as per the original warrant agreement, is there a modified agreement, do we remain Class 12, etc, etc.

Regardless, first things first, Steinberg et al. need to battle Rosen to get us into Class 12... then we can happily speculate as to whether we get cash, stock, options, easily liquidated collectibles, etc..

We are certainly doing quite well and I hope our luck holds out! If the inimitable Steinberg has anything to do with it, then we certainly will be successful.

Best,

Jared