WAMUQ -- Your Guide to Early Retirement

[luckystars]

This could be happen with WAMU too!! Imagine if WAMU back in business. $$$
http://news.yahoo.com/s/nm/20091005/bs_nm/us_bankofamerica_merrill
BofA brings back iconic Merrill Lynch logo
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– The Merrill Lynch's headquarters in New York. US regulators said Tuesday they could slap new charges …
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2 hrs 48 mins ago
NEW YORK (Reuters) – Bank of America Corp (BAC.N) will spend as much as $20 million in the fourth quarter of 2009 to relaunch Merrill Lynch's name and long-time bull logo.

The former Merrill Lynch and & Co's operations will now be known as Merrill Lynch Wealth Management, and be one of two primary units in Bank of America's Global Wealth and Investment Management division, Sallie Krawcheck, the division's president, told a press conference.

She called the Merrill Lynch operations and the U.S. Trust business, the other main unit, two of the industry's "crown jewels," adding that she feels the industry is beginning to rebound.

"It feels like momentum is turning," she said.

Krawcheck said Merrill Lynch is now adding more advisers to its 15,000-member broker force than are leaving, reversing a trend from earlier this year, when several high-profile senior executives departed after Bank of America completed the acquisition of Merrill Lynch on January 1. The bull logo disappeared at the time of the merger.

Krawcheck and her senior staff are completing budgeting for the unit now, and will begin tackling a longer, three-year strategic plan by month's end.

Bank of America acquired Merrill Lynch in a $29 billion deal agreed to at the height of the financial crisis last fall. The deal made Bank of America the largest wealth manager in the country.

U.S. Trust, the other major wealth business owned by Bank of America, will remain a separate brand from Merrill Lynch's business, said Krawcheck. She said the two businesses need to work more closely together.

During the press conference, Krawcheck declined to comment on Bank of America's CEO search. She has been tapped as a possible internal successor -- along with the company's other major business unit heads -- for retiring Chief Executive Kenneth Lewis.

Bank of America shares were up 3.2 percent, or 53, to $16.87 in afternoon trading.

(Reporting by Joe Rauch, editing by Gerald E. McCormick

 

[kuwlness]

News of the Day

Notice of Hearing to Consider Motion of Plaintiffs Washington Mutual, Inc. and WMI Investment Corp. for Summary Judgment Filed by WMI Investment Corp., Washington Mutual, Inc. Hearing scheduled for 10/22/2009 at 09:30 AM at US Bankruptcy Court, 824 Market St., 5th Fl., Courtroom #4, Wilmington, Delaware. (Lapinski, Neil) (Entered: 10/06/2009)


Time and Date are set. Lets see another big run going into the 10/22 hearing.


Bunch of other new docs posted, but nothing of real relevance that I noticed. I dont think they've all been uploaded yet, but ou can check 'em all out here: http://www.ghostofwamu.com/latestupdates.htm



Here's from the BK lawyer on i-hub (Mordicai):

"SUMMARY JUDGEMENT - A decision made on the basis of statements and evidence presented for the record without a trial. It is used when there is no dispute as to the facts of the case, and one party is entitled to judgement as a matter of law.

A material fact is one which might affect the outcome of the case under governing law. Anderson v. Liberty Lobby, Inc., 477 U.S. 242, 248 (1986). To preclude summary judgment, the dispute about a material fact must also be "genuine," such that a reasonable jury could find in favor of the non-moving party. Id.

Conclusory or speculative testimony is insufficient to raise a genuine issue of fact to defeat summary judgment. See, e.g., Falls Riverway Realty, Inc. v. Niagara Falls, 754 F.2d 49 (2d Cir. 1985); Thornhill Publishing Co. v. GTE Corp., 594 F.2d 730, 738 (9th Cir. 1979).

In general, inadmissible hearsay evidence may not be considered on a motion for summary judgment. Blair Foods, Inc. v. Ranchers Cotton Oil, 610 F.2d 665, 667 (9th Cir. 1990).

Summary judgment is properly granted when the evidence in support of the moving party establishes that there is no issue of material fact to be tried. (Code Civ. Proc., section 437c; Mann v. Cracchiolo (1985) 38 Cal.3d 18, 35.) The court is required to consider all the evidence set forth in the papers, except where objections are properly sustained, and all inferences reasonably deducible from such evidence. Any doubts as to the propriety of granting the motion must be resolved in favor of the party opposing the motion. (Asare v. Hartford Fire Ins. Co. (1991) 1 Cal.App.4th 856, 862.) If the court determines there is no triable issue of fact, the court will determine any remaining issues of law. (Pittelman v. Pearce (1992) 6 Cal.App.4th 1436, 1441.)"


AND:

"So given that the majority of the case against JPM is for the return of the holding company's assets, summary judgment will be utilized by WMI simply by attaching the respective title documents showing ownership of the assets at the time of seizure to the motion(s). Any trial will be on valuation of the assets imho.. Nobody else mentioned it, but the judge that allowed intervention of JPM was appointed by George W. Bush. Maybe a few IOU's have been called in. Pure conjecture on my part, but I bet the Bushes introduced TPG to the chinese. Preston Bush was making deals with the Chinese back in 1979-80. FWIW."

 

[jimmyk16]

Tuesday, October 6, 2009, 2:48pm PDT | Modified: Tuesday, October 6, 2009, 6:01pm
Former WaMu execs’ lawyers want shareholder lawsuit tossedPuget Sound Business Journal (Seattle) - by Kirsten Grind
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Kerry Killinger
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A team of lawyers representing Washington Mutual executives, officers and directors rolled out a litany of arguments Tuesday in federal court in an attempt to throw out a massive shareholder lawsuit lodged against their clients.

U.S. District Judget Marsha J. Pechman won’t make an official ruling on what’s known as the WaMu securities lawsuit for about three weeks, but said at the end of the three-and-a-half hour hearing that at least a portion of it would survive. Earlier on Tuesday, Pechman ruled that another shareholder lawsuit regarding Washington Mutual’s retirement plan would be allowed to move forward.

None of WaMu’s officers or directors were in attendance at the afternoon hearing in Seattle. The lawyers — 13 of whom showed up for the hearing — are attempting to convince U.S. District Judge Marsha J. Pechman to dismiss a nearly 300-page shareholder lawsuit that was originally filed late last year, after the bank failed.

Earlier this year, executives named in the suit, including former chief executive Kerry Killinger, were dealt a win by Pechman when she ruled to cut the original 400-page complaint nearly in half.

Among the surviving allegations, the suit charges that some directors and officers made false and misleading statements about the financial health of the company. It names Killinger, former President Steve Rotella and former WaMu board members, as well as accounting firm Deloitte and Touche and several investment banks.

At the hearing Tuesday, the defendants’ team of lawyers argued that the lawsuit lacks straightforward allegations against WaMu’s leadership. Killinger’s attorney, Barry Kaplan, argued that the lengthy suit is unclear and “that in itself is a sufficient cause to dismiss the complaint.”

He also argued that many of Killinger’s statements quoted in the lawsuit are taken out of context and aren’t anchored in time. “There is not a concept that the complaint is too big to fail,” he said

Other attorneys for WaMu’s executives and officers pointed out that many had held on to the bank’s stock despite its troubles. “Mr. Killinger staked his professional reputation on the bank’s success and repeatedly told investors starting in 2005 about his concerns about the housing market,” argued another attorney for Killinger.

Attorneys representing shareholders, led by New York law firm Bernstein Litowitz Berger & Grossmann, meanwhile, rolled out what they claimed was evidence that WaMu executives were witholding information from shareholders until just a couple months before the bank’s September 2008 failure. The lawyers pointed toward WaMu’s continued stock decline with each new annoucement of bad news in the months before its failure as proof that the bank was releasing news previously unknown to shareholders.

“The fact that the stock dropped showed the market was reacting to new news,” argued one attorney representing plaintiffs.

Several times, Pechman appeared frustrated that the lawsuit was behind schedule and had not yet moved closer to a trial.

“We’ve blown past every scheduled order in place,” she told Chad Johnson, an attorney for Bernstein Litowitz Berger & Grossmann. “How many times do I allow you to make a run at it? Are we done?”

Asked after the hearing ended about how he thought it went, Johnson replied, “How do you think it went?”

After both sides finished arguments, Pechman lectured attorneys on making the process more efficient and speeding up the case.

“I want us to be realistic in the dates we set, but I don’t want to be a senior status judge by the time we wrap this up,” she said.

 

[kuwlness]

Tuesday, October 6, 2009, 2:48pm PDT | Modified: Tuesday, October 6, 2009, 6:01pm
Former WaMu execs’ lawyers want shareholder lawsuit tossed

This is a separate case for the pre-seizure shareholders. I dont believe any outcome of this trial will affect WAMUQ. But nice find regardless.

 

[kuwlness]

Wrong thread

 

[tunit213]

Read this article earlier today. What do you guys think? Will this affect us in any way?

WaMu employees' lawsuit against JPMorgan dismissed
Judge dismisses WaMu employees' lawsuit against JPMorgan Chase over retirement account losses

By Tim Klass, Associated Press Writer
On 1:23 pm EDT, Wednesday October 7, 2009
Buzz up! 0 Print.Companies:JPMorgan Chase Co.Washington Mutual Inc.
SEATTLE (AP) -- A judge in Seattle has dismissed an attempt by former Washington Mutual Inc. employees to recoup their retirement account losses from JPMorgan Chase & Co.

Under the ruling by U.S. District Judge Marsha J. Pechman, the New York banking giant cannot be held liable for WaMu mismanagement that caused the 401(k) plans to vaporize.

Bad housing loans sank WaMu, the largest bank collapse in U.S. history, and JPMorgan acquired most of its assets for $1.9 billion in September 2008. Pechman wrote on Monday that fiduciary responsibility for WaMu's retirement plans did not pass to JPMorgan in the deal.

At the end of 2005, WaMu's 401(k) plans had more than 70,000 participants. As of Dec. 1, 2006, the plan held about 8 million shares of WaMu stock worth about $341.4 million.

 

[cashgrinder]

there are so many different lawsuits its hard to keep track. I doubt any judge would rule that a bankrupt company should have to pay out 401k plans. of course if these people own shares in there 401k and there is money recovered they would get there share according to there stock.

I have no idea what this lawsuit being dropped means. I know it seems like JPM is stalling in every situation. maybe they are waiting for there pps to rise or maybe they believe they have a case who knows.

One thing i feeel good about. Being on the same side as TPG. They get paid.....WE get paid...
If we are really suing FDIC then i would expect to not receive anything for atleast 5 years on this suit. I much rather JPM step up and get this resolved.

will update if i see anything and everyone else do the same.

 

[tunit213]

I know it is hard to keep track of. I just hope this does not prolong. JPM seems to be trying to work every angle they can to delay. I hope they dont take it all the way to a jury trial is my concern.

 

[snoop]

JPMorgan Gets OK To Intervene In WaMu's FDIC Suit
Law360, New York (October 07, 2009) -- The court overseeing Washington Mutual Inc.'s suit against the Federal Deposit Insurance Corp. over the $1.9 billion sale of WMI's banking operations to JPMorgan Chase & Co. has allowed JPMorgan to intervene as a defendant in the case, rejecting the argument that the automatic stay from WMI's bankruptcy case barred JPMorgan from getting involved in the suit.

On Monday, Judge Rosemary M. Collyer of the U.S. District Court for the District of Columbia signed off on an order granting the motion to intervene JPMorgan Chase Bank NA...

*************************

 

[kuwlness]

"CNBC BREAKING NEWS FLASH on cnbc earlier stating republician lawmakers are giving james dimon till 10-31 to find lost consumer info tapes ,hes going down."


from I-Hub -- spongerbob214


I dont think this really affect WaMu at all, just felt like sharing, lol

 

[kuwlness]

UPDATE 1-JPMorgan takes NY office building off market
Thu Oct 8, 2009 12:27pm EDT
* Company willing to consider future bids - source

* JPMorgan still trying to sell 22 office properties (Recasts to update source of story; adds background)

NEW YORK, Oct 8 (Reuters) - JPMorgan Chase & Co (JPM.N) has abandoned a plan to sell One Chase Manhattan Plaza, its Lower Manhattan office tower, because the bids it received were unacceptable, according to a source familiar with the matter.

New York-based JPMorgan, the second-largest U.S. bank by assets, remains willing to consider future offers for the property, the source said.

One Chase Manhattan Plaza is among 23 properties JPMorgan has put up for sale. The rest are still on the market and have drawn interest from potential buyers, the source said.

JPMorgan declined to comment.

The bank acquired investment bank Bear Stearns Cos last year. The deal gave JPMorgan an eye-catching octagonal building at 383 Madison Avenue in New York. At the time, the building, now home to several JPMorgan investment bank divisions, was estimated to be worth more than $1 billion. (Reporting by Juan Lagorio and Elinor Comlay; editing by John Wallace)

http://www.reuters.com/article/companyNews/idUKN0852768620091008

 

[cashgrinder]

http://www.reuters.com/article/marketsNews/idUSN096511720091009?rpc=77

i hope this is the start of settlement coming our way. They have so many suits against them for various things i wonder how they will survive. go wamu

 

[kuwlness]

JPM Morgan announces their earnings tomorrow morning before the bell. I wont have time to dig thru their 10K for any relevant information about the WaMu acqusition, but I suggest those of you that arent active traders to take a quick look thru their 10K and see if you notice anything suspicious/revealing. You can go here: http://www.sec.gov/cgi-bin/browse-e...exclude&Find=Find+Companies&action=getcompany


Their 10K will be the top entry tomorrow morning. You can use the "Find" feature in your browser to search for WMI/Washington/Mutual/WMB. I have a gut feeling there's gonna be something in there worth knowing.


If no one has time, I'll be scanning it tomorrow after the market closes. GLTA

 

[kuwlness]

Bank of Scotland, Bondholders Can Join WaMu Lawsuit
By Cary O’Reilly


Oct. 14 (Bloomberg) -- Bank of Scotland Plc and other bondholders in bankrupt Washington Mutual Inc. can help defend a lawsuit against the Federal Deposit Insurance Corp. brought by the bank’s former holding company, a judge ruled.

The bondholders, who also include Fir Tree Value Master Fund and the Governor and Co. of the Bank of Ireland, have a right to intervene in the case to protect their interests, U.S. District Judge Rosemary Collyer said in an order yesterday.

WMI Investment Corp., the holding company, sued the FDIC in March, claiming it improperly sold WaMu deposits for less than what a typical liquidation would have brought. WMI claimed it was denied billions of dollars in damages from the seizure and sale of the assets to JPMorgan Chase & Co. in September 2008. Bondholders said in court filings that allowing WMI’s damages claim would hurt their chances of recovering what they are owed in bankruptcy proceedings.

“The court will grant the bank bondholders’ motion with great caution, finding that the circumstances of this case -- wherein the owners of a failed bank posit themselves as creditors against other creditors with claims in the receivership -- warrant full explication of the law and facts,” Collyer said in her order.

JPMorgan, the biggest U.S. bank by market value, paid $1.9 billion for most of WaMu, including branches and deposits, after the thrift was taken over by the FDIC. JPMorgan said in February it had $328 billion of home loans, including $117 billion of “credit-impaired” loans from Washington Mutual.

The case is Washington Mutual Inc. v. Federal Deposit Insurance Corp., 09-533, U.S. District Court, District of Columbia (Washington).
To contact the reporter on this story: Cary O’Reilly in Washington at caryoreilly@bloomberg.net.

Last Updated: October 14, 2009 14:10 EDT


http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ajclf.WEdCoE

 

[cashgrinder]

i am taking the gamble on this but now have no clue how this whole mess is going to turn out. The government is so much in JPM corner its rediculous. Our lawyers better do an incredible job on this and get a settlement. I feel like JPM is going to keep this in courts for years if they are allowed to. Hopefully the judge will force the issue and get this resolved. What incentive do the lawyers have to get this settled ? I am sure many of them will hope that it goes on for years cause they make that much more money.....


Who pays all these legal fees? Do they go after JPM for the fees if settled? DO the bond holders, shareholders, and people like TPG etc hire these lawyers?

Any good updates you got would be appreciated. Still thinking of buying more shares over the next week but i cannot find any good information. I feel like everytime i got to Ihub it is people just hyping it with no usefule information or idiots complaingin why they are not rich yet.

 

[bbm]

kuwl your last post about Bank of Scotland bondholders... do you think this could mean less money down to wamu commons or it has nothing to do with it...??

 

[kuwlness]

kuwl your last post about Bank of Scotland bondholders... do you think this could mean less money down to wamu commons or it has nothing to do with it...??

The way I see it, they're looking out for common shareholders (ie: us). So, if anything, it's a very positive development. Our commons are no different than the commons Bank of Scotland or TPG owns; therefore, we're all in the same boat meaning they cant say BoS or TPG gets such and such and the rest of the WAMUQ holders get zip.

My take, it's a good thing. One week from today, hopefully we know more.

 

[kuwlness]

Ghost over on Y! has an update:

Walrath will hear JPM before the scheduled summary judgment hearing on the morning of the 22nd.

http://www.ghostofwamu.com/documents/09-50934/09-50934-0184.pdf



No more delays, YeeeHaw!!

 

[kuwlness]

"Washington Mutual Won't Get Out Of Bankruptcy This Year"

"Washington Mutual Inc (WAMUQ), the former parent of Washington Mutual Bank, has abandonded hope of getting out of bankruptcy this year due to ongoing fights with JPMorgan Chase & Co. (JPM), new owner of the failed thrift.".....

They have sought an extension that makes January 19, 2010 the proposed new deadline for filing a reorg plan.

It's on the DowJonesNewswire, and it's written by Peg.


"It is extremely difficult, if not impossible, for WAMUQ to propose a feasible plan unless they know the amount of assets available for distribution to creditors," lawyers for the company wrote Monday, explaining their need for more time to propose a Ch 11 plan."


--prob the reason for the little sell-off today. I'm thinking the stock should be reacting in the opposite direction, but dont mind. Added another 10k @ .20. Should be an easy 50% ROI going into the $4B turnover trial coming up on Thursday.



New Doc on Ghost: http://www.ghostofwamu.com/documents/08-12229/08-12229-1737.pdf

 

[kuwlness]

Turnover Proceedings WMI Response To JPM's Friday Filings

http://www.ghostofwamu.com/documents/09-50934/09-50934-0186.pdf


It doesnt look like WaMu's lawyers are gonna play nice anymore. Some strong words used in the Introduction. Definitely worth a read