You can read the play-by-play here: http://investorshub.advfn.com/boards/board.aspx?board_id=11133
WaMu is their life, lol
WaMu is their life, lol
Court is adjourned, there won't be a ruling today. She said she would have a ruling ASAP, but that doesn't really mean anything. It's going to be a long, long time before there is any kind of resolution in this case, IMO. They may rule on the $4B within the next few months, but as far as the big picture is concerned, I would guess at least 2 years or more.
-Judge delays ruling on WaMu turnover request-
Judge hears arguments in fight between WaMu and JPMorgan over deposits
* By Randall Chase, AP Business Writer
* On 12:08 pm EDT, Thursday October 22, 2009
[COLOR=blue ! important][COLOR=blue ! important]Companies[/COLOR][/COLOR]:
o Washington Mutual Inc.
WILMINGTON, Del. (AP) -- The judge presiding over Washington Mutual Inc.'s bankruptcy has delayed a ruling on whether the company is entitled to more than $4 billion in disputed assets.
WMI filed a lawsuit earlier this year seeking to force JPMorgan to turn over deposits that WMI claims it owns.
The Federal Deposit [COLOR=blue ! important][COLOR=blue ! important]Insurance[/COLOR][/COLOR] Corp. seized the Seattle-based savings and loan last September, then sold it to JPMorgan for $1.9 billion.
JPMorgan contends that a full evidentiary record and trial are needed before the court can determine the rightful owner of the assets.
After [COLOR=blue ! important][COLOR=blue ! important]hearing[/COLOR][/COLOR] more than two hours of arguments Thursday, the judge said she would need some time before ruling on WMI's request for summary judgment.
http://finance.yahoo.com/news/Judge-delays-ruling-on-WaMu-apf-3748348007.html?x=0&.v=2
Judge hears arguments in fight between WaMu and JPMorgan over deposits
* By Randall Chase, AP Business Writer
* On 12:08 pm EDT, Thursday October 22, 2009
[COLOR=blue ! important][COLOR=blue ! important]Companies[/COLOR][/COLOR]:
o Washington Mutual Inc.
WILMINGTON, Del. (AP) -- The judge presiding over Washington Mutual Inc.'s bankruptcy has delayed a ruling on whether the company is entitled to more than $4 billion in disputed assets.
WMI filed a lawsuit earlier this year seeking to force JPMorgan to turn over deposits that WMI claims it owns.
The Federal Deposit [COLOR=blue ! important][COLOR=blue ! important]Insurance[/COLOR][/COLOR] Corp. seized the Seattle-based savings and loan last September, then sold it to JPMorgan for $1.9 billion.
JPMorgan contends that a full evidentiary record and trial are needed before the court can determine the rightful owner of the assets.
After [COLOR=blue ! important][COLOR=blue ! important]hearing[/COLOR][/COLOR] more than two hours of arguments Thursday, the judge said she would need some time before ruling on WMI's request for summary judgment.
http://finance.yahoo.com/news/Judge-delays-ruling-on-WaMu-apf-3748348007.html?x=0&.v=2
Yeah, you got out at the right time. The only way the stock price was going up today is if she ruled in favor of WAMU, and the chances of that happening were slim. I'm not saying she won't eventually, but as with all court proceedings, things tend to move slowly so it probably wasn't going to happen today.
I said yesterday I would probably get out, but I haven't yet. I have a very, very small amount invested, so I don't even know if it would be worth it. I'm curious to see what will happen on the 28th, but I'm guessing not much of anything.
For those of you that didnt get scared off:
"On the day the holding company filed bankruptcy the deposit became property of the estate under the jurisdiction of the bankruptcy court. Without more, the bankruptcy court determines the outcome of the deposit, not the fdic. But here the fdic answered in bankruptcy the adversary interpleader filed by JPM over the deposit. THe fdic at that time conceded for this case that the bankruptcy court determines the outcome not the fdic. Whatever fdic could have aruged had it not done this is now irrelevant because it submitted to the jurisdiction of the court . Law of the case."
--from Mordicai on i-hub (supposed BK lawyer who's been posting from the beginning of this mess last year)
"On the day the holding company filed bankruptcy the deposit became property of the estate under the jurisdiction of the bankruptcy court. Without more, the bankruptcy court determines the outcome of the deposit, not the fdic. But here the fdic answered in bankruptcy the adversary interpleader filed by JPM over the deposit. THe fdic at that time conceded for this case that the bankruptcy court determines the outcome not the fdic. Whatever fdic could have aruged had it not done this is now irrelevant because it submitted to the jurisdiction of the court . Law of the case."
--from Mordicai on i-hub (supposed BK lawyer who's been posting from the beginning of this mess last year)
Mainstream media finally jumping on the band-wagon:
Washington Mutual argues JPMorgan owes it $4 bln
http://money.cnn.com/news/newsfeeds/articles/reuters/MTFH92130_2009-10-22_17-26-19_N22540435.htm
Washington Mutual argues JPMorgan owes it $4 bln
http://money.cnn.com/news/newsfeeds/articles/reuters/MTFH92130_2009-10-22_17-26-19_N22540435.htm
I think more than anything people are hoping WAMU wins the $4B because they think that will be an indication they will end up winning the whole enchilada (JPM ends up agreeing to a settlement). But I agree with you, the $4B is fairly irrelevant in the grand scheme of things.
I know a lot of people who own the stock have been counting their money prematurely, but I'm not one of them. About the only thing I know for sure is you can't assume anything with this case. People are saying things like "Have you seen what JP did to WAMU? There's no way they can lose! JP will have to settle!" Uhhhhh... no they don't. They don't HAVE to do anything. In a worst-case scenario, they can take it to trial and win the trial. Just because people are HOPING WAMU wins this thing, doesn't mean they will ... whether people want to admit it or not.
Agreed, $4B is of little relevance to the commons. But like a few others have stated, it's simply a piece of mind thing showing some of the Longs that the judge will do the right thing.
On another note:
FDIC's Bair fears she's a jinx for markets
WASHINGTON (Reuters) - Sheila Bair, widely lauded for her cool regulatory head amid crumbling financial markets and a rising tide of bank failures, says she should stay out of government jobs. She said she's jinxed.
"I joke that I should stay out of government service because everything I do, something bad happens," Bair, the chairman of the Federal Deposit Insurance Corp, told the Reuters Washington Summit.
She also hinted at letting someone else fill her shoes as a top bank regulator, but said that time has not quite come.
Continued here: http://www.reuters.com/article/Washington09/idUSTRE59K64T20091021
- Bair, - Dimon ... who's next? Lets see them go after Paulson ...
On another note:
FDIC's Bair fears she's a jinx for markets
WASHINGTON (Reuters) - Sheila Bair, widely lauded for her cool regulatory head amid crumbling financial markets and a rising tide of bank failures, says she should stay out of government jobs. She said she's jinxed.
"I joke that I should stay out of government service because everything I do, something bad happens," Bair, the chairman of the Federal Deposit Insurance Corp, told the Reuters Washington Summit.
She also hinted at letting someone else fill her shoes as a top bank regulator, but said that time has not quite come.
Continued here: http://www.reuters.com/article/Washington09/idUSTRE59K64T20091021
- Bair, - Dimon ... who's next? Lets see them go after Paulson ...
