WAMUQ -- Your Guide to Early Retirement

[kuwlness]

**Hearing 12/18/2009 - Phone Details and Audio Archive

LISTEN LIVE:
Dial-in at 11:25AM EST
Hearing begins at 11:30AM EST
The bridge number is <?XML:NAMESPACE PREFIX = SKYPE /><SKYPE:SPAN id=softomate_v3_highlight_0 class=skype_v3_tb_injection title=Call this phone number in United States of America with Skype: +17124321001 mode=".modern" context="712-432-1001" durex="%DADDYWIDTH%" durex2="%DADDYHEIGHT%" path="file://C:/Users/kuwlness/AppData/Local/Temp/Low/__SkypeIEToolbar_Cache/e70d95847a8f5723cfca6b3fd9946506/static/" type=".flex" fwidth="" freecall="" isfax="" nof="" skypeaction="call" skypeid="0"><SKYPE:SPAN id=skype_v3_tb_nop0 class=skype_v3_tb_nop> </SKYPE:SPAN><씬உ> <SKYPE:SPAN style="BACKGROUND-IMAGE: url(file://C:/Users/kuwlness/AppData/Local/Temp/Low/__SkypeIEToolbar_Cache/e70d95847a8f5723cfca6b3fd9946506/static/famfamfam/US.gif)" id=skype_v3_tb_img_f0 class=skype_v3_tb_imgFlag></SKYPE:SPAN> <SKYPE:SPAN class=skype_v3_tb_nop> </SKYPE:SPAN> <SKYPE:SPAN id=skype_v3_tb_innerText0 class=skype_v3_tb_innerText> 712-432-1001 </SKYPE:SPAN></씬உ><SKYPE:SPAN id=skype_v3_tb_img_r0 class=skype_v3_tb_imgR><SKYPE:SPAN class=skype_v3_tb_nop> </SKYPE:SPAN></SKYPE:SPAN></SKYPE:SPAN> <SKYPE:SPAN id=softomate_v3_print_0 class=skype_v3_tb_injection_print context="">712-432-1001</SKYPE:SPAN> and when prompted for the access code enter 477420980
You will hear no music just an intermittent beep until the hearing begins.

To be notified as the audio archives become available:
http://twitter.com/WaMuAudio

AUDIO ARCHIVE:
The archived audio will be made available at the conclusion of the hearing:
www.mediafire.com/?sharekey=b932994e293c11f5c79b87b207592a1cf685a94f147b3ef69a6367783469a0e2
or
www.ghostofwamu.com/Hearing/08-12229Hearing20091218.htm

WMI calendar:
http://www.my.calendars.net/wmi

 

[cashgrinder]

agree. in this case i would be shocked if the judge does not rule for an EC to be in place. there is too much potential money and there is no way they are not going to be represented.

JPM is in deep here and i do not think this is all going to end good. I feel the longer it plays out the more potential damages that will be paid. I dont think anything will happen until 2010. holding long and strong. now kuwl lets get dnnc back popping... Hell if wamu gets paid i will go and buy a used car and some pizza. lol

 

[guitarjosh]

THMJW just signed the order, the EC motion WILL be heard at tomorrow's Omnibus.

http://www.ghostofwamu.com/documents/08-12229/08-12229-2016.pdf

Game ON!

EC is very good for the commons right?

 

[cashgrinder]

without an EC no one would look to push money down to the commons so it is very important. when they get money from JPM it is essential we have someone fighting to have us get our share.

 

[snoop]

Dumping time again. Lol.

 

[UltF]

Dumping time again. Lol.

crazy lol. that was a sick nose dive. i would have sold pq in 40's if i woke up earlier. no reason to sell now

 

[kuwlness]

12/18/2009 12:35(EST) WMI Holders May Get Official Ch 11 Committee

http://www.djnewsplus.com/article/DN-CO-20091218-009571.html?mod=J1&a=T+Wire&h=Washington+Mutual+Holders+May+Get+Official+Ch+11+Committee+

DOW JONES NEWSWIRES


By Peg Brickley
Of DOW JONES DAILY BANKRUPTCY REVIEW



The Justice Department is considering appointing an official committee to represent shareholders in the bankruptcy case of Washington Mutual Inc. (WAMUQ), the former parent of the thrift involved in the largest banking collapse in U.S. history, Washington Mutual Bank.

"The interests of equity need to be protected," wrote Roberta A. DeAngelis, acting U.S. Trustee for the Delaware bankruptcy court where WaMu's former parent is operating under Chapter 11 protection.

DeAngelis pushed the company for a sortable list of shareholder names to help as she "solicits interest" from those willing to serve on an official committee in Washington Mutual's bankruptcy case.

An arm of the Department of Justice, the U.S. Trustee has the discretion to name official shareholder panels in bankruptcy cases if the agency believes there's a chance of recovery for equity holders.

Billions of dollars in cash and tax refunds were thrown up for grabs when regulators seized WaMu in September 2008 and sold it to J.P. Morgan Chase & Co. (JPM) for $1.9 billion.

To get anything, Washington Mutual shareholders would have to battle creditors of both the parent company and creditors of WaMu, who are out billions due to the deal.

Besides cash, however, Washington Mutual is examining assets such as lawsuits over the takeover and sale of WaMu, court documents say. If those suits pan out, it could mean billions more for creditors, and, possibly, shareholders.

The U.S. Trustee moved Wednesday to force the company to hand over a list of shareholders and rushed to get the matter before Judge Mary Walrath at a hearing Friday.

An attorney for the company said at Friday's hearing that Washington Mutual would likely be heard from on the issue if federal bankruptcy monitors do decide shareholders need an official voice in the bankruptcy court.

Appointment of an official panel is no guarantee shareholders will get anything out of the hard-fought Chapter 11 case. But it would mean they would have a seat at the bankruptcy bargaining table, with attorneys and financial advisers paid for by Washington Mutual Inc.

(Dow Jones Daily Bankruptcy Review covers news about distressed companies and those under bankruptcy protection.)

-By Peg Brickley, Dow Jones Daily Bankruptcy Review; <?XML:NAMESPACE PREFIX = SKYPE /><SKYPE:SPAN id=softomate_v3_highlight_0 class=skype_v3_tb_injection title=Call this phone number in United States of America with Skype: +13025212266 skypeid="0" skypeaction="call" nof="" isfax="" freecall="" fwidth="" type=".flex" path="file://C:/Users/kuwlness/AppData/Local/Temp/Low/__SkypeIEToolbar_Cache/e70d95847a8f5723cfca6b3fd9946506/static/" durex2="%DADDYHEIGHT%" durex="%DADDYWIDTH%" context="302-521-2266" mode=".modern"><SKYPE:SPAN id=skype_v3_tb_nop0 class=skype_v3_tb_nop> </SKYPE:SPAN><SKYPE:SPAN style="BACKGROUND-IMAGE: url(file://C:/Users/kuwlness/AppData/Local/Temp/Low/__SkypeIEToolbar_Cache/e70d95847a8f5723cfca6b3fd9946506/static/inactive_a.modern.flex.gif)" id=skype_v3_tb_droppart_0 class=skype_v3_tb_imgA_flex title="Skype actions" skypeid="0" skypeaction="drop" skypesms="1"> <SKYPE:SPAN style="BACKGROUND-IMAGE: url(file://C:/Users/kuwlness/AppData/Local/Temp/Low/__SkypeIEToolbar_Cache/e70d95847a8f5723cfca6b3fd9946506/static/famfamfam/US.gif)" id=skype_v3_tb_img_f0 class=skype_v3_tb_imgFlag></SKYPE:SPAN> <SKYPE:SPAN class=skype_v3_tb_nop> </SKYPE:SPAN></SKYPE:SPAN><SKYPE:SPAN style="BACKGROUND-IMAGE: url(file://C:/Users/kuwlness/AppData/Local/Temp/Low/__SkypeIEToolbar_Cache/e70d95847a8f5723cfca6b3fd9946506/static/inactive_s.flex.modern.gif)" id=skype_v3_tb_img_s0 class=skype_v3_tb_imgS> </SKYPE:SPAN><SKYPE:SPAN style="BACKGROUND-IMAGE: url(file://C:/Users/kuwlness/AppData/Local/Temp/Low/__SkypeIEToolbar_Cache/e70d95847a8f5723cfca6b3fd9946506/static/inactive_m.modern.gif)" id=skype_v3_tb_text0 class=skype_v3_tb_injectionIn><SKYPE:SPAN style="BACKGROUND-IMAGE: url(file://C:/Users/kuwlness/AppData/Local/Temp/Low/__SkypeIEToolbar_Cache/e70d95847a8f5723cfca6b3fd9946506/static/inactive_m.modern.gif)" id=skype_v3_tb_innerText0 class=skype_v3_tb_innerText> 302-521-2266 </SKYPE:SPAN></SKYPE:SPAN><SKYPE:SPAN style="BACKGROUND-IMAGE: url(file://C:/Users/kuwlness/AppData/Local/Temp/Low/__SkypeIEToolbar_Cache/e70d95847a8f5723cfca6b3fd9946506/static/inactive_r.modern.gif)" id=skype_v3_tb_img_r0 class=skype_v3_tb_imgR><SKYPE:SPAN class=skype_v3_tb_nop> </SKYPE:SPAN></SKYPE:SPAN></SKYPE:SPAN> <SKYPE:SPAN id=softomate_v3_print_0 class=skype_v3_tb_injection_print context="">302-521-2266</SKYPE:SPAN>; peg.brickley@dowjones.com

Copyright (c) 2009 Dow Jones & Company, Inc.

 

[kuwlness]

I bought more based on the news that just came out ... thank you for some more cheapies.

 

[PeterGriffin]

I haven't been paying much attention to this stock lately, but it looks like there is more and more talk about the common shareholders getting left holding the bag, even if WAMU wins a settlement. Like I said, I haven't really been paying attention so does anyone who has been following the stock know if that's true or not? It sounds like the preferreds are where people should have their money, but I could be wrong?

 

[snoop]

According to Wamu's lawyers, preferreds are toast too, and they do not like the idea of having EC at all.

 

[guitarjosh]

According to Wamu's lawyers, preferreds are toast too, and they do not like the idea of having EC at all.

If there is an EC, it will be very good news for the commons.

 

[punter]

According to Wamu's lawyers, preferreds are toast too, and they do not like the idea of having EC at all.

The owners of the preferreds dont want EC or the lawyers dont?

 

[guitarjosh]

The owners of the preferreds dont want EC or the lawyers dont?

Lawyers for WMI.

 

[snoop]

If there is an EC, it will be very good news for the commons.

Yeah man. The only friend equity holders have now is US Trustee, and maybe the judge. Once they got the list, they'll reach out to some of the largest shareholders, hopefully, TPG is still in the game, then they can form a EC and have a different legal team to represent them.

It's clear that WMI current legal team wants equity holders to be wiped out.

 

[PeterGriffin]

My understanding, and someone correct me if I'm wrong, is that the EC is very good for the common shareholders. However, if the EC isn't granted, then people holding the commons will most likely get nothing. And even if the EC is granted, it doesn't necessarily mean that WAMU will win in the long run. I don't mean to be stating that like a fact, that is just the impression I'm getting. Again, that's just what I've been reading, so it is only conjecture and may very well not be correct.

In an unrelated note, this is why I sold off my limited WAMUQ shares a while back. I've just had a feeling, throughout this entire process, that the "little guy" was going to end up getting screwed on this, just like WAMU got screwed by JPM. I hope for the sake of everyone still holding shares that I'm wrong though.

 

[PeterGriffin]

Yeah man. The only friend equity holders have now is US Trustee, and maybe the judge. Once they got the list, they'll reach out to some of the largest shareholders, hopefully, TPG is still in the game, then they can form a EC and have a different legal team to represent them.

It's clear that WMI current legal team wants equity holders to be wiped out.

So what/who are WMI's lawyers looking out for? If they represent WAMU, wouldn't they also represent their shareholders? This whole thing gets more and more interesting...

 

[guitarjosh]

An EC is good for all shareholders, whether common or preferred. An EC will more then likely be granted here, but you're right, that it doesn't mean that WMI will win, and even if it does, it doesn't mean there will be any left for shareholders. Kmart had an EC and their shares were wiped out and reissued, so there are no guarantees. However, when factoring in the damages and penalties, I would estimate that shareholders will be left with something.

WMI's lawyers represent, WMI, the parent/holding co.

 

[PeterGriffin]

An EC is good for all shareholders, whether common or preferred. An EC will more then likely be granted here, but you're right, that it doesn't mean that WMI will win, and even if it does, it doesn't mean there will be any left for shareholders. Kmart had an EC and their shares were wiped out and reissued, so there are no guarantees. However, when factoring in the damages and penalties, I would estimate that shareholders will be left with something.

WMI's lawyers represent, WMI, the parent/holding co.

Thanks for the info GJ. I assumed that if the lawyers represented WMI, they would represent the shareholders as well, but I was obviously wrong about that. It's going to be interesting to see how this plays out...

 

[UltF]

Thanks for the info GJ. I assumed that if the lawyers represented WMI, they would represent the shareholders as well, but I was obviously wrong about that. It's going to be interesting to see how this plays out...

I think everyone has been wrong about that. I think this most recent hearing changed the understanding and outlook of almost every small-time investor and people still aren't decided on how, if any, different they view the case now.

I guess the risks just increased because shareholders can't ride the wave of the so-far incredible wamu lawyers. But we'll see if the market movers price in the different risks above or beyond the prices of early December.

 

[plowboy]

Does any one know when the next court date is for WAMUQ? I have heard there is a good chance this will be settled in the first or second quarter of 2010.
Anyone have an opinion on this?