Yessir, I flipped half of my position and plan to re-add on Monday. Don't really care much about near-term price fluctuation, but I'll cash in on this Lehman Bros piggy-back action. Thx for the input.
LEHPQ face value = $1000, 50000% upside from today's close ... more money in the bank!!
LEHPQ face value = $1000, 50000% upside from today's close ... more money in the bank!!
etfc....wait for a pullback early next week....hope for a short term one day pop to the $2.25 range....if not, let it ride for a month.....it's been lagging behind some others that share similar problems who have skyrocketed the past few weeks....speculators and shorts abound.....if the pullback doesn't happen then look elsewhere
looking for a pullback to the $1.45, $1.50 range....
and when all the sinners awoke,
and took to the streets
and saw the angels partying with glee....
looking for a pullback to the $1.45, $1.50 range....
and when all the sinners awoke,
and took to the streets
and saw the angels partying with glee....
WAMUQ Love:
From SeekingAlpha.com's "Truth and Transparency" blog:
"While all these revelations can suggest that Washington Mutual, Inc. was not a failed institution, and they can support speculation that Washington Mutual was improperly seized, recent court filings in Federal District Court in Texas and U.S. Bankruptcy Court in Delaware suggest something more sinister.
For example, the filing in U.S. Bankruptcy Court in Delaware, referring to a Texas State Court action (since removed to Federal District Court for the Southern Disrict of Texas (3:09-cv-00044)) is located at the following link:
http://www.kccllc.net/...
In the above-referenced filing, it is alleged that wrongful conduct of JP Morgan Chase & Co. includes
(i) entering into false negotiations with the Washington Mutual, Inc. under the guise of a good-faith bidder during the summer of 2008;
(ii) gaining access to Washington Mutual's confidential and proprietary information through a variety of deceptive practices; and
(iii) disclosing Washington Mutual's confidential information as well as false information to the media and investors in an effort to drive down WMI's credit rating and stock price, cause depositors to withdraw deposits as a result of fear, and hamper efforts of Washington Mutual, Inc. to find a purchaser for itself.
The filing suggests that additional claims that could arise in the bankruptcy proceeding might include, without limitation, unfair competition, tortious interference, interference with prospective economic advantage, breach of contract, misappropriation of confidential information and trade secrets, and conversion. The filing further suggest that by way of these claims, JPMC may be held responsible for the destruction of Washington Mutual, Inc. and the total losses suffered by its creditors and shareholders.
In addition, the underlying Texas action alleges that JP Morgan Chase & Co. used plants or moles (e.g., the Rotella allegations) inside of Washington Mutual, Inc. for the purposes of gaining insider information and exploiting that information for economic gain. Recent news reports have stated that in 2005, a small group of senior risk managers drew up a plan to limit risky lending practices, but a new executive team at the bank nixed the plan. Thus, it is conceivable that if the allegations of insider plants are true, these same plants could have knowingly undertaken or encouraged risky or fraudulent lending practices in an effort to destroy Washington Mutual's reputation and shareholder value.
Under Federal Rule of Civil Procedure 11(b), the above-identified filings are subject to the requirement of certification "that to the best of the person's knowledge, information, and belief, formed after an inquiry reasonable under the circumstances . . . ." Thus, whereas previous revelations in the news or government papers regarding Washington Mutual's situation might command a relatively lower level of trust, the allegations in the above-identified filings demand the additional respect that the Federal Rules of Civil Procedure are designed to command.
The sum of these allegations is that, if any number of the allegations are true, the activities of JP Morgan Chase & Co.'s leading up to the seizure and sale of Washington Mutual, Inc. assets have the capacity of implicating the laws of unfair competition, unjust enrichment, fraud, securities violations at the expense of Washington resident investors, breach of contract (confidentiality agreement), breach of fiduciary duty, conversion, etc.
While many of such violations may be the province of federal law, it is also clear that the magnitude of the allegations and potential extent of damages suffered by Washington residents would likely raise issues of state law violations. Washington residents deserve to have a fair and complete investigation on the subject by the Attorney General of the State of Washington and to have themselves availed of Washington State law if such an investigation deems this an appropriate course of action"
Could be biggest court ruling of the last 10 years. I smell payday is nearing!!
From SeekingAlpha.com's "Truth and Transparency" blog:
"While all these revelations can suggest that Washington Mutual, Inc. was not a failed institution, and they can support speculation that Washington Mutual was improperly seized, recent court filings in Federal District Court in Texas and U.S. Bankruptcy Court in Delaware suggest something more sinister.
For example, the filing in U.S. Bankruptcy Court in Delaware, referring to a Texas State Court action (since removed to Federal District Court for the Southern Disrict of Texas (3:09-cv-00044)) is located at the following link:
http://www.kccllc.net/...
In the above-referenced filing, it is alleged that wrongful conduct of JP Morgan Chase & Co. includes
(i) entering into false negotiations with the Washington Mutual, Inc. under the guise of a good-faith bidder during the summer of 2008;
(ii) gaining access to Washington Mutual's confidential and proprietary information through a variety of deceptive practices; and
(iii) disclosing Washington Mutual's confidential information as well as false information to the media and investors in an effort to drive down WMI's credit rating and stock price, cause depositors to withdraw deposits as a result of fear, and hamper efforts of Washington Mutual, Inc. to find a purchaser for itself.
The filing suggests that additional claims that could arise in the bankruptcy proceeding might include, without limitation, unfair competition, tortious interference, interference with prospective economic advantage, breach of contract, misappropriation of confidential information and trade secrets, and conversion. The filing further suggest that by way of these claims, JPMC may be held responsible for the destruction of Washington Mutual, Inc. and the total losses suffered by its creditors and shareholders.
In addition, the underlying Texas action alleges that JP Morgan Chase & Co. used plants or moles (e.g., the Rotella allegations) inside of Washington Mutual, Inc. for the purposes of gaining insider information and exploiting that information for economic gain. Recent news reports have stated that in 2005, a small group of senior risk managers drew up a plan to limit risky lending practices, but a new executive team at the bank nixed the plan. Thus, it is conceivable that if the allegations of insider plants are true, these same plants could have knowingly undertaken or encouraged risky or fraudulent lending practices in an effort to destroy Washington Mutual's reputation and shareholder value.
Under Federal Rule of Civil Procedure 11(b), the above-identified filings are subject to the requirement of certification "that to the best of the person's knowledge, information, and belief, formed after an inquiry reasonable under the circumstances . . . ." Thus, whereas previous revelations in the news or government papers regarding Washington Mutual's situation might command a relatively lower level of trust, the allegations in the above-identified filings demand the additional respect that the Federal Rules of Civil Procedure are designed to command.
The sum of these allegations is that, if any number of the allegations are true, the activities of JP Morgan Chase & Co.'s leading up to the seizure and sale of Washington Mutual, Inc. assets have the capacity of implicating the laws of unfair competition, unjust enrichment, fraud, securities violations at the expense of Washington resident investors, breach of contract (confidentiality agreement), breach of fiduciary duty, conversion, etc.
While many of such violations may be the province of federal law, it is also clear that the magnitude of the allegations and potential extent of damages suffered by Washington residents would likely raise issues of state law violations. Washington residents deserve to have a fair and complete investigation on the subject by the Attorney General of the State of Washington and to have themselves availed of Washington State law if such an investigation deems this an appropriate course of action"
Could be biggest court ruling of the last 10 years. I smell payday is nearing!!
Heck Nah ... get in around .18 and you'll be a happy camper in the near-term future. : )
Today got up to just under .21 ... gotta assume some people are happy making an easy 100% return, but not me. I'm in this at least until it hits $8, in fact I was adding at .17. I'll minimize some of my position at $8. But still holding my core position until we get settlement at $12-24. Never know for sure, but this will likely hit $1 by week's end. So, another 500% from today's price (assuming it closes above .20 today, which I'm expecting it to).
GLTA
Today got up to just under .21 ... gotta assume some people are happy making an easy 100% return, but not me. I'm in this at least until it hits $8, in fact I was adding at .17. I'll minimize some of my position at $8. But still holding my core position until we get settlement at $12-24. Never know for sure, but this will likely hit $1 by week's end. So, another 500% from today's price (assuming it closes above .20 today, which I'm expecting it to).
GLTA
i'm extremely skeptical of calls for 8 dollars and such
also looking at chart back in may it had a 2 day run like you saw recently with almost the same exact volume
after that it pulled back and stayed flat and dull till the latest 2 day explosion you just saw.....
anyway GL
also looking at chart back in may it had a 2 day run like you saw recently with almost the same exact volume
after that it pulled back and stayed flat and dull till the latest 2 day explosion you just saw.....
anyway GL
Things keep looking better. You are about to see the awesome power of Chapter 11 unleashed on both a government agency and the nation's most powerful bank. Watch and learn.
Lets take a look at the developments:
- FDIC and JPM attempts to invoke FIRREA jurisdictional bar: denied
- FDIC and JPM motions to stay two adversary proceedings or remove to D.C.: denied
- WMI Rule 2004 motion to examine JPM: approved
- JPM motion for reconsideration of Rule 2004 motion approval: denied
- WMI subpoena for Rule 2004 documents: executed
- JPM motion to dismiss WMI's 18 counterclaims: denied
- JPM attempts to categorize two adversary proceedings as non-core: denied
Lets take a look at the developments:
- FDIC and JPM attempts to invoke FIRREA jurisdictional bar: denied
- FDIC and JPM motions to stay two adversary proceedings or remove to D.C.: denied
- WMI Rule 2004 motion to examine JPM: approved
- JPM motion for reconsideration of Rule 2004 motion approval: denied
- WMI subpoena for Rule 2004 documents: executed
- JPM motion to dismiss WMI's 18 counterclaims: denied
- JPM attempts to categorize two adversary proceedings as non-core: denied
WAMUs recent opening of two bank accounts at Wells Fargo speaks volume to the ears of those in-the-know. They're getting settlement money ... why else would they be opening a new account??? Think about it!! Anyway, here's more updates:
DO notice.. That THJMW is boxing JPM into a corner with her orders..
Counter Claim Briefs due by JPM 14 Sept 2009
Which looks like WMI's counter claims will be heard in court on the 24th of Sept.
Thus, Many rulings coming in for WMI..
http://www.kccllc.net/documents/0812229/0812229090828000000000008.pdf
Which is an indication FDIC/JPM's appeal has been denied or will not be heard by Judge Sleet..
JPM is running out of time.. And.. Which is an indication that the parties are getting pushed to settle..
Lets hope that the order for briefs on counter claims which proves that the testimony has been heard, Discovery of JPM/FDIC has been received and now the judge will receive briefs and arguements then order a ruling for WMI to use as a part of the reorg plan to be issued to the court in October 2009.
Next: THJMW will order the award WMI a Monitary judgement from JPM.
Again, THe only reason why WMI is allowing JPM to delay is because JPM has not finished the auctioning of the TARP money Warants..
Getting closer ... As for the PPS, the MM's have been told to shake the Tree prior to settling..
GTLY...
Go WAMU..
DO notice.. That THJMW is boxing JPM into a corner with her orders..
Counter Claim Briefs due by JPM 14 Sept 2009
Which looks like WMI's counter claims will be heard in court on the 24th of Sept.
Thus, Many rulings coming in for WMI..
http://www.kccllc.net/documents/0812229/0812229090828000000000008.pdf
Which is an indication FDIC/JPM's appeal has been denied or will not be heard by Judge Sleet..
JPM is running out of time.. And.. Which is an indication that the parties are getting pushed to settle..
Lets hope that the order for briefs on counter claims which proves that the testimony has been heard, Discovery of JPM/FDIC has been received and now the judge will receive briefs and arguements then order a ruling for WMI to use as a part of the reorg plan to be issued to the court in October 2009.
Next: THJMW will order the award WMI a Monitary judgement from JPM.
Again, THe only reason why WMI is allowing JPM to delay is because JPM has not finished the auctioning of the TARP money Warants..
Getting closer ... As for the PPS, the MM's have been told to shake the Tree prior to settling..
GTLY...
Go WAMU..
More Good WaMu Info:
I am amazed how some people can't grasp the size of the settlement. They base their rationale on a feeling, like how can a $.15 stock go to $24. Hello, how does the negotiating attorney place a fair value, just a pie in the sky guess?
If we go to court, we get 3X book value. A settlement, something a little less ... so, say 2X book value. WAMU book value last Q they reported (June 2008) was $26B. Also, recall TPG made a capital infusion of $7-$8B in August 2008. 2X book value equals $52B. Take away debt and preferreds, leaves about $40B for common equity. 1.7B O/S equals $23.5/s.
Now do you understand? It is not an opinion, just simple arithmetic based on what a good negotiating team would want. Since they hold the winning hand, they get what they ask for. Really pretty simple.
I am amazed how some people can't grasp the size of the settlement. They base their rationale on a feeling, like how can a $.15 stock go to $24. Hello, how does the negotiating attorney place a fair value, just a pie in the sky guess?
If we go to court, we get 3X book value. A settlement, something a little less ... so, say 2X book value. WAMU book value last Q they reported (June 2008) was $26B. Also, recall TPG made a capital infusion of $7-$8B in August 2008. 2X book value equals $52B. Take away debt and preferreds, leaves about $40B for common equity. 1.7B O/S equals $23.5/s.
Now do you understand? It is not an opinion, just simple arithmetic based on what a good negotiating team would want. Since they hold the winning hand, they get what they ask for. Really pretty simple.
The Najarian brothers are trading in these things.
http://www.thestreet.com/_yahoo/sto...dance.html?cm_ven=YAHOO&cm_cat=FREE&cm_ite=NA
http://www.thestreet.com/_yahoo/sto...dance.html?cm_ven=YAHOO&cm_cat=FREE&cm_ite=NA
hno:
