From DanBB on IHUB:
DC Court Hearing Results
"I just got back from the DC court hearing.
I'm not an attorney so this is my interpretation. The judge accepted the motion to dismiss in the first 15 minutes of the hearing. The WMI shareholders and bondholders are now not a party to the DC case and only the WMB bondholders remain. In the judges closely paraphrased words, "so we no longer have to deal with WMI or the bankruptcy court".
The Texas attorneys, JPM and FDIC then proceeded to take another 75 minutes to argue over pushing the case back to Texas and whether FIREAA applied. They will submit simultaneous briefs within 2 weeks and they can then submit replies limited to 5 pages."
K I'm going to take a nap with my 2yr old. My heart needs a break.
DC Court Hearing Results
"I just got back from the DC court hearing.
I'm not an attorney so this is my interpretation. The judge accepted the motion to dismiss in the first 15 minutes of the hearing. The WMI shareholders and bondholders are now not a party to the DC case and only the WMB bondholders remain. In the judges closely paraphrased words, "so we no longer have to deal with WMI or the bankruptcy court".
The Texas attorneys, JPM and FDIC then proceeded to take another 75 minutes to argue over pushing the case back to Texas and whether FIREAA applied. They will submit simultaneous briefs within 2 weeks and they can then submit replies limited to 5 pages."
K I'm going to take a nap with my 2yr old. My heart needs a break.
"My interpretation is that it is good. The WMB bondholders are now going it alone in DC."DanBB
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"The insurance co.'s dropped WAMUQ-related claims, so they are no longer alleging injuries due to losses related to WMI shares or bonds. Only those who lost in WMB bonds remain party to the Texas Action.
"This is GREAT NEWS. Why would they drop their claims for WAMUQ losses when their allegations were the impetus for WMI's powerful discovery motion last year? The timing on this is uncanny. Hold on
" XOM
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"The insurance co.'s dropped WAMUQ-related claims, so they are no longer alleging injuries due to losses related to WMI shares or bonds. Only those who lost in WMB bonds remain party to the Texas Action.
"This is GREAT NEWS. Why would they drop their claims for WAMUQ losses when their allegations were the impetus for WMI's powerful discovery motion last year? The timing on this is uncanny. Hold on
" XOMAn amazing development for me today ...
I have several accounts, but my favorite is (or was, until today) Scott Trade because of the fact that you can trade the same day with funds deposited by certified check at any ST location. Many, many times in the past I have gotten a certified check from my bank and went to ST before 10:00 AM and the funds were good (to trade stocks with a PPS of <$1.00.) HOWEVER, today when I did that same routine, and the funds did not appear in my account by Noon, I was told that I would not have access to them "until 4:00 or so".
IT'S GOING DOWN TONIGHT!!!
I have several accounts, but my favorite is (or was, until today) Scott Trade because of the fact that you can trade the same day with funds deposited by certified check at any ST location. Many, many times in the past I have gotten a certified check from my bank and went to ST before 10:00 AM and the funds were good (to trade stocks with a PPS of <$1.00.) HOWEVER, today when I did that same routine, and the funds did not appear in my account by Noon, I was told that I would not have access to them "until 4:00 or so".
IT'S GOING DOWN TONIGHT!!!
For 4 months I have used the ST account for only one reason ... to accumulate WAMU. Trading in all other stocks is done through my other accounts. I honestly believe that what took place with me today was an indication that ST did not want me to have access to new funds that would have purchased more WAMU. It's my understanding that ST's CEO sits on the board of NITE. As to whether this is a conspiracy, I'm not willing to go that far ... but I can say that the funds in questioned were just released to my account (at 4:34 PM), making them useless for what I had originally intended.
I sincerely think that this stock will be halted tomorrow morning.
IMO
BM:
There was some very fishy things going on today. Market orders getting cancelled by s-trade, folks not being able to use funds that shouldnt be restricted in the first place, orders not being filled .02+ above the ask.
Not sure what to make of today's action. Technically, the chart looks great still. We had a big shake-out and, interestingly enough, filled both the gaps, only to close above all the resistance/support levels that were in-play.
Conspiracy or not, it was an interesting show.
As for Scottrade's CEO, yes he is in fact a board member of Knight Capital (NITE). Often times when s-trade restricts a stock, it's because NITE is short that specific stock, so they want to make it a hassle for you to buy it.
Definitely did not see this shake-out coming -- but it seemed very well orchestrated. Coincidentally we bottomed exactly where there was a gap on the charts. I hate gap theory, but more times than not they do get filled.
Also notice on the 1-min chart there were several large buys (1M+) as it bottomed. It almost seemed like the MMs were taking it down to fill a large buy order.
The MMs realize we're close to the end-game ... they will try every dirty tactic in the book to get your shares at the cheapest price. I hope everyone was able to flip some shares on this ride up so they can take some (or all) of their initial cost out of this stock.
Here's ClayTraders Video Chart if anyone wants to watch it:
http://ih.advfn.com/p.php?pid=ihvView&y=BX5GGp1doNU
Basically said what I said, we closed above all the support levels, so technically the chart still looks good.
http://ih.advfn.com/p.php?pid=ihvView&y=BX5GGp1doNU
Basically said what I said, we closed above all the support levels, so technically the chart still looks good.
Friday is going to be one helluva day. I know I'm more cynical than most, but I wouldn't be at all surprised to see another delay of some sort. Maybe this time Rosen says "No, really, we're REEEEALLY close judge, I swear this time!" :lol:
Having said that, if it's the "right kind" of delay it could make the PPS go up like last time. Should be very interesting.
Having said that, if it's the "right kind" of delay it could make the PPS go up like last time. Should be very interesting.
