WAMUQ -- Your Guide to Early Retirement

[8ate]

The golden Rule..>> He who has the Gold; Makes the Rules..

I have followed another non-bankruptcy case; one involving Patent rights; which involved multiple Federal Courts; International Courts..>>RMBS...

One thing I learned..>there are Judges in the system; that are there to yield decisions to the Powers-that-be..>>that a judge can issue a decision that absolutely cannot be correct, but it will be 2-3 years until an appelate court; or some similiar device; will overturn their decision..>>meanwhile, the lawyers keep billing..>>>everyone knows this..>>

My feeling on Wamu..>>let it bottom, get back in ultra cheap; there will be rumours/news articles concerning renegotiations; and then the shares will spike up..>>sell..

JMHO

gl

:howdy::think2:

 

[kuwlness]

I sincerely hope the judge will see who she is dealing with. She is dealing with 3 biggest thieves on earth JPM, FDIC and a crook Rosen. And what is the point of forming EC when they're not even a part of negotiation process? If she does sign the agreement, all I have to say is justice system in this country is FUCKED.

I'm glad there are others that realize this and see thru this BS. The roller coaster ride doesnt scare me ... in fact, that's why I showed up. I'm here for the ride, thru the ups and downs.

Buy when it's cheap, sell some when it's had a nice run, and always keep a core position that you will never part with until everything has been said and done.

 

[snoop]

I think my math is incorrect in above post. Actually, FDIC would make $2.9 bils ($1.9b from JPM + $1b tax refund) by steeling Wamu, an institution they're supposed to protect.

It's only happens in America.

 

[lax_gunman]

For those who still hold
http://www.wamutruth.com/Lettertothecourt.doc?attredirects=0
Fill it out, send it in~~:<<

 

[CheeseMan]

Saw this article today...

http://blogs.wsj.com/bankruptcy/2010/03/16/deal-or-no-deal-wamu-edition/

 

[cashgrinder]

i am definitely holding until the end. Unfortanately all signs currently show this is not going to end well.

when you get can prefereds at less then 1.00 with face of 25 and pq for 34 with face of 1000 and people are still not buying them it is not a good sign. it is not MM manipulation this time. it is serious lack of interest from smart money.

GL... Here is hoping the EC makes an announcement before the 26th reorganazation or we can probabaly expect PPs to be close to .01.

 

[PeterGriffin]

i am definitely holding until the end. Unfortanately all signs currently show this is not going to end well.

when you get can prefereds at less then 1.00 with face of 25 and pq for 34 with face of 1000 and people are still not buying them it is not a good sign. it is not MM manipulation this time. it is serious lack of interest from smart money.

GL... Here is hoping the EC makes an announcement before the 26th reorganazation or we can probabaly expect PPs to be close to .01.

Yeah, no matter how many different ways I look at this, I keep coming back to the fact that it's an EC vs. JPM/FDIC/Weil, etc. It would be a colossal upset if they could somehow take down all those powerhouses. I'm not saying it can't be done -- they are a competent group and have good lawyers on their side, but they are certainly a heavy underdog at this point, IMO.

Having said that, if people like the stock I think it might be a good idea to wait to get in or to add more. I think there could be a fairly big decline on the 22nd, which is the deadline for all Chase employees to have their old WAMU stock liquidated. And then again on the 26th, when Rosen submits the reorg plan that most people believe will have equity omitted from any kind of compensation. I imagine both of those events will result in a sizeable drop in the PPS. Should be interesting...

 

[PeterGriffin]

EC finally speaks... good for them:

http://finance.yahoo.com/news/Official-Committee-of-Equity-prnews-2026466711.html?x=0&.v=1

 

[cashgrinder]

Game ON... finally. right when it was put out. i saw Uq flying. i was able to buy up 8000 more Kq's for 1.00 and 1.05....

tommorrow should be interesting atleast. all teh naysayers will prob jump back in. THIS mean nothing but just holding some PPs together helps...

now lets get to work boys...

 

[PeterGriffin]

Game ON... finally. right when it was put out. i saw Uq flying. i was able to buy up 8000 more Kq's for 1.00 and 1.05....

tommorrow should be interesting atleast. all teh naysayers will prob jump back in. THIS mean nothing but just holding some PPs together helps...

now lets get to work boys...

I actually LOL'd (I like writing that out, I'm a dork) when I saw the stock price start to spike after that document came out. It's definitely good news, but it's news that should have been expected. Did anyone actually think the EQUITY Committee was going to accept an offer that left shareholders with nothing? :lol:

The market's overreaction to this news is similar to the overreaction at the proposed settlement on Friday when the pps plummeted. Having said that, since this news came out at the END of the day, I'm thinking there were probably be a lot of people who tried to get back in but couldn't. I would imagine it will go up a bit tomorrow, as well.

 

[BigDon]

I actually LOL'd (I like writing that out, I'm a dork) when I saw the stock price start to spike after that document came out. It's definitely good news, but it's news that should have been expected. Did anyone actually think the EQUITY Committee was going to accept an offer that left shareholders with nothing? :lol:

The market's overreaction to this news is similar to the overreaction at the proposed settlement on Friday when the pps plummeted. Having said that, since this news came out at the END of the day, I'm thinking there were probably be a lot of people who tried to get back in but couldn't. I would imagine it will go up a bit tomorrow, as well.

Hey peter, do you see the stock going down to the low pennies ? :toast:

 

[PeterGriffin]

Hey peter, do you see the stock going down to the low pennies ? :toast:

Hey Don,

It's really tough to make any kind of informed guess with this stock since it's under such heavy manipulation. The news that came out before about the EC rejecting the proposal was good, if not expected, but now it looks like their motion to intervene on the proceedings will probably be granted as well. IMO, the motion to intervene is much bigger news than the rejection of the proposal. I think everyone assumed they would object to the proposal, but the motion to intervene, if denied, probably would have spelled the end of the case. I don't think the judge has formally signed off on the motion to intervene yet, but there were no objections from the other parties on the motion so it has a good chance of being granted.

To answer your question though, my guess would be that it doesn't get to the low pennies again. If I had to make a guess, I would say that .10 or somewhere in that area could still happen, but I wouldn't expect too much less than that since shareholders are now hopeful again (for the time being, at least). And for the next couple of days I think it will go up, simply based on today's news.

One thing I've learned about this stock is that you can't really assume anything. Circumstances can change very quickly, and the pps has often reflected that. Last week the pps was at .70 and people were speculating that there was a big settlement coming to WAMU, only to see the price drop about 80% in an hour due to the weak settlement offer that was made and the notion that the case may be over.

Good luck!

 

[snoop]

http://www.ghostofwamu.com/documents/09-50551/09-50551-0182.pdf

Motion to intervene granted!!! Long week until next Fri.

 

[UltF]

Someone put together one of the more impressive DD I have seen thus far

http://www.ghostofwamu.com/documents/JPMFinancialsAnalysis-2.pdf

 

[BigDon]

Someone put together one of the more impressive DD I have seen thus far

http://www.ghostofwamu.com/documents/JPMFinancialsAnalysis-2.pdf

That is some serious DD and number crunching !!!

Could someone put the conclusion in words and /or lamens terms ? thanks...

 

[UltF]

That is some serious DD and number crunching !!!

Could someone put the conclusion in words and /or lamens terms ? thanks...

For such an elaborate intro and so much work, I wish he could have summarized at the end. I guess he wanted to stay as objective as possible.

I don't have time to type my opinion of a summary right now but you wouldn't want it anyway because I'm not a corporate accountant haha

 

[snoop]

I'm planning to grab some more of WAMPQ on Mon, all classes are set for a huge drop on Mon.

 

[PeterGriffin]

I'm planning to grab some more of WAMPQ on Mon, all classes are set for a huge drop on Mon.

It will probably go down a bit, but having the weekend as a buffer should eliminate some of the knee-jerk selling. No surprise at all as far as the POR is concerned. JPM/FDIC/Weil don't want equity involved, so of course they are proposing that commons be cancelled.

I still say this is going to be a VERY long case. EC doesn't want to accept a low settlement number, and the other side doesn't even want to acknowledge equity at all. It's almost kind of comical when you think about how far away they are from reaching any kind of agreement. I think the Nets might win a championship before this thing gets resolved. :howdy:

 

[snoop]

I heard FDIC is not on board of this proposal. I can't confirm this. It's very hard to sort through junk posts on yahoo & i-hub boards.

Anyway, I think anything is less than 10 bucks for WAMPQ is a steal.

 

[PeterGriffin]

I heard FDIC is not on board of this proposal. I can't confirm this. It's very hard to sort through junk posts on yahoo & i-hub boards.

Anyway, I think anything is less than 10 bucks for WAMPQ is a steal.

Yeah, it's hard for me to read the Yahoo and iHub boards at all. You probably get 1 meaningful post out of every 30. Most of the posts are either bashes with no information or pumping the stock with no information. I've looked high and low for better boards, but I haven't found any.

That's interesting about the FDIC. I hadn't heard that. And I agree about preferreds under $10 being a steal. No matter what the risks are with this stock, they shouldn't be that low.