trust me- i would not sell a share of this stock until it is in the dollar range. This stock has a real good chance of getting a tender offer by JPM or FDIC for $3+ per share by September 25th. If it goes to trail, Wamu won't lose. JPM will want to settle before this goes public. WAMUQ is golden right now. People are buying. Funds are buying. I would not be suprised to see a ride to the .50 range by early next week as momo build for the september 25th.
Selling now is okay as long as you made a profit. But why make 25% when you can make 1000%?
Selling now is okay as long as you made a profit. But why make 25% when you can make 1000%?
FYI as of now 4:20am eastern WMI.F is trading @ .149 (euro) = .2189 ($) under moderately heavy volume. I would assume this is showing the upward trend will continue for WAMUQ today at the opening bell but then again from what I've read in the past WAMUQ previous day has steered WMI.F the following day and not the other way around. In other words, take it with a grain of salt.
Ivy you have to remember something. This isn't the only shark in JPM's pool right now. They're also potentially on the hook for another $17B+ with Lehman and from what I've read I believe the litigation for that begins in October.
Also...unrelated directly to JPM but is related to the other half of the WAMU issue...the FDIC. Deutsche Bank is also going after FDIC in relation to the WAMU seizure. Here's a link to the summons served http://ghostofwamu.com/documents/09-01656/09-01656-0006.pdf
Case http://ghostofwamu.com/documents/09-01656/09-01656-0001.pdf
Alright, we got a board brewing here!!
Whoever sold there position is nuts, you'll be paying more next week to get back in. OMNIBUS next Friday, we're riding the MoMo Train all the way into Omnibus. Shorts are gonna get squeezed, there was 52M that still need to cover, we could see $1 just on short-covering alone.
GOOOOOOOOOO WAMU(Q)!
Whoever sold there position is nuts, you'll be paying more next week to get back in. OMNIBUS next Friday, we're riding the MoMo Train all the way into Omnibus. Shorts are gonna get squeezed, there was 52M that still need to cover, we could see $1 just on short-covering alone.
GOOOOOOOOOO WAMU(Q)!
New KCCLCC Doc:
http://www.kccllc.net/documents/0812229/0812229090918000000000001.pdf
JPM and Goldman Sachs are finalizing the Wind Farm deal apparently -- nothing too exciting. Hmmm, someone needs money for something. SETTLEMENT!!
http://www.kccllc.net/documents/0812229/0812229090918000000000001.pdf
JPM and Goldman Sachs are finalizing the Wind Farm deal apparently -- nothing too exciting. Hmmm, someone needs money for something. SETTLEMENT!!
WaMu Lawyers Laying Smack Down #2
Is anyone keeping tabs on the win counts? I'd have to say somewhere around:
WaMu -- 8
JPM -- 0
Well, you can chalk this one up as another WIN for WaMu ... check out this quote from today's filing, very heavy:
"In over 97 pages of briefing, in its 12 supporting declarations, and in its 1151 page appendix, JPMC does not have claim, even once, that it (or any entity other than Debtors) owns the deposits at issue in this case. Not once. That is the essence of a dispute--competing claims of ownership between two or more parties--and it simply does not exist here. Because there is no real dispute as to the ownership of the Deposits..."
http://ghostofwamu.com/documents/09-50934/09-50934-0163.pdf
JPM~~:<< < == WaMu Lawyers @)
Is anyone keeping tabs on the win counts? I'd have to say somewhere around:
WaMu -- 8
JPM -- 0
Well, you can chalk this one up as another WIN for WaMu ... check out this quote from today's filing, very heavy:
"In over 97 pages of briefing, in its 12 supporting declarations, and in its 1151 page appendix, JPMC does not have claim, even once, that it (or any entity other than Debtors) owns the deposits at issue in this case. Not once. That is the essence of a dispute--competing claims of ownership between two or more parties--and it simply does not exist here. Because there is no real dispute as to the ownership of the Deposits..."
http://ghostofwamu.com/documents/09-50934/09-50934-0163.pdf
JPM~~:<< < == WaMu Lawyers @)
"It is a proceeding to resolve Debtors' claim to $4 billion in deposits, and JPMC cannot continue to unlawfully retain those amount without at least asserting some legitimate factual basis for doing so. In this, JPMC fails, and it's recent filings make it clearer than ever that Debtors are entitled to immediate return of their Deposit and that motion should be granted. Indeed, the best that JPMC can do is acknowledge that there are "some individuals" who recognize that the Accounts hold Debtors' Deposit and others who merely " do not know" - that is not a dispute, it is untroverted evidence in Debtors' favor.
Unable to establish a lawful basis to claim that it owns the Deposits, JPMC has resorted to a massive exercise in misdirection, going to extraordinary lengths to confuse the issue in this case in the hopes of creating the appearance of a dispute where none in fact exists. The best example of this is that JPMC devotes the majority of its two opposition briefs and supporting documents to Debtors' transfer of $3.674 billion from a demand deposit account at Washington Mutual Bank ("WMB") to a demand deposit account at WMB fsb. According to JPMC, that transfer "may" have been ineffective on the basis that it "potentially" violated various regulations and bank protocols. Even if JPMC could make such showing (which it fails to do), it would not affect the correct outcome here. Debtors are entitled to their Deposits whether they were holding them in an account at WMB or transfer them to an account at WMB fsb, and their estates are entitled to Debtors' money either way.
Furthermore, JPMC's baseless effort to cast WMI's transfer of $3.674 billion in Deposits in a suspicious light finds no factual support. The undisputed evidence demonstrates that the transaction was entirely proper and performed consistent wth the requirements of relevant policies and procedures. Even putting that aside, JPMC fails to explain how any supposed technical irregularity by Debtors would in any way render the transfer void or somehow entitle JPMC to withold Debtors' funds. At the end of the day, JPMC seems to be operating on the false presumption that a bank is entitled to withhold a customer's deposit pending a full blown audit of the customer's internal accounting and operations. That is simply not the case.
----------------------------------------------------------------------------------------
Jeezzze, returning their fucking money already.
I'm ready to backup my truck for more WAMUQ on Mon. There you go folks risktakers, this sucker will hit $1 in one or two weeks if WaMu come out on top Friday 09/25.
If it hits one dollar, I would sell a portion of my holdings to lock in my cost, and I couldn't careless if Wamu & JPMC fought to death.
Enjoy a great fight.
Unable to establish a lawful basis to claim that it owns the Deposits, JPMC has resorted to a massive exercise in misdirection, going to extraordinary lengths to confuse the issue in this case in the hopes of creating the appearance of a dispute where none in fact exists. The best example of this is that JPMC devotes the majority of its two opposition briefs and supporting documents to Debtors' transfer of $3.674 billion from a demand deposit account at Washington Mutual Bank ("WMB") to a demand deposit account at WMB fsb. According to JPMC, that transfer "may" have been ineffective on the basis that it "potentially" violated various regulations and bank protocols. Even if JPMC could make such showing (which it fails to do), it would not affect the correct outcome here. Debtors are entitled to their Deposits whether they were holding them in an account at WMB or transfer them to an account at WMB fsb, and their estates are entitled to Debtors' money either way.
Furthermore, JPMC's baseless effort to cast WMI's transfer of $3.674 billion in Deposits in a suspicious light finds no factual support. The undisputed evidence demonstrates that the transaction was entirely proper and performed consistent wth the requirements of relevant policies and procedures. Even putting that aside, JPMC fails to explain how any supposed technical irregularity by Debtors would in any way render the transfer void or somehow entitle JPMC to withold Debtors' funds. At the end of the day, JPMC seems to be operating on the false presumption that a bank is entitled to withhold a customer's deposit pending a full blown audit of the customer's internal accounting and operations. That is simply not the case.
----------------------------------------------------------------------------------------
Jeezzze, returning their fucking money already.
I'm ready to backup my truck for more WAMUQ on Mon. There you go folks risktakers, this sucker will hit $1 in one or two weeks if WaMu come out on top Friday 09/25.
If it hits one dollar, I would sell a portion of my holdings to lock in my cost, and I couldn't careless if Wamu & JPMC fought to death.
Enjoy a great fight.
So, quick calculations assuming a settlement doesn't occur and only the $4B is returned to WaMu:
$3.674B / 1,705,359,302 Outstanding shares (as of July 31, 2008)
PPS should = $2.15
Snoop, I wouldnt sell a single share until the PPS reflects at least $2 a share.
Settlement would make PPS even greater ... I'm sticking with my $8 (not likely), $12 (most likely), $18-24 (2nd most likely, especially if a stock swap is involved), and $32 (least likely, but possible if the court allows a real bidding auction to take place and another bank wants to buy WaMu) PPS predictions.
I personally plan just to sell enough to cover my costs and let it ride until a settlement or decision. At least if you're playing with house money at that point and it won't sting as bad if something doesn't turn out the way it looks right now. IF we do get a settlement and IF it's a stock swap like I suspect then the big question is do I sell JPM immediately or try to hold long for the year and pay 15% instead of 35% in capital gains.
From http://www.shortsqueeze.com/?symbol=wamuq&submit=Short+Quote%99
Sunday September 20, 2009 20 Min Delayed
Washington Mutual Inc.
Short Interest (Shares Short) 52,514,900
Days To Cover (Short Interest Ratio) 3.0
Short Percent of Float 3.57 %
Short Interest - Prior 55,684,300
Short % Increase / Decrease -5.69 %
Short Squeeze Ranking
% From 52-Wk High ($ 0.42 ) -70.04 %
% From 52-Wk Low ($ 0.01 ) 94.33 %
% From 200-Day MA ($ 0.09 ) 63.56 %
% From 50-Day MA ($ 0.13 ) 47.37 %
Price % Change (52-Week) %
Shares Float 1,470,000,000
Total Shares Outstanding 1,705,359,302
% Owned by Insiders 13.65 %
% Owned by Institutions 0.40 %
Market Cap. $ 421,223,748
Trading Volume - Today 37,570,043
Trading Volume - Average 17,621,100
Trading Volume - Today vs. Average 213.21 %
Earnings Per Share -9.89
So, about 3M shorts have covered since last week and we've got 52M more shorts that are probably going to be covering their positions over the next few weeks. I'm anticipating more short covering to continue to occur and WAMUQ might even violently shoot up in PPS if a short-squeeze panic occurs, although they're likely to continue covering up thru the BIG OMNIBUS HEARING ON FRIDAY 9/25/09.
Sunday September 20, 2009 20 Min Delayed
Washington Mutual Inc.
Short Interest (Shares Short) 52,514,900
Days To Cover (Short Interest Ratio) 3.0
Short Percent of Float 3.57 %
Short Interest - Prior 55,684,300
Short % Increase / Decrease -5.69 %
Short Squeeze Ranking
% From 52-Wk High ($ 0.42 ) -70.04 %
% From 52-Wk Low ($ 0.01 ) 94.33 %
% From 200-Day MA ($ 0.09 ) 63.56 %
% From 50-Day MA ($ 0.13 ) 47.37 %
Price % Change (52-Week) %
Shares Float 1,470,000,000
Total Shares Outstanding 1,705,359,302
% Owned by Insiders 13.65 %
% Owned by Institutions 0.40 %
Market Cap. $ 421,223,748
Trading Volume - Today 37,570,043
Trading Volume - Average 17,621,100
Trading Volume - Today vs. Average 213.21 %
Earnings Per Share -9.89
So, about 3M shorts have covered since last week and we've got 52M more shorts that are probably going to be covering their positions over the next few weeks. I'm anticipating more short covering to continue to occur and WAMUQ might even violently shoot up in PPS if a short-squeeze panic occurs, although they're likely to continue covering up thru the BIG OMNIBUS HEARING ON FRIDAY 9/25/09.
