DigitalDave
Sexy Beast!
Peg Brinkley of Dow Jones News put out a press release on it finally. She's been the first to act on almost everything.
WaMu
- Thread starter DigitalDave
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Peg Brinkley of Dow Jones News put out a press release on it finally. She's been the first to act on almost everything.
DigitalDave
Sexy Beast!
New Billings:
http://www.kccllc.net/documents/0812229/0812229090625000000000003.pdf
http://www.kccllc.net/documents/0812229/0812229090625000000000005.pdf
The first document gets juicy on page 21, where it discusses Fraudulent Conveyance. It is my belief, and it probably won't take a genius to figure this out, that they did their homework before bringing up the charges and including the Texas lawsuit where they demand the 2004 discovery. WMI's lawyers has the evidence already, but the discovery needs to take place to make the evidence rock solid. Will Jamie Dimon let it go forward, or will he pay for the bank he stole now?
Other than that, you can see they hired in FTI to do some computer forensics, and see they put a good bit of hours in investigating things. They also dealt a bunch with the solvency issue. Kind of tells me they are going to make the case that WMB was actually still solvent, despite all the fraud being committed against them. Remember, FDIC nor the OTS ever proved that WMB was insolvent. They only stated they 'may' be since there was a 'run on the bank', which was also conducted by Dimon and his cohorts.
Hell they don't even need to look into what JPMorgan knew of the seizure, they readily admitted they were informed of it and were acting like giddy schoolgirls.
They are doing a comparative analysis of JPM vs WMB side by side too. Might hurt a little when they see JPMorgan was actually weaker.
The second doc really didn't seem to interest me much. Lots of charges for general record keeping and organizing the case files. Just typical stuff, but nothing that gives insight to whats going on.
http://www.kccllc.net/documents/0812229/0812229090625000000000003.pdf
http://www.kccllc.net/documents/0812229/0812229090625000000000005.pdf
The first document gets juicy on page 21, where it discusses Fraudulent Conveyance. It is my belief, and it probably won't take a genius to figure this out, that they did their homework before bringing up the charges and including the Texas lawsuit where they demand the 2004 discovery. WMI's lawyers has the evidence already, but the discovery needs to take place to make the evidence rock solid. Will Jamie Dimon let it go forward, or will he pay for the bank he stole now?
Other than that, you can see they hired in FTI to do some computer forensics, and see they put a good bit of hours in investigating things. They also dealt a bunch with the solvency issue. Kind of tells me they are going to make the case that WMB was actually still solvent, despite all the fraud being committed against them. Remember, FDIC nor the OTS ever proved that WMB was insolvent. They only stated they 'may' be since there was a 'run on the bank', which was also conducted by Dimon and his cohorts.
Hell they don't even need to look into what JPMorgan knew of the seizure, they readily admitted they were informed of it and were acting like giddy schoolgirls.
They are doing a comparative analysis of JPM vs WMB side by side too. Might hurt a little when they see JPMorgan was actually weaker.
The second doc really didn't seem to interest me much. Lots of charges for general record keeping and organizing the case files. Just typical stuff, but nothing that gives insight to whats going on.
DigitalDave
Sexy Beast!
We also have another article written up:
http://www.law.com/jsp/tal/digestTA...Mus_BillionDollar_Case_Against_JPMorgan_Chase
http://www.law.com/jsp/tal/digestTA...Mus_BillionDollar_Case_Against_JPMorgan_Chase
DigitalDave
Sexy Beast!
http://www.sec.gov/Archives/edgar/data/933136/000095012309017720/v52854e8vk.htm
They filed an 8K to remove a bunch of committees from the bylaws. Could be nothing, but may be they are finalizing a sale. Just seems weird to me that they waited this long to do this, but they have to have all their t's crossed and i's dotted before they can move on. I won't speculate on this much yet, but feel free to add any input.
They filed an 8K to remove a bunch of committees from the bylaws. Could be nothing, but may be they are finalizing a sale. Just seems weird to me that they waited this long to do this, but they have to have all their t's crossed and i's dotted before they can move on. I won't speculate on this much yet, but feel free to add any input.
DigitalDave
Sexy Beast!
In a desperate attempt, JPMorgan's lawyers filed a motion for reconsideration in the 2004 Discovery ruling. This is nothing to worry about, the judge will refuse this, and will probably get a little more pissed that JPMorgan is trying to delay things further. This is their Hail-Mary pass.
DigitalDave
Sexy Beast!
Some more media coverage:
http://blogs.wsj.com/deals/2009/06/30/jp-morgan-wamu-lets-go-back-to-the-beginning/
http://blogs.wsj.com/deals/2009/06/30/jp-morgan-wamu-lets-go-back-to-the-beginning/
DigitalDave
Sexy Beast!
DigitalDave
Sexy Beast!
WMI's lawyers filed their objection to the 2004 appeal today, hopefully the judge will turn it down tommorow, and rule on the $4b rather than next week to slap them good right before the long weekend.
http://www.kccllc.net/documents/0812229/0812229090701000000000004.pdf
http://www.kccllc.net/documents/0812229/0812229090701000000000004.pdf
DigitalDave
Sexy Beast!
Alright, here is what has gone down since my last post on the topic.
FDIC wanted to get involved in the $4 Billion dispute WaMu had with JPMorgan. Her ruling allowed them to make a statement, but earlier this week, the judge told them to STFU! Check out the KCC site for the docs. They get denied and the Judge can get back to ruling on the $4B.
Some other good news, Supeonas have been issued and here is one that was served:
http://www.kccllc.net/documents/0812229/0812229090709000000000002.pdf
This means the appeal for 2004 Discovery was withour merit, and they are just trying to delay things. WMI is tired of wasting time, and they also put out a document stating as such this week to the Judge.
http://www.kccllc.net/documents/0812229/0812229090708000000000006.pdf
So lots of good news, but share price is down 25% on the commons.. makes you laugh at the obvious manipulation going on. But it happens with the Pink sheets, as I said months ago, this is going to be a bucking bronco all the way up.
FDIC wanted to get involved in the $4 Billion dispute WaMu had with JPMorgan. Her ruling allowed them to make a statement, but earlier this week, the judge told them to STFU! Check out the KCC site for the docs. They get denied and the Judge can get back to ruling on the $4B.
Some other good news, Supeonas have been issued and here is one that was served:
http://www.kccllc.net/documents/0812229/0812229090709000000000002.pdf
This means the appeal for 2004 Discovery was withour merit, and they are just trying to delay things. WMI is tired of wasting time, and they also put out a document stating as such this week to the Judge.
http://www.kccllc.net/documents/0812229/0812229090708000000000006.pdf
So lots of good news, but share price is down 25% on the commons.. makes you laugh at the obvious manipulation going on. But it happens with the Pink sheets, as I said months ago, this is going to be a bucking bronco all the way up.
SmarterthanYou
rebel
so whats the current stock price and should I get in for a few?
DigitalDave
Sexy Beast!
H's at 8.65
K's are at .59
P's are at 19.00
Commons at .9 (up 20% on the day so far)
All are great prices still even for a short term play.
Commons are moving today. I don't know if you want to chase it though considering it had a pretty good move already today. I might move up more this afternnon though. Long-term plays, they all rock. You can hedge it by buying som H's. They don't pay well compared to the others. But a good hedge would be to buy 1 H for every P you buy.
K's are at .59
P's are at 19.00
Commons at .9 (up 20% on the day so far)
All are great prices still even for a short term play.
Commons are moving today. I don't know if you want to chase it though considering it had a pretty good move already today. I might move up more this afternnon though. Long-term plays, they all rock. You can hedge it by buying som H's. They don't pay well compared to the others. But a good hedge would be to buy 1 H for every P you buy.
DigitalDave
Sexy Beast!
This article requires registration so I'll just post it...
Law360, New York (July 28, 2009) -- A bankruptcy judge has refused to reverse an earlier decision allowing Washington Mutual Inc. to go ahead with its investigation of JPMorgan Chase & Co. for evidence that JPMorgan sabotaged WaMu in order to acquire it at a depressed value.
Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware on Monday denied JPMorgan's motion to reconsider an earlier order greenlighting the investigation.
The judge ordered the parties to produce witness lists by Saturday, according to Kevin Spittle, principal of Capital Search Group, a WaMu investor familiar with the case. WaMu's witness list will likely include JPMorgan CEO Jaime Dimon, he said.
Attorneys for WaMu and JPMorgan could not immediately be reached for comment on Tuesday.
Judge Walrath originally signed off on WaMu's motion to examine JPMorgan's books on June 24, and JPMorgan filed its reconsideration motion two days later.
WaMu had asked the court on May 1 for access to JPMorgan's books so that it could look for evidence supporting allegations that JPMorgan crafted a plot to undermine the one-time savings and loan giant prior to its 2008 collapse in order to buy up its banking assets cheaply.
JPMorgan objected to the request, stating that WaMu must seek the information it wanted in two separate pending lawsuits.
In one of those suits, WaMu sued the Federal Deposit Insurance Corp., which seized WaMu's assets and sold them to JPMorgan, in the U.S. District Court for the District of Columbia, alleging that the purchase price was too low and that the agency sold assets it had no right to seize. JPMorgan asked to intervene in that suit as a defendant.
JPMorgan also filed its own adversary proceeding against WaMu, seeking declaratory judgments asserting that it acquired the debtor in good faith and that it was the owner of $7.9 billion in disputed assets.
However, Judge Walrath found that the issues in those suits were separate from those involved in WaMu's proposed investigation.
WaMu's request for an investigation was prompted by a lawsuit filed by a group of WaMu investors against JPMorgan in the U.S. District Court for the Southern District of Texas.
The investors allege that JPMorgan deliberately drove down the value of Washington Mutual Bank by abusing confidential information and that JPMorgan engaged in sham negotiations with WaMu throughout 2008 about buying the banking arm in order to obtain confidential information.
JPMorgan then shared that information with WaMu bank customers to persuade them to withdraw their deposits, leaked information to the media to depress the bank's stock value and ultimately used it in its negotiations with the FDIC, allowing JPMorgan to acquire WaMu's bank assets for a "fire sale" price, the investors claim.
WaMu has said it wants to investigate JPMorgan to find out of those allegations are true.
WaMu filed for Chapter 11 protection on Sept. 26, citing approximately $33 billion in total assets and $8.2 billion in debts.
WaMu is represented by Elliott Greenleaf and Quinn Emanuel Urquhart Oliver & Hedges LLP.
JPMorgan is represented by Landis Rath & Cobb LLP and Sullivan & Cromwell LLP.
The case is In re: Washington Mutual Inc., case number 08-12229, in the U.S. Bankruptcy Court for the District of Delaware.
--Additional reporting by Jacqueline Bell and Christine Caulfield
Law360, New York (July 28, 2009) -- A bankruptcy judge has refused to reverse an earlier decision allowing Washington Mutual Inc. to go ahead with its investigation of JPMorgan Chase & Co. for evidence that JPMorgan sabotaged WaMu in order to acquire it at a depressed value.
Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware on Monday denied JPMorgan's motion to reconsider an earlier order greenlighting the investigation.
The judge ordered the parties to produce witness lists by Saturday, according to Kevin Spittle, principal of Capital Search Group, a WaMu investor familiar with the case. WaMu's witness list will likely include JPMorgan CEO Jaime Dimon, he said.
Attorneys for WaMu and JPMorgan could not immediately be reached for comment on Tuesday.
Judge Walrath originally signed off on WaMu's motion to examine JPMorgan's books on June 24, and JPMorgan filed its reconsideration motion two days later.
WaMu had asked the court on May 1 for access to JPMorgan's books so that it could look for evidence supporting allegations that JPMorgan crafted a plot to undermine the one-time savings and loan giant prior to its 2008 collapse in order to buy up its banking assets cheaply.
JPMorgan objected to the request, stating that WaMu must seek the information it wanted in two separate pending lawsuits.
In one of those suits, WaMu sued the Federal Deposit Insurance Corp., which seized WaMu's assets and sold them to JPMorgan, in the U.S. District Court for the District of Columbia, alleging that the purchase price was too low and that the agency sold assets it had no right to seize. JPMorgan asked to intervene in that suit as a defendant.
JPMorgan also filed its own adversary proceeding against WaMu, seeking declaratory judgments asserting that it acquired the debtor in good faith and that it was the owner of $7.9 billion in disputed assets.
However, Judge Walrath found that the issues in those suits were separate from those involved in WaMu's proposed investigation.
WaMu's request for an investigation was prompted by a lawsuit filed by a group of WaMu investors against JPMorgan in the U.S. District Court for the Southern District of Texas.
The investors allege that JPMorgan deliberately drove down the value of Washington Mutual Bank by abusing confidential information and that JPMorgan engaged in sham negotiations with WaMu throughout 2008 about buying the banking arm in order to obtain confidential information.
JPMorgan then shared that information with WaMu bank customers to persuade them to withdraw their deposits, leaked information to the media to depress the bank's stock value and ultimately used it in its negotiations with the FDIC, allowing JPMorgan to acquire WaMu's bank assets for a "fire sale" price, the investors claim.
WaMu has said it wants to investigate JPMorgan to find out of those allegations are true.
WaMu filed for Chapter 11 protection on Sept. 26, citing approximately $33 billion in total assets and $8.2 billion in debts.
WaMu is represented by Elliott Greenleaf and Quinn Emanuel Urquhart Oliver & Hedges LLP.
JPMorgan is represented by Landis Rath & Cobb LLP and Sullivan & Cromwell LLP.
The case is In re: Washington Mutual Inc., case number 08-12229, in the U.S. Bankruptcy Court for the District of Delaware.
--Additional reporting by Jacqueline Bell and Christine Caulfield
DigitalDave
Sexy Beast!
http://www.bloomberg.com/apps/news?pid=20601087&sid=aNrsZTMIUyAQ
Like I said before, they are setting up the OTS for the fall. Because Washington Mutual 'collapsed' under their watch. Remember, the OTS said WaMu was in a tier 1 capital ratio before they were seized and given to the FDIC to sell to JPM. Sheila Bair and Jamie Dimon will still look like heros even after they are forced into settlement.
What's also alarming, is JPMorgan wrote down $30 Billion in bad loans they recieved from WMB, then a few months back, they wrote up $29 Billion of those loans. I guess WaMu's loans weren't as bad as what they were portraying them to be, you know, right before the TARP funds were being debated. Fear works as an effective sales tactic.
Like I said before, they are setting up the OTS for the fall. Because Washington Mutual 'collapsed' under their watch. Remember, the OTS said WaMu was in a tier 1 capital ratio before they were seized and given to the FDIC to sell to JPM. Sheila Bair and Jamie Dimon will still look like heros even after they are forced into settlement.
What's also alarming, is JPMorgan wrote down $30 Billion in bad loans they recieved from WMB, then a few months back, they wrote up $29 Billion of those loans. I guess WaMu's loans weren't as bad as what they were portraying them to be, you know, right before the TARP funds were being debated. Fear works as an effective sales tactic.
DigitalDave
Sexy Beast!
http://www.reuters.com/article/governmentFilingsNews/idUSN3036271020090730
They are talking about this again as well. Giving the FDIC power to wind down bank holding companies (which they didn't have the autority to do with WaMu, hence they really f'ed it up). If they had the power to take whatever they wanted from a bank holding company, then they could have transferred pieces of WMI to JPM, but it's still their responsibility to get maximum value from the transfer. Hence, what they did with WaMu was a Fraudlent Transfer. WMBfsb had $10 Billion in cash which was scheduled to be transferred over into WMB on Sept. 30th, they took that as well. Providian was not owned by WMB, but rather WMI, and they took that as well. That was valued near $10 Billion. The 2400 Branches were worth about $4 Billion. WMB had $300 Billion in deposits, and $4 Billion of that was WMI's. WMI was scheduled to recieve a tax rebate of around $7 Billion... JPM wants that too. All of it was bought for $1.9 Billion, and three other bidders for WMB were told to go away. Dimon brags that he could have bid $1 for WMB, and still got it....
Media just keeps on reporting that Washinton Mutual collapsed, but the truth is, they were stolen.
They are talking about this again as well. Giving the FDIC power to wind down bank holding companies (which they didn't have the autority to do with WaMu, hence they really f'ed it up). If they had the power to take whatever they wanted from a bank holding company, then they could have transferred pieces of WMI to JPM, but it's still their responsibility to get maximum value from the transfer. Hence, what they did with WaMu was a Fraudlent Transfer. WMBfsb had $10 Billion in cash which was scheduled to be transferred over into WMB on Sept. 30th, they took that as well. Providian was not owned by WMB, but rather WMI, and they took that as well. That was valued near $10 Billion. The 2400 Branches were worth about $4 Billion. WMB had $300 Billion in deposits, and $4 Billion of that was WMI's. WMI was scheduled to recieve a tax rebate of around $7 Billion... JPM wants that too. All of it was bought for $1.9 Billion, and three other bidders for WMB were told to go away. Dimon brags that he could have bid $1 for WMB, and still got it....
Media just keeps on reporting that Washinton Mutual collapsed, but the truth is, they were stolen.
Cancel 2016.2
The Almighty
The Media painted themselves into a corner on this. They have harped so long about the problems at WaMu that led to their 'failure' that they would look like the idiots they are if they now had to come out and say...
"JPM and the FDIC orchestrated the fall so that JPM could get the bank that refused to sell itself for $8 per share and so that the FDIC's liquidity problem would not come into the light"
DigitalDave
Sexy Beast!
I think you are right on that. Peg Brinkley seems about the only reporter I see reporting what is actually going on, but even she isn't reporting the tit for tat. For instance, JPM's motion for reconsideration being denied. Law360 seems to keep up to date on that. This case is one of the biggest cases in history, and its bigger than Madoff. Wouldn't the media want to be first to get on this story?
Cancel 2016.2
The Almighty
No... because they don't want to piss off the Saintly Jaime D or any of their political masters in DC