DigitalDave
Sexy Beast!
Word is finally beginning to get out there about the battle between WaMu and JPM/FDIC. There isn't too much chatter about the FDIC case, but they are keeping it quiet in court as well. There really isn't too much going on with that other than what you can see in billings from the lawyers. There definatly talking and working things out with the FDIC. Now, we also have the Department of Justice working with us to establish an Equity Committee, and they want it done quickly. Today they should be getting a list of shareholders from WMI, who will be receiving it from the transfer agent. If you know much about what has gone on in the last year, we also know there was a federal investigation done on the seizure of WaMu. The DOJ of justice is privy to the results of that investigation, which may explain the sudden push for an Equity Committee. Alvarez and Marshall also stated in their billings that they've been working with the USAO and DOJ on things, so that's more evidence things are looking like it might go that route (serious federal offenses were committed and the DOJ is going to want criminal charges filed).
The latest billings also have multiple mentions of settlement, mostly with the FDIC, but there were some mentions of JPM. It looks like they were working hard to try and sweep this under the rug. The FDIC does not want their name tarnished anymore at this point, and it looks like all eyes are on the JPM battle, which is getting bigger and better every moment.
So what do we have to look for from here? Well, of course, the formation of the Equity Committee is a big one. The trustee is for it, and he's about the only one on our side. Good thing, because he's the only one that needs to be to get it formed. Weil can attempt to make an argument against it, but they don't have much to back them up. But once it's formed, shareholders get to sit at the negotiation table, and have a much greater chance of getting taken care of.
We also want to watch for when the NOL's get received and added to the asset list. Those alone will put A > L without the $4 Billion deposit being ruled in favor of WMI. That's also something we want to keep an eye out for (a rulling on the $4 Billion), but it looks like oral arguments were pushed back again for the 20th of January.
We also want to see progress made on the new request for discovery, which they will be requesting information from third parties. There was enough material in the first round of discovery to show that JPM breached their contract purposelly, and the earlier attempt to buy-out WaMu was nothing but a sham to get their foot in the door and gain access to private information. The presentations I posted in the APP thread shows that they were planning on buying out WaMu through receivership, but those presentations were done back when they were proposing to buy WaMu earlier in the year. They knew they weren't going to buy the bank fairly, they already had it mapped out what the strategy was.
Of course, the biggest thing I think we will see is the word settlement. They were working on one, but with the formation of an Equity Committee, they are going to have to add shareholders into the equation enough to keep them happy. There are still a lot of pre-seizure holders, myself included, that want to see their original shares get what they would have been worth had JPM not interfered to cause a panic.
This is your country folks. I know a lot of you have differences of oppinion on hot-button issues. But this is something we all can agree on. The Federal government jumped in to help out a freind, seized one of the biggest saving's and loan banks in the United States when that bank was well capitalized, and they are going to disguise this as 'they were duped by JPM'. They were very aggressive in this deal, and they knew what they were doing. Even with the press out on it last week, this still isn't in your minds yet, just how big this is. YOUR GOVERNMENT HELPED CAUSE THE RECESSION. YOUR GOVERNMENT WAS AN INTEGRAL PART IN THE PLAN TO BRING DOWN THE ECONOMY! THIS ISSUE SHOULDN'T BE IGNORED!
The latest billings also have multiple mentions of settlement, mostly with the FDIC, but there were some mentions of JPM. It looks like they were working hard to try and sweep this under the rug. The FDIC does not want their name tarnished anymore at this point, and it looks like all eyes are on the JPM battle, which is getting bigger and better every moment.
So what do we have to look for from here? Well, of course, the formation of the Equity Committee is a big one. The trustee is for it, and he's about the only one on our side. Good thing, because he's the only one that needs to be to get it formed. Weil can attempt to make an argument against it, but they don't have much to back them up. But once it's formed, shareholders get to sit at the negotiation table, and have a much greater chance of getting taken care of.
We also want to watch for when the NOL's get received and added to the asset list. Those alone will put A > L without the $4 Billion deposit being ruled in favor of WMI. That's also something we want to keep an eye out for (a rulling on the $4 Billion), but it looks like oral arguments were pushed back again for the 20th of January.
We also want to see progress made on the new request for discovery, which they will be requesting information from third parties. There was enough material in the first round of discovery to show that JPM breached their contract purposelly, and the earlier attempt to buy-out WaMu was nothing but a sham to get their foot in the door and gain access to private information. The presentations I posted in the APP thread shows that they were planning on buying out WaMu through receivership, but those presentations were done back when they were proposing to buy WaMu earlier in the year. They knew they weren't going to buy the bank fairly, they already had it mapped out what the strategy was.
Of course, the biggest thing I think we will see is the word settlement. They were working on one, but with the formation of an Equity Committee, they are going to have to add shareholders into the equation enough to keep them happy. There are still a lot of pre-seizure holders, myself included, that want to see their original shares get what they would have been worth had JPM not interfered to cause a panic.
This is your country folks. I know a lot of you have differences of oppinion on hot-button issues. But this is something we all can agree on. The Federal government jumped in to help out a freind, seized one of the biggest saving's and loan banks in the United States when that bank was well capitalized, and they are going to disguise this as 'they were duped by JPM'. They were very aggressive in this deal, and they knew what they were doing. Even with the press out on it last week, this still isn't in your minds yet, just how big this is. YOUR GOVERNMENT HELPED CAUSE THE RECESSION. YOUR GOVERNMENT WAS AN INTEGRAL PART IN THE PLAN TO BRING DOWN THE ECONOMY! THIS ISSUE SHOULDN'T BE IGNORED!
