Washington Mutual demanda a la FDIC por 17 billones US$ + daños

Uno de los problemas en este procedimiento radica en los WMB bonistas percibiran antes que ningun accionista sus bonos al 100% esto es por ley, mucho ha de encontrar oculto el examiner para captar todo el dinero necesario que cubra estos bonos mas todas las clases de acciones de clase, bastantes miles de millones.

Otro problema añadido es el tiempo, solamente 75 dias tiene el examiner para presentar sus informes al procedimiento. Normalmente se evaluan un mínimo de 3 a 4 meses para realizar una investigacion normal y este procedimiento necesitaria mucho mas tiempo.

Sin duda los accionistas estan en una mejor situación que antes de aprobar el examiner pero no hay nunguna garantia de que todas las clases alcancen el status in the money, después del research, de cualquier manera los precios actuales reflejan la percepción del mercado con una inclusión del examiner.

Todos (incluido yo) hemos tenido días malos pero ahora estamos con el piloto automatico puesto y estamos teledirigidos por expertos profesionales, la cotizacion la miro para ver si tengo posibilidades de entrada de vez en cuando pero se que hoy por hoy estamos mejor que nunca.
Yo entiendo que en la vida hay 3 tipos de visión la positiva, la neutral y la negativa... me he excedido muchas veces en la positiva porque sabía que había gente que no aguantaría los envites si no se les reforzaba y se les apoyaba un poco.

A la vista está que pienso que los que quedamos llegaremos hasta el final de esta odisea que ya va para 2 años :) parece que fue ayer pero en fin... ya se sabe que quien no arriesga no gana, si me hubiera quedado con los 4% de ING no habriamos hecho este máster acelerado de los tiburones de la bolsa y su forma de trabajar.

Un abrazo a todos, próxima parada importante 7 septiembre!!! (Si llegamos...porque eso nunca se sabe)

Hombre el tema del examinador le dais mucha importancia, pero he estado mirando muchas empresas que cancelaron en su dia las acciones y TODAS tenain un examinador.
ahora LEHMQ creo entender que tambien le tiene y mirad donde esta.
Saludos a todos esto va a ser para apagar el ordenador , despues de 3 años metido en este fregado, que parece que se iba a acabar pero como dice Maxi esto se alargara al 2011 sin dudarlo.

El Mercado es el que fija los precios. Ahora, las Ps se negocian actualmente en volúmenes más o menos iguales de siempre, pero el precio está bajando a valores de inicio de junio. Ahora los volúmenes de las Qs han bajado. Será como alguien dijo que ya todas las acciones están guardadas y se negocian solamente las marginales?
La verdad que está complejo ponerse en la cabeza de quien vende, pensarán que es buen momento para salir?
Espero que esto se revierta en los próximos días y el Examiner rinda sus frutos y comience a aportar noticias positivas.
El 26 de julio tenemos el primer paso.
Saludos

Dr. Troy Racki, and anyone else considering retaining a CPA, tax attorney or other advisor regarding input on this matter.

Focus on one thing at a time - the NOLs

And remember, tax and financial professionals are like physicians regarding classification and expertise. There are generalists, auditors and attesters, bookkeepers, tax (personal tax, corporate tax, restructuring and bankruptcy tax), etc. The following is a collection of what I’ve posted that should save you quite a bit of time and money if you choose to take such a course to retain professional guidance.

(1) - Overview

I would like to make a recommendation, regarding only one asset of the entire pool of asset valuation issues.

It entails and outline of what kind of familiarity and expertise is required to deal solely with the issue of the $5.9B of Net Operating Loss (NOLs) carryback refunds and the remaining NOL and capital losses tax attributes carried forward in reorganization via the liquidating trust.

These NOLs assets have negotiated in the POR/DS to be allocated by agreement primarily to JPM and the FDIC. The allocation is (1) per the Global Settlement, and the allocation is (2) not consistent with tax laws and regulations, case precedents, recent updates and changes in US Bankruptcy Courts, and (3) the documented positions of consultants to the Official Creditors Committee, the Debtors Co-Counsel and the Debtors advisors in filed billing statements. Also, in opposition to the underlying allocation taken per the Global Settlement, (4) the same law firms and advisors have made and are making completely different tax positions within the context of the above referenced items in (2) above in other similar bankruptcy cases.

Why just this one asset? The WMI/WMI Investments joint bankruptcy represents the single largest NOL asset, almost $6B for federal tax refunds only, in the history of the United States. The tax benefits of the NOLs and capital loss carryovers are estimated at additional, significant billions. This one issue makes the preferred stock classes, and other tiered claims, “whole.”

(2) - Understanding the Entities

http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_W/threadview?m=te&bn=86316&tid=515445&mid=515445&tof=8&frt=2#515445

A. Washington Mutual, Inc. (WMI) and Washington Mutual Investments

B. Washington Mutual, Inc. (the parent holding company) wholly owned (all stock) a banking subsidiary Washington Mutual Bank (WMB) (large operations, multi-state)

C. Washington Mutual Bank wholly owned (all stock) a banking subsidiary Washington Mutual Bankfsb (WMBfsb) (Utah and Idaho operations)

Current WMI financials, from bankruptcy court filings:
– Assets: $6.9 billion (includes “disputed” $4 billion in cash)
– Liabilities: $8.1 billion
– Current shortfall: $1.3 billion
– Additional assets needed to cover all debt: $1.3 billion
– Additional assets needed to cover all debt plus preferred equity: $1.3 billion + $3.5 billion = $4.8 billion
– Additional assets beyond $4.8 billion go to common stock; each additional $1.7 billion yields an additional $1 per share of common stock

"– Additional assets beyond $4.8 billion go to common stock; each additional $1.7 billion yields an additional $1 per share of common stock"

Por favor, haz bien los cálculos y ¿Los miles de millones que se deben a WMB bonistas? ¿Esta cantidad la va a añadir por artes mágicas el examiner? o ¿Deben volatilizarse los bonistas WMB para que los accionistas cobren?

No hay que olvidar que las reclamaciones de los bonistas WMB se encuentra en el mismo Juzgado de M. Walrath y entra en el paquete de liquidación, la juez esta tratando el tema de los bonistas WMB como incluyente de las cargas de WMI y no va a obviarlo.

Es por ello que es dificilmente alcanzable algún valor para las acciones. Las acciones estan bajando paulatinamente ya que recoge que el examiner confirmará este dato desalentador para los accionistas.

"No. The court will use the examiner's findings in her own findings of fact and conclusions of law in regard to the proposed DS and plan. I believe that the examiner will find that the debtor did no real legwork and is handing away the estate to JPM and the FDIC in violation of the Bankruptcy Code and that these findings will be the basis for the court's denial of WMI's plan. The court is simply protecting her refusal to confirm the plan from appeal by showing that an impartial third party examined what WMI had done so far and its 'work' was inadequate to support confirmation of the plan it proposed"

"I am more optimistic as I view the examiner's role in these next two months as providing as a lengthy rebuttal to the DS/POR. The judge has all but shreiked that the plan on its face is highly suspect, so, if the timeframe is used to minutely discredit the arguments in WMI's plan and to firmly state that based on its complete discrediting it cannot be confirmed without exhaustive discovery into the seizure, events predating it, and valuation of what was seized (all of which are required by the Chapter 11 avoidance provisions), the plan will NOT be confirmed. (I was particularly alert to the judge's tone when she said she doesn't want any more plan revisions in the interim, as she knows the debtor could use this to thwart the examiner's arguments in his status reports. She obviously wants to give him the exclusive field over the next two months, minimum.)

Accordingly, the short time frame, if used constructively to utterly discredit the proposed plan and settlement (if you think about it, people here have done as much with their posts!), will certainly benefit equity by taking the plan process out of Weil's hands and instituting investigative and restitutive process that eventually requires both the FDIC and JPM to come to the bargaining table and adequately compensate the estate.

Take heart, because at the very least, the examiner will successfully argue that you cannot confirm a plan when the debtors assets (including litigation claims) cannot be ascertained. To do otherwise would make a mockery of the Bankruptcy Code. Transfers made within the statutory avoidance periods must be thoroughly investigated to determine if they are avoidable. That's the law, and the examiner will ask why Weil has relinquished these claims without a clear statement that they are invalid by facts or procedurally barred.

Moreover, if the examiner unearths evidence (OR even creates a strong presumption that the debtor cannot rebut) that WMI and Weil have not acted in good faith with respect to equity, then the discovery and litigation the examiner has urged will, very likely, be put under the exclusive control of the equity committee. "