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

We tend to identify Rosen as the personification of the 'Debtors' but Rosen is just a lawyer hired by the debtors. Who are the 'debtors?' The debtors are a corporate entity in bankruptcy responsible first and foremost to their unsecured creditors and second to their equity owners (i.e. us). When Rosen is speaking for the 'debtors' he is speaking for those unsecured creditors. Who are the unsecured creditors? Anyone that has a valid claim for money owed them against the debtor's estate. Primarily, those unsecured creditors are the big hedge funds who purchased the WMI senior debt. The debtor's (and Rosen's) duty to those creditors is to work to the best of their abilities to see that they get paid. Once those creditors are paid, they have no further interest in the estates and the debtors have no further duty towards them...which leaves equity. The EC has reached an agreement with the hedge funds by which the hedge funds made certain concessions to the EC in exchange for the EC forgoing their investigation of alleged insider trading by the hedge funds while they were participating in negotiations that led to the GSA incorporated in POR v6 (and earlier PORs). Those concessions would be expected to include support by the hedge funds for EC initiatives to direct the debtors towards goals that would lead to recovery by equity. Rosen can put a brave face on things and talk all that he wants to about moving forward with POR v6 but there will be no POR v6 confirmation hearings without the hedge funds supporting them...and the not-so-subtle reminders in court today were that, if the hedge funds do that, the EC will reschedule their depositons and move ahead with those. Everyone was trotting out their stuff to see what the good judge would say or do...and the court didn't...which is good for the EC and bad for the hedge funds. The EC is tightening the screws on the hedge funds and they are going to now be forced themselves to push the debtors (i.e. Rosen and the Alvarez and Marsal bunch of hired hands) to lay it on the line for JPM Chase...which will lead to the GSA-7 for POR v7. The court gave everyone more time...which was a very good outcome for equity...probably the best we have had thus far in bankruptcy court.

Ya se vió venir, con la distorsión indicativa de venta, cuando las comunes andaban por 0,23. Tras los primeros latigazos a la baja como siempre los pumpers (no sólo simpson, si no los de usa y algun otro de poraqui), que si los mms el árbol, la manzana, adan y eva, etc...., luego que si gran día 8 de junio, cuando los días previos ya se veía por varios factores que hoy no había nada bueno para la equidad más bien malo, así además lo corroboraban las cotizaciones negativas y con bajo volumen de los días previos.

Todo esto se traduce en comunes desde que se dio la seña de venta 0,23 a 0,12, preferentes p de 42 a 35 (más comedidas) y quien decía que hoy no había volumen, todas doblando la media.

Mr simpson tu mujer hoy te habrá dejado sin cenar ;), si no hiciste la venta de su cartera o tu 40% el viernes, si lo hubieras hecho hoy tendrías con sólo los beneficios oportunidad de recomprar más baratitas baratitas como a ti te gustan o simplemente salvaguardar el capital.

Mi pregunta es:

¿realmente no veias que el hearing de hoy era intrascendente para la equidad y que las cotizaciones tenían más que perder que ganar?

¿o como yo me imagino, ya sabías como yo, que lo de hoy era un retraso más de los muchos de este caso con más que probables bajadas?

Saludos

Simpson puso orden de venta del 40% justo cuando empezaban a bajar o sea como siempre nunca acierta el momentum, solo va a golpe de informacion pumperiana americana. Supongo que la venta no realizada se le ha atragantado y ahora ya le tiembla el pulso y las piernas a parte la bronca que le van a meter a domicilio por jugar con el dinero de la comida. Solo leerse de que iba el hearing podia haber previsto que no se resolvía nada hacia la equidad pero este individuo funciona a golpe de copy paste masificado y se cree todo lo que dicen alli. Proximos dias ñam ñam baratitas y la segunda hornada de compradores que entraron el segundo dia de subidas estan tambien temblando a la espera de acontecimientos por creerse a los pumpers bombeadores de informacion. De momento hornada nueva de pillados de 0´23 a 0`12 con dificultad de recuperacion debido a la incerteza especialmente en comunes. cuidado con Rosen que va a intentar meter con calzador el POR 6 para dejar a la equidad en ascuas que es su especialidad.

Maximunae: Yo tengo desarrollado algo que se llama paciencia y algo que se llama expectativas si no se cumplen no necesito vender.
Esperare hasta el 17 de Junio y despues hasta el 5 de Julio, total llevo esperando 3 años.

Tener la cartera que tengo yo en P´s es muy dificil de conseguir en los tiempos que corren y no voy a arriesgarla de momento porque no me hace falta. Para mi esto no son bajadas significativas y ya sabes a lo que me refiero.

Vender es facil pero recomprar cantidades es muchisimo más dificil así que las ganancias a estas alturas no son las que yo creo que podemos tener si tenemos un poco más de paciencia. Hablo de preferentes, comunes no se que ocurrirá.

Cuando yo vea que hay que saltar del barco sere el primero en decirlo pero de momento me gusta más lo que percibo que lo que me quieren hacer creer.

Mary: "Everyone was trotting out their stuff to see what the good judge would say or do...and the court didn't...which is good for the EC and bad for the hedge funds."

All the involved parties realize just how much is being worked through right now. They all know the potential value and what JPM took and what FDIC took ... there's no secret in all of that. It was just getting something that would stick in this Court!!

To know how important what is being negotiated right now you just have to look at Ilene's tweets again. She first states at the beginning of the trial that the crowd looked like a confirmation hearing and that she was surrounded by Fried Frank lawyers!!

Thinking it might have been one of them that made the statement to her: ""atty says to me "how ironic, the ones who had 'no value' will be setting the value for this whole thing""

Interesting! They all get it!! But it's all about the fight to see how EC can leverage their deal with SNHs, who in turn is leaning on Rosen/Debtors to lean on JPM & FDIC to do their part!!

All in good time!!

I think the hearing today cleared a few things. TPS will not drop its push behind the preferreds, ever. TPS is basically saying nothing will get done unless we're happy.

This bodes well for preferreds as I had mentioned all this time. I don't think there's any reason to keep figting over preferred vs commons. This gives enough time for people who are heavier on the commons side to switch over to preferreds at $35.

The EC and commonstock have hopes, that's all and those hopes are very long term. I am not trying to bash commons, I am just being realistic. Preferreds, on the other hand, are going to get something NO MATTER WHAT, I think that's obvious.

The only questions remains: What will it take for TPS to back off? That's the only pivotal factor here. I believe negotiations are still going on ONLY because of that. I know Sussman and the EC have worked very hard and are at a better standing than they were few months ago BUT still the deal depends on TPS which is directly connected to the preferreds.

We talk about unclarity but there's some clarity here, it really is not all that confusing. TPS' settlement price will decide everything; be realistic: TPS does not care about commons, at all. So whatever TPS is OK with is what preferreds are going to get.

And commons will get a miniscule company in hopes of squeezing cash out of it in the next 3-4 years.

I am not trying to fight; I am just saying the only smart thing left to do here is move to preferreds and be on the same boat as TPS rather than peddle in the commons canoe.

Pumpers reclutados por los Hedge Funds se acaban de enterar que Besugo se ha puesto Corto

Escucha Guru Besugo... una orden mia de venta tras llevar el recorrido que llevo siempre es mejor que una orden de ponerse corto en la que ni siquiera has acertado soplandote la ganancia de los días anteriores así que no vayas de mamaracho porque tu no eres quien para dar ejemplos aquí.

Me emplazo al final de esta travesía del desierto cuando yo sepa el valor de mis preferentes y tu sigas jugando a ser Dios.

Ciao pescao !!!