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Zitat rockie101:
Been working day and night...could someone give me an update ?
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Zitat WithCatz:
Rockie - Same as before. Bankruptcy Exit TBD -- but no earlier than the 8th.
Hearing today was about a guy with WMB mortgages -- JMW declined to get involved in it.
Most brokerages are or have wrapped up taking releases, and are compiling votes.
Y!'s got bunches of conspiracy/wild speculations to work with..
And that's about it.
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Zitat MONICALAW:
Catz, What if JPMC withholds monies from us and not let us out of BK for not having enough RELEASES from us...???? FDIC, the same ...Can they????? Also,,,,,Is the newco getting newname????new CUSIP YET??????
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Zitat WithCatz:
Monica, let me take those hypothetical's in sequence:
1) "Catz, What if JPMC withholds monies from us and not let us out of BK for not having enough RELEASES from us...????
-- Technically all JPM has their hands on is the $4b. The bigger chunk, the tax refunds, are in an three-way-escrow at Wells Fargo -- and it requires all three -- the Debtors, the FDIC and JPM to release any funds.
2) "FDIC, the same ...Can they?????"
-- The FDIC does not hold any of our funds. Just their claim onto tax refunds, in escrow, as above. As to "Can They", in EITHER case -- no. Under certification of counsil -- translated, "we all agree" and have our signature on it, the agreement has already been reached on how funds will be moved back and forth and disbursed. This plan also has been approved by the judge. You can't back out now.
{If a reader here is thinking - "there's always a way" -- then, IMHO, you're into the Asteroid factor. Sure, an Asteroid could hit and change things...}
3) "Also,,,,,Is the newco getting newname????"
-- Yes. But not out of the gate. It's likely just going to be referred to as "Reorganized WMI" for awhile. The new BOD would be the ones to come up with a new name, register it properly, etc.
4) "new CUSIP YET??????"
-- No, and may not be for awhile. The EC was very very very clear on this in their Q&A. Since the stock will not be traded for awhile, there is no need for a new CUSIP. And registration at the SEC will be hampered by the fact that the Debtors failed to keep up proper SEC reporting for nearly this entire time, thinking there would be not enough shareholders in "NewCo"
In their Q&A from 1/6/2012 - Docket 9350 --
www.kccllc.net/documents/0812229/0812229120106000000000006.pdf
Q: Will the stock of Reorganized WMI be tradable immediately upon emergence?
A: This will depend on a number of factors, including requirements imposed by the SEC upon emergence from bankruptcy. The new Board of Directors will evaluate the options available with regard to trading markets and determine what is in the best interests of the reorganized company. The stock will not immediately be listed on a nationally recognized stock exchange and may not ever be so listed. Reorganized WMI may be able to have its stock quoted on the OTCBB and/or the "OTC-Pink", subject to meeting certain eligibility requirements. Subject to the restrictions on transfer contained in the articles of incorporation discussed above and complying with applicable securities laws, the stock should be transferable if quoted on the OTCBB on OTC-Pink.
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Zitat MONICALAW:
So, What will change on March 8, if we can't trade, no new CUSIP no NOTHING?????? Just come out of closet ????? useless????? Thanks...Mon
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Zitat WithCatz:
Monica -- it will take several days {I wouldn't be surprised if it's weeks} for NewCo stock to show up on your brokerage's ledger -- and it is unknown how it will be reflected by each brokerage.
Among the reasons include having to get final determination on how to convert the shares (the minutia of 75/25% vs. shares released in each class, etc, etc)
The bottom line is, "you {all} were warned" by the EC about this "dark" period. And the unknown length of it.
Freaking out now, and/or freaking out then, I don't really support.
It's been a well-known, well-disclosed fact for some time, that trading may not be possible -- and likely, until the bare minimum of filings occur -- be not tradable. There's a strong piece of me that wants it that way. I made my bets, and would rather not have the MM'ers screw with this more until we get a more stable "Reorganized WMI" ... and THEN start trading again.
...Catz
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Zitat MONICALAW:
Catz, got your drift, the goal is to STABLE the NewCo, and PREVENT short selling....Ok, but we could be able to trade with No SHORT, Sell warning in front of the Quote of newco....wouldn't we???? And if the FDIC/JPMC are not happy with the number of RELEASES ,,,,,They could STALL THIS as long as they can by ordering the Escrow Bank, WELLS FARGO, not to release the 4billion funds to us,,,,,Well ok call it DARK PERIOD,,,,, I am going to call it financial BLACK MAIL......The same thing ,,,,Just different CHOICE of WORDS,,,,Don't you think????? Thanks ....Mon
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Zitat WithCatz:
Monica -- c'mon. Do you really think that JPM and/or the FDIC really care about John Doe retailer suing them? Squash them like a bug.
Yes, they wanted the releases, and yes, more importantly, they wanted the DEBTOR to stop their suits against them in District Court. They got that, through the settlement.
District Court actions dropped. Plan confirmed. Distributions to happen.
Anybody not releasing, and planning on suing on their own, good luck to them. Better have huge deep pockets.
I think it's a total non-starter of an issue/worry.
...Catz
P.S. Regarding a "no short sell warning" -- wtf?
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