The Deleware Court of the Honorable Mary Walrath is beginning to peel back the onion revealing the conspiracy by the FDIC and JP Morgan Chase to fraudiently convey Washington Mutual Bank to JP Morgan Chase in September 2008. This plot, discovery documents reveal, began two years previously with JP Morgan Chase forming "Project West" to begin planning how to aquire Washington Mutual Bank. A very talented reporter for the Peuget Sound Business Journal named Kristin Gind announced this month that she is taking a sabbatical to write a book using documents made public through the recent Senate Special Committee hearings.
These documents put the fdic in the center of this story. It seems the fdic still has a big liability on Fraudulent Conveyence since their charter requires them to maximize the value received for the estate. Even if they continue to play games about the seizure the fdic failed to sell wamu for a fair value due to what seems a defective or corrupt auction process. The fdic also has liability for it's apparent intereference and harmful actions when Wamu was trying to sell itself and on those grounds merit discovery. Now, in court, the fdic is attempting to muddy the waters regarding the wrongful seizure by claiming that the OTS, not the fdic seized the Bank.
We will find out in the next two weeks whether Jamie Dimon of JP Morgan
will capitulate and buy out WAMUQ through a fair settlement offer for the stock or continue to try to push through the deal he made with the Debtors which leaves out the shareholders and the bond holders.
Showing posts with label WAMUQ. Show all posts
Showing posts with label WAMUQ. Show all posts
Sunday, June 20, 2010
Saturday, April 3, 2010
The Continuing Saga of JP Morgan and WAMU
Jamie Dimon, the CEO of JP Morgan recently sent a letter to all shareholders of JP Morgan.
http://files.shareholder.com/downloads/ONE/871752399x0x362440/1ce6e503-25c6-4b7b-8c2e-8cb1df167411/2009AR_Letter_to_shareholders.pdf
For those of you who will read this letter I think you will agree that acquiring Washington Mutual Bank 18 months ago from the FDIC for the paltry 1.9 billion dollars was, by far, the best deal in the history of the banking industry. In fact, some would call it a steal.
He stated in his letter, "Our revenue this year was a record $100
billion, up from $67 billion in 2008. The largeincrease in revenue was due primarily to the inclusion for the full year of WashingtonMutual (WaMu) and the dramatic turnaround in revenue in our Investment Bank."
But what he doesn't tell his stockholders in this letter (but stated in the 10K filed recently) was that JP Morgan may have to give a lot of it back when the Deleware Bankrupscy Court rules on several motions filed by WMI the parent company of WAMU Bank. He agreed with the Debtors in this case to a settlement that at first claimed agreement by the FDIC but was later recanted after the legal scholars at the FDIC realized that Jamie was setting them up to be the fall guy to all the furious Bond and Shareholders that were somehow left out of this Settlement.
Stay tuned, the fat lady is just beginning to warm up.
http://files.shareholder.com/downloads/ONE/871752399x0x362440/1ce6e503-25c6-4b7b-8c2e-8cb1df167411/2009AR_Letter_to_shareholders.pdf
For those of you who will read this letter I think you will agree that acquiring Washington Mutual Bank 18 months ago from the FDIC for the paltry 1.9 billion dollars was, by far, the best deal in the history of the banking industry. In fact, some would call it a steal.
He stated in his letter, "Our revenue this year was a record $100
billion, up from $67 billion in 2008. The largeincrease in revenue was due primarily to the inclusion for the full year of WashingtonMutual (WaMu) and the dramatic turnaround in revenue in our Investment Bank."
But what he doesn't tell his stockholders in this letter (but stated in the 10K filed recently) was that JP Morgan may have to give a lot of it back when the Deleware Bankrupscy Court rules on several motions filed by WMI the parent company of WAMU Bank. He agreed with the Debtors in this case to a settlement that at first claimed agreement by the FDIC but was later recanted after the legal scholars at the FDIC realized that Jamie was setting them up to be the fall guy to all the furious Bond and Shareholders that were somehow left out of this Settlement.
Stay tuned, the fat lady is just beginning to warm up.
Saturday, May 16, 2009
How Do You Rob a Bank? Have the FDIC Seize It.
A bunch of angry Washington Mutual Bank shareholders have gotten together and created a website to tell the story of how their Bank was taken away by fraud. here is their news release:
"Washington Mutual Inc. Investors See New Hope For Justice
Avatar Posted by pressrelease2please 2 hours 47 minutes ago (http://www.wamustory.com) View profile
Category: Financial | Tags: banking politics financial washington mutual
For Immediate Release
Houston, TX-
Washington Mutual Shareholders (Stock Symbols: WAMUQ, WAHUQ, WAMPQ, WAMKQ) are experiencing renewed optimism due to recent events involving WMI s Chapter 11 bankruptcy case. The Chapter 11 filing followed the unprecedented seizure and fire sale of its banking unit by the FDIC. Through collaborative efforts online, shareholders have uncovered a significant amount of information regarding the seizure of the well-capitalized Washington Mutual bank (found at www.WaMuStory.com). They recently joined together to author this site and share their research findings amongst themselves and the public. The website has a plethora of documents, including links to official government documents regarding WaMu issues, pre and post seizure.
Shareholders have long seen problems with the way this \"secret\" auction (which was not very secret) was handled by the FDIC, and are pleased that an investigation has been requested through the Bankruptcy Court. Elliott Greenleaf and Quinn Emanuel Urquhart Oliver and Hedges, the attorneys appointed through lead Chapter 11 legal counsel Weil Gotshal & Manges LLP, filed a motion in the bankruptcy court recently asking for a complete investigation of the circumstances surrounding the seizure and sale of WaMu Bank and all activities leading to the destruction of this 119 year old Seattle based institution. This motion was based on another lawsuit filed in Texas which questioned the circumstances of the bank seizure and accused JPMorgan of corruption, breach of confidentiality and other improper activities. Shareholders have long considered the seizure circumstances to be suspect and have written thousands of letters to legislators asking for a complete investigation. Their pleas to Congress seem to have been ignored to date.
At the time of seizure, Washington Mutual had $307 Billion in assets and was sold to JPMorgan for a mere 1.88 Billion dollars within hours by the FDIC. At the time of seizure, Washington Mutual Inc had 4 Billion dollars in a cash account, which has been recently laid claim to by JP Morgan.
In comparison, IndyMac, with only $32 Billion in assets was sold for $13.9 Billion in the following weeks. Indymac had only 33 branch offices as compared to Washington Mutual\'s 2,239 branches and 4,932 branded ATMs.
As a result of this seemingly unfair compensation for WMI assets, WMI attorneys Weil, Gotshal & Manges LLP have also filed suit against the FDIC seeking proper compensation for the reasonable value of the assets seized by the OTS, and sold by the FDIC in the \"fire sale\". That matter is currently pending in a separate Federal court action.
Washington Mutual Shareholders feel that it is self evident that the sale of WaMu Bank was extremely flawed, and they are expecting the U.S. Federal Court system to right these wrongs. They see these recent court filings as a big step in the right direction."
Contact :
Michael Rozenfeld
Street :Houston
City :Houston
State :TX
Zip/Pin Code: 77024
Country :USA
Phone :512-809-8556
Email :michael.rozenfeld@wamutruth.com
Website :http://www.wamustory.com/
"Washington Mutual Inc. Investors See New Hope For Justice
Avatar Posted by pressrelease2please 2 hours 47 minutes ago (http://www.wamustory.com) View profile
Category: Financial | Tags: banking politics financial washington mutual
For Immediate Release
Houston, TX-
Washington Mutual Shareholders (Stock Symbols: WAMUQ, WAHUQ, WAMPQ, WAMKQ) are experiencing renewed optimism due to recent events involving WMI s Chapter 11 bankruptcy case. The Chapter 11 filing followed the unprecedented seizure and fire sale of its banking unit by the FDIC. Through collaborative efforts online, shareholders have uncovered a significant amount of information regarding the seizure of the well-capitalized Washington Mutual bank (found at www.WaMuStory.com). They recently joined together to author this site and share their research findings amongst themselves and the public. The website has a plethora of documents, including links to official government documents regarding WaMu issues, pre and post seizure.
Shareholders have long seen problems with the way this \"secret\" auction (which was not very secret) was handled by the FDIC, and are pleased that an investigation has been requested through the Bankruptcy Court. Elliott Greenleaf and Quinn Emanuel Urquhart Oliver and Hedges, the attorneys appointed through lead Chapter 11 legal counsel Weil Gotshal & Manges LLP, filed a motion in the bankruptcy court recently asking for a complete investigation of the circumstances surrounding the seizure and sale of WaMu Bank and all activities leading to the destruction of this 119 year old Seattle based institution. This motion was based on another lawsuit filed in Texas which questioned the circumstances of the bank seizure and accused JPMorgan of corruption, breach of confidentiality and other improper activities. Shareholders have long considered the seizure circumstances to be suspect and have written thousands of letters to legislators asking for a complete investigation. Their pleas to Congress seem to have been ignored to date.
At the time of seizure, Washington Mutual had $307 Billion in assets and was sold to JPMorgan for a mere 1.88 Billion dollars within hours by the FDIC. At the time of seizure, Washington Mutual Inc had 4 Billion dollars in a cash account, which has been recently laid claim to by JP Morgan.
In comparison, IndyMac, with only $32 Billion in assets was sold for $13.9 Billion in the following weeks. Indymac had only 33 branch offices as compared to Washington Mutual\'s 2,239 branches and 4,932 branded ATMs.
As a result of this seemingly unfair compensation for WMI assets, WMI attorneys Weil, Gotshal & Manges LLP have also filed suit against the FDIC seeking proper compensation for the reasonable value of the assets seized by the OTS, and sold by the FDIC in the \"fire sale\". That matter is currently pending in a separate Federal court action.
Washington Mutual Shareholders feel that it is self evident that the sale of WaMu Bank was extremely flawed, and they are expecting the U.S. Federal Court system to right these wrongs. They see these recent court filings as a big step in the right direction."
Contact :
Michael Rozenfeld
Street :Houston
City :Houston
State :TX
Zip/Pin Code: 77024
Country :USA
Phone :512-809-8556
Email :michael.rozenfeld@wamutruth.com
Website :http://www.wamustory.com/
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