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

Twitter de Jaysenese desde el Hotel Roosevelt

https://twitter.com/jayandmarie

Show me the money tic tac subidon subidon, ;) eso es lo que le dijo m.w a Rosen para vender a la equidad show me the money pero para sus bolsillos.

Pd. Seguimos estables

Saludos

GOOD: Everybody was there: MW, Chad Smith, CFO Tim Yeager, Excecutive VP Peter Struck, Outside Counsel R. Jeffrey Byrd. All board of directors.

FEW or NO HEDGE FUNDS SPOTTED.

25-30 shareholders. Fully 15-20 were very very old NYC seniors who were confused in their questions.

Voting was pre-ordained: all recommended items passed. There was a 7-minute break for last minute voting to take place. It was all very organized, but everyone already 'knew' the outcome. Meeting adjourned, then was followed by Mike's comments, then was followed by shareholder questions. Shareholders limited to 2 questions. No audio / video allowed in the meeting. I am gong to post this in pieces so I don't lose anything.

The questions were a train wreck. Every stupid question we've ever asked was repeated. Some were confused questions that seemed to get WAMU / WMILT / WMIH confused. The question, over and over and over, was WHAT were the companies plans. MW handled the questions OK at best, probably not very well. He was clearly irritated. He kept looking out toward the BOD as if seeking guidance or approval on how or what he could say. Chad Smith sat at his right and handed MW papers at times.

In very general terms, though the question was asked many different ways: MW is willing to say nothing about the company's plans for the future. The senior shareholders were flabbergasted at his 'attitude', and as least one made a point to stand up loudly and walk out of the meeting. He didn't do a good job of handling the questions. Everyone in front of the room looked uncomfortable.

Tim Yeager gave a brief financial report for the public, and then answered a question privately for me. I have been concerned about the $75MM running out before a deal was done. He was reassuring that this was not an immediate problem. He referred me to public filings and the status of WMMRC as sources of money going forward. He spent a lot of time explaining WMMRC, btw.

As I said, shareholders were getting a little ticked. Toward the end MW and Chad had it down to a 'joke', saying 'you probably already know this, but my answer is that we cannot discuss that in the room today.'. The message was that we should believe in the strategy.

Attorney Byrd stood up at one point to quiet the group, saying that Regulation FD of the SEC forbids discusion of non-public information in a meeting like this.

Two people asked why, then, the company couldn't make a PUBLIC announcement about their plans. Chad Smith was firm and said that there would be no such press release issued.

For some reason, board member Eugene Davis sat in the back of the room the entire time, while everyone else filled up the front rows. The final question was announced, asking yet again if, in general terms, the company couldn't comment on the general market for businesses like ours, and acquisitions such as we were considering. There was really a need in the room for some sort of an answer. It was very uncomfortable for all involved.

Eugene Davis turned out to be a bid man. He reminded me a lot of Brian Dennehy, the actor. Unlike MW or Chad, he spoke loudly and confidently and didn't repeatedly stop to say 'uh' or 'ah' or whatever. I wish I had recorded his 3 minute answer but I did not.

What he said (again, in complete contrast to the prior 45 minutes, in a loud and clear voice that made everyone stop and sit up and take notice was:

1. He heads the committee searching for acquisitions.

2. They have been working very hard, "every week", for opportunities.

3. They have considered "literally dozens" of opportunities.

4. The market for acquisions right now is "very good" (this got a shout out from a couple of us, at least it was kind of an answer to all the previous questions).

5. Any acquisition we make would have to (1) be currently and immediately profitable: no turnarounds!; (2) in accordance with the guidelines for using the NOL's, otherwise it would be a dis-service to shareholders not to use them properly, and (3) retain that company's existing management team.

6. He really was big on Blackstone. He said that what shareholders fail to understand was that just getting Blackstone was a real coup for the company. Blackstone has employees who are performing many of the background work for us that is normally done by the companies themselves - we have no staff, so Blackstone is doing it for us. He said they were doing this work for 'free' due to relationships between Blackstone and BOD members.

Otro resumen:

This is short because not too much was said. MW kept saying he can't answer that, as it would be a violation on anything specific: plus I gotta get back to day job.
- The only strategy they have is to acquire a company. Over the past year they have reviewed dozens of potential companies but nothing yet.
The main problems they state
-Can't acquire a company just because of the NOLs. They are restrictions that prohibit that.
-Must be the right kind of Business they assume
-Acquired Company must have a Management and operational team in place because WMIH does not
-A lot of deep pockets are out there bidding as well.
-Must make sense for Shareholders. As they stated they want to make sure the shares are not diluted too much. That statement scares me a ton!!!!!

Other comments:
5.9 billion in NOLs, 29 more years to us it. 75 Mil in Cash. Blackstone- is the investment advisor and will not get paid unless an acquistion is made. The company is not public and they have not filed anything for upgrade to a National Exchange.

Que grandes son estas acciones
Simpson dedicate a otra cosa.

¿a darte por culo?

7. He explained in detail (as I wish MW had done, he really was much more impressive than MW in this meeting setting) that the markets now are "flush" with money to do deals. Every deal has to be done quickly and quietly. He used Apple as an example of a company that could write a check tomorrow and outbid us for any deal we came up with.

8. He said members of his committee were (1) looking for businesses for sale; (2) identifying possible co-investors for those deals; and (3) structure a deal that did not dilute existing shareholders or betray our best interests.

Eugene Davis got a relieved round of applause when he finished, and Mike wisely ended the meeting then and there.

PS: When Eugene Davis approached the podium I overheard hiim say to the front row that he had been enjoying being in the BACK of the room and not up in front. It really was uncomfortable for all parties.

END of report. I wish there had been something (anything?) of substance, and I was intrigued that there seemed to be no hedge fund types there at all. I was not invited to lunch with the BOD...

No, eso ya lo hago yo, no en el sentido literal porque no soy maricón aunque veo que te gusta.
Desde que veo estas acciones ya por marzo de 2010 solo han dado disgustos a sus poseedores. Pero si el mercado americano esta en subida libre y esta mierda de acciones no valen para nada, los unicos que ganan algo son los que especulan en movimientos cortos al alza o a la baja porque para estar largo como postula Mr simpson hay que ser masoquista.

¿Escuece?
Demasiada prepotencia es lo que tienes y muy poco sabes de bolsa.