6.investorshub.advfn.com/boards/read_msg.aspx?message_id=53222370
Posted by: WithCatz Date: Wednesday, August 11, 2010 3:29:37 PM
In reply to: Lebosco who wrote msg# 229254 Post # of 229286
Lebosco, I don't think it's really an issue of advantage or not, let me see if I can make sense -- from my perspective.
I think the FDIC will extend the P&A over and over, it's a unilateral thing (per Boston's scanned document) that the FDIC can do with a stroke of their singular pen, and in my opinion, will continue to do {On Yahoo they quoted up to 6 years -- find that there if you doubt}....
This extension of the P&A is "needed" by the FDIC because until everything is resolved, which a confirmed DS/POR would do, the P&A isn't a done deal.
On a separate hand, for the FDIC, they've said they didn't want the GSA binding them forever. Remember, they were very hesitant to sign the GSA in the first place, and have, with a time limit. I think that is to make the GSA parties want to get it "done" as soon as possible... {which is looking more and more difficult with the Examiner, TPS, etc}
So, at the moment, they extended the P&A to match the date of the GSA -- because, back when the GSA was signed, if approved, it would have also closed the P&A with all the releases, etc.
Now that, IMHO, the GSA Aug 30th date is in jeopardy, the open question is whether the FDIC extends the GSA {and any other party as well}, lets it fail, or what. {See my note to Dudebug}
Regardless, I expect the P&A to be extended.
...Catz
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7.investorshub.advfn.com/boards/read_msg.aspx?message_id=53222816
Posted by: WithCatz Date: Wednesday, August 11, 2010 3:35:44 PM
In reply to: drkazmd65 who wrote msg# 229262 Post # of 229286
drkaz, not stupid at all. I've heard it before. You wrote:
Quote:
So - maybe this is just me being 'stupid' - but would that mean the deal would have to unwind?
If they can't move forward because the FDIC recievership & transfer contract is null & void - what else could they actually do?
And I do understand it. I said something about it on Yahoo and got my rear end handed to me. I'm hesitant to say it here again, but I will.
This is my opinion. If you detect tone in it, remember it was to the Yahoo'er who posted it, not towards you or anyone here.
Quote:
Catz wrote on yahoo...
In the first few months after seizure, the return of WaMu WOULD HAVE BEEN POSSIBLE.
At that time, there WAS STILL mostly a separately operating WaMu bank to still return, without much difficulty.
Signs hadn't changed, personnel not yet integrated, buildings not remodeled, computer systems not replaced and old systems scuttled, etc.
In other words, "non-scrambled".
Once the "scrambling" occurs, the courts {and simple practicality} do not look to unscramble. It's virtually impossible because of numerous reasons including: it's not financially practicable {compensation is cheaper than the cost to unscramble} and that too much time and change has occurred -- people downsized, records converted, customer base changed, etc, etc.
{And not surprising that JPM did the scrambling as rapidly as possible...}
Therefore the courts are left with the only practical remedy. Financial (cash, stock, etc) compensation.
I encourage anyone who's still on the "return the bank" bandwagon to find an equivalent situation where the bank is completely integrated, "gone" for all practical purposes, and the courts found a way to "return the bank".
Not a small bank that was kept operating stand-alone and returned.
That's not the situation we have here with WaMu.
Personally, I feel it's disingenuous to encourage folks to think that it's possible (in any reasonable line of thinking) that WaMu is or COULD be coming back to WMI.
I know, it feels good emotionally to say it (return our bank) as a chant, but we need to stay focused on the real possibilities and how they can/will/should come about -- and that is financial compensation for what occurred.
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8.investorshub.advfn.com/boards/read_msg.aspx?message_id=53223480
Posted by: WithCatz Date: Wednesday, August 11, 2010 3:44:50 PM
In reply to: drkazmd65 who wrote msg# 229265 Post # of 229287
Yup. That's why I don't - {usually} - play in rhetorical questions. You'll find me at odds with some on iHub that way. It's OK. I think I have my place ;)
Some questions can't be answered, and we just have to wait for the courts.
..Catz
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9.investorshub.advfn.com/boards/read_msg.aspx?message_id=53224749
Posted by: STRIKEEAGLE Date: Wednesday, August 11, 2010 4:01:16 PM
In reply to: drkazmd65 who wrote msg# 229265 Post # of 229287
Drk... I believe the answer to your question is based in the politics of this case and who had their hands in our cookie jar prior to and at the time of seizure!
On the surface one might think that whomever "received" the assets should pay for them.
The FDIC is in the poop house on this one... they will have to open their wallet in deed.
AIMHO
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10.investorshub.advfn.com/boards/read_msg.aspx?message_id=53225325
Posted by: gandalf48ct Date: Wednesday, August 11, 2010 4:08:59 PM
In reply to: STRIKEEAGLE who wrote msg# 229271 Post # of 229287
IN THEORY...strike, catz....they will have to return everything to WM... there's no other way to justify "make whole" as a relief for equity until they determine what that "whole" is. I can guarantee, it's not sitting in the current POR. And without a legit POR, there can be no GSA to agree to ... Between the Examiner and bogus POR, even a drunken sailor would stumble over fraud.
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11.investorshub.advfn.com/boards/read_msg.aspx?message_id=53226926
Posted by: WithCatz Date: Wednesday, August 11, 2010 4:39:55 PM
In reply to: gandalf48ct who wrote msg# 229279 Post # of 229287
gandalf, respectfully, the court does what is practical, not in "theory".
"Theory", here for WMI, is only used to obtain value.
I've been here before. Another Yahoo post that got me in trouble as well. But, honestly, it's true.
{Same as my earlier re-post from Yahoo, any tone you read is not to you or iHub, but from the Yahoo post reply at the time}
Quote:
Catz wrote on Yahoo:
It's like unscrambling an egg. Sure, with some quantum physics, etc, maybe, but in reality, no.
WMB/WMB fsb have been 'scrambled' into the JPM Omlet, intertwined, etc.
And you can see how it's cheaper to pay a replacement-cost for the egg, than to try to solve the unscrambling-the-egg problem to give back the original egg.
Similarly, the courts and the 'process' also sees that as well. While 'technically' possible to systematically 'undo' all the integration into JPM, undo computer systems, undo account changes, etc, etc..
The cost to do so is greater than the damages incurred and/or devalues the estate more than the benefits the result.
Eg, in the first couple of months, maybe, it would have been possible to undo things. Too far along now.
Therefore, the courts and the process, provides for financial compensation once the over-scrambling occurs.
It is, what it is. And the 'system' will accommodate a resolution based on monies, not on unscrambling.
...Catz
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MfG.L:)
"Ein jeder gibt den Wert sich selbst"
"Der Schein regiert die Welt, und die Gerechtigkeit ist nur auf der Bühne".(Parasit)
Und es herrscht der Erde Gott, das Geld.(An die Freude)