05-May-09
Company will become profitable again
Holding Rationale for WAMUQ.
WAMUQ
Washington Mutual, Inc.
Banks (Financials)
06-May-09 0.12 USD
0
Background: WAMUQ is the holding company for Washington Mutual Bank, which was siezed 3Q 2008 by the FDIC. The bank was sold to JPMorgan for 1.9Billion. At the time, Wamu Bank had over $100bn in assets. Wamu Inc (the holding company) spent the next several months staving off creditors trying to collect and filing for bankruptcy. They were delisted from NYSE and placed on OTC, and delisted twice from OTC for failing to file SEC filings. They are now solidly on the OTC and entering into bankrupty proceedings.
So why buy?
1)
www.wamustory.com tells the full tale. In short, the siezure of Wamu Bank is shady at best, criminal at worse. Wamu was in the process of talking to potential buyers when the FDIC undermined their discussions by soliciting bids and finally siezed the bank without warning. A VIP of JPMorgan was part of the FDIC comitte to sieze Wamu and sell it to JPMorgan. A $13bn+ lawsuit is in the works against the FDIC for an unlawful siezure of Wamu Bank.
2) Wamu Inc had $4bn deposited with Wamu Bank at the time of siezure. JPMorgan has not released those funds to date. A lawsuit has now been filed for release of those funds.
3) Wamu Inc still holds substantial assets and once they have reorganized and dealt with their creditors, they stand to become a profitable company. Wamu Inc itself issued a statement that they expect to be profitable again 3Q of 2009.
If WaMu Inc comes through on any of these, they stand to become a valuable company once again, which would also cause their share price to increase drastically. Alternatively, if enough people *believe* they can pull it off, the share price will also rice.
http://www.covestor.com/mbr/squegie/blog/28473 -----------
An der Börse sind 2 mal 2 niemals 4, sondern 5 minus 1.
Man muß nur die Nerven haben, das minus 1 auszuhalten.