Use access key #2 to skip to page content.

tonylogan1 (29.11)

Any other WAMUQ lovers out there?

Recs

5

September 21, 2009 – Comments (6) | RELATED TICKERS: WAMUQ.PK

Just wondering if there are other fools out there gambling on WAMUQ.PK.

I sold puts on Washington Mutual way back when... I never thought they would go broke on a Thursday, and planned on closing out my position before Friday to not be left holding the bag.

I also figured the FDIC did not have enough money to cover the losses, so they would obtain some financing somehow before WAMU went broke.

Well, it did go broke on a Thursday, and I ended up the sad bagholder of a substantial amount of WAMUQ.PK stock. The price of the stock dropped and I averaged in (typically a bad move, but oh well) and got tons more shares at 5.2 cents a share.

Extra bonus… I got my father in law to buy in at 5.2 cents with his gambling money, so he is actually up 700%+ now.

Today WAMUQ.PK shot up 75% at one point to 45 cents a share and I still am not selling (closed at 41.5 cents a share)

I suppose the market is expecting there will be some action (likely a JPM share settlement) by 9/25/09 to avoid further legal action.

If the stock gets to $1.00 before Friday, I'll consider selling half, and I'll let the rest ride through either settlement or bust.

Anyone else holding WAMUQ.PK or got opinions, etc?

6 Comments – Post Your Own

#1) On September 22, 2009 at 1:00 AM, gonzoralph (< 20) wrote:

Thought I was a fool when I purchased wamuq.pk on Dec 10, 2008 for .034 a share.  Well, I must tell you.... I'm sure surprised today!

Report this comment
#2) On September 22, 2009 at 2:26 AM, tonylogan1 (29.11) wrote:

Nice work.

I thought about buying more when it got to around 2 cents, but I thought that was beyond dumb...

Hang in there, and hopefully we can break $1.00 by week-end.

I guess today's jump was on the extra $3 Billion tax refund? ... Not sure, but I don't think it was settlement related.

I actually thought it would drop today and tomorrow and then rise going into Friday.

Report this comment
#3) On September 22, 2009 at 3:27 AM, FleaBagger (99.16) wrote:

I would sell. Why do you want that kind of grief? You have no equity, just bids from other suckers looking to find bigger suckers.

Report this comment
#4) On September 22, 2009 at 8:38 AM, lemoneater (72.87) wrote:

I have 9 shares of WAMUQ.PK. I got it when it was still WAMU I was curious to see how the shares of an almost bankrupt company would behave. I thought it would get rescued and go up. I lost about $40 on my guess, but I keep it in my portifolio as a reminder to me that I need to be an investor and not a gambler in my stock decisions.

Report this comment
#5) On September 22, 2009 at 2:03 PM, tonylogan1 (29.11) wrote:

Fleabagger - What makes you think there is no equity? I would suggest there is a lot more to WAMUQ.PK than you may know, and unless you reply, I'll just leave it alone.

This is not like the GM stock going into bankruptcy. There is a holding company with cash assets (Possibly $4 Billion), IRS refunds (Possibly $3 Billion), and a VERY high probability of a JPM settlement (Best chance of big stock jump by THIS FRIDAY)

 

Of course it is a gamble, but that is why I used the word GAMBLE in the post...

Report this comment
#6) On September 24, 2009 at 12:44 AM, dollarpuppy (95.76) wrote:

Like lemoneater, I have 50 shares of WAMUQ.PK hanging around my portfolio as a warning to myself.  That, and the fact that they're worth less than the commission cost of selling them.  For now I'm considering it a lottery ticket: we'll see what happens, but I didn't make a strong commitment by buying more while it was cheap(er).

Report this comment

Featured Broker Partners