Washington Mutual Inc. (WAMUQ)
Washington Mutual Inc (WAMU), is a savings bank holding company. Founded in 1889 as a loan and investment association, the company which later undergo several name chances as well as strategic shifts in it’s banking and loan practices through its nearly 120 years of existence. From it’s inception until 1983, WaMu operated as a mutual company deriving profits and gains to be reinvested towards services and products for its existing and future members. During the time which WaMu operated as a mutual company, a series of purchases of other banks and holdings were made as a way to expand the membership of the bank and it’s services.
By September of 2008, WaMu’s stock price had fallen to $2 from its previous highs of around $50 just two years earlier. Amid strong voices from the shareholders, then company CEO Kerry Killinger was dismissed by the company board. In the meantime, the company went looking for a buyer for part of its banking division. WaMu had been unsuccessful in finding an appropriate buy until its seizure by the FDIC. Overnight the companies banking division was bought by JP Morgan Chase in a secret deal brokered by the FDIC for 1.9 billion dollars. At the time it was believed that the assets sold were worth many multiples more than what it was forced to sell for by the FDIC. Particularly troubling was that the deal was done by the FDIC as a result of the failure of IndyMac bank earlier in the year. The FDIC feared that if it did not sell the bank quickly they would not have enough capital reserves in its insurance fund to cover all the accounts should something have gone wrong. This action by the FDIC resulted in massive losses to WaMu shareholders who felt that their holdings were worth far more than what the government had forced upon them.
Shortly after the sale of WaMu’s banking division, the holding company would file for Chapter 11 bankruptcy protection, citing $33 billion dollars in assets and $8 billion dollars in debts.
Presently WaMu is operating under Chapter 11 as it tries to reorganize the company. A number of lawsuits have been filed by the company and individuals against JP Morgan and the FDIC concerning potentially illegal activities regarding the sale of the WaMu banking division. The outcome of these lawsuits will have a large impact on the reorganization plan and eventual outcome of WaMu Holding Inc.
- Shareholders accuse WaMu of allowing insider trading
- Funds accused of gaining millions in illegal profits
- Court may hear insider-trading allegations on Thursday
SavWatt USA, Inc. (SAVW)
SavWatt USA, Inc.
1100 Wicomico Street
Baltimore, Maryland 21230
Phone: (866) 641-3507
Fax: (410) 633-1895
IR: Brendan Magone
Phone: (307) 399-2507
Text BRENDAN to 46800 (GO800)
SavWatt is a market-leading innovator of LED lighting. Headquartered in Baltimore, MD, SavWatt is spearheading the LED lighting revolution that is replacing incandescent, fluorescent, and HID light bulbs with energy-efficient, environmentally-friendly LED lighting.
BALTIMORE, MD–(Marketwire – 07/04/11) – SavWatt USA, Inc. (SAVW), pioneers in LED lighting and the Green Revolution, announced today that on June 29, 2011, a SavWatt Eco-Pole was installed in front of the Department of Transportation building at 55 M Street, Washington, D.C. The Eco-Pole, a 60 watt LED streetlight powered by wind and sun energy, is completely self-energizing. The Eco-Pole is not connected to the energy grid, representing the first city streetlight that is green, utilizes zero electricity, and is built in America.[…]
JBI Inc. (JBII)
Niagara Falls, Ontario Office
1783 Allanport Road
Canada L0S 1K0
JBI, Inc.’s cutting-edge Plastic2Oil™ process converts mixed waste plastic into separated diesel, heating oil, and light naphtha fuels. Low sulphur heating oil is diesel fuel without transport additives. Unlike existing plastic-to-oil operations, the Company’s process accepts raw, unwashed, mixed plastics. JBI achieves nearly 90 percent conversion of waste plastic into clean fuel, with approximately 8 percent off-gas captured and compressed. Approximately one liter of oil undergoes extraction from every kilogram of plastic, and continuous feeding of plastic optimizes the production output.
Options Media Group Holdings, Inc. (PhoneGuard, Inc.)(OPMG)
Options Media Group Holdings, Inc., which recently announced it is changing its name to PhoneGuard, Inc., is a leading provider of mobile application software. The Company’s flagship product, Drive Safe™ anti-texting while driving software application suite, is a next-generation software suite with the most robust set of features and functions available today. The software product, which is easily downloadable to mobile phones, allows for global positioning satellite tracking of the mobile device in order to calculate the rate of speed of travel. Above certain predetermined speeds, the Drive Safe Software will lock the keyboard and prevent the user from emailing, surfing the web or texting. While Drive Safe Software is designed to prevent texting while driving, it also offers parents and employers the ability to monitor the driving habits of mobile phone users in order to prevent speeding. More information on PhoneGuard is at www.PhoneGuard.com.