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ive been looking around at some charts and noticed that DIMEZ has an odd trading pattern. it does wierd gaps like it runs up ends high then the next day gaps down and runs again does anyone trade this or is it possible to make a few bucks flipping this every few days..??
please help me out
-turbo
-------------------- "Gentleman, you have come sixty days too late. The depression is over." Herbert Hoover 1930
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I just sent this letter to Washington Mutual... Hopefully I get a response... does anyone here have any news on this lawsuit? Where can I track down lawsuit news of this nature?
"Hello. I know that after Washington Mutual merged with Dime Bancorp, Washington Mutual took over the responsibility for the lawsuit again the U.S. goverment involving Dime Bancorp savings and loan problems. So, effectively, Washington Mutal has been trying to sue the government for $650 million since 1995. It's my understanding that this lawsuit was finally going to be resolved in 2005, but I'm having trouble tracking down any informtaion regarding when the lawsuit will go to court, what the expected outcome is... estimates on when everything will settle, etc. The only financial info I could find are the Bancorp Litigation Tracking Warrants (NasdaqNM: DIMEZ). If you could send me any info regarding this -- press releases, links, anything -- it would be much appreciated. Thank you."
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By the by, if the lawsuit in question here ever comes to fruition, and Dime/WM gets a millions (as is expected by some; there are precedents for a win in this case), then the DIMEZ stock will likely be worth many, many, many, many, many times what it's currently trading at. Instantly. And if news leaks that the case is going well, the share price will skyrocket before the case is even settled (the downside is that if they lose the suit completely, the stock beomces utterly worthless).
But the litigation has been ongoing since, I believe, 1995. Yes, friggin' 1995. The case was supposed to come up for a decision in 2005, but I've been unable to track down recent news.... I don't want to get stuck holding this stock for a decade, but when the time is right, this is going to be a quick and powerful play. (If anyone wants more info on the history, specs, and potential of DIMEZ, I can post a ton of stuff).
So if anyone has any news ... Well, this one could make us all rich in a jiffy .... just gotta play the cards right. Finding out when cases are actually going to be tried and decided is not something I know how to track down, however...
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From the latest EDGAR report for Washington Mutual:
In connection with Washington Mutual’s acquisition of Dime Bancorp, Inc. (“Dime”), Washington Mutual assumed the obligations under Litigation Tracking Warrants that Dime had issued to holders of Dime common stock. As a result of Washington Mutual’s acquisition of Dime and pursuant to the 2003 Amended and Restated Warrant Agreement, dated March 11, 2003, by and between Washington Mutual and Mellon Investor Services, LLC, the Litigation Tracking Warrants are now convertible into shares of Washington Mutual’s common stock upon receipt by Washington Mutual of any damages upon the final adjudication or settlement of Anchor Savings Bank FSB v. United States, litigation that Washington Mutual assumed upon the acquisition of Dime. Upon receipt by Washington Mutual of any final damages from this lawsuit, holders of Litigation Tracking Warrants will, in the aggregate, be entitled to receive shares of Washington Mutual’s common stock whose aggregate value will be based on the amount actually recovered in the lawsuit, if any, net of litigation costs and any taxes.
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DIMEZ is up 14.29% today. Seems to max out at around 20 and bottoms around 10, so I'm going to wait to see if it dips again to be safe.... It's very low volume so I don't think anything is going on here yet.... but I have found more info on the case:
However, I still have not been able to gather any more info on when the case will actually go to trial again and when a decision might be reached.... anyone?
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This is dipping again. Look for it to hit bottom around 0.09-0.13. Then hold it for between 1-60 days and it would appear to be almost a sure thing that you'll be able to sell at around 0.14-0.17. That may not be a big, get-rich-quick play, but it's solid little profit % with minimal risk.
Of course, until we figure out how to find out when this case is actually going to hit court/arbitration/settlement, there is the danger that after you buy your shares, the whole case will be settled for next to nothing and the value of this will go to zero. But on the other hand, the case could settle in favor of the company and be worth as much as $3 a share, which IS a get-rich play.
If neither of those things happens and the case continues to just languish-but-with-hope, then playing the up and down trend of buying near the standard low and waiting to sell at the typical high is a sure thing. (Normal support is at 13 and resistance at 17)
Note: The email I sent to Washington Mutual asking about this case only recieved a reply from a customer service rep saying that no one he knew in the company had any knowledge about any of this stock or litigation whatsoever. Bler.
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Winstar related.. Home Savings of America vs. US gets $134mil
Our case is much larger than theirs. Even IF we were only awarded that much, if my calculations are correct.. it would equate to .13 to .28 per share depending on lawyer and court costs.
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