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Thread: Warka screwing on ISX stock accounts

  1. #21
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    Quote Originally Posted by HumbleGenius View Post
    For all intent and purpose at the moment yes they are worthless. At the present time you have no method, process or vehicle to sell the shares you currently hold. Warka has been taken off the ISX due to their refusal to submit the appropriate reports and for not following the requlations keeping their shares on the market. All of that just typed is fact.

    Supposition is however, Warka has a significant amount of debt and has been kick around by powerful persons in the gov by maneuvers to cause the bank to have the trouble they are having now. It is my understanding that Warka does have a significant amount of property etc so that may help them in the long run to salvage they financial status eventually. How current stockholders come out at the end is up in the air.

    My hope is the CBI is actually trying to achieve what they have stated. They have moved in on Warka to ensure it does not fail if possible. They are taking measures of where Warka is today in regard to financial stability and will hopefully assist in getting them back on track in 18 months or so.

    I do not believe there is risk to account holders or proxy/in good name stocks that Warka has executed on our behalf. (assuming their bookkeeper is competant). As far as Warka stock itself, that is up in the air. Currently no value. If a sticok cannot be sold or bought it has no value. I believe the ongoing effort includes trying to protect the stockholders, if for no other reason, protecting the image of this fledgling exchange. No guarantees and dont plan on seeing the light at the end of the tunnel any time soon.

    IMHGO
    So if an offer were to be made for Warka, say 2 dinar a share, would we then see our investment return ?

  2. #22
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    Quote Originally Posted by HumbleGenius View Post
    For all intent and purpose at the moment yes they are worthless. At the present time you have no method, process or vehicle to sell the shares you currently hold. Warka has been taken off the ISX due to their refusal to submit the appropriate reports and for not following the requlations keeping their shares on the market. All of that just typed is fact.

    Supposition is however, Warka has a significant amount of debt and has been kick around by powerful persons in the gov by maneuvers to cause the bank to have the trouble they are having now. It is my understanding that Warka does have a significant amount of property etc so that may help them in the long run to salvage they financial status eventually. How current stockholders come out at the end is up in the air.

    My hope is the CBI is actually trying to achieve what they have stated. They have moved in on Warka to ensure it does not fail if possible. They are taking measures of where Warka is today in regard to financial stability and will hopefully assist in getting them back on track in 18 months or so.

    I do not believe there is risk to account holders or proxy/in good name stocks that Warka has executed on our behalf. (assuming their bookkeeper is competant). As far as Warka stock itself, that is up in the air. Currently no value. If a sticok cannot be sold or bought it has no value. I believe the ongoing effort includes trying to protect the stockholders, if for no other reason, protecting the image of this fledgling exchange. No guarantees and dont plan on seeing the light at the end of the tunnel any time soon.

    IMHGO
    Good synopsis!!
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  3. #23
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    Default Can't really answer that

    Quote Originally Posted by Will-it-happen? View Post
    So if an offer were to be made for Warka, say 2 dinar a share, would we then see our investment return ?
    That is a an open ended question. If you mean that the majority stakeholder accepted an offer to sell Warka to a 3rd party in some manner to raise capital (which I would have to believe would be 51% ownership after the deal) then the cash raised may be able to overcome the current debts/liabilities. The unknown question is would it be a good investment / (taking on the) liabilities that a 3rd party would be interested in doing so. If this did occur then assumption would be the stock company would take the measures required to come into compliance with the regulations to trade on the ISX. At that point the open market would determine the value of a share.

    Another 1 of many possibilities, not saying it will happen but is possible, is the CBI determines assets may need to be sold to cover liabilities. This could result in a much smaller Warka then we have today (less branches, less real estate) or it could result in other banks buying up portions of the bank (branches in certain regions to other banks) and Warka is dissolved. The primary concern of the CBI is the account holders. The actions taken will first ensure they are covered (so the CBI does not have to cover it) and secondly to protect shareholders if possible. Not a priority but good PR. No reason to believe so, but I have a feeling this will workout ok (so so) eventually for stockholders in some manner. Al bunnia has a lot to lose which is our best hedge.

    All above IMHGO

    All above would have to be approved through the CBI since it is now under their guadianship.
    Last edited by HumbleGenius; 04-25-2012 at 02:38 PM. Reason: clarification
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  4. #24
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    Bankrupt bank is a nightmare scenario for a re-emerging country like Iraq, this will shatter foreign confidence as that will show there is no protective mechanism placed by the govt to protect depositor, I am sure CBI is looking to transition bank like they do in US, difference is that CBI is not capable of being secret about it. On the other hand if CBI is able to transition the bank in successful manner than this will be a big achievement for CBI

    But than wathcing the working of CBI not sure what kind of a mess they are capable of making

  5. #25
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    Quote Originally Posted by Kickabuck View Post
    Seaview might have something to say about the accuracy of that date, hope she gives her opinion.

    Also, what about United Bank, is that the next one in question? Their meeting was 4/15 with paid ups...non a peep from Warka.

    Then there's Middle East who will meet 4/30...

    It's a no win game at this point...they can selectively ignore email requests, investors are screwed.

    If anybody emails warka regarding united and middle east paid ups with a successful response, PLEASE share it with us. The more time passes it seems like we are dealing with a bunch of crooks.

  6. #26
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    Quote Originally Posted by MarioKartWii View Post
    If anybody emails warka regarding united and middle east paid ups with a successful response, PLEASE share it with us. The more time passes it seems like we are dealing with a bunch of crooks.
    Hello Fellow ISX'rs ,

    FYI
    Sent An Paid-Up Authorizing Letter To Warka On 9th April This
    Year For UNITED BANK .. Warka E-Mailed Me Back Stating That United Bank Was NOT OFFERING Or ANNOUNCED The Issuing Of Paid-Up Shares ..
    BUT ..Guess I Was A Little Early ... Being I Get My Info On The ISX
    Website In The NEWS SECTION Everyday

    SO ... Warka DOE'S Seem To Be DROPPING THE BALL !! .. So To Speak

    P.S... TODAY Sent In An Authorizing Letter For Al-Mosul Bank .. And
    Did What Another Investor Did .. and BACK-DATED The Letter
    Also Let It Be Known That I Wasn't A HAPPY CAMPER
    About This Deceptive Practice ! ..So . WE SHALL SEE

    Hope This Helps
    Bless Your New Day !
    Gary ... aka Invest4later

  7. #27
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    I sent in my United letter after it was announced on the ISX website...guess what, haven't received a reply

  8. #28
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    Kickabuck ,

    Wishing You and Yours Well !

    When Did You Send In Your Authorizing Paid- Up Letter ?

    Have a Wonderful & Relaxing Evening
    Gary .. aka Invest4later

  9. #29
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    Sep 2004
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    Have not received a reply for re-upping my online access either! AOL no longer works for emailing Warka, set up a yahoo account, sent 2x over last 3 weeks and nothing.
    HERE KITTY KITTY!

  10. #30
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    Quote Originally Posted by Mo Dinar View Post
    Have not received a reply for re-upping my online access either! AOL no longer works for emailing Warka, set up a yahoo account, sent 2x over last 3 weeks and nothing.
    me too , and a $1500 money transfer too !!

  11. #31
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    Quote Originally Posted by Will-it-happen? View Post
    me too , and a $1500 money transfer too !!
    Money going into Warka or trying to take out???
    HERE KITTY KITTY!

  12. #32
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    Quote Originally Posted by Mo Dinar View Post
    Money going into Warka or trying to take out???
    i feel really ripped off

    i gave them $15000 to invest

  13. #33
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    Oct 2006
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    Completely agree. If the CBI can show to the international community that it can keep its house in order (i.e. dealing with the Warka situation effectively), this will help prove to international investors that Iraqi institutions are growing stringer and more proactive to deal with their own problems. End result - increasing confidence in the Iraqi system. Will be interesting to see how this plays out.

    Quote Originally Posted by chakkarchee View Post
    Bankrupt bank is a nightmare scenario for a re-emerging country like Iraq, this will shatter foreign confidence as that will show there is no protective mechanism placed by the govt to protect depositor, I am sure CBI is looking to transition bank like they do in US, difference is that CBI is not capable of being secret about it. On the other hand if CBI is able to transition the bank in successful manner than this will be a big achievement for CBI

    But than wathcing the working of CBI not sure what kind of a mess they are capable of making
    "I have nothing to offer but blood, toil, tears and sweat." - Sir Winston Churchill

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