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Letter to DOJ – After receiving a reply

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ItsMyOption   Wednesday, 04/14/10 05:09:14 PM
Re: None
Post # of 476928 
Letter to DOJ – After receiving a reply letter that stated: “Your submission does not appear” To report any such activity. They wanted more detail – so FYI below is my response. I did remove some personal info. Sorry this is long.

Apparently, you did not read my complaint letter, and just sent back a standard cannot find fraud letter. Yes, I understand that some of the complaints are against the lead counsel Brian Rosen to the debtors Washington Mutual case# 08-1229 (MFW) along with strong case of collusion, if not fraud, and misrepresentation between the parties of Office of Thrift Supervision (OTS), the FDIC, and JPMorgan. Are they too big to be investigated? The law is the Law if there has been conflict of interest, and breach of fiduciary duties – the DOJ trustee must take action! If there has been misrepresentation, collusion between parties those involved should be prosecuted.
NOTE: I HAVE HIGHLIGHTED AND ADD ADDITIONAL INFORMATION THAT MAY HELP YOU SEE WHAT MANY OF US EQUITY HOLDERS HAVE NOTED IN THE LAST 2 YEARS REGARDING THIS CASE. YES, THERE IS CONFLICT OF INTEREST, BREACH OF FIDUCIARY DUTIES, COLLUSION, MISREPRESENTATION, AND MUCH MORE!



From: USTP Bankruptcy Fraud [mailto:USTP.Bankruptcy.Fraud@usdoj.gov]
Sent: Wednesday, April 14, 2010 8:12 AM
To: David
Subject: RE: Suspected Bankruptcy Fraud

Thank you for your submission to the bankruptcy fraud hotline. This hotline is a tool for the public to report suspected bankruptcy fraud to the United States Trustee Program. Your submission does not appear To report any such activity. If you are seeking to report bankruptcy fraud, please submit:

1) The name and address of the person or business you are reporting.

Note: Lead counsel Brian Rosen to the debtors Washington Mutual case# 08-1229 (MFW) along with parties of Office of Thrift Supervision (OTS), the FDIC, and JPMorgan

2) The name of the bankruptcy case, case number, and the location of where the case was filed.

Re: Washington Mutual case# 08-1229 (MFW)

3) Any identifying information you may have regarding the individual or the business.
Read below.


4) A brief description of the alleged fraud, including how you became aware of the fraud and when the fraud took place. Please include all supporting documentation.
Read below.


5) Identify the type of asset that was concealed and its estimated dollar value, or the amount of any unreported income, undervalued asset, or other omitted asset or claim.
This involves Billions of dollars, the theft of a solvent bank, along with all the assets of a public holding company. FDIC not only took control of WUMU bank, but all assets held within WMI holding company. Jamie Dimon and JPMorgan even had a code name of “Project West”

Just one of many emails that show the collusion of parties and how the “overnment would get involved only if shareholders gets zero”.

Office of Thrift Supervision FACT SHEET
http://files.ots.treas.gov/730021.pdf

Maintaining Capital - In late 2006 and 2007, WMB began to build its capital level
through asset shrinkage and the sale of lower-yielding assets. In April 2008, WMI
received $7.0 billion of new capital from the issuance of common stock. Since
December 2007, WMI infused $6.5 billion into WMB. WMB met the wellcapitalized
standards through the date of receivership.
THEN WHY DID FDIC TAKE ALL ASSETS FROM A SOLUVENT HOLDING COMPANY?

I will supply additional notes to add – there is many documents that have been filed re: Washington Mutual case# 08-1229 (MFW) it is time for the DOJ, and trustee to open their eyes with these facts:
From: http://ghostofwamu.com/documents/09-01743/09-01743-0117.pdf

I. FACTS
The facts are taken from the Complaint and are assumed to be true.
In April 2008 JPMorgan Chase made its first attempt to acquire Washington Mutual
Bank, making a public offer to purchase the bank for $8 per share, or approximately $7 billion, in JPMorgan Chase stock. Compl. ¶ 42. Washington Mutual Bank declined, and instead accepted a capital infusion by a private investor group of approximately $7 billion, at $8.75 per share. Id.
Thereafter, JPMorgan Chase is alleged to have begun to exert pressure on the OTS, FDIC and other
regulators to intensify oversight and reporting requirements for Washington Mutual Bank with theend goal of seizing the bank and transferring the valuable, cherry-picked assets to JPMorgan Chase without the bank’s liabilities. Id. ¶ 43.
During the summer of 2008, JPMorgan Chase allegedly engineered a campaign
involving adverse media “leaks,” stock sales, and deposit withdrawals designed to distort the market
and regulatory perception of Washington Mutual Bank’s financial health. Id. ¶ 46. On or about
September 4, 2008, JPMorgan Chase and the FDIC agreed to a plan whereby federal regulators
would seize Washington Mutual Bank and certain valuable assets would be passed on to JPMorgan
Chase, while certain liabilities would be excluded. Id. ¶ 47.
On or about September 12, 2008, JPMorgan Chase engaged in negotiations with
Washington Mutual to buy Washington Mutual Bank. Id. ¶ 52. These negotiations are alleged to
have been a sham and a pretext to gain access to Washington Mutual Bank’s confidential financial
information. Id. ¶ 53. JPMorgan Chase did not disclose that it was negotiating separately with the
FDIC for the seizure of Washington Mutual Bank and the purchase of its assets.



________________________________________
From: David Shutvet [mailto:g4pilotds@comcast.net]
Sent: Thursday, April 08, 2010 10:38 PM
To: USTP Bankruptcy Fraud
Subject: Suspected Bankruptcy Fraud

Dear DOJ: Attached is a letter mailed to Mr. McMahon UST to Washington Mutual BK case # 08-1229 (MFW) Please note this is also being mailed.
Below is copy of it. Thanks

4/08/10
Office of the United State Trustee Delaware
Joseph McMahon, Esq.
844 King St Ste 2207
Lockbox 35
Wilmington, DE 19899-0035
Re: Washington Mutual case# 08-1229 (MFW)

Mr. McMahon:

I am an equity holder of WMI – Washington Mutual. I respectfully request your review of the lead attorney for the debtors, Brian Rosen. He appears to be more the lead attorney for JPMorgan. He has fought in every way to not get maximum value for all equity holders as his fiduciary duties requires of him. His 3/12 Plan of Reorganization report was a slap in the face to the many WMI employees and shareholders of Washington Mutual that lost not only their life savings, but confidence in the system.

How can our courts even remotely consider the Debtors Plan of Reorganization without financials attached and without a Global agreement? It’s clearly evident that Mr. Rosen is trying to hide the true asset value of WMI. He has delayed this case to the benefit of JPM. Without a Global Settlement that includes all equity holders this case will go on into “class action” status that expose the fraud, collusion, conflict of interest, and much more that these parties do not want exposed!

I request that you please review possible Conflict of Interest on Brian Rosen - as to most of us equity holders Brian Rosen is representing JPM, and not WMI as his fiduciary duties require.

Recently stated in a Wall Street Journal article; Conflicts Force Big Law Firms to Lose Clients:
“New York law firm Weil, Gotshal & Manges LLP, with 1,200 lawyers, is representing Washington Mutual in its ongoing bankruptcy, but Weil was conflicted from squaring off against J.P. Morgan, according to Quinn Emanuel's Mr. Carlinsky. Quinn Emanuel has had 10 lawyers working on the litigation”, Mr. Carlinsky said. Does this Conflict concern the DOJ? Brian Rosen works for Weil, Gotshal & Manges LLP. Mr. Rosen appears to be working both sides of the table.

I understand the United States Department of Justice (DOJ) is responsible for overseeing the administration of bankruptcy cases. Does the DOJ have any concern with what appears to be not only this Conflict issue, but misrepresentation from the start? Why would Brian Rosen, who is lead council to WMI the Debtors, work so hard to keep out value to the common and preferred shareholders? It appears his main obligation is to his select group of bond holders, and more likely his firms close relationship to JP Morgan.

As an Equity holder of WMI, my request is to have Brian Rosen and the firm of Weil, Gotshal & Manges LLP removed from the WMI Council, and replaced by the Council of the EC Equity Committee. This will bring a Global Settlement that all parties can accept. If a Global Settlement cannot be reached there will be a global effort by the Common and preferred holders of WMI to take this into trial court to expose the possible fraud, collusion, conflict of interest, and much more!

Sincerely,

David

CC: USTP.Bankruptcy.Fraud@usdoj.gov
CC: DOJ 950 Pennsylvania Avenue, NW. Washington D.C. 20530-0001

NOTE:
The above letter is the true copy of what I mailed to address listed above, however I would like to add the following concerns about this case, parties involved, and those representing it:

There seems to be a strong case of collusion, if not fraud, and misrepresentation between the parties of Office of Thrift Supervision (OTS), the FDIC, and JPMorgan, one would have to be blind to not see how they worked together to take down Washington Mutual, and destroy as much as possible the value to the common, and preferred shareholders.

WMI nor WaMu never received a letter from the OTS to raise additional capital, in fact the OTS, even when placing WaMu into the hands of the FDIC, even stated that WaMu was well capitalized but stated that WaMu was “systemically risky” and that’s why it was placed into receivership. Also, there was a Memorandum of Understanding (MOU) active and in-place between WMI and the OTS.

Worth pointing out again - the OTS said WaMu was "systemically risky" while Mr. Paulson did not add WaMu to the "Do Not Short List" which included 19 institutions Mr. Paulson considered "systemically important" - Which was it? Was WaMu systemically important or not? Within the tiniest of timeframes - the Office of Thrift Supervision, named the FDIC as receiver for the 100 year old institution, and then sold assets of $307 billion and total deposits of $188 billion to JPM within hours for 1.888 Billion. It’s absolutely amazing the timing behind the receivership and it’s even more amazing the ability of JPM to be right there, ready with slides and research - ready to make an offer that conformed to the FDIC’s requirements.

To be clear, if the OTS had attempted to close WaMu a week earlier (and the OTS would've notified WMI of the need to raise additional capital) - WMI would have been able to obtain additional funds through TPG or the Discount Window. And if the OTS waited just a couple of days, WaMu would have been able to access TARP if needed. When I say the tiniest of windows - I mean there was less than a 72 hour window for WaMu to be sold to JP Morgan without WaMu being able to put up a fight and 'in' the necessary environment where other banks could not bid. WaMu was blindsided for the benefit of JP Morgan.

Additionally, I would wish to have the DOJ review emails, internal memos, and the actions of market makers soon after the very private meetings that took place between FDIC Chairwoman Sheila C. Bair, together with JPMorgan Chase (JPM) CEO Jamie Dimon - a month before WMI was taken over (during trading hours) with what seems to be a very orchestrated effort to destroy all stock value of a public company. Was any inside information shared with market makers, and the traders that started a very active short selling along with using of put options – after those private meetings?

I would also request a review by the US Trustee, and the DOJ on the trading that took place during 3/12/10 hearing. Many of the shareholders using live level 2 - plus live court audio of Brian Rosen’s court speech heard him state that there would not be any equity for the common shareholders. We noticed a large volume of trading to the short side right before his speech. Did the very Hedge funds that Mr. Rosen appears to be working for have inside information on the content of his speech? I would like to have reviewed the time stamped trading slips, and who started shorting before and during that speech. That share price dropped from .70 to .09 and traded over 200 million shares – this is market manipulation!
It seems quite evident that some traders had prior information on what was to be read.

David

Another letter I sent which is on file:

TO: ROBERTA A. DeANGELIS and Joseph J. McMahon, Jr Department of Justus


RE: Washington Mutual bankruptcy Ch 11 Case No. 08-12229(MFW) 11 April 2010

Request for investigation and request for appointment of a Case Trustee

The Weil firm and Attorney Rosen have spent 19 months and charged 10's of MILLIONS in fees and done nothing but submit a proposed settlement that in essence is paying JPM to take over WAMU?

This case has languished for 19 months with no aggressive discovery, not much progress in dealing with the large number of bogus claims against the estate or any other meaningful progress while softballing and seemingly looking out for the interests of JPM instead of the WMI estate. This should be a large RED FLAG for your office when judging if attorney Rosen is adequately and ethically representing the estate and equity interests. All of the over billed and frivolous fees of Weil and those of their alleged experts should be subject to a “claw back” since they have been working mostly to enlarge the profit of JPM instead of maximizing the estate assets as they are required to do,

In his attempt to defeat the Equity Committee appointment, in open Court, Rosen stated that an Equity Committee was not necessary because he was looking out for the interests of equity...HaHa.

Even a first year law student and certainly the DOJ attorneys can see that the lack of interest in representing equity fairly is part of Rosen's plan to reward debt and bondholders above and beyond that to which they are entitled, not to mention the conflict of interest since they have represented JPM in other matters and may still be representing them. Rosen is obviously helping JPM out in this bankruptcy to the detriment of the WMI estate and equity. ....It appears that the Weil firm would like to continue working for JPM in the future and this sell out of equity is possibly how they earn that right.

Rosen is also filing false asset reports as well as misrepresenting listed assets to the Court in an attempt to make the assets of WMI appear to be less than the liabilities to force his Reorganization Plan through and wipe out equity. In fact, the true financials have never been released by Rosen or Alvarez & Marsal and any fair and impartial review of what assets WMI should have (excluding Rosen's idea of who should own what in his save JPM plan) and their actual value will show that assets exceed liabilities by several Billion at this point without any recovery on the litigation issues against JPM and the FDIC. A simple perusal of what Rosen has said and done alone should warrant a bankruptcy fraud investigation into his motives and show that an independent Case Trustee should be appointed to replace the current WMI Board of Directors and dismiss Weil and Rosen as the WMI attorneys.

Your office, as the U.S. Trustee can and should promote transparency and fairness in protecting all classes of debt and equity as set forth below:

“The court, on motion by a party in interest or the U.S. trustee and after notice and hearing, shall order the appointment of a case trustee for cause, including fraud, dishonesty, incompetence, or gross mismanagement, or if such an appointment is in the interest of creditors, any equity security holders, and other interests of the estate. 11 U.S.C. § 1104(a). Moreover, the U.S. trustee is required to move for appointment of a trustee if there are reasonable grounds to believe that any of the parties in control of the debtor "participated in actual fraud, dishonesty or criminal conduct in the management of the debtor or the debtor's financial reporting."

JP Morgan Chase has a long history of “alleged” criminal and unethical behavior to get what they want by any means and they usually seem to escape liability for their actions. They are not above “payments”, “promises” or “business threats” to decision makers to accomplish those goals...how can JPM be paid Billions of dollars that should go to creditors and equity for basically “stealing” a 300+ Billion dollar financial institution that was solvent when it was seized.

Facts are facts and it is obvious that Rosen and the WMI Board of Directors are not looking out for the estate or equity and want to cancel WMI shares, wipe out equity and issue new stock to debt and bondholders (which may be owned by JPM and their known or unknown affiliates) even though the assets will be much greater than liabilities. This alone should trigger the provisions of 11 USC section 1104, together with such other appropriate protective sections of the Bankruptcy Code for the appointment a Case Trustee who has no current or prior affiliation with JPM, its subs or any of its affiliates. More importantly are the mandatory provisions for such appointment and to elect a new BOD, all in the interest of fairness and justice

“On the request of a party in interest made not later than 30 days after the court orders the appointment of a trustee, the United States Trustee must convene a meeting of creditors for the purpose of electing one disinterested person to serve as trustee in the case. 11 U.S.C. § 1104(b).”

Once again, facts are facts, why hasn't your office moved the Court to appoint a Case Trustee? It is obvious that the estate is being mis-managed and bled of funds by Rosen's frivolous pleadings and resulting billings, his JPM leaning and basic lack of progress. It is also obvious that your office thought that something wasn't right with Rosen's representation as evidenced by the manner in which your office pushed for the equity committee. You expedited everything because it seems you knew, or felt, that Rosen was about to commit bankruptcy fraud with his JPM favored Plan of Reorganization

Additionally, I would wish to have the DOJ review emails, internal memos, and the actions of market makers soon after the very private meetings that took place between FDIC Chairwoman Sheila C. Bair, together with JPMorgan Chase (JPM) CEO Jamie Dimon - a month before WMI was taken over (during trading hours) with what seems to be a very orchestrated effort to destroy all stock value of a public company. Was any inside information shared with market makers, and the traders that started a very active short selling along with using of put options – after those private meetings?

I would also request a review by the US Trustee, and the DOJ on the trading that took place during 3/12/10 hearing. Many of the shareholders using live level 2 - plus live court audio of Brian Rosen’s court speech heard him state that there would not be any equity for the common shareholders. We noticed a large volume of trading to the short side right before his speech. Did the very Hedge funds that Mr. Rosen appears to be working for have inside information on the content of his speech? I would like to have reviewed the time stamped trading slips, and who started shorting before and during that speech. That share price dropped from .70 to .09 and traded over 200 million shares – this is market manipulation!
It seems quite evident that some traders had prior information on what was to be read.


Rosen has been concealing assets from the Court in order to cancel equity, which is unethical, illegal and evidences Bankruptcy Fraud and needs to be investigated and dealt with by your office...see below:

“Section 3057(a) of Title 18, United States Code, requires a judge, receiver or trustee having reasonable grounds for believing that any violation of laws of the United States relating to insolvent debtors, receivership's or reorganization plans has been committed, to report all the facts and circumstances to the appropriate United States Attorney (USA). Upon receipt of this report, the USA determines whether an investigation should be commenced .”

The Weil firm is no stranger to unethical conduct, in a 1994 case concerning the Weil firm, “a Federal official recommended that Weil, Gotshal & Manges be removed from the Leslie Fay bankruptcy case and be forced to forfeit part of the $5.3 million in fees it has billed to date”.

Notwithstanding the admitted conflict of interest the Weil firm has in our WMI case, it is obvious from the lack of progress in this case, the concealment of assets and the fact that Mr Rosen submitted that ridiculous Plan of Reorganization that excludes all of equity, that something is amiss. Rosen's POR actually attempts to pay JPM , the FDIC and tries to backdoor money to the WMB bondholders in violation of TARP with funds that legally belongs to equity, all of which smacks of some backroom deal with JPM, debt, BOD and/or bondholders to unjustly enrich them at the expense of equity

Rosen doesn't want to favorably and fairly resolve the case in a timely manner as evidenced by the progress made in expunging bogus claims. Weil and Rosen will continue to force a highly JMP favorable POR through while milking estate funds with nonsense pleadings that equity is paying for until your office moves the Court to appoint a Case Trustee to manage the estate and monitor the unethical behavior of Rosen and the WMI Board of Directors.

I also feel that Weil's (Rosen) actions should be reported to the NY and Massachusetts Bar Associations and I believe that your office is bound to report any unethical or potential fraudulent behavior in a bankruptcy proceeding.

It just seems too obvious that Rosen has committed Bankruptcy Fraud by excluding assets and suppressing the true value of the assets of WMI on his MOR to exclude any recovery for equity while he makes the JPM shareholders and bondholders richer at the expense of the WMI equity shareholders..

I could go on with more, and if you would request more I will provide.


Respectfully,
David
MyWAMU@comcast.net



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