My Letter to THJMW regarding the Shareholders Meeting.
Letter in Support of Adversary Proceeding 10-51297
Your Honor.
I write today to express my Support for the Motion for Summary Judgement/Motion to Compel a Shareholders meeting otherwise known as Adversary Proceeding # 10-51297. Equity Committee and Willingham/Esopus consolidated.
In life we are taught there are laws and rules that must be followed in our society; if we are to be civilized and abide by the guidelines laid down by our governing bodies. My father taught me “to do unto others as I would want them to do unto me.” I have lived by this principle since I was a little boy and I have always asked others to follow these same principles. If the laws and rules are not followed, it can lead to anarchy and a complete disregard for the enforcement procedure of “ALL” laws. In my previous letter (Letter from Shareholders Docket #3244) I stated: a Judge is a “decider,” a person who is entrusted to “do the public good” and interpret the law as it was intended. It may not always be a decision we agree with, but nevertheless, we are entrusting you to interpret the “facts” to the best of your abilities.
As an investor, I must be convinced that the corporate officers and directors (Board of Directors) are going to follow the laws that govern them; as they are laid down by their state charter. When an investor weighs their decision to enter into an agreement to purchase stock in a corporation, they are doing so, because they feel the due diligence they have done is enough to re-enforce their belief that the company they are investing in is a legitimate one, that is following “the letter of the law” and keeping their best interests in mind. If a corporation is allowed to blatantly disregard these laws, they are being allowed by the “governing body” to run-over the very people who entrust them to execute and adhere to their “own” by-laws. Many corporations sell stock to raise money/capital to help the advancement of their business plan, in the process they agree to abide by the rules of their charter. If they violate these laws, they must be held to account by not only the shareholders, but the courts “if necessary.”
As an investor, we need to be assured the board is going to follow the laws and execute the terms set forth or in the alternative at least believe a “court of law” will “have our back.” WMI failed to hold a shareholder meeting for 2 years, the Washington state charter states in precise and clear language they must hold a shareholder meeting and allow shareholders to elect directors if they desire. The lifting of the “automatic stay” in this adversary proceeding will allow all shareholders of WMI the right to execute one of the powers that allows them to have some control and Your Honor that is their “corporate governance” rights!
In this Adversary Proceeding the debtors counsel has repeatedly said “the EC wants to torpedo the proposed plan or reorganization” using a “clear abuse” defense and harassing the Equity Committee members in the process. This is a blatant misguided defense whose charges should immediately be dispelled by this court. How is the Bankruptcy Courts/US Trustee ever going to get shareholders (in the future) to serve on an Equity Committees, if the reference is made back to the “clear abuse” of the process the debtors counsel has perpetrated against these honest serving members? The prying into their lives and “clear abuse” of shareholders who just wanted to serve their fellow shareholders and represent; should have never been allowed to continue to this “moment in time.” It’s time to put this issue “to bed” and we ask that the court conclude the Shareholders of WMI have a “clear right” to exercise their “corporate governance” and compel WMI to hold a shareholder meeting.
In this time of financial crisis, many corporations have violated their charter and will need to be sanctioned by the courts and the shareholders. If the confidence in the market is going to be rebuilt, and the investor confidence factor enforced, there is no better place to start than right here in your courtroom. These days, many investors are just plain scared to invest, because the courts are not enforcing their “corporate governance” rights. Today Your Honor, I ask you to help change the mindset of the “investing population” and rule in favor of the equity committee in this matter. If we are going to rebuild investor confidence that the system will protect them, then we must start here today. The right to elect board members is a given right and must be enforced in this case. As a shareholder of WAMUQ, WAMKQ and WAMPQ, I ask the court to side with the Equity Committee in this matter.
In the words of Steve Susman (Susman Godfrey) lead counsel for the equity committee “shareholders are being denied the right to put their chosen representatives on the board.” I ask the court do not let the pleas of the thousands of shareholders “fall on deaf ears.” Please do not let the debtors “clear abuse” of the process go unanswered.
Thank You
Sincerely
If any of you want to check my grammar and language, please do so and email the results to myinvesco@gmail.com or if you have PM capabilities go ahead and send it by PM..
You can use this as a reference, but I encourage all of you to pen your own letter to her. make her read the docket and have tears in her eyes as she lays in bed or in a dimly lit office reading your letters.. THINK UST for EC way back in the day.
Good Luck and Get them to her by Nov 4h if you can.
~Don~
Sometimes You Just Have to See the Light Thru the Trees !!!
