What ec must do is appeal her ruling in many respects particularly her finding that the global settlement was fair and reasonable and her ruling that debtors do not have a business tort case. If this is not appealed ,these rulings become what is known as the law of the case and binding on the ec under the principles of res judicata and collateral estoppel. If the ec does not appeal (and TPS issue is settled) Rozen could then file a tweaked por and the same global settlement (without releases) go through the voting again but instead of a hearing perhaps ask for summary judgment based on these principles and thereby win over competing por's. Walrath has shown her hand, and we know she is going to rule the same way in the future short of being overturned on appeal. Rozen may very well appeal the release decision, etc because they have nothing to lose by doing so, especially if the ec or TPS has filed an appeal. This thing is going to be delayed, unless the merger candidate for the reorganized wmi is not willing to wait any longer and puts pressure on JPM and the FDIC or the noteholders in control to pony up settlement dollars. One would hope the ec has a competing por to proceed with, but if Rozen appeals doesn't that stop/delay the decision on the competing por till the appeal is decided? And if TPS decides not to appeal, could it get a seat on the equity committee then and what ramifications does that have? And if ec does get to pursue the business tort claim Do you really believe the USDC of Washington, D.C. will favor equity, given that she dismissed the texas noteholders case on the basis of fierra (sp) when the injury complained of occurred before the seizure of the bank even took place.! One of the biggest jokes about our judicial system is that when cases are appealed, many times when the party appealing has a slam dunk issue to gain reversal, the judges simply ignore the issue completely and affirm anyway. Sad, but true. I do not know the outcome anymore than any of you do. I don't know what is going to happen to the stock price tomorrow. Good Luck to All.
