Here is my objection to DS and is mailed today. May it sink the cWrap or force a 3.1a or equivalent. (minus the exibits which are in the mailed copies.) Few subtle shout outs to Diamond Guru in there!!!! IHUB's online format has changed the layout here, but the real one isnt so jumbled.
February 25, 2011
Hon. Mary F. Walrath
United States Bankruptcy Court
District of Delaware
824 Market Street, 5th Floor
Wilmington, DE 19801
Re: In re Washington Mutual, Inc., et al. Case Number 08-12229 (MFW) (Jointly Administered)
Objection to the Modified Disclosure Statement
Dear Judge Walrath,
I am objecting to the Modified Disclosure Statement based upon irrefutable evidence of bankruptcy fraud as shown in the 2008 and 2009 10-K annual financial statements of JP Morgan Chase, NA.
I am an aggrieved shareholder from the day of receivership whose 401k was completely destroyed. I am both a preferred and primarily common owner of WAHUQ’s and WAMUQ’s. I have collected information to share with the court that has not been put forth as of yet.
Since March of last year when the Global Settlement Agreement (GSA) was announced, and the stock price deflated in epic proportions many minutes before Mr. Rosen could even speak the words that equity was out of the money, I became accutely aware that the debtors were not upholding their fiduciary duty to the estate and what was left of shareholder equity was about to be pummeled again beyond imagination.
Most aggravating to myself, shareholders, and outsiders around the world looking in with disbelief, even more than the money lost after all these years, is the blatant and continued bankruptcy fraud and insider trading of massive proportions that was and still is being perpetrated by the GSA triad of the Debtors/Council, the FDIC, and JP Morgan under the approving eye of their legal representation.
There are countless shareholder objections already with regards to Washington Mutual Inc.’s missing assets on the docket dealing with the debtors ridiculously inaccurate, unaudited, and misleading MORs, missing NOLs and VISA shares, the $4 billion on deposit still waiting for summary judgment, the missing $25 billion plus from the initial Chapter 11 filing, the $10 plus billions in Washington Mutual Inc.’s BOLI/COLI assets now blatantly residing with JP Morgan, the fire-sale of Washington Mutual Inc’s Cedarbroooke Lodge and downtown Seattle high rise complex with artwork by JP Morgan during bankruptcy proceedings, and the illegal gifting of NOL’s to TARP taking JP Morgan, etc., all of which put equity unquestionably into the money, much to Mr. Rosen’s chagrin and best efforts to date.
Instead I am going to speak about the most blatant evidence of fraudulent conveyance and theft from shareholders by the Debtors/Council, aided by the FDIC, and abetted and ‘fenced’ by JP Morgan behind the back of Your Honor’s court. The evidence raises enough questions that make this ‘wrap’ charade of Mr. Rosen worthy of the wastebasket at a minimum, and a sincere but unencumbered push for honest valuation of the Debtor immediate and absolutely necessary; all the while supported by a new law firm, who performs ALL its fiduciary duties to the estate, not just to those whom he is legally conflicted with and beholden to.
The proof has been in plain view and ‘black and white’ in the corporate 10-K filings of Washington Mutual Inc. and JP Morgan since day one. When a comparison is made of Washington Mutual Inc.’s 10-K within 6 months of receivership and Chapter 11 bankruptcy filing, to JP Morgan’s 10-K over the last couple of years, one can see which Washington Mutual Inc. holding company subsidiaries in bankruptcy were illegally transferred during bankruptcy proceedings, by and through piercing Washington Mutual Inc.’s corporate veil, both upon the receivership and continuing after Washington Mutual Inc.’s Chapter 11 filing to this very day, behind the back of Your Honor’s court.
For the courts convenience I have attached the following and highlighted the Washington Mutual Inc. subsidiaries appearing in JP Morgan’s 10-K’s without any legal justification:
Exhibit A: Washington Mutual Inc’s 10-K, excerpt of the last available List of Subsidiaries dated 2/29/2008, within 6 months of filing Chapter 11 declaration.
Exhibit B: JP Morgan’s 10-K ending 12/31/2008, excerpt containing List of Subsidiaries.
See pages 3, 4, 6 of 11.
Exhibit C: JP Morgan’s 10-K ending 12/31/2009, excerpt containing List of Subsidiaries.
See pages 3,4,6,7 of 9.
Exhibit D: JP Morgan’s 10-K ending 12/31/2010, (not available till 3/1/2011). I will send in an addendum to this objection with further analysis for the year 2010. For now, the picture is crystal clear by analyzing the years 2008, 2009.
Comparative Analysis of JP Morgan’s 10-k List of Subsidiaries retaining WMI subs:
For JP Morgan’s 10-K 2008, we see the following Washington Mutual Inc non-banking subsidiaries; that should be part of the assets of the Debtors estate in their Chapter 11 proceedings which puts equity far into the money; but have ‘vanished’ and magically reappear with JP Morgan; and that are NOT part of the FDIC Washington Mutual Bank “whole-bank” receivership. There are a total of 25 non-banking WMI subsidiaries fraudulently conveyed to JP Morgan by the Debtors/Council and the FDIC:
California Reconveyance Company Commercial Loan Partners L.P.
FA Out-Of-State Holdings, Inc. Ahmanson Marketing, Inc.
FA California Aircraft Holding Pacific Centre Associates LLC
WMRP Delaware Holdings LLC Irvine Corporate Center, Inc.
Rivergrade Investment Corp. Savings of America, Inc.
WaMu Insurance Services, Inc. Washington Mutual Community Development, Inc.
HCP Properties, Inc. Pike Street Holdings, Inc.
Providian Bancourt Services Seafair Securities Holding Corp.
Second and Union LLC Stockton Plaza, Inc.
Washington Mutual Brokerage Holdings,Inc WaMu Investments, Inc.
Washington Mutual Mortgage Securities Co WM Marion Holdings LLC
WM Specialty Mortgage LLC WM Winslow Funding LLC
WMICC Delaware Holdings LLC
For JP Morgan’s 10-K 2009, we see the above 2008 Washington Mutual Inc. non-banking subsidiaries still blatantly remaining with JP Morgan. Suspiciously, 4 of the above, Washington Mutual Brokerage Holdings, Inc., WaMu Investments, Inc., WM Specialty Mortgage LLC, and WM Winslow Funding are missing in 2009. What Debtor holding company assets that could put equity far into the money, were in these subsidiaries before the JP Morgan chop shop – the BOLI/COLIs, cash, real estate, all the above? Is JP Morgan trying to bury the ‘corpse’ so to speak after stripping the valuables? Does JP Morgan’s part in the ‘robo-signing’ foreclosure scandal gripping this nation have anything to do with the rapid fencing of Washington Mutual Inc.’s real estate assets?
Fraudulent conveyance blatantly continues in 2009 with the help of the Debtors/Council and the FDIC as JP Morgan snatches up an additional 8 more Washington Mutual Inc. holding company subsidiaries such as Ahmanson Land Company, CRP Properties, Inc., ECP Properties, Inc., North Properties, Inc., WaMu Asset Acceptance Corp, WaMu Capital Corp., WM Asset Holdings Corp, and Washington Mutual Preferred Funding LLC.
There are now a total of 29 Washington Mutual Inc non-banking subsidiaries fraudulently conveyed DURING bankruptcy proceedings in Your Honor’s court to JP Morgan, aided and abetted by the Debtors/Council and the FDIC. What is the value of these subsidiaries and why were these particular ones illegally transferred during bankruptcy proceedings over this year? Is this more money laundering through ‘robo-signing’ foreclosures on WMI holding company real estate assets by JP Morgan? What immense value do these 8 companies have for the Debtors/Council, the FDIC, and JP Morgan to continue to commit bankruptcy fraud by secretly transferring WMI holding company assets throughout these proceedings behind the courts back?
California Reconveyance Company Commercial Loan Partners L.P.
FA Out-Of-State Holdings, Inc. Ahmanson Land Company
Ahmanson Marketing, Inc. CRP Properties, Inc.
ECP Properties, Inc. FA California Aircraft Holding
Pacific Centre Associates LLC WMRP Delaware Holdings LLC
Irvine Corporate Center, Inc North Properties, Inc.
Rivergrade Investment Corp Savings of America, Inc.
WaMu Insurance Services, Inc Washington Mutual Community Development, Inc.
HCP Properties, Inc. Pike Street Holdings, Inc.
Providian Bancourt Services Seafair Securities Holding Corp
Second and Union LLC Stockton Plaza, Inc
WaMu Asset Acceptance Corp WaMu Capital Corp
WM Asset Holdings Corp Washington Mutual Preferred Funding LLC
Washington Mutual Mortgage Securities Co WM Marion Holdings LLC
WMICC Delaware Holdings LLC
For JP Morgan’s 10-K 2010 List of Subsidiaries; which has yet to arrive as of this objection statement; it can only be worse - if the past is indicative of the future, it will be full of more obfuscation and bankruptcy fraud with continued aiding and abetting by the Debtors/Council and the FDIC as the prior years 2008 and 2009 above definitively attest. I will update this court with a further comparison of 2010 as an addendum to this objection after March 1, 2011. I felt it urgent to get this to the court’s attention before the Disclosure Statement hearing and felt it comfortably sufficient in detail to prove the point enough at this juncture.
Conclusion:
In summary Your Honor; while reflecting upon today’s hearing of February 25th, 2011, the court was rightfully concerned about the $31 million the Debtors were moving around without your permission; I was suddenly reminded again of the obvious trail of billions of dollars in equity in JP Morgan Chase’s 10-K’s and driven to speak about it - that which has always been out front and center and in ‘black and white’ before us all since day one. The past, present, and future become crystal clear as these facts get the opportunity to speak for themselves on the court record.
It is clear that the Global Settlement Agreement comprised of the Debtors/Council, the FDIC, and JP Morgan Chase, is nothing but an alibi to provide the necessary cover to smash and grab anything of value that belongs to the shareholders. They have done their best to make the ‘story’ so convoluted, in hopes that everyone will have a theory, but no one can sort out the facts. Your Honor, the facts are here in the simplest of terms, in black and white; irrefutable!
There can be no other response or priority to these fraudulent activities, than stopping the ‘cwrap train’ in its busted tracks and immediately removing the Conductor Mr.Rosen of Weil, Gottshal, Manges, who as the charged gatekeeper of the estate, has willingly and unforgivably let this fraud be perpetrated against the true owners of Washington Mutual Inc., again and again.
Second, decisively cramming down or completely disallowing the claims of those inside traders, who bought for pennies on the dollar and still feverishly work day and night based on their privileged seat at the GSA table, to pillage and pirate every scrap of value that belongs to an honest equity.
Finally, I wish that Your Honor demand and quest for a true, immediate, and absolute valuation of the Debtors, whereby we can emerge from Chapter 11 in a manner worthy of everything this country stands for, and that the whole world’s investment community is watching and waiting for.
I pray Your Honor grants us this relief, which is fair and reasonable.
Sincerely,
