One decisive action alters case-Judge gets credit where credit is due!
From the very onset of the case, the Judge has not appeared to have control over much including any kind of oversight or follow through actions with one exception. This exception is “case altering” and is providing the sunlight we all see. After three years of Rosie’s perversion, criminal and despicable acts, Equity is now on the verge of taking control either through decision or settlement. Interesting enough, there are many actions that happened in the nick of time for Equity, that has made me really wonder if WMI has secret allies in Government, business or other. I say yes we do, as there have been too many actions such as the tag on to the bill Obama signed on a Friday night the second week of October, 2009 to take the NOL’s from two year carry back to five. This increased WMI coffers by an extra couple of billion, sending Rosie troubling issues to his plan. Then we have time consuming laws that were in the making alongside WMI filing such as Stern and then ANICO happening at just the right time. As they say in life, timing IS everything!
Due to the Kmart decision many years ago where people were outraged that Delaware Court System could zero out all of equity, only to find a handful of people who were issued the newly printed stock would be enriched by hundreds of millions of dollars within weeks and months from bankruptcy discharge. Now to my point, I cannot help believe that Delaware was put on notice from the U.S. Supreme Court on down that this kind of outrage will not be tolerated, thus the law that was slowly making its way through to final positive resolution this past June now alters WMI’s case. People have been outraged at the Hedge Funds who are encouraging bankruptcy fraud so they can practice insider trading at the expense of small investors. This is a win, win for Delaware, Hedge Funds and the losers are once again, investors who have been defrauded so a couple of certain entities win while making losers and fools of the rest of society. This was a close US Supreme Court victory for the small people, as it takes the power of decision away from the Delaware Court System and I feel has much to do with Kmart and others.
When Thoma presented to the court the heresay evidence on insider trading, I was not only TOTALLY impressed by him but also shocked at the way I immediately noticed how this commanded the Judge’s attention, something I have not witnessed in the cases entirety. I have also noticed how this Judge separated all assets and claims in her POR Opinion on 1/7/2011 which basically gave EVRERYTHING away with the exception of the NOL’s and in my opinion the Judge wanted Equity to also have the NEWCO with the NOL’s. Of course, Rosie was NOT going to have any of that-Equity receiving anything which was/is his downfall. I have no doubts the Judge wants to use the Hedge funds as an example to show the higher courts that Delaware is paying attention and will not let the Hedge Funds make such gross amounts of money while committing crimes that nobody has done anything about, YET. This is the only item that seems to have the Judge’s attention. She could have very easily ignored Thoma but to my shock she did not. This leads me to believe that this fell right into her lap as Delaware has been attacked because of cases such as Kmart. Once again, it is very obvious to me from the beginning that this Judge (thank God) wants to use the Hedge Funds to show Delaware has and will enforce the law at least on insider trading with Hedge Funds extracting gross profits from the system. Look for Walrath to TOTALLY disgorge the profits and claims from the Hedge Funds and I will not even guess if she will do more to them.
