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ILS, Let me know when my junk is posted. I mailed mine before these.
The urgency is here to get it in before 4:00 PM 1/25/12.
Secondly, The Federal case has always been handled by Jones Day & Co.
I've listened in a few times (way back) and found them head and shoulders above FDIC.
But then again, Steinberg was head and shoulder above Wiley Coyote and he still lost.
The difference is that Judge Block interjects and doesn't let b/s get into his Court.
The answer is, some one will get to his Court as well.
Still miffed that the professional lawyers are staying clear of this whole mess since one week before MFW issued ruling.
Linda, Thanks for your filing. Nicely Done!
Congrats Mr. Bush. SUPERB PRESENTATION.
Mrhotly, If you can spot it, judge Block will spot it.
His Court is different than the Bk. US Court of Claims only allows cases that it reviews. Not every one can sue here.
Judge Block has a wider latitude to follow on cases than BK where the clock is ticking.
It's a far more careful court and I would trust that Justice is better served.
It is extremely possible that Judge Block will cut thru this BS cover-up of JPM, WAMU gobble.
I think we are all gun shy of the legal system after the drubbing that we took in the hands of MFW. Realistically, we still have a very valid claim. That is the shame of the ruling.
Let's go one step at a time.
I may be crushed at BK.
Sorry about my post 6344, I got involved with the review of the Judges.
You inquired about Jones, Day & Co. pay day. NO! They will not be paid from the A7POR at BK.
They will be paid from the Award as it winds itself through US Court of Federal Claims. The winner, JPM, will get 100% and Jones Day &Co. will submit bills to the Court and will get paid by JPM.
No fuss No muss.
the A7POR will pay Steinberg and the other names on the long list of Grubbers that follow these BK cases in Wilmington. What a great money maker. Just submit your phony invoices and collect from the groaning ,dying, institution laying there on the block for your pick'in fun.
ILS
I am no authority on anything. At best I am a jaded cynic of the system. So whatever I blog here is just my thoughts - for what they are worth.
The Walrath court is one place where there's a fire brewing. Judge Block's Court is another.
At MFW they want to snuff us out.
At Judge Block's Court our side is respected and well treated.
We have Judge Block on the Merits. We were just days away from collecting the prize when the FDIC and JPM engineered the WAMU Caper. This was no coincidence, as the FDIC is dead set against the Anchor Litigation.
Now, if MFW extinguishes us then JPM walks away with the Award and no one will ever be wiser. That is why we must be "put away" ASAP in her chamber. Those who hold their shares will get a chance to visit Judge Block's Court.
If we somehow survive MFW then, we go to Block's Court and have a fighting chance.
If anyone out there wants to have a great outing, go to the Court house and sit at different judges' hearings. They each have a style of their own.
Judge Block's Court is like the Supreme Court. He is totally immersed in the most minutia of the case and questions the attorneys relentlessly. No BS in this Court. You know what he is thinking and if you don't have an instant excellent response he'll destroy you then-and-there on-the-spot.
He's not your laid back pondering guy. The Court is alive with tension and drama. I'd love to go pro se in his Court. He'll eat me for lunch, but he's good at what he does. He gets the truth out there and he no one's fool (wink wink).
I don't have a clue on how to do it. I'll be glad to work with you on it.
I.L.S.,
Re continuance in Judge Block's Court.
I believe that this matter will still be decided in his Court. The team from Jones,Day have been working this case for 17 years. They want to get paid too. They have been successful until now. One hurdle though, they also represent JPM in other cases and are not too keen to rock the golden chariot.
The conundrum is, that Block will find the FDIC liable as he already has. The final payout will be subject to debate.
If you accepted the POR, your claim was subsumed by NEWCO.
If you retain your LTWs then you might be eligible to claim the prize
.
Now, JPM and the FDIC have other plans. They have already agreed to do another giftaway to JPM from YOUR UNCLE SAM.
Then, also, there may be a long lasting battle for who, owes whom, what, and when. This could take another 47 years and our deadline of 2059 will expire.
I.L.S,
better wait until the 23rd of Feb. Some brokers want it logged on the 24th of Feb to be in on time.
WE HAVE EXACTLY ONE MONTH TO DECIDE.
I SENT IT OUT EXPRESS MAIL ON MONDAY JANUARY 23,2012 JUST AS I POSTED HERE.
I hope that it was received in time. I don't want to reveal my conspiracy theory,but....
I believe that if it reaches the Court by 4:00 PM today it will be accepted and docketed later. Mine should have reached the Court on Tuesday January 24th at 12:00 PM., so I may be OK.
Nevertheless...don't trust the system.
ok LEGAL GIBBERISH FOR YOU DON'T HAVE TO TAKE COMMON STOCK OF NEWCO. YOU CAN CHOOSE TO TAKE NOTES THAT WILL BE PAID OFF AT DIFFERENT DATES.
ALTHOUGH THIS B.S. MAY BE THAT YOU ARE SURRENDERING YOUR CHILDREN TO THE GOD OF CHEMISH.
ANOTHER WORDS... I'M AS BAFFLED AS ANYONE.
MAYBE THEY DON'T WANT US TO UNDERSTAND THIS SH-T.
THIS IS MY PLAN ON THE STIP. VOTE.
WE ARE IN A VISE. I HAVE MUCH TOO MUCH INVESTED TO LET THIS GO DOWN TO ZERO.
ON THE OTHER HAND... I VENTURED INTO THIS ARENA KNOWING FULL WELL THAT I MAY VERY WELL BE ZEROED-OUT (I WAS WATCHING BLOCK'S COURT WHEN I GOT DEEPLY INVOLVED)
AT THIS POINT, I FEEL THAT THERE IS A PRINCIPAL HERE. IS THERE JUSTICE IN OUR JUSTICE SYSTEM OR IS IT A SHAM AS ARE ALL OUR POLITICAL ESTABLISHMENTS (EXECUTIVE AND LEGISLATIVE)?
I WANT TO GO DOWN IN FLAMES IF THE SYSTEM IS CORRUPT. FOR ME, IT IS MORE IMPORTANT THAT JUSTICE PREVAILS THAN JUST THE INVESTMENT.
HERE'S THE KICKER. I AM A FIDUCIARY FOR SEVERAL ACCOUNTS AND CANNOT RISK THEIR FUNDS IN MY BATTLE FOR EQUALITY.
THANKFULLY, I HAVE UNTIL FEB 29TH TO DECIDE. BY THEN, MY MOTION AND OTHERS' MOTIONS WILL EITHER BE ACCEPTED OR REJECTED.
FOR WHAT ITS WORTH.
MY ADVISE IS TO SIT TIGHT FOR A WHILE. DON'T RUSH TO LOCK-IN YOUR OPTIONS. YOU MAY REGRET YOUR ACTIONS.
Linda,
I think that what was meant by this was that DIME/WMI could use the 15% proceeds from the Award for any corporate reason whatsoever.
As opposed to having to use these proceeds for , say, repurchase of their own stock (which possibly may have been diluted by the issuance of shares to the LTWs).
So, this was to ensure that there is no strings attached to the windfall of 15% of approx $60mil (example:if the Award was $400mil).
Really not so important for LTWs to be concerned with.
Linda re:6302
The part that you are referencing relates to WMI use of the 15%.
In addition, upon conversion (to whatever WMI decides) each LTW has to pay a transfer fee of $.10. So there will be another $112,000
due to WMI.
All of the above is MOOT. WMI can go to hell for all I care. Our war is with JPM.
As I see it. Steinberg was a SHILL to distract attention from the thief at night. While his cut-up of the warrant agreement was good, he never allowed the JPM connection to emerge in the trial.
Why not. The current price is $.047. WAMUQ is the symbol. Have fun!
These issues will trade until the final balloting is accepted by the Court.
I too thought that LTWs vote on their own extinction.
Seems that the Stipulation was a total capitulation. By its very definition, it means that an agreement was reach and finalized between the two opposing parties. In our case, Stienberg agreed to get paid and in return he surrenders our precious Award(s) and we get Bubkkas. A total sell-out. We'll be lucky to salvage a few pennies per LTW. As I said before, chump change.
I think that Stienberg sealed our fate with this monstrosity.
From the reading of the Stip. we don't have any options but to throw in the towel. It is a given, that's why we don't vote.
I, for one, am not going to take this quietly. This is OUTRIGHT THEFT, in open United States of America Court. No sir!
I cannot imagine a more devious, sinister, rotten plot than the one concocted here. The meltdown of reason and justice in the court room is unbelievable.
I wonder whether there are any values left in America. I am raging in fury at what is happening here.
If any of you are vested in getting your fair share, let's hear from you. I did all the postings yesterday. You should all be shocked and dismayed at our system of Corporate theft!!!!!
But, that's just my opinion.
I just followed the formula that Errette put out.
Even though, if Newco is worth $210 Mil. and Ltws get 8.77%+/-
(depending on Senior Note Holders conversion to stock option + $1Mil)= SQUAT
Say, $18Mil/113Mil Shares of LTWS ~$.16 for each LTW. (Range of $.12-$.22)
Compare this to $337Mil judgement Awarded in Federal Court,plus Tax gross-up adjustment (pending) of $62Mil+/-, plus a possible interest adjustment from date of Award $25Mill~$424 Mil Mil/113~$3.75-(15% Shepherding cost $.56)- ($.05 Legal Expense)= per LTW. (Range of $3.00-$3.15)
It looks like the LTWs are getting 5% of their fair value if the Stipulation gets approved.
Are we getting SHAFTED or WHAT???
What? How much is Newco Stock worth?
i Newco =22.6 Dimeq?
Newco stock =.04
DIMEQ=.00177
Is this what we get?
Is this the "win" in the Stipulation?
Boy, you are right on top of it!
You just provided two citations that I need
Thanks Ty, I've done as you requested.
This took place in THJMFW court in early-mid 2011. Preliminaries to the trial that took place in Sept 2011.
both sides presented their case and it was nearly over when the Judge asked whether anyone wants to add anything to the case. Some a*shole got up from the FDIC and yelled out his position that sounded like "we own this case and no one is going to take it away from us. We are the Government and we control the world". Of course, that is not what he said but it sounded like it. He then sat down and never opened his mouth again.
Judge Block soundly rebuked the Gov't for its handling of the DIME case and pointedly lectured the FDIC on its gangster-like approach to law.
PS The FDIC is a loose cannon and claims that it has super-governmental powers to do anything it damn wishes. Apparently Congress gave them the widest latitude to take liberties with the banks.If it likes you, you get the world on a stick. If they hate you, you can do no right. It is a stand-alone Gestapo of the financial world, except for the Controller of the Currency, the FED and JPM.
You'll have to access Judge Block's rulings to get a better picture of the hosing that we are about to get.
I got the package from the Debtors to sign off or LOSE my position. These guys are playing hard ball and it's going to be tough to hold out.
At this point, only Judge Block can help us. He's not a pussy cat and he he's tangled with the likes of the most obnoxious people on earth - The Lawyers for the FDIC.
By the way, the FDIC is the real SO_B here.These people have been holding out for 17 years. Everyone but 2 suit were paid by them. For some reason they have a hard-n for DIME. I can't figure it out, but I heard one of their outburst in THMFW's court that was shockingly EVIL.
Don't abandon ship now. I followed your postings and you always seem to find the Source. I just can't find 'em when I need them. I plan to attend the Feb1 conference at THMJW Court. I'll stand there like an idiot if I don't have a sheath of documents for every allegation. And believe me I threw the proverbial "kitchen sink" here. So, please read carefully and help me annotate accordingly.
I also think that she would have to have a huge set of Kahunas. Regretfully, if you read her opinion, she is not up to the job. I bet though, that Judge Block will eat this up.
One has to be very confident of his/her position. This is a small pond and if THMFW rocks the boat, she'll get a splashing.
JPM is one of the largest entity on this earth. You got to be nuts to fight it!
It employes so much of the legal profession, that it it hard to find a firm to oppose it. Its annual legal bill is $7.5 Billion. that is huge and probably 25% of all large firms' billing in a year.
I believe that we are seeing a dearth of professional volunteers for this very reason.
Sidedraft and particularly Linda1, My filing will likely be thrown into the trash by THMFW.
If, by chance, I get to argue my points in court, I will need documentation for every allegation that I made. I did not cite anything. This is not good.
Please "do your thing" and enter citation quotes where they are needed.
This morning I mailed USPS EXPRESS the Following to THMFW Court.
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF DELAWARE
---------------------------------------------------------------x
In re: : re: Docket # 9389
:
:
WASHINGTON MUTUAL, INC., et al., : Chapter 11
:
:
:
vs. Owners of: : Case No. 09-12229 (MFW)
: DIME LITIGATION TRACKING WARRANTS:
: Adv. Pro. No. 10-50911 (MFW)
J. PHILIP MAX et al – Plaintive :
Claimant-pro se : Affidavit In Opposition
:
---------------------------------------------------------------x
REQUEST FOR AN ESTOPPEL OF THE SEVENTH PLAN OF REORGANIZATION (AS AMENDED) AND REMOVAL OF THE DIME LITIGATION TRACKING WARRANTS FROM THIS BANKRUPTCY PROCEEDINGS AS RIGHTFULLY BELONGING TO WASHINTON MUTUAL BANK OWNED BY JPMORGAN CHASE BANK, and NOT WASHINGTON MUTUAL INC.
The Honorable Judge Mary F. Walrath, Presiding
WHEREAS: I am an Owner of DIME LTIGATION TRACKING WARRANTS (LTWs).
WHEREAS: On behalf of myself and on behalf of all Class members of the LTWs, I hereby request a halt to the Final Order executing the Plan of Reorganization and to the granting of the removal of the LTWs as a Class from the SEVENTH PLAN OF REORGANIZATION as AMENDED (A7POR), and to remand the LTWs Litigation to the United States Court of Federal Claims as the only proper venue to conduct the outcome of their Claim.
Background
IN 1995 The Anchor Savings Bank (Anchor) was forced into receivership due to a controversial set of rules promulgated by the FDIC, which promised the bank a favorable treatment of Goodwill as Capital funds in FDIC assisted takeover of failed banking institutions. Subsequent to the takeover by Anchor of these institutions, the FDIC changed its rules, and, the result was that, under the new rules, Anchor was found to be in violation of its Capital ratio requirement and was forced to combine with the DIME Savings Bank (DIME). Anchor sued the FDIC for malfeasance and breach of Contract in the United States Court of Federal Claims (Litigation) (Case No. 95-39C) in order to recover its losses.
In the year 2000, DIME, the successor to Anchor’s Litigation, spun-off the RIGHTS TO THE PROCEEDS from this Litigation to its Stockholders. This claim-chit was named “Litigation Tracking Warrant - Expiration Date 2059” (LTWs), and described a “right to receive 85% of the value of the net proceeds”, if any, from the Anchor Litigation. The expiration date of “2059” was to signify the perpetual nature of these securities until the ultimate disposition of Anchor Litigation. By issuing the LTWs, DIME permanently removed this “potential future recovery” from its books and surrendered all rights to future recoveries from this suit to the owners of the LTWs. Owners of the LTWs have a NON-EXPIRING right to 85% of net proceeds from the Anchor Litigation. These “warrants” are not to be confused with securities designated by similar name commonly issued for conversions to stock. The LTWs “warrant” possessed none of the characteristics of such vehicles and represent unique, stand alone, claim-vouchers as defined in the Warrant Agreement, issued by DIME.
In return for 15% of the net proceeds of such an Award, DIME undertook the full responsibility for prosecuting this claim as its obligation to direct the Litigation thru the Court system.
In 2001, DIME combined with The WASHINGTON MUTUAL BANK. Washington Mutual Bank assumed the litigation obligation as a matter of Law. Noteworthy, the LTWs were not transferred, as these were a property that could NO LONGER be transferred by the bank, having been spun-off in the form of an LTWs that were owned by the DIME distributees, and their successors, issued in the original distribution date in 2000.
On September 26, 2008 The FDIC effected the sale of Washington Mutual Bank to JP MORGAN CHASE BANK for a sum of $1.98 Billion. The FDIC maintains that it transferred the Anchor Litigation obligation to JPMORGAN CHASE BANK. Furthermore, the FDIC established a position that any and all sums awarded by the Federal Court in the Anchor Litigation would accrue to the benefit of JPMORGAN CHASE BANK in its entirety, without any liability to the LTWs whatsoever. This theory has yet to be tested in the Federal Court.
In sum, with the sale of Washington Mutual Bank, the Anchor Litigation became snuggly ensconced in the belly of the JPMORGAN CHASE BANK. The successor in interest was awkwardly put in position of assuming the OBLIGATION of proceeding in the Anchor Litigation against the FDIC. It is awkward because JPMORGAN CHASE BANK is the beneficiary of the largess of the FDIC, and it is difficult to see these two amicable partners feuding in Federal Court, when, their relationship is so intertwined.
Two days after the takeover, Washington Mutual, Inc. (WMI), the holding company for Washington Mutual Bank, filed for Bankruptcy in this Court. At the time of such filing WMI no longer possessed the Anchor Litigation obligation as the Litigation was in the hands of JPMORGAN CHASE BANK.
This development, just prior to the filing, in effect, nullified the contractual obligation that was assumed by WMI in the DIME merger of 2001. WMI, was no longer the possessor of the 15% agency obligation that it undertook in 2001. It also, was in breach of its obligation to navigate the Anchor Litigation by failing to inform the LTWs of the change in its litigation obligation and it thus, can no longer claim to be a party in this matter.
THEREFORE:
WHEREAS: The proximity of the failures of The Anchor Bank, the failed institutions that it acquired, the near collapse of Dime Bank itself, as well as, the wholesale failures of savings institutions throughout this Country at the time of the issuance of these LTWs, it is of particular note that, the literature and the Warrant Agreements of Dime and WMI, never specified a scenario contemplating Bankruptcy. This had to be deliberate. This obvious omission speaks volumes as to the perpetual value of these LTWs. Specifically, that they are not to be subject to Bankruptcy discharge, precisely, by virtue of the very nature of the claim, being perpetual and conditional only to, receiving 85% of the net proceeds from the Anchor Litigation, these signify that the LTWs are not transferable or dischargeable thru Bankruptcy.
Neither are these instruments subject to adjustment or nullification in the Bankruptcy of the institutions that are directing the Anchor Litigation. These entities were acting strictly as agents in return for compensation (15%). Indeed, there was, already, a double transfer of the Litigation execution obligation before the Washington Mutual takeover; firstly, by Anchor, and secondly, by DIME.
It is evident that contemplation of Bankruptcy, was an ever-present possibility to these two institutions, yet, the framers of the Warrant Agreement never entertained the possibility of Bankruptcy to issue instructions for succession in such circumstance, since the Anchor Litigation was out of the realm of such consideration. The Anchor Litigation will either be won, and the LTWs redeemed, or it will be lost, and the LTWs will become worthless. No more no less.
WHEREAS: The “transfer” or assignment of the Anchor Litigation to JPMORGAN CHASE BABK by the FDIC took place prior to the Holding Company’s Bankruptcy. The LTWs claim is alive and well, nestled in the books of JPMORGAN CHASE BANK. The obligation to prosecute the Claim is transferable, for a 15% reward, but the 85% of the Award is not transferable or assignable, it remains firmly in the hands of the LTWs owners.
WHEREAS: The Board of Directors of WMI, the holding company, failed to exercise their duty to notify the holders of the LTWs of the changes that were made as a result of the takeover and Bankruptcy proceedings, they are in breach of their duties under the Warrant Agreement. By virtue of the above actions, the Anchor Litigation was no longer a proper responsibility of WMI at the time of its Bankruptcy petition.
WHEREAS: In light of the FDIC and JPMORGAN CHASE BANK claim to ownership of the Anchor Litigation, it speaks for itself, that the Litigation obligation has been transferred to JPMORGAN CHASE BANK prior to the Bankruptcy of WMI, and cannot be part of the Bankruptcy proceeding in this Court. This matter does not, therefore, come under the jurisdiction of the United States Bankruptcy Court for the District of Delaware pursuant to 28 U.S.C.§§ 157 and 1334.
WHEREAS: The LTWs were to be the beneficiaries of a $337 Million set-aside by this Court. The A7POR is an attempt to confiscate this set-aside; the A7POR calls for the LTWs to “share 30% of the Newco, pari-passu with common shareholders of the old WAMU”. How can this be achieved when the nominal value of Newco is established at $210 Million? That meager sum is then to be apportioned to owners of Classes of 16 thru 21. Further, whatever pennies are salvaged, they are to be shared with the owners of 1.7 Billion shares of the old Washington Mutual Inc. in an as yet unknown percentage relationship to each other and the whole and an unknown dollar value per share. Despite Mr. Steinberg (Plaintiff) petition to this Court to have the distribution explained in plain English, we have not yet received an explanation of the contemplated distribution percentage or its value. The Warrant Agreement stipulates, “to transfer the VALUE”, as reflected in the Award. . This is a blatant attempt to disenfranchise the LTWs. the Stipulation has no “value” to convey. It is, in fact, an empty shell.
WHEREAS: The “trigger” event has not yet occurred in the Anchor Litigation, that is, the defendant in the Litigation (FDIC) has not made payment of the Award; as a result there is no action that can be taken by this Court to create such a “trigger”. By co-mingling the LTWs Award funds with those of the common shareholders of the pre-Petition owners of WMI in a dubious distribution of minimal value, this Court will be assisting in the nullification of the rights of the LTWs to claim any part of the Award. This was never the intention of LTW Warrant Agreement. For this reason alone, the Plan of Reorganization and the Stipulation should not be implemented.
WHEREAS: Further insult to the LTWs holders, under A7POR they are required to sign off on an agreement that exculpates the WMI Board of Directors and the Debtors, as well as, to permanently surrender their right to any further claims from the Anchor Litigation
WHEREAS: After nearly seventeen years of litigation, the LTWs rightfully stand to be the primary beneficiaries of the Anchor Litigation Award. The final status of The Anchor case versus the FDIC is Stayed in The United States Federal Court of Claims pending the outcome in this Court. It would be a Gross Miscarriage of Justice to snatch this Award from the rightful owners, the LTWs, by devious machinations and collusion on the part of the FDIC, JPMORGAN CHASE BANK, and the Debtors in Possession of WMI.
IT IS THEREFOR ORDERED: That the LTWs be extracted from this Bankruptcy proceedings and be remanded to its proper venue, the United States Federal Court of Claims for final determination of claim amounts and payment method.
The Motion of Debtors for Approval of Stipulation between the Debtor and Class Represented by LTWs Holders is hereby, denied.
All ballots for accepting the Stipulation by LTWs are to be nullified and destroyed.
The Seventh Amended Plan of Reorganization must be amended to take into account the aforementioned circumstances.
Be it so Ordered.
This _________Day of ____________2012
So Ordered_______________________________The Honorable Judge Mary F. Walrath Presiding.
Submitted this Monday the 23rd Day of January 2012
J. PHILIP MAX _______________________
46 Maple Avenue
Cedarhurst, NY 11516
Notarized before me this __________Day of January 2012
____________________________________NOTARY PUBLIC
My Commission Expires_______________20__
Service BY USPS EXPRESS MAIL to:
Clerk of Bankruptcy Court
824 North Market Street
3rd Floor – In re Washington Mutual
Wilmington DE 19801
Service by USPS PRIORITY MAIL to:
Brian S. Rosen, Esq.
Counsel for Debtors WMI
Weil, Gotshal & Manges, LLP
767 Fifth Ave
New York NY 10153
King & Spalding
Arthur Steinberg, Esq.
In re WMI
1185 Avenue of the Americas
Ne
Not Filed. Placed in Mail box. Should be there by Wed.
I filed something today. I hope this helps. I don't think it could get any worse than it is. If it fails I have no other solution.
I tried to upload it, but can't do it now. One needs a 12 yr old at hand to help with this computer stuff.
If anyone has downloaded or read the content, could they please post summation for us?
wall street61, you certainly have a handle on things and you must be an accomplished lawyer.
My hat's off. If you don't mind, we would like you to stand by for your expertise in the future.
You were not alone to be blind-sided. Walrath gave a huge U-turn on this one.
Art was magnificent in her Court and did everything right. I too was impressed by the plaintiff's presentation. However if you read the Stip. carefully you will find an appropriation of $3.2 mil for attorney's fees chargeable to the ltw settlement account, about $.02 per ltw.
We now have to get back to Judge Block.
I think that we should challenge MFW on her assertion in the decree that her court has jurisdiction over the ltw affair.
The crux of it is, who owns the ltw litigation? WAMU or WMI?
If it was WMI, then we are toast as it belongs to her.
If it was WAMU (the bank), then FDIC sold this asset prior to the BK and JPM is the owner and MFW is out.
This is all in the sphere of "ownership" of litigation rights. Since I did not read that term (ownership) in the LTW agreement(s), I don't think that it is a property. THE LTW litigation is an obligation assumed by the bank,on our behalf, and undersigned by the BOD of the Bank andWMI. IF they shirk it then it's a Officer and Director (OAD)breach, either or both BODs. I believe they were the same.
That plus Block's almost sure award are the two option to go.
So here you have it. IMHO
"Art has left the room".
We are left to our own devices. May the Lord have Mercy on our Soul.
We have GOT TO! GOT TO![color=red][/color] get the ltws out of of Walrath's Court.
It is the only outlet left. And it is the right thing to do.
While she may claim jurisdiction in deciding the ltws fate, it is dubious that she does so. We must challenge this and quickly.
Once out of her Court, we enter US Court of Claims. We face another hurdle here as we may find ourselves without representation. Jones Day (WMI legal team) may not want to go after the JPM/FDIC cartel since they may be a rich source of future income. They may want "to leave the room" as well.
JPM just issued 4th qtr 2011 results down 23%. Last year they paid out $7.5 Billion in legal fees. That's no chump change. Perhaps they would fare better if they offered meaningful settlement instead of pursuing the "scorched earth" policy as vis-a-vis the LTWs.
Does anyone know the new symbol for AAR
It looks like LTWs have no voting power to approve the plan. However, in order to to get paid, you will have to sign a release form, exonerating JPM WAMU FDIC from any mis-deeds and promising never to to sue them for the theft and corruption in perpetrating this obscenity. Otherwise, you will not be compensated for your ltw.
Once you sign the release, you ltw will be cancelled and you can keep the $.08-.18 as a memento of the American justice system.
In short. You get to "vote".
Exactly!
Who is on first.
fbrutus and others, listen up. If the stipulation is signed, it's curtains for our claim. This was a check-mate move. If you read the APOR7 carefully it closes the books on the ltws with the settlement stipulation. What they offer is 10% of what is our minimal claim. Our claim is very strong, so much so, that the BK Court wasted and entire year listening to our plea. But, we lost, and there are remedies. Unfortunately, Art Steinberg left the room with his bag of goodies and we have no one to continue the battle.
OK, let's look at the possibilities:
Jones Day is in Judge Block's Court fighting the FDIC and DOJ. They have not been paid for 12 years of really, really good work. Would they be willing to take on the battle? They may not. They may have a conflict of interest with our adversaries.
We have to stop Judge Walrath from making this Amended POR FINAL, as we now know that she is with Rosen.
I am not a lawyer, but I know who sand-bagged me. I will not rest until real justice prevails.
Last week was devastating when THJMJW destroyed our case. This week its sickening when our counsel sold our soul. What we are getting is crap left-over garbage. If there is a way to reject this APOR than we have to do so. Rosen wins. We are losers. Justice prevails!