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Maybe because the 'terms' of the ripoff were that it was a no lose deal then, but someone might be forced to break their part of the deal now.
Unbelievable. What a joke. I hope JMW has been feeding rope and that she pounces. That's all I can do.
Hopefully the judges pending decision settles this SJ correctly. I don't recall seeing br's breakdown of this cash, if ever specified. Has he left the entire amount off the wmi asset side of the ledger?
So BR circumvented the SJ ruling by proclaiming a GSA to the court effectively keeping $4+BB away from wmi?
Is there a breakdown of the handling of this cash asset in the POR?
Basics of BK question on this subject of the SJ. Why is it that THJMW cannot make the SJ ruling whenever she wishes? Does BR have to ask for her to make her ruling because he represents the DIP?
You're probably right. I should have first looked into the source of whatever this is.
SG absolutely must know about this. This is their arena. I would be surprised if they were not aware of this already, but what does it mean to us here and now?
You know your post, or seranader's I think was the one on Y!, sat there for 21 minutes without response. I can't believe it. I don't have a Y! ID or I would have posted a response.
Whoever has the ability, once they've read this, please foreward to SS. Very disturbing.
Whoa.
I see how you and others, including myself maybe, could feel this way (RE: SS presence in court).
I do remember reading that SS' MO is not to be in court for final decisions. Don't know if this has any bearing on our case. But, and this is IMO, there is no doubt in my mind that SS is heavily involved in these proceedings. It's the case of the century, IMO.
Who knows, maybe this thing is over after all. If it's a fair and equitable 'over' to commons on up then his absence is just fine with me.
If SS really is keeping his distance, for whatever reason, especially should things not work out well for us, then I wouldn't be too happy about it.
Hmmmmm...
His power needs to be ursurped, IMO. Shoot this POR down, hand the reigns to equity. He's out of control.
Nothing you weren't already well aware of.
Right. This i've seen, the initial BK filing by BR and Co.
Do we know the content of what JN presented to the court yesterday? $33BB in assets were apparently listed on the demonstrative. Do we know for certain PJS' numbers were being presented on this demonstrative? Do we know for sure the demonstrative contained ALL of PJS' numbers, their entire valuation derived from the last 6 months or so of work?
It wouldn't surprise me if JN only presented a partial view of the work done, but I don't have the answer.
Come to think of it, I didn't notice this.
"(BR) never argued the validity of the assets, only the liabilities."
Do you remember what he said about the liabilities?
EDIT: I reached the point yesterday where I had to disconnect the call. I couldn't stand listening to BR anymore.
This seems to make a lot of sense to me. Who really knows what JN used in court yesterday as a demonstrative with $33BB in assets listed? I would hold this info very close to the vest for the reasons you sighted.
Gotta believe the opportunity will come for the 6 month, and counting, PJS valuation to be presented to the court. Neither side wants to show 'theirs' first. I would expect the DIP will show their numbers if and only if they must use them to contest the ECs' numbers. The DIP still 'win' if only $33BB in assets are recognized by the court, IMO. I realize the DIP want equity wacked, and if equity survives this can be viewed by them as a loss. But look at what they've gained...for only $33BB?
What exactly did you hear? Please elaborate. Sounds important.
Could be there may be a better time to present this witness. This POR may not be approved opening the door for a better POR from EC. I don't know.
Ilenes,
THANK YOU THANK YOU THANK YOU THANK YOU THANK YOU THANK YOU!!!!!
You were brilliant. Very impressive. Very well spoken with excellent points. You did your daughter proud.
Again, thank you.
Fsshon,
I couldn't agreee more. THJMW made it very clear early this morning what is wrong with the debtor's case in her mind, IMO. Time to get to it!
Gotta have more PORbell baby!
I want this denial. I also want THJMW to open the door for competing PORs.
Thanks for posting. Would be nice to see things play out in this case as though this judicial reaction to 'evil greed' in the bk process has become the norm.
I don't know if JMW believes, or doesn't believe, the exchange event happened. I clearly remember the discussion b/t JMW and the TPS attorney. We cannot know for certain whether she was leading the TPS attorney to better make his case, like she sides with TPS group but knows what needs to be argued, specifically, to succeed upon appeal, or whether she heard enough and sides with JPM.
As you know, she's taking it under advisement.
Were they going back and forth over the persistancy with rephrasing the same question?
What was the subject? I missed a couple hours of audio. Please fill me in if you can. TIA
JH...Hmmmm. Could it be...that...?
No.
I think you're referring to the discussion about the 'automatic transfer' event, the TPS issue. Am I right?
THJMW was stating 'it is deemed to have occurred' whereby the TPS atty. repeatedly attempted to clarify for THJMW that the process stipulated in the contract, I.E. the recording in the register of the amount, security owner, date of transfer etc..., was never followed nor completed.
CWG,
What you are pointing out here is ginormous.
I don't know how this will shake out. Not the right one to answer. But I want for someone to try and confirm or deny the validity of this $18.63BB, cash, issue.
Who knows if we are entitled to this? Anyone?
Wrong. The FDIC stole money from taxpayers, to the tune of tens of billions, and they do not want to give it back!
You see, taxpayer with property = shareholder with property. It's a simple case of semantics. Property was 'seized' and fair compensation must be exchanged to make it proper, IMO.
What SB says, no cost to taxpayers, is a lie, IMO. IMO she knows it as well as everyone fighting to keep what was taken. Time is running out for those in the wrong to step up and try to make up for the long list of mistakes.
Will be interesting to see.
'sattlement' was once used by cityblade on this board.
I have no expectations. Still believe settlement is in the best interest of the FDIC, JPM and WGM. As more continues to come out they allow their chances to emerge from this fiasco with the ability to say 'we made some mistakes under the duress of the circumstances, but in the end we did make things right for all interested parties', to significantly decrease.
They continue to increase the chances of paying more than they might have to and to come out of this looking awful, all of them.
eye tinking sattlement.
Nice.
fsshon,
How might this affect our situation? Could it harm us? Would that eventually mean FDIC must foot the bill?
Bizreader,
Did u catch the exchange b/t JN and K re: $5BB in possible asets for the estate, securities I think, that he let out were sold by JPM? JN caught it, but I don't know how it was left.
Did JN uncover $5BB earliar today...when K said that JPM sold $5BB worth of securities that were still assets in question?
Anyone have take on this exchange?
Smart.
Also notice his tempo variation. Slow, deliberate, then fast and pointed. Great.
I don't mean to pump. Not at all.
JPM, FDIC and Weil are getting closer to treble damages, it seems.
At the very least, I would do what is possible to keep the full court press on. No more delays if they only suit the DIP.
If I was SG, there is NO WAY IN HE// I would consider this at this point unless they flat out offerred for starters:
FULL FACE PREFERREDS WITH INTEREST AND $24 per share commons, FOR STARTERS
They pushed it to this point, not us. They cna live with it.
where?