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Hoffman hearing!!!
http://www.kccllc.net/documents/0812229/0812229101202000000000030.pdf
Notice of Hearing re: Request by Daniel Hoffman to Unseal and Post Documents for Public Viewing [re: Docket Nos. 4895, 5091, and 5092] [Docket No. 5753]; to be Held on December 17, 2010 at 10:30 a.m.
More...
II. THE LAST MINUTE MODIFICATIONS TO THE PLAN RELEASE PROVISIONS ARE, AT BEST, AMBIGUOUS AND REMAIN UNREASONABLY BROAD, ARE NOT SUPPORTED BY ADEQUATE CONSIDERATION AND ARE IMPROPER UNDER THIRD CIRCUIT LAW.
A. The First Plan Modification to the Debtors Release Section 43.S.
The Debtors filed their First Modification to the Plan on October 29, 2010 [Dkt No. 5714] (the "First Modification") - after the October 22, 2010 deadline for service of the Solicitation Packages (see Disclosure Statement Order at 12) - which limits the scope of the release of claims owned by the Debtors in Section 43.5 of the Plan (the "Debtors' Release") (which includes derivative claims) by excluding any claims based upon gross negligence or willful misconduct. The First Modification further modified the Debtors' Release to exclude from the definition of "Related Persons" the Debtors' "retained financial advisors, attorneys, accountants, investment bankers, consultants, agents and professionals with respect to Claims and Causes of Action relating to the period prior to the Petition Date." All of these Claims and Causes of Action are now proposed to be assigned to the Liquidating Trust on the effective date of the Plan. This is mere window dressing. Whether or not to pursue these Claims and Causes of Action will be within the discretion of the Liquidating Trustee, who is subject to the control and oversight of the Trust Advisory Board. (Proposed Liquidating Trust Agreement at 19). The Liquidating Trust Advisory Board is to be comprised of three members chosen jointly by the Debtors, the Creditors' Committee and the Settlement Note Holders. Neither the holders of common nor preferred Equity Interests will have any representation on the Advisory Board. Each of the members currently proposed as a member of the Advisory Board is also party to the GSA and each represents a constituency that will either receive a full (or near full) recovery under the Plan or does not otherwise have a material interest in seeing any of the assigned Claims or Causes of Action prosecuted. And certainly the professionals representing these stake holders have no interest in pursuing such Claims and Causes of Action. The likelihood that these Claims and Causes of Action will ever be brought is remote, at best. Thus the Debtors' initial efforts to release significant claims against its own Officers and Directors (and other culpable parties) have been modified only superficially, by placing those claims in the control of parties who have no incentive to pursue them. At a bare minimum, this problem with the Plan should be rectified by appointing representatives of equity to the Advisory Board and giving the parties with a financial stake in the outcome the power to control the potential litigation claims.3
New rom EC
http://www.kccllc.net/documents/0812229/0812229101202000000000021.pdf
ARGUMENT
I. JPMC MAKES NO MEANINGFUL CONTRIBUTION TO THE WMI ESTATE UNDER THE TERMS OF THE GSA.
JPMC opens its self-serving brief in support of confirmation with the unwarranted statement that it is contributing "over $7 billion in value" to the estate [Dkt. No. 6008]. (JPMC Br. at 1). In truth, JPMC's contribution is much closer to zero. The "$7 billion in value" consists principally of two elements - a payment of just under $4 billion for deposits that WMI had with WMB and an allocation of just under $2.5 billion from the nearly $6 billion in tax credits due to Washington Mutual.
JPMC cannot reasonably be said to have "contributed" either of these assets to the estate because it never had a colorable legal claim to either one. The $4 billion deposit was always an asset of WMI. WMI notified JPMC of the existence of the deposit within days of the filing of the petition. JPMC has never offered any credible basis for a finding that this money does not belong to WMI.
Similarly, the majority of the tax refund JPMC claims it "contributed" to WMI also did not, and could not, have been collected by JPMC. These credits were made available under the 2009 Homeownership Act, which extended the carryback period for tax losses from two years to five years. Under the express terms ofthat Act, JPMC is prohibited from collecting these credits because it had accepted TARP funds. The GSA "allocates" to JPMC the vast majority of the credits that it could lawfully claim (those generated by a two-year carryback that was not impacted by TARP) and the majority of WMI's "allocation" was generated by credits that JPMC could never have collected in the first place (those generated by the three to five year carryback established by the 2009 Homeownership Act).
Thus, JPMC's contribution to the settlement consists of $4 billion in deposits over which it has never identified a valid legal claim and $2 billion in tax refunds that it could never have collected. In exchange for these painless sacrifices, JPMC receives billions of dollars in truly disputed assets and releases from possibly billions more in potential liability. As will be demonstrated at the confirmation hearing, preferred equity is only $375 million out of the money even under the terms of the inequitable GSA and the Plan. Given the substantial economic benefit to be conferred upon JPMC in return for suspect consideration, the Equity Committee submits that the Court should find that the Plan and the GSA on which it is based are grossly inequitable and should not be approved.
Interesting letter to Shiela from Wells Fargo
http://online.wsj.com/public/resources/documents/Wells.pdf
Sweet!
Wamuq starting to move now.
Washington Mutual Inc (WAMUQ) Price Changed +11.54% from Wednesday's Close
Just in.
Washington Mutual Inc (WAMKQ) Price Changed +31.86% from Wednesday's Close
KQ's up for the moment.
Last Price Today's Change Bid/Size Ask/Size Today's Volume Schwab Equity Rating®
data as of 11/26/2010*
$0.40 +0.08 (25.00%) $0.325/50 $0.40/50 28,400 Above Avg.
G M 2 U 2
Rosen admits to hiding valuation of assets
Rosen knowingly hiding valuation of assets. How can this POR possibly be approved when the debtors admit to not provding a valuation of assets transfered. The insanity of this is overwhelming.
Legals Minds???
Re: Debtors' Omnibus Response to Objections 24-Nov-10 01:31 pm “30. Examiners Report Responses
(i) To the extent that the Debtors’ valuation of assets to be transferred pursuant to the Glabal Settlement Agreement is not disclosed in the Sixth Amended Disclosure Statement, the Debtors submit that any additional disclosure poses risks that could undermine and adversely affect the Debtors’ litigation strategy (to the detriment of the Debtors’ estates) if the Global Settlement Agreement and Sixth Amended Plan are not approved by the Court.”
-p. 83
Translation:
We cannot show you the list of Assets, because if we do, we are toast. And it will hurt in later negotiations with the EC once are plan is thrown out by the court.
And thank you Rosen for acknowledging that your GSA and POR will “not be approved by the Court”. At least as long as the Law has not acquiesced to Rosenfraud.
Courtesy of Littlespittle on the Y
http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_W/threadview?m=te&bn=86316&tid=615545&mid=-1&tof=1&rt=2&frt=2&off=1#-1
Oh Wow!
needs to be bumped
http://www.ghostofwamu.com/documents/Examiner/4550/WMI_PC_701361067.00001.PDF
What does that mean in laymans terms?
I read it. Do not quite understand where the assets are? The value for the NOLS must be before the new numbers that recently came out. I would really like to see Soloman's valuation, pre and post BK.
Wow, Blackstone valuation.
http://www.ghostofwamu.com/documents/Examiner/4494/WMI_BX_701361066.00001.pdf
Thats my thinking...
Weil objection to Tricadia motion
http://wmish.com/tricadia/debtors_response_to_tricadia_obj.pdf
. On the eve of the Confirmation Hearing, Tricadia's Trading Motion requests that the Debtors establish restrictive notice and hearing procedures with respect to the trading of CCB Guarantee Claims to protect the potential value of certain net operating loss carryforwards (the "NOLs") and certain other tax attributes, and seeks relief on an expedited basis to be considered on November 23, 2010.3 The Debtors respectfully request that consideration of the Trading Motion be postponed until after the Confirmation Hearing as confirmation of the Plan, would moot Tricadia's request. An adjournment will spare the Debtors' and the Court's resources in addressing the motion, pending the outcome of the Confirmation Hearing, without undermining the relief sought by Tricadia because Tricadia has provided notice of its motion to, among others, the respective trustees of the respective CCB trusts and their counsel, and the Trading Motion seeks nunc pro tunc relief that may be granted (if appropriate) at a later hearing on the Trading Motion.
Great posting as of late... I wonder though how these objections will fare in court?
I had a friend of mine who got the flue shot, go into a coma for over a month. We went in together to get it. Don't think I will ever get another.
That doesn't work..Can you email it to me? aladin61@hotmail.com
I could not find it.
Where can I download the ballots?
Glad to see you are still around. rickszy
I think the bottom is "0.00" the top if any has yet to be determined.
The opt out factor and Judge Walrath's statement
Taken from the article: WaMu Disclosure Statement OK'd Over Objections 18 Oct 2010 http:
//www.law360.com/articles/202168
"The U.S. trustee — along with a representative for plaintiffs in various class action complaints against the settlement parties — also took issue with the releases granted to parties in the settlement within the voting process.
Specifically, the ballot provided to creditors gives them the opportunity to opt out of the releases, but doing this would render a creditor ineligible for distributions under the plan, according to the U.S. trustee.
Judge Walrath determined that the matter was better left for the confirmation hearing, where it could become a substantial issue."
From bobwatchhere on Y
"In Texas, Susman Godfrey LLP is also home to two of the outstanding figures in our research. Stephen Susman earns a place among the most highly regarded individuals worldwide, and Lee Godfrey is “immensely respected” for his antitrust, energy and natural resources related work."
Form of certificate of incorporation Washington Mutual Inc.
I received a new package today. This is for the new Washington Mutual. Anybody else get this?
Included is a Form of WMI liquidating trust agreement.
Just an FYI
Sent: 11/4/2010 2:10:43 P.M. Eastern Daylight Time
Subj: 'WAMUQ' News -- WamuTruth: Washington Mutual Shareholder Voter Ale...
News for 'WAMUQ' - (WamuTruth: Washington Mutual Shareholder Voter Alert (WAHUQ.PK, WAMPQ.PK, WAMKQ.PK, WAMUQ.PK))
HOUSTON, Nov. 4, 2010 /PRNewswire via COMTEX/ -- Washington Mutual recently
passed its Disclosure Statement and is currently soliciting votes on its plan of
reorganization and "Global Settlement Agreement." It is extremely important that
holders of the preferred stock (WAMPQ.PK & WAMKQ.PK) and PIERS (WAHUQ.PK) reject
this plan as it severely undervalues a large number of the estate assets.
Unfortunately, a large number of shareholders have either not received ballots
regarding this plan or have received conflicting and confusing instructions on
how they can register their vote and what the implications are. Since the
majority of retail investors hold their stock with a broker (TD Ameritrade,
Scottrade, Etrade, etc), they need to contact their broker immediately by phone
regarding this to receive further instructions on how to vote and to receive
their ballots to avoid being disenfranchised.
There are two main decisions to make on the voting ballot. One is whether to
vote for the plan. It is our recommendation to not vote for the plan as the
distributions for the plan are completely inadequate and will result in little
to no recovery for the preferred stock. The second issue is whether to choose
the opt out election. It is our recommendation that one does not opt out as by
doing so you will be locked out of trading any shares you own of the company's
stock. You should only choose this option if you are prepared to hire your own
attorney to engage in a lawsuit.
Again, it is extremely important that you register your vote with the company to
show your disagreement with this plan and the current management that has sat on
the board without election for over two years. Voting ends on November 15th but
we strongly recommend that you vote by November 10th as your broker may require
additional documentation besides a phone call.
SOURCE WamuTruth.com
www.prnewswire.com
Copyright (C) 2010 PR Newswire. All rights reserved
Good things have happened too,
since Wamu's theft.
I have 4 new grandkids, albiet they are all boy's but thats cool.
On another note, the amount of bashers on the Y board has increased dramatically today. Leads me to think that something is brewing. Don't know what. I am not good at speculating anyway's.
GLTA
Thats not flying...(.71) would be flying.
Message from my Schwab acc.
Since you hold xx preferred share(s) of WASHINGTON MUT 7.75%PFD in your account, you may choose how your holdings will be treated for this Corporate Action. We must receive your response by November 11, 2010, 7:00 p.m. ET.
You hold 55 preferred share(s) in this account.
What Has Occurred
Washington Mutual, Inc. and WMI Investment Corp. are soliciting votes with respect to the Sixth Amended Joint Plan of Affiliated Debtors Pursuant to Chapter 11 of the United States Bankruptcy Court (the Plan) dated as of October 6, 2010, from the holders of certain impaired claims against the Debtors.
The Disclosure Statement and Plan, mailed separately, contains important information that should be read before deciding on how to vote on the Plan. If you have any questions, or if you have not received a copy of the Disclosure Statement or Plan, please contact Kurtzman Carson Consultants LLC (the voting agent) at 888-830-4644. Copies of the Plan and Disclosure Statement can be accessed on the Voting Agent's website at www.kccllc.net/wamu.
Opt-Out Election: In addition to Voting to Accept or Reject the Plan, you may elect not to grant the releases contained in Section 43.6 of the Plan as they relate to the opt-out release parties set forth in Section 43.6 of the Plan (Releases by Holders of Claims and Equity Interests). Election to withhold consent is at your option. Please be advised that if you elect not to grant the releases, you will not be entitled to a distribution under the Plan. Your shares will be segregated and no further trading will be permitted on such shares. If the Plan is not confirmed, such shares will be returned to your account.
Your Choices:
Accept Plan: Vote to Accept the Plan and consent to the releases set forth in Section 43.6 of the Plan.
Accept / Opt Out: Vote to Accept the Plan and do not consent to the releases set forth in Section 43.6 of the Plan.
Reject Plan: Vote to Reject the Plan and consent to the releases set forth in Section 43.6 of the Plan.
Reject / Opt Out: Vote to Reject the Plan and do not consent to the releases set forth in Section 43.6 of the Plan.
Decline/Take No Action: If the Plan is confirmed by the Bankruptcy Court, the Plan will be binding in you whether or not you vote.
Me either...:o(
DITTO!!!
Looks like some stop losses were taken out in Franfurt.
http://www.boerse-frankfurt.de/EN/index.aspx?pageID=35&ISIN=US9393221034
Bid/Ask 0.116 : 0.117 0.111 : 0.119
Bid/Ask Volume in Units 20,000 : 14,001 150,000 : 50,000
High 0.140 0.139
Low 0.065 0.111
52-Week High 0.550 0.569
52-Week Low 0.065 0.061
Close Previous Day 0.126 0.123
Trading hours 9.00 am - 5.30 pm 9.00 am - 8.00 pm
01/11/2010, 15:21. Prices are 15 Minutes delayed.
Puget Sound Business Journal - by Kelly Gilblom
http://www.bizjournals.com/seattle/blog/2010/10/wamu-examiner-report-due-monday.html
Puget Sound Business Journal - by Kelly Gilblom
Date: Friday, October 29, 2010, 8:06pm PDT - Last Modified: Friday, October 29, 2010, 9:10pm PDT
A much-anticipated examiner’s report on Washington Mutual, due in Delaware Bankruptcy Court Monday, could reveal whether billions of dollars are available to shareholders whose investments were wiped out by the thrift’s closure.
A report by Reuters said shareholders were optimistic. It said they believe the examiner will give a proper accounting of events leading to up to WaMu’s seizure by federal regulator, the Federal Deposit Insurance Corp.
Some shareholders believe the bank may have been solvent at the time it was closed and sold to JPMorgan for $1.88 billion on Sept. 25, 2008.
The findings by the examiner, whose name is Joshua Hochberg, may also upend the holding company’s plan to repay its creditors, according to Reuters. I reported earlier that under the current plan, shareholders receive nothing.
Hochberg’s report brings the bankruptcy case, filed the day after WaMu’s demise, closer to conclusion. His findings were originally due Oct. 8, but he got a three-week extension after asking Judge Mary Walrath for more time to examine crucial documents.
Catz
If the report is mostly redacted, when will we (equity) know if the report will help us out? Or will we just kind of know by the different filings that will put out ?
Soloman billing on kccllc now:
http://www.kccllc.net/documents/0812229/0812229101029000000000003.pdf
Anyone know what the hearing on 10/26 was about?
http://www.kccllc.net/documents/0812229/0812229101028000000000001.pdf
Fish,
You have sure been wired the last couple of day's :o)
Exciting isn't it. Monday is so close, yet seems to be taking for ever to get here. Just like when one schedules a fishing trip.
Thanks Catz... I am not as computer savy as I should be I guess. Learned something new today... :o)