Linda is biotch...! LOLz JayKay
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These are targets the TPS wants the Litigation/Liquidation Trust to go after. See PDF pages 1126 to and including 1235, attached as Exhibit A. I am sure there are more targets, other than Goldman Sachs, Deutsche Bank, rating agencies, etc.
http://www.kccllc.net/documents/0812229/0812229120113000000000016.pdf
Plus it is nice to see a Group like TPS who want a substantial recovery for their "investment" which will in turn benefit us "retail" by riding their "coattails".
imo
That was what surprised me about TPS in which they did not go for all of the liquidation trust (APR waterfall). Class 21/22 will receive distribution at the same time as Class 19 (75/25%).
imo
Bloomberg Law Bankruptcy review:
Bloomberg Law: Lehman Plan confirmed:
Commons only, imo eom
I am unaware if the claim was modified later, however, the document I posted is the Order approving the Stip, so, imo, I don't believe the order/stip has been modified since the Order is considered a final document and it settles the claim.
The PFG claim is the only subordinated to equity (other than the Dimeq 8.xx% portion) I know of. There may be more, but I do not know.
This subordinated to equity is, imo, pertains to only common's share (25%), and not the preffereds.
I know the proposed order mentioned "Claims subordinated to the level of
Equity Interests", however, does not specify commons only or equity in whole. The Order/Stip/Claim mentions that the subordination is to common equity interests, or treated similarly to equity interests.
The proposed order and order/stip does not specify the conversion rate.
I believe Susman & co/Willingham knew about it.
I did not look further in to this because it really pertains to commons and didn't have an effect on me as I saw it.
imo
More dilution from Claims subordinated to the level of
Equity Interests:
PDF 2 and 3.
Actually, EC encouraged common shareholders to accept the Plan, not preffered shareholders. The evidence was the fact that there was no EC letter accompanying our preffered ballet. They were only in the common ballets.
This just shows how much of a bad deal it was for preffereds.
Anyhow, what is done is done. The past is the past. Let's move forward.
Imo
CERTIFICATION OF COUNSEL REGARDING FINDINGS OF FACT,
CONCLUSIONS OF LAW, AND ORDER CONFIRMING
THE SEVENTH AMENDED JOINT PLAN OF AFFILIATED DEBTORS
PURSUANT TO CHAPTER 11 OF THE UNITED STATES BANKRUPTCY CODE
http://www.kccllc.net/documents/0812229/0812229120222000000000022.pdf
CERTIFICATION OF COUNSEL REGARDING FINDINGS OF FACT,
CONCLUSIONS OF LAW, AND ORDER CONFIRMING
THE SEVENTH AMENDED JOINT PLAN OF AFFILIATED DEBTORS
PURSUANT TO CHAPTER 11 OF THE UNITED STATES BANKRUPTCY CODE
http://www.kccllc.net/documents/0812229/0812229120222000000000022.pdf
I dont have PM. The release extension is what you say, march 7, but the question is what is the date of record for the ones eligible to give the releases.
I have not followed that portion closely since i have already tendered everything, i.e. vote and releases, so it no longer pertains to me.
imo
It may still trade beyond the 29th up until March 7 or 8 (or whatever the distribution date is), but if the effective date is the 29th, trades may not be recognized after that date (also factor in releases).
We will find out when the confirmation order is out.
imo
I can't decipher what you are saying, but it looks like scenarios you are throwing around.
POR 7 was confirmed. We are just waiting on the confirmation order.
imo
Factor dilution to commons from PFG claimants and DIMEq:
Approx. $35 million from PFG Claims, et al., subordinated to commons, will dilute commons' share of WMI2. This does not include DIMEq's 8.77% share of commons distribution. See PDF page 11, para 3.
http://www.kccllc.net/documents/0812229/0812229101217000000000005.pdf
and...
Yes, especialy since we have seem how relentless they were compared to our very ec.
Imo, tpg shorted commons. Their preferreds that were converted to commons which covered their short positions, but that is the rumor.
I don't know if they have left over commons or what. Good question, but if a hedgie was part of commons,they would be very vocal as they are in other bankruptcies.
Tpg is silent.
Imo
Apr, after the trust moves from class 16, 17 (settlement, so skip 17), 18, on down to class 19. If 19 paid in full, then moves down to the next class.
Imo
IMO, it was a combination of TPS receiving a seat on the trust advisory board, an allowed general claim, attorney expenses (and fees?), etc. Also, during their negotiations with debtors re: objection to the plan, I am sure they received "inside information" (upon signature of non-disclosure) that was convincing and rescinded their non-acceptance vote of the plan.
TPS has a LOT third parties they want to go after. The list of possible defendants were obtained from the Wamu Senate hearings.
I don't believe that TPS would huff and puff for "just 5%" extra.
I am just surprised they didn't go for the entire liquidation trust. They had good standing.
imo
No one knows what that 5% more extracted is actually worth except for the insiders/negotiators.
imo
Commons getting 1 new share for 34 old commons might even be lucky.
Approx. $35 million from PFG Claims, et al., subordinated to commons, will dilute commons' share of WMI2. This does not include DIMEq's 8.77% share of commons distribution. See PDF page 11, para 3.
http://www.kccllc.net/documents/0812229/0812229101217000000000005.pdf
imo
I don't own any. eom
Class 16 – PIERS Claims
Accepted:
856 (84.67%)
$771,478,598.22 (99.11%)
Rejected:
155 (15.33%)
$6,959,274.50 (0.89%)
Class 18 = No results tabulation.
imo
Lets just say we are more conservative (realistic) than the average investor/trader. imo/eom
Wow, where have you been??? The Plan has already been confirmed.
Yes. Eom
Here is an example at page 4 or PDF 7:
These will get $10.xx, you did good. imo eom
Yes, TPS has deep pockets and some didn't give their release. They can go after JPM.
The $50 million "bribe" is "consideration" was needed to make an exchange for release valid. This was during the very first PORs, where preffereds classes (TPS/REITS) were going to receive 0% to 1% recovery, today's POR, that $50 million is no longer needed because consideration is also in the form of new shares in the reorganized debtor, but that $50 million was carried over to this new POR.
If I was TPS, I agree with you, I would also consider $50 million an insult.
TPS has nothing to lose. They paid nil for $1.8 billion in TPS securities. They go after JPM, they will get a settlement as nuisance, which will be more than what they can get from the BK estate.
imo
My thoughts were mainly commons against JPM. May be smaller parties, but not JPM in my opinion. Besides, Susman may be precluded from any litigation with GSA parties/releases.
I know you are in the legal field. So you know the time it takes to go after someone with deep pockets especially with conspiracy theories.
Where I work, it is a drain on billable hours and costs/expenses which could amount to years and years.
There is case in my office that is not contingency, but out of "principle", and that is small $$, but it may change the way "XXXX" bills and change the entire legal industry.
NOTE: xxx = I didn't want to put the profession in because I can be found easily from that since a lot of people in the legal field are closely monitoring that case.
imo
I believe from Walrath's stand point it is to cover her end, however, you are right, in the previous PORs, commons release did not seem important.
I do not think commons will ever get anything in any other scenario other than this "settlement". This could be why common releases were not important before, but it seems to me that preffereds, mainly TPS's releases are important as evidence by the $50 million distribution (consideration) bribe within the POR to REITS/TPS.
Commons: no $$ to pursue. Not even contingency against JPM.
TPS/REITS: Deep pockets to pursue
imo
I thought you were referring to commons. Opps
Only a portion of the TPS group did not grant releases and will pursue JPM, etc. The other portion only voted not to accpct the plan, but did grant releases.
imo
If they opt out, then no release and no distribution. imo/eom
I personally do NOT believe that commons will be cancelled. Commons must have some type of distribution (consideration) in order to tender releases and Walrath knows that and won't leave a "loose end" open.
TPS is only posturing with APR to get a get a larger piece of the pie. They know they cannot cancel commons because EC (prefferds/commons) negotiated the "settlement" although miniscule.
In the end, the TPS argument has merit, but I believe commons are going to receive a lesser percentage than 30%.
That 70/30 split may be the only obstacle left.
imo
Start at page 6:
http://www.kccllc.net/documents/0812229/0812229120213000000000021.pdf
That is the terms of the settlement.
Distribution to the former share holders is only shares in WMI2 and liquidation trust interests.
imo