Linda is biotch...! LOLz JayKay
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Yup, no to the plan and yes to releases. imo/eom
Actually, they changed their minds... "After careful consideration of all publicly available data, including the Disclosure Statement, Whitebox has determined that confirmation and consummation of the Company's Plan is in the best interests of the holders of the junior PIERs securities. Whitebox encourages all stakeholders, including PIERs holders, to vote to accept the Plan."
MINNEAPOLIS and SEATTLE, Jan. 26, 2012 /PRNewswire/ -- Whitebox Advisors, LLC and its affiliated funds ("Whitebox") today announced that it intends to vote in favor of the Seventh Amended Joint Plan of Affiliated Debtors Pursuant to Chapter 11 of the United States Bankruptcy Code (as amended, modified or supplemented from time to time, the "Plan") recently filed by Washington Mutual, Inc. ("WMI" or the "Company"). Whitebox had previously indicated that it intended to vote against the Plan.
Whitebox stated, "After careful consideration of all publicly available data, including the Disclosure Statement, Whitebox has determined that confirmation and consummation of the Company's Plan is in the best interests of the holders of the junior PIERs securities. Whitebox encourages all stakeholders, including PIERs holders, to vote to accept the Plan."
WMI said, "This is a positive development for the WMI bankruptcy estate. Whitebox's decision is consistent with the Company's belief that the Plan and the recoveries for creditors and equity holders represented by the Plan are in the best interests of the estate and its stakeholders."
WMI's Plan and Disclosure Statement are available at www.kccllc.net/wamu. The Plan is subject to confirmation by the Bankruptcy Court. This press release is not intended as a solicitation for a vote on the Plan.
... and the phrase... "A fool and his money are soon parted..." comes to mind.
Hey, I always look at the silver lining... more new commons for everyone else!
As they say... "Weeeeeeeee..."
ha ha
I Concur.
the voting will pass all t takes is one impared clas to vote (jpm)
http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_W/threadview?m=tm&bn=86316&tid=930123&mid=930123&tof=2&frt=2
i dont agree with it but its the facts
vote no for your wampq/wamkq and grant releases
However, the discussion doesn’t end there because there apparently is some risk that the Court will apply the Absolute Priority Rule (APR) and rule that Common Equity Interest Holders (Class 22 – WAMUQ & PFG Claimants and Class 21 - DIMEQ) can’t be paid until the Preferred Holders in Class 19 are paid in full and that would present a $7.5 Billion hurdle based on Par value. The TPS Group, representing the Cayman REIT Preferred Holders, has been lobbying for the application of the APR, and they are not alone. Near the end of the hearing on Wednesday, January 11, 2012, the Judge even opined that the Debtors’ assumption that it could violate the APR was “Optimistic”, which signals that she is giving some consideration to instituting the APR. Absent that, the Court has the discretion, and the blessing of the Debtors and the Equity Committee, to adjust the proposed distribution of 30% of Newco to Common Equity Interest Holders. The institution of the APR or any downward adjustment of the Newco allocation by the Court would necessarily mean that the currently proposed recovery for all Common Equity Interests would be decreased if not entirely eviscerated. Accordingly, there is risk that the Newco portion of the recent LTW Settlement may have no value in the hands of the LTW Holders.
So it begs the question, if the APR is instituted, why would the Preferred classes receive all of the Newco when senior classes of subordinated claims in Class 18 are projected to receive no recovery under the plan? The answer there would seem to be that, since the Court bestowed upon the Equity Committee the opportunity to pursue “Colorable Claims” for the purported insider trading of certain Settlement Noteholders, the EC would obviously not agree to give up the opportunity to pursue those claims (via the current settlement embodied within the Plan) if none of their constituency would receive any benefit. So my guess is that if the Absolute Priority Rule is applied, and that is still a big if, it would only be imposed amongst the equity classes. It remains to be seen what will happen there but it bears noting that, according to the Ballot Instructions, votes for the Common Equity Interest Holders (except for DIMEQ) and the Preferred Holders in Class 19 would have to be submitted and received no later than February 9th for the votes to count and the Releases would have to be tendered by February 29th in order for the equity classes to be eligible to receive a recovery under the Plan. The big downside is that by the time that the Releases are provided, Equity Interest Holders won’t know what the final treatment will be.
No comment other than that is up for speculation. imo
If that $325 billion are the allowed claims, then yes. The $65 billion is just what the Debtor believe they can recover from all of Lehman's assets.
If Debtors can recover more than $65 billion, then that money is for senior creditors until such time they are paid 100% of their allow claims.
imo
Senior Creditors are entitled to 100% of their allowed claim. $65 billion is the projection, which is not 100%, it is about 20ish % of the allowed claim.
imo
Not sure if your post was a question or statement, but if the claims were put into individual class or subcasses, then they may be similar in some ways, but something has set them apart for one reason or another to be put in their respective classes/subclasses, like your example, 10A.
If JPM can "negotiate" or "convince" the court there way to recovery on their claims, then more power to them.
imo
JPMorgan has over $80 million in class 10B.
If class 10A can skip 4B and 5 (senior debt), then class 10B can skip forward?
Class 10A starts receiving a check after classes 1,2,3,4A are paid in full.
If class 10A can skip senior debt, surely class 10B (JPMorgan's case) can skip senior debt. NEGOTIATE!!!
CUSIP # 939322814 = P eom
P & K ballot CUSIP #
Anyone know which which CUSIP # is for the PQ and which one is for the KQ?
CUSIP # 939322830
CUSIP # 939322814
Thanks in advance.
I somewhat stopped following Lehman, but if the class was subdivided into a, b, c, etc., then there is a reason.
As mentioned, since I have not been following this, I would attribute to JPM's creditor claims being somehow connected to "affiliate" or similar claims which MIGHT move up their claims or subclass of claims.
You might want to check and see if your CUSIPS are in that pool of subclass claims with JPM.
imo
Right, you said class 12, and the PPS tanked after the ruling. They entire board was wrong over there. Hope you didn't lose all your money. I never believed in the pump over there. LOL
FYI: Seniors get 100% of their allow claims plus interest, not only $65 billion.
So if creditors get only $65 billion projected or 20ish %, then that means there is about 80ish % deficit. When that 80ish % is paid in full, then it will trickle down to subordinates.
Good day.
imo
[however remember that initial recoveries to the CTS will be reallocated to Senior Classes and so that may constitute a recovery under the Plan]
My thought was that the senior classes get $65b and that's it, end of story. Once that's done, that's it. Ab
However, the discussion doesn’t end there because there apparently is some risk that the Court will apply the Absolute Priority Rule (APR) and rule that Common Equity Interest Holders (Class 22 – WAMUQ & PFG Claimants and Class 21 - DIMEQ) can’t be paid until the Preferred Holders in Class 19 are paid in full and that would present a $7.5 Billion hurdle based on Par value. The TPS Group, representing the Cayman REIT Preferred Holders, has been lobbying for the application of the APR, and they are not alone. Near the end of the hearing on Wednesday, January 11, 2012, the Judge even opined that the Debtors’ assumption that it could violate the APR was “Optimistic”, which signals that she is giving some consideration to instituting the APR. Absent that, the Court has the discretion, and the blessing of the Debtors and the Equity Committee, to adjust the proposed distribution of 30% of Newco to Common Equity Interest Holders. The institution of the APR or any downward adjustment of the Newco allocation by the Court would necessarily mean that the currently proposed recovery for all Common Equity Interests would be decreased if not entirely eviscerated. Accordingly, there is risk that the Newco portion of the recent LTW Settlement may have no value in the hands of the LTW Holders.
So it begs the question, if the APR is instituted, why would the Preferred classes receive all of the Newco when senior classes of subordinated claims in Class 18 are projected to receive no recovery under the plan? The answer there would seem to be that, since the Court bestowed upon the Equity Committee the opportunity to pursue “Colorable Claims” for the purported insider trading of certain Settlement Noteholders, the EC would obviously not agree to give up the opportunity to pursue those claims (via the current settlement embodied within the Plan) if none of their constituency would receive any benefit. So my guess is that if the Absolute Priority Rule is applied, and that is still a big if, it would only be imposed amongst the equity classes. It remains to be seen what will happen there but it bears noting that, according to the Ballot Instructions, votes for the Common Equity Interest Holders (except for DIMEQ) and the Preferred Holders in Class 19 would have to be submitted and received no later than February 9th for the votes to count and the Releases would have to be tendered by February 29th in order for the equity classes to be eligible to receive a recovery under the Plan. The big downside is that by the time that the Releases are provided, Equity Interest Holders won’t know what the final treatment will be.
However, the discussion doesn’t end there because there apparently is some risk that the Court will apply the Absolute Priority Rule (APR) and rule that Common Equity Interest Holders (Class 22 – WAMUQ & PFG Claimants and Class 21 - DIMEQ) can’t be paid until the Preferred Holders in Class 19 are paid in full and that would present a $7.5 Billion hurdle based on Par value. The TPS Group, representing the Cayman REIT Preferred Holders, has been lobbying for the application of the APR, and they are not alone. Near the end of the hearing on Wednesday, January 11, 2012, the Judge even opined that the Debtors’ assumption that it could violate the APR was “Optimistic”, which signals that she is giving some consideration to instituting the APR. Absent that, the Court has the discretion, and the blessing of the Debtors and the Equity Committee, to adjust the proposed distribution of 30% of Newco to Common Equity Interest Holders. The institution of the APR or any downward adjustment of the Newco allocation by the Court would necessarily mean that the currently proposed recovery for all Common Equity Interests would be decreased if not entirely eviscerated. Accordingly, there is risk that the Newco portion of the recent LTW Settlement may have no value in the hands of the LTW Holders.
So it begs the question, if the APR is instituted, why would the Preferred classes receive all of the Newco when senior classes of subordinated claims in Class 18 are projected to receive no recovery under the plan? The answer there would seem to be that, since the Court bestowed upon the Equity Committee the opportunity to pursue “Colorable Claims” for the purported insider trading of certain Settlement Noteholders, the EC would obviously not agree to give up the opportunity to pursue those claims (via the current settlement embodied within the Plan) if none of their constituency would receive any benefit. So my guess is that if the Absolute Priority Rule is applied, and that is still a big if, it would only be imposed amongst the equity classes. It remains to be seen what will happen there but it bears noting that, according to the Ballot Instructions, votes for the Common Equity Interest Holders (except for DIMEQ) and the Preferred Holders in Class 19 would have to be submitted and received no later than February 9th for the votes to count and the Releases would have to be tendered by February 29th in order for the equity classes to be eligible to receive a recovery under the Plan. The big downside is that by the time that the Releases are provided, Equity Interest Holders won’t know what the final treatment will be.
FYI: Today is the last day to vote if you have E-Trade. eom
That is for DIMEq. eom
Cats: I got somthing in the mail today enclosed in a blue plastic cover that says time critical material enclosed but I see no where to sign? Any help greatly taken.
It says
Nantahala Capital Partners, LP
VS
Washington Mutual, inc.
joman, Walrath did say Susman/EC to pursue "on behalf" of debtors and that would be funded by the estate as they are now, however, we do not know if the funding will continue AFTER confirmation of the plan. It is a gamble.
Keyword: "after" confirmation
imo
I see where we both went two different directions. Now we are on the same direction, settlement. So the other is not an option anymore.
You mentioned Rosie wanted to go to plan confirmation back in Sept. Yes, I do remember that, but the Judges said no, go to mediation instead. This is where we went the different directions.
Problem is, if there were no settlement, and the plan confirmed, SOMEONE has to fund the EC/Susman, which Debtors most likely will not after plan confirmation UNLESS there was a miracle provision within the plan that set aside $$ for that specific purpose.
The problem is, everything for the Equity is an uphill battle, however, equity as a whole lost, but commons won since it would have never received distribution if it went to litigation.
imo
No offense, but do you even know what is going on?
What does this have to do with your previous post?
Are you sure about the below quote? It went to mediation, NOT a new plan. Part of that mediation re: SNH and EC, was to get plan/confirmation obstacles out of the way, THEN proceed to the next plan provided that mediation was successful.
Mediation considered being successful, resulted in the plan today.
Like I said, after a confirmed plan, EC is dissolved. There is nothing left to "settle" outside of BK. EC will go "poof"
imo
NO, the Debtors wanted to go ahead with a new plan back in September after the judge issued her opinion for "colorable" claims.
The plan was to proceed to confirmation and litigate the claims post-confirmation. Did you not listen to those hearings?
I have the transcript if you want it.
Not quite true is it? Last time we had up to one year to decide if we want to grant releases. It didn't matter as much to know what we're getting or who exactly we're releasing.
And that was when going after IT wasn't even a possibility. Look at it this way, what if the plan had been confirmed and then a settlement happened outside of BK court between the SNH and the EC?
You mean, "YES" to releases in order to get distribution. eom
It is called the corporate actions department. Eom
... or 30 years old ....eom
Green everyone is not 40 or 50 years old....
Yes, and for a "regular" Coke, no Diet for me:
http://www.irs.gov/pub/irs-pdf/fw9.pdf
W9 is for both. eom
Follow the thread. eom
Yes but if I am a broke and am going to buy milk that is $4, If someone else wants to pay 25 bucks for a larger container that doesnt make him more sophisticated it just means they want more milk and can afford it.
Using the same example I cant understand how a gallon(Ps) cost $4 but the 2 half gallons (U's) cost $9 each here LOL
Now I don't actually remember the entire hearing, but if I do remember correctly, it was stated in court that funding of the litigation was a factor.
I do not know the timeline of the withdraw or the depos of Sarkowsky.
So it would be factual if it was in fact "funding" was an issue if the main plaintiff withdrew as stated in open court. Someone may want to pull the transcript or recording as verification. I nominate you since you don't like my responses.
As to why they wanted to withdraw, that is up to speculation.
I have to go now. Have a nice weekend.
imo
Oh Please. I am so tired of your non - factual statements. Please be specific and name the HF.
Obviously there has been a loss in stock value as well as in paying legal fees - so why wouldn't the HFs decide to end it?
ILoveStocks
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Friday, January 13, 2012 6:15:12 PM
Re: marayatano post# 6171
Post # of 6175
correct Broadbill started the claim but latter turned it over to Nantahala and Blackwell Capital Partners, LLC ("Blackwell")
Note:17. On April 12, 2010, Broadbill Investment Corp. ("Broadbill") commenced an adversary proceeding against WMI seeking a ruling that the holders of the Dime Warrants have allowed Claims against-and not Equity Interests in-WMI (the "Dime Warrants Action").
Then: 20. On June 30, 2010, the Bankruptcy Court approved a stipulation allowing Nantahala and Blackwell Capital Partners, LLC ("Blackwell") to intervene as plaintiffs in the Dime Warrants Action [Dime Warrants Action, DJ. 27]. In accordance with such stipulation, (i) on September 3, 2010, Broadbill, Nantahala and Blackwell filed an amended complaint, on behalf of a putative class of all Dime Warrant holders, and naming themselves as class plaintiffs, which superseded the prior complaint, and (ii) the Debtors withdrew, without prejudice, the aforementioned motion to stay, and consolidate and adjourn the omnibus objections sine die
[Dime Warrants Action, DJ. 52].
On May 16, 20 II, Broadbill filed a notice that it had withdrawn as plaintiff in the Dime Warrants Action [Dime Warrants Action, D.l. 209]. Shortly thereafter, Nantahala and Blackwell filed a motion seeking to add Axicon Partners LLC, Brennus Fund
Limited, Costa Brava Partnership III LP, and Sonterra Capital Master Fund, Ltd., as additional named plaintiffs [Dime Warrants Action, D.l. 217].
Resolving Adversary Proceeding and the LTW Proofs o/Claim, dated January 10,2012 (the "Stipulation"),2 between the Debtors and Axicon Partners, LLC, Blackwell Capital Partners, LLC, Brennus Fund Limited, Costa Brava Partnership III, LLP, Nantahala Capital Partners, LP "Nantahala"), Sonterra Capital Master Fund, Ltd, (collectively, the "Named Plaintiffs"), individually and on behalf of all holders of Litigation Tracking Warrants originally issued by Dime Bancorp, Inc. (collectively, the "LTW Holders"), respectfully represent as follows:
I don't know what the HF wanted to do. It was announced during a court hearing that a main plaintiff withdrew and was no longer a part of the action.
Why would someone withdraw if they they were so confident that they were going to prevail or be in Class 12. The only logical thing I could infer is that there was a reason for that HF to "get out".
Now after the fact, we know Walrath ruled DIMEq is equity, Class 21. Now we have a Stip for 19M minus $3.2 M, plus 2.xx% based on an original $337 claim. It looks like the HF made the right decision.
I did not check, but I would look further back and see if there was more than 700K, since i am sure the withdraw was not immediately before the hearing date.
imo of course and speculation on my part.
You can apply the same concept with groceries or engine oil. All it is, is being a smart shopper...
Would you buy a gallon of milk for $4.00, or 2 half gallons of milk for $2.50 each? They are both milk, just different container sizes.
Would you buy a 5 quart jug of engine oil for $25.00, or 5 quarts for $7.00 each? They are both engine oil, just different sizes.
the list goes on...
If you want to be technical, all items are the same brand.
imo of course.
It was one of the main, if not THE main plaintiff, that no longer wanted to pursue DIMEq long ago. Obviously, he/it knew something and as a result, probably dumped their positions in DIMEq.
Someone may want to look at the charts to see if there was any volume on the day (preceding the announcement in court) the MAIN funder of the LTW DIMEq dropped out of the case.
imo
His rational is he "baught" 1,000 p shares to offset his commons because he was not confident in his commons. Imo
If there is money that was actually set aside (I know there were reports that money was not set aside even though Walrath set the reserve for $337 million), then it goes back into the waterfall (or liquidating trust).
imo
No, Dimeq got "go away" money. Dimeq was at around $0.70 (assuming you were talking about that period of time), after the ruling, it tanked.
Now they got a settlement/stip.
So Dimeq Claim was $337 million, after the stip, they got $19 million and 2.xx% in WMI2, that is not even 10% of their claim.
You would have lost your azz, if you were brave enough to double down after it tanked, then you would have still be in the RED.
imo
I concur 100%. To ignore the facts and brush off risk is foolish. We all stay informed because issues are brought up and discussed so we all can make better informed decisions and lessen our risk in the market.
... in the end, no matter what, the majority will keep their "rose colored" classes on...
Example: No offense to DIMEq board, but if you didn't believe that Dimeq was Class 12, no one cared for your input if you had a different view. Most ignored the risk and had eyes solely set on Class 12. When the WAMUQ board spoke about DIMEq, they said it was Class 12 also, ONLY because DIMEq effects Commons' distribution/dilution and being in Class 12 meant WAMUQ would have gotten the entire proposed 30% rather than sharing with DIMEq. Had it been a straight waterfall scenario, WAMUQ board would have welcomed DIMEq to be diluted with WAMUQ if it meant DIMEq would not put $337 million ahead of WAMUQ.
No one (or few) on the WAMUQ board wants to listen to the POSSIBILITIES or different SCENARIOS, ie 70/30 split, etc., yet, people who will be nameless, were so pro-commons "baught" prefferds.
Some only want to see what they want to see to benefit their position and make themselves feel better.
There are a few exceptions that were open minded.
imo
WAMUW = approx. 27.xx% Dimeq = 2.xx% imo/eom
Confirmed by Rosen: 8.77% of the 30% (as if the 30% is 100% of common's share) = 2.xx% of WMI2 eom
So Dimeq = $0.143636364 plus 2.xx% of WMI2. Anyone come up with a different number? imo
EDIT: I used 110 Miliion shares as the float. Not sure if that was the actual float.
I am not following this, however, at a glance, it looks like it depends on how many elect stock then it is prorated.
The "all or some" is something you fill out yourself on the ballot.
I am sure whoever is following HUQ will jump in answer your question.
imo
Commencing on the Effective Date, and subject to the right of election described in the Plan, each holder
of an Allowed PIERS Claim shall receive, in full satisfaction, release and exchange of such holder’s Allowed PIERS
Claim and Postpetition Interest Claim, subject to the Lien or priority rights of the PIERS Trustee, such holder’s Pro
Rata Share of (i) Runoff Notes (subject to the provisions of Section 31.14 of the Plan and to the extent remaining
after distribution to holders of Allowed Senior Notes Claims, Allowed General Unsecured Claims, Allowed Senior
Subordinated Notes Claims, Allowed CCB-1 Guarantees Claims, and Allowed CCB-2 Guarantees Claims), (ii)
Creditor Cash and (iii) Liquidating Trust Interests, in an aggregate amount equal to (a) such holder’s Allowed
PIERS Claim and (b) in the event that all Allowed Claims (other than Subordinated Claims) are paid in full, such
holder’s Postpetition Interest Claim.
Notwithstanding the foregoing, the Plan provides that each holder of an Allowed PIERS Claim shall be
provided the right to elect, in its sole and absolute discretion, to receive such holder’s Pro Rata Share of the
Common Stock Allotment in lieu of (i) fifty percent (50%) of such holder’s Litigation Proceeds Interest (solely in its
capacity as a holder of an Allowed PIERS Claim) and (ii) subject to the provisions of Section 31.1(e) of the Plan,
some or all of the Runoff Notes that such holder otherwise is entitled to receive pursuant to Section 20.1 of the Plan.
Elect to receive pro rata share of the Common Stock Allotment, collectively and
not individually, in lieu of (i) fifty percent (50%) of such holder’s Litigation
Proceeds Interest and (ii) some or all of the Runoff Notes that such holder otherwise
is entitled to receive pursuant to Section 20.1 of the Plan.
$ of Runoff Notes to be tendered for such holder’s pro rata share of the
Common Stock Allotment.
NOTE: To the extent a holder of an Allowed PIERS Claim receives Reorganized Common Stock pursuant
to the foregoing election, such holder’s share of the Runoff Notes to which the election was effective shall not be
issued and Reorganized WMI shall retain an economic interest in the Litigation Proceeds equal to fifty percent
(50%) of the Litigation Proceeds (and such interest shall not constitute a component of the Liquidating Trust Assets)
such holder otherwise would have received (solely in its capacity as a holder of an Allowed PIERS Claim) (and the
holder’s rights in respect of distributions from the Liquidating Trust shall be adjusted to the extent such proceeds are
received by Reorganized WMI). Failure by any holder of an Allowed PIERS Claim to elect to exercise rights
provided in Section 20.2 of the Plan on or before the Voting and Election Deadline shall constitute a deemed waiver
and relinquishment of such rights by such holder. Any election made after the Voting and Election Deadline shall
not be binding upon the Debtors unless the Voting and Election Deadline is waived, in writing, by the Debtors;
provided, however, that under no circumstance may such waiver by the Debtors occur on or after the Effective Date.