Linda is biotch...! LOLz JayKay
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Keep in mind, that tps/ reits already diluted preferreds. I say it stands at 70/30 or settled at 80/20 in favor of prefferds despite dimeq dilution into commons. Imo of course.
Yeah, really feel sorry for the guy who put that$ 100k in dimeq. Imo/eom
Yeah, according to other board, dimeq ruling is out and in favor of WMI. Dimeq lost. Imo
The problem is that it is really $2.5 billion in claims ($3 billion if you want to factor the time SNH wasted bleeding the estate).
The other problem is that you have to factor in TPS/REITS. They are valued at $4 billion.
No only that, going through litigation, will only allocate any disgorged money from SNH to PIERS, DIMEQ and prefferds, ie. TPS/REITS, P and K.
Commons would end up with ZERO because of APR.
See the below quote:
That is a lot of words to just say "Yes". eom
Question:
So now you are a "p on". Welcome aboard. Eom
What will stop dimes from pursuing IT, is that they have to come in court to ask to prosecute IT claims and discovery while the judge confirms the plan, it would render any appeal equitably moot since the plan would have been executed and funds distributed.
Do I think the plan this time will be confirmed, yes I do, however, with some modification, which I am sure the parties will make changes on the spot to pass the por.
Tps wont be able to stop the train unless district rules in their favor, but I don t see them winning, but I want them to.
All creditors money is burning. Time is of the essence. Judge will confirm the plan regardess of objections. She will just make concessions.
Btw, we don't know what she will rule, it could class 12, 18, or 21. Sould just wait for the ruling.
Imo
Sorry, I should have been more clear. There are two (2) different settlement agreements:
Settlement between EC and SNH was the WMI2 from Class 16 to Class 19, 21 and 22.
The Settlement for Class 17A (WMB Senior) was the GSA, but Class 17B (WMB subordinates) was zero recovery.
By the way, i do think that Art is a great attorney and very persuasive.
We should wait and see that the ruling/opinion is on Tuesday. It does not effect me either way the judge rules.
imo
EDIT: Saw you edited your post to include:
This is the problem I saw in the DS/POR.
The $$ stops at HUQ, so Class 18 should get zero, however, the wording in the DS/POR states that Class 18 gets distribution of the liquidation Trust. So it either one or the other and it is conflicting each other.
Class 19 says the same thing, after sub claims are paid.
So, that has to be clarified by the debtors.
If Dimeq is on Class 21, yes, lumped to together with commons at a to be determined ratio.
Good night, I have to go now. Someone does not want me posting here.
imo
As it stands now, correct. The distribution of $$ stops at HUQ, that is why HUQ is capped at $250 million divided by 23 million shares max recovery.
As it currently stands today.
imo
Well, the proposed DS/POR has Dimeq as Class 21 for now, however, depending on the ruling, it could be Class 12, 18 or 21, assuming Walrath is going to rule in our lifetime.
As a common holder, yes, you would want Dimeq in Class 12 or 18, so it will not dilute commons.
As for an H holder, you would want Dimeq as Class 18 or 21.
Dimeq in Class 18 would make everyone happy, except Dimeq themselves.
imo
Class 18 = Sub calims
Class 21 = Dimeq
Yes, it can also be interpreted as Dimeq is Class 18 or Class 21, since Dimeq in Class 12 would wipe out HUQ, or ...
Someone is confident that HUQ will survive...
imo
... because if that were true, then preferrds would own almost the entire WMI2. Prefferds is approx. 7.5 BILLION value. Commons float is probably in the 100's of MILLION value, not even in the billions.
30% is a lot considering commons will end up with a big fat ZERO in ALL SCENARIOS, if it were not for a settlement and a GSA in tact.
Willingham did do a decent job FOR COMMONS (and himself), w/ a big F U to prefferds.
Commons are lucky to have even survived and shouldn't be complaining.
imo
Affirmative. eom
TPS did more to help and were more aggrssive than the EC. imo/eom
Happy Holidays to you to. I am outtie! eom
Well, hard to say. I believe that Dimeq is equity, but they have a creditors claim because of a breach of contract. So that claim should be placed in the Class 18, because it really is not debt, but a claim from an equity. That is the way I see it.
As for the PPS rising, I assume you mean commons. I do not think it will rise much (or sustain any gains) if Dimeq is classed as 12 or 18, because the market is factoring above what commons are worth, i.e. 3.5 cents (0.035). Market has not factored in Dimeq dilution.
If Dimeq classed as 21, then commons should have downward pressure.
This also answers rockie's Q.
This an opinion.
No, that is just based on the latest POR.
Dimew could be 12, 18, or 21. We won't know until Walrath rules since Rosen and Art asked for a ruling to be made. When she rules, it is gonna be final.
Everyone on the Dimeq board thinks Class 12 (but they are biased because they own it, but that is understandable), but I think Class 18 is more likely if Walrsth rules, otherwise Class 21, as the POR states.
This just my opinion, we should just wait for the court ruling.
imo
Dimeq was part of the GSA's "fair and reasonable", so Dimeq is now WMI's liability.
TPS is setting this up to take the majority of WMI2 for them (and indirectly benefiting P&K).
imo
Pilgrim's Pride BK, similar allegations as WMI:
She sure did! http://www.kccllc.net/documents/0812229/0812229111223000000000014.pdf
Foot notes 3, 4 and 5:
Willingham been accused of being "bought" and the shifting of what rightfully belongs to Preferreds shareholders has been redirected for the benefit of commons, which happens to be what the "chairman" solely owns. Preferreds got the shaft.
I would say no because if this is the same kind of appeal TPS, and EC are going through, by the time anyone even looks at the appeal briefs, the BK would have already gone through confirmation and distributed all the assets/cash and render the Dimeq appeal equitably moot.
imo of course.
Problem is if Dimeq is creditor, and in Class 12, then it would be no problem for commons unless the creditors come back and say, hey we need to re-negoiate because of Dime in Class 12. All the other creditors will be pizzed off.
If they are in Class 18, they get fudged, which I do not think they deserve, however .... I am sure a lot of commons would like to see Dimeq in Class 18.
Class 21, then commons are pizzed.
So how are they going to settle this without pizzing anyone off. There is not more money...
imo
I agree, never disputed that, however, it has become a problem out in the open between common and dimeq now. Debtor left that clause re: 70/30 pending confirmation/judge approval. imo/eom
Ya, something to effect of Dimeq conversion to be 74% to 87% of commons float of commons 30% share. That was one of the them.
DIMEQ vs. Commons starts.
imo
90/10 split (my opinion), however, we (TPS/P&K/Commons/Judge) may meet in the middle at 80/20, however, we will see how convincing TPS's objection is (assuming they are going to be objecting). I just don't see how P&K/TPS can be more prejudiced while commons got a "great deal" out of this settlement.
imo of course.
Happy Holidays to you to. =) eom
Clarification: When I mentioned Dimeq as Class 18, that is what I believe the Judge would rule, however, since they are in mediation, it will likely stat in Class 21 with a negotiated/agreed prorated conversion to new common.
... however, that is just an opinion.