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Should the IHub letter docketed today with the JPM graphic be sent to that massive email list of journalist and media contacts that was listed a while back?
WOW good job all and lets continue to band together. In it till the end come hell or high water...:)
You know what screw it. Let me stop being lazy. Ill just walk from the house office buildings over to the damn senate side and view this live and in person. :)
If anyone get access of the hearing live and streamed online can you please post the link. I don't believe CSPAN2 will cover it as the schedule says that it will be covering something on JOBS
NVRMND thanks cents!
Wow so that joinder looks very official...hmm all starting to come together! Any thoughts on the share holder meeting possibly being denied?
Thats correct Seth, I posted that early this morning he was speaking in the context of having documents on the proceedings that the FDIC did something Fundamentally wrong and that their silence on this issue should not mean that they don't have a stance on this or an argument to prove that they did...its just it has not come up and have not had the proper venue yet.
That's just to summarize.
Everyone yesterday wanted the claims dismissed. JPM counsel spoke specifically to this toward the end and there main point was
"it is a derivative claim and the only claim that can be brought for the bondholders is by the receiver, the FDIC. So there claims should be dismissed. We also make this argument with respect to claims made by bondholder against FDIC and JPM in the DC case"
As some have mentioned earlier, WMB Bond holders and note holders brought to light the very issues we would have expected the EC to make but in favor of equity.
I also believe the Judge is separating the cliques to stand alone and Fall (JPM and FDIC) or come to a true global settlement for all.
Wonder why WMI was so frustrated and desperately arguing against the judges ruling to convince her to dismiss the claims. I was irritated by this as well, but now it all makes sense. IMHO this is very crafty in how the bondholders are pissed and are attacking the FDIC for not protecting them and are helping to make they very same if not similar arguments we will make. I think this is why the EC may have been mum...no need to speak up yet, but I hope that when they do it will be the final nail in the coffin.
One of the lawyers not sure whom
Youth Honor lets look at what is unstated today and the overall context. They keep mentioning a settlement, yet there is no longer a settlement. The FDIC does not support it. Though they use nice words like hopeful in discussion and etc, but they don't support it so there is no settlement. They have made this public and even in their disclosure statement. The fact that they were willing to give NOLs funds to JPM, who was a large TARP recipient is mystifying. We have made the Senate aware of this.
WMB Noteholders lawyer said something to the effect of...
"for commons to get recoveries before creditors, which have brought these claims before you your honor does not make sense. Unless 1) they are not valid or 2) the FDIC did something fundamentally wrong. We have draft proceedings ready to go on this now, but this is not the time or venue. Please don't mistake our silence to indicate we don't have a case to make on something fundamentally going wrong. We have a dog in this fight, a big dog at that.
Wow...listening to the Audio again and here is an interesting qoute from the WMB lawyer
"When I hear the debtors talk about we have been here for 18 months it makes me want to screaml. I have been asking for discovery and to bring litigation for almost 18 months. We have been in this case for 18 mothngs and WMI has not given me one document because they don't want to litigate these issues. Your honor you can make your own opinion why they don't want to litigate these issues.
Yeah, I was waiting for equity or someone to defend the damn fraud claims and the statements about WMI was insolvent and made misrepresented facts about their solvency and how the company was doing.
The Y! post makes sense and could bare credence why the Judge was adamant to dismiss the bonds claims and also why WMI's lawyers were so vocal about having her read the brief and not allowing there arguments to stand in a brief...
Very interesting in my opinion. Starting to get good. I wonder if WMI will defend those fraud claims.
Correct me if I'm wrong, but I think anything over 10 billion is good for equity to get something. And IMO that is a very very low number as the numbers we have now are pretty close to that...its just we are giving most of it away to JPM and the FDIC...well Rosen is.
Correct me if I'm wrong, but the judge can still rule on the 4 billion on Tuesday if she wanted although per the agenda it is scheduled to be taken up on April 21?
I just find it odd the EC would be okay or agree with waiting until the 21st after just recently submitting a motion requesting a ruling on the SJ. But what do I know...
TIA.
Please remember just because it is not on the Agenda does not mean that the judge can't and won't rule on it. She may be so pissed that she does not want to wait. I remember back in Feb. when it was not on the agenda to be ruled on and she was ready to rule, but council asked for her to wait a week. I don't think they would have that luxury now if she so decides to rule. So April 6th could be her way of doing what Rosen did to us on 3/12, but in a very good way. Just my 2 cents.
Well now we know for a fact the MOR does not have all the numbers...
Cautionary Statement Regarding Financial and Operating Data
The Company cautions investors and potential investors not to place undue reliance upon the information contained in the Monthly Operating Report, which was not prepared for the purpose of providing the basis for an investment decision relating to any of the securities of the Company. The Monthly Operating Report is limited in scope, covers a limited time period, and has been prepared solely for the purpose of complying with the operating guidelines as described in the Chapter 11 Trustee Handbook, United States Department of Justice, May 2004 in accordance with 28 U.S.C. § 586(a)(3). The Monthly Operating Report was not audited or reviewed by independent accountants, was not prepared in accordance with Generally Accepted Accounting Principles in the United States, is in a format prescribed by applicable bankruptcy laws, and is subject to future adjustment and reconciliation. There can be no assurance that, from the perspective of an investor or potential investor in the Company’s securities, the Monthly Operating Report is complete. The Monthly Operating Report also contains information for periods which are shorter or otherwise different from those required in the Company’s reports pursuant to the Exchange Act, and such information might not be indicative of the Company’s financial condition or operating results for the period that would be reflected in the Company’s financial statements or in its reports pursuant to the Exchange Act. Results set forth in the Monthly Operating Report should not be viewed as indicative of future results.
I have a feeling this will trade sideways until the agenda comes out on Friday or over the weekend for Tuesday's hearing then we will see some movement in anticipation of that hearing.
But like so many others have said we are not to far off from whatever it is we are going to get even if it comes to a Memorial day settlement...two months will fly in no time. :)
LMFAO...uzual, why you messing with that poster like that. LOL We are well aware of the website...its even posted somewhere in the ibox...:)
Thanks really appreciate it. With just three more days till the hearing and a weekend in between this is going to be fun, intense and exciting to see just how much momentum we start gaining, even in the PPS!
when is the shareholders meeting supposed to take place? Sorry if this has been answered before. And also as someone pointed out...this is a long weekend and coincidentally before the hearing on Tuesday, April 6th. It's possible we may see some serious talks before this hearing over the weekend otherwise we get rulings on SJ and automatic stay.
Now JPM wouldn't have the balls to let the rulings happen on Tuesday or do they just not give a care? Any thoughts and opinions?
TIA
Hmm now that's interesting and you may very well be on to something...but I honestly don't think JPM will let it get that far, ruling on SJ, Change of BOD and Valuation by Solomon!
Ummmmmmmmmmmm, yeah, can you say WAMU would possibly end up owning JPM if that all plays out right. IMO
Blackhorse didn't want the EC was hanging with Rosen, now all of a sudden the POR does not add up for them they jump ship and support the EC in order to get the SJ ruled on. Hmmm, now they see the light and see that if the EC wins for commons everyone wins....
Just my 2cents! :)
Oh UWAW I couldn't agree more with your post...Karma is a bitch!
Oh gotcha...
Yup on pg 71. Wonder if this means they will exit BK with commons intact and add more shares and the price will trade at the true value of WMI?
ooohhhhh wish i had those memos...
REVIEW DRAFT MEMOS REGARDING OPTIONS
PROCEEDINGS FOR SHAREHOLDERS IN BANKRUPTCY CONTEXT (1.5 );
CONFERENCE WITH A. POSSIDENTE REGARDING OPTIONS
FOR SHAREHOLDERS IN BANKRUPTCY CONTEXT (.4);
CONFERENCE WITH A. POSSIDENTE REGARDING
WASHINGTON ANNUAL MEETING ISSUES (.5); REVIEW AND
REVISE MEMO SUMMARIZING STRATEGIC OPTIONS FOR
WAMU EQUITY HOLDERS; CIRCULATE SAME (1.2)
Looks like Rosen foreshadowed Friday's events well in advance...
The drama, confusion, and mystery still unfolds. Nothing is set in stone yet and I will continue to hold.
EVERYONE needs to listen to this:
Rosen expects the EC to get involved NOW.
Some of you may have already listened to this hearing, but I think what Rosen said then is very relevant to what just happened last Friday.
In the 1-28-2010 hearing where the motion to disband the Equity Committee was denied, this is what Rosen said:
My transcription:
"People are only concerned if we decide to settle this case, settle this litigation. Not that we aren't going to zealously
pursue it, but if the debtors at the end of the day decide that they believe based upon whatever factors we take into account, a resolution among the FDIC, JPM and WMI, is appropriate could be resolved consensually. And at that point in time, your Honor, it's in our papers clearly set out, that's when the EC, if at all, should come into being.
Because, it's that point in time, your Honor, that people would be unhappy with that resolution. Not that we're proceeding in the litigation right now, but that we've decided to settle at a number that they don't think is appropriate. And therefore they would argue, your Honor, that it falls below the lowest range in the range of reasonableness. To us, your Honor, that is the time when someone needs to rear their head. It's not now. We don't need any additional help in litigating, your Honor, because we're doing a pretty good job. And, we already have the help of the creditor's committee in those litigations. People are casting stones at the debtors, they're casting stones at the creditor's committee saying at that point in time they won't be looking out for the interest of the equity holders. Your Honor, we are doing everything we can to maximize those assets, that was the mantra that we started out with in this presentation, that's the mantra that we're going to carry through to the end of the case. And if in fact the waterfall that would be presented in this case would show that there should be distribution to flow down south to the preferred holders and the common equity holders, that will be appropriate, that will be contained in the disclosure statement. That will be something that will be put forth in a chapter 11 plan. But, at this juncture in these cases, we believe that there is adequate representation of the equity holders."
"We think the role of this equity committee should not be to get involved in any litigation, but rather to have the opportunity to
review any settlements, if in fact one is ever brought before this court."
http://www.viewip.net/WMI/Hearing/2010-01-28/20100128_03.mp3
Additionally, in the hearing:
Cross(EC counsel) said:
"It is laughable that EC could come in at the 12th hour and review a settlement and make any educated judgement."
Akin Gump counsel(secured creditor committee) said:
There are 9 members of the WMI board of directors, still active in the case
Is diamonds return from the dark abyss a sign of things to come. Lol. Commons from the depths of pennys to dollars.
Hmmmmm...the man does work in mysterious ways.
actually makes complete snse for the judge to see first hand that equity was left ou now they can come in and just do what they need to. Versus rosen saying they can't get anywhere in an intial settlement because of the EC.
Seems like there is a method to the madness. Maybe something significant happens over the weekends now leading up to the 26th as no media outlet will cover what happens. It will always read deal final for $4 billion settlement even if it's a 20+ billion settlement.
With the media spin shored up and the coverup in place...we only wait for the judge to sign off on motion to intervene and then "we start murking some folks".
Get your popcorn ready, as T.O. Would say. IMO
IMO its game on and the EC may not make any filings until the last minute, so as to go into Thursday's Hearing and make Rosen and all look like idiots and much like we have over the passt 17 months.
Thursday I believe will truly be make or brake for us and will be very telling.
See you all tomorrow unless some new filings come out tonight!
P.S. as many have stated once the motion to intervene is signed that will be the first signal...if not it was a great learning experience to say the least. :)
No problem Pan...
Yeah sure did charles!
Could it be these two own a lot of commons and are therefore lawyering up?
Name change is for the firm not wamu...posted on PQs
see this post http://investorshub.advfn.com/boards/read_msg.aspx?message_id=47835843
I see, I see...very interesting why such an order now and today for that matter!?
What are you getting at cents?! TIA
Word around is that she is one of several candidate that could be nominated to become a Supreme Court Justice...she is one of the great appeals lawyer and is openly LGBT.
IMO she could be asset to appeal in rulings or could somehow help efforts in reaching a settlement. After all in the event she does get nominated she would not want any skeletons from this case to come forward during a Senate confirmation...just my two cents and thoughts...
Not The sullivan that is could possibly end up as a justice or the openly GLBT sullivan...say it isn't so.
If it is, this adds a new twist to the ball game!
Thanks Chiron and Godfather!
Now with that said why would WMI voluntarily wanna give JPM money when law says they don't get it anyway and they are essentially the ones that put us in this crap...
things that make you go hmmm!
Can't wait to read filings this weekend. Alright take care everyone going to ease my mind some!
I believe this is how they will sweep it under the rug, once the big numbers come out no one is going to care and it won't get exposure as many ppl will think and believe that the matter has been settled based on today's hearing and the media.
Could we be the next bear stearns....bs offer today, to show the court we have something, but its only the original settlement while we use the weekend or up until the 26th to put together the real settlement. I'm long and strong till I die or this says 000000000.
Although I must admit emotions got the best of me and a panicked momentarily before realize what it was I was actually hearing and not what it was I thought I heard...EC will fold their demands into this.
This is what I hope and believe based on my opinion. Okay I am done watching these boards day after day and hitting refresh....