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Thanks Roberta! Keep the pressure on em! Don't let them think that they can do anything less then eventually present something, under seal, "Do to inadvertinse and error, the information inadvertantly withheld from opposing counsel. This information appears to have been overlooked during a prelimary search of our....not withstanding. All parties in an effort to resolve these matters....mutually release...admit no wrong doing..." That SRA is going to be one h*ll of document.
Sorry people, I can't do private replies. IMO, the sealed document centers around slipped information by someone from one of the perceived opposing side. Either unintentinually or intentintually someone gave Susman some good information.
If someone did leak information (I think that it was discovery information that was being withheld from EC,) they don't want to lose their license or be black balled for ratting out their own client.
The difference between confidential and sealed from my understanding and experience means that: Confidential is party to party communication. Sealed means that there are innocent party/parties caught up in the event and need to be protected by the court at the conclusion of the case from any criminal prosecution if pursued.
Susman has asked the court to keep the person or person name sealed to prevent anyone ever knowing who it was.
IMO, Quinn knows it came from their camp hence the distress and Rosen being pissed off.
So, Rosen shows up in court with his 13 boxes of documents and ready to bend the legal meaning of the law some more. He and cohorts arrived feeling snappy with jovial smiles and ready to manipulate the law into their own special interpretation. Susman arrives later (expected or not by Rosen’s group.) At some point, while Rosen’s group is still feeling heady, Susman steps over and asks Rosen if he saw the filing from yesterday regarding the filing under seal. Rosen says no (either lying or not.) Susman asks him if would like to see it now. Rosen says no (probably going for bravado and time to discern its meaning.) At some point, Susman manages to reach or called into judges chambers. Like God, the judge starts calling in WMI, JPM, and FDIC into the arch in twos. The other entities pinch a fit to be included. Rosen’s group probably perceives this a procedural issue and huge annoyance to prevent them from moving forward with their manipulation. A quick meeting in the judge’s chambers turns into a two hour event. When they do come out, Rosen is pissed and nervous while Quinn’s group looking like they lost their homework. Meanwhile, Susman is enjoying the theatrics of watching Rosen’s gang in misery. AIMO, I doubt that we’re looking at direct fraud (as there would have been no tomorrow for Rosen.) And, it’s a little soon to scream settlement this weekend or during the week, but the gruesome threesome have to be trying to figure out a way to get rid of us without showing a whole other level of conspiracy. AIMO. I would love a step by step event with speculative detective interpretation by someone out there that went to the courthouse. Any literary writers out there in DC?
Exactly, a Hail Mary CYA at that. I love how they are telling the EC and basically the Court "We'll tell you what we think is responsive and discoverable. We don't care if you want A we're only giving B. And B is all you need. And more importantly all you want. No A. Just B. WE SAID B!"
Susman know who, what and where. He just needs it in black and white. JPMC is refusing because they know it's curtains. Page 9 rocks:
“(2) communications between anyone at JPMC and the FDIC concerning Washington Mutual between March 1st and October 31, 2008;”
“JPMC has agreed to search…..eight employees who were not among those requested by either the Equity Committee or the Debtors.”
“JPMC has refused to undertake a search for any of the five categories identified by Equity Committee…”
Yes. Do you see the listing of the objections by the third parties? And the motion by the court for further discovery on third parties? This is a delightful filing of CYA by Rosen. "Really, we've been working this the whole time to maximize the estate for the beneifit of everyone. See? Those objections were just so tough to overcome. Please don't pay attention to the fact that we are incompetents who couldn't figure out how to get around the objections the way Susman figured out in one meet and greet. And that JPM was hiding a million pages of documents that could have help all of our clients. Please don't figure out that we are trying to protect lots of people from going to jail so that's why buckled under to FDIC. Please don't disbar us for mincing words about our fudiciary duty to shareholders because want to be really really rich ourself. Please Mr. District court please don't let them investigate this because if you do a lot of people might start rolling over on other people. Please Please."
Since EC new what the decision was on 17th, they would have had this burning and ready to file as soon as they did or did not need to wait for the official memorialization of public record on the 21st if an expedited hearing was necessary to save our hides.
Time may be of the esscence, but there was not a rushed expedited motion request attached to this. IMO, it means they're are talking. Susman isn't going to lay off the pressure until he gets what he wants. He knows he can get his board meeting and win. He knows that he can get the examiner.
IMO, the reason that you haven't seen expidited motion on the 3rd district examiner and the board meeting decision is because he's working with Rosen. Susman wants to keep the threats looming over Rosen's head, but he doesn't want to go nuclear with the court or with Rosen unless need be.
Right now, he's chastising Rosen in his filing to the court. He's calling out Rosen as wasting the court's time and disrespecting the court with these unnesscary filings and hearings. Rosen is filing motions just because he can, not because he has too.
Susman is calling him out in this filing as wasting the court's and estate's resources and time. If we want money back for paying Rosen's bill, this is how to do it. Susman is calmly showing the court what a waste of time and money Rosen is. We know our judge doesn't like this kind of stuff and is likely to get fed up with it and demand funds back to the estate. But, Susman has found a way to show that he is the better and superior attorney for the interest of the owners and even the estate.
Once again Susman has seized control of another aspect of this case. He is showing Rosen as the party wasting the resources of the estate with filings that are fraudulent in purpose. Nice way to end a filing with the upper hand.
Since EC new what the decision was on 17th, they would have had this burning and ready to file as soon as they did or did not need to wait for the official memorialization of public record on the 21st if an expedited hearing was necessary to save our hides.
Time may be of the esscence, but there was not a rushed expedited motion request attached to this. IMO, it means they're are talking. Susman isn't going to lay off the pressure until he gets what he wants. He knows he can get his board meeting and win. He knows that he can get the examiner.
IMO, the reason that you haven't seen expidited motion on the 3rd district examiner and the board meeting decision is because he's working with Rosen. Susman wants to keep the threats looming over Rosen's head, but he doesn't want to go nuclear with the court or with Rosen unless need be. Right now, he's chastising Rosen in his filing to the court. He's calling out Rosen as wasting the court's time and disrespecting the court with these unnesscary filings and hearings. Rosen is filing motions just because he can, not because he has too.
Susman is calling him out in this filing as wasting the court's and estate's resources and time. If we want money back for paying Rosen's bill, this is how to do it. Susman is calmly showing the court what a waste of time and money Rosen is. We know our judge doesn't like this kind of stuff and is likely to get fed up with it and demand funds back to the estate. But, Susman has found a way to show that he is the better and superior attorney for the interest of the owners and even the estate.
Once again Susman has seized control of another aspect of this case. He is showing Rosen as the party wasting the resources of the estate with filings that are fraudulent in purpose. Nice way to end a filing with the upper hand.
Gold, can you hear that? It's the deafening sound of silence. It's a beautiful sound to hear in this ugly of a litigation. Unless we start seeing some ugly filings by Susman, it means that Susman is getting everything thing that he wants and needs so far to prove his case at this level or reach the numbers that he wants. Ah Susman, you do the heart good. IMO.
Agreed. It's under Susman's guidance that these assertive requests, i.e. the examiner, have even originated. The examiner is just one of the many tools that Susman has created as a threat.
Rosen and JPM have already started capitulating to Susman's superior lawmanship after losing in court and the meet and confer.
Susman wasn't giviing up anything. The bankruptcy was put on hold while he looks over what he's being given and talks over possibly being paid off.
Not bad, considering a few months ago as a party shareholders were considered a worthless non-voice party in this case.
Wasn't sure how many people already got to see the below quote, but this quote from Rosen today explains Susman behavior. It's hard to complain to the court that you demand an examiner right now, when the opposing party is begrudlingly giving you documents and talking about giving you money too:
"We filed a second amended agenda last evening which referred to the debtor's request with respect to the adjournment of the disclosure statement hearing . As we indicated in the agenda, based on the good faith negotiations that are underway between the debtors and the equity committee, with respect to modifications of the Chapter 11 plan, we thought it was in everyones best interests to adjourn the disclosure statement hearing until July 8 so that these negotiations could continue and to see if a resolution could be reached that would result in a modification to the plan and a modification to the disclosure statement. As part of that the equity committee similarly agreed that it would adjourn its motion with respect to the appointment of an examiner and its corresponding discovery motions or applications that it had on file for 2004 requests of JP Morgan Chase, the FDIC, and with respect with discovery of the debtors."
Wasn't sure how many people already got to see the below quote, but this quote from Rosen today explains Susman behavior. It's hard to complain to the court that you demand an examiner right now, when the opposing party is begrudlingly giving you documents and talking about giving you money too:
"We filed a second amended agenda last evening which referred to the debtor's request with respect to the adjournment of the disclosure statement hearing . As we indicated in the agenda, based on the good faith negotiations that are underway between the debtors and the equity committee, with respect to modifications of the Chapter 11 plan, we thought it was in everyones best interests to adjourn the disclosure statement hearing until July 8 so that these negotiations could continue and to see if a resolution could be reached that would result in a modification to the plan and a modification to the disclosure statement. As part of that the equity committee similarly agreed that it would adjourn its motion with respect to the appointment of an examiner and its corresponding discovery motions or applications that it had on file for 2004 requests of JP Morgan Chase, the FDIC, and with respect with discovery of the debtors."
Thanks. That filing by the UST was very intriging. The attachments were not what I would expect in a filing right now. It was a little off topic with the billing by entities not in the case right. I do look forward to seeing what the UST will be tracking.
Hey Rockie, we've had to ignore the market for two years. That's why we're still here.
Also, things look good because within a few short month Susman has clawed his way into the driver seat and seized the direction of bus.
Without offending the court, he has slowly brought to light all the beliefs of us so called "conspiracy theroy boardees." This has been a monumental achievement.
Susman's filing yesterday was another brilliant filing. It didn't waste the court's time. It simply brought forth the ideas of Project West and all the ugliness behind it. Very good way to show the court and the opposing counsel were they were going.
Don't forget not to long ago shareholders were believed so worthless not to warrant a voice in the case. Had we had a madman at the helm of our counsel it would have been a disaster.
I love all the Monday morning quarterbacking. Given everything that Susman has achieved, do you think that Susman is an idiot and would give something up if he knew it wouldn't benefit him? (Retorical question. Not an attack)
I wonder if Mr. Starke believes that a respected law firm like Susmans has drunk the Cool Aid and is screaming about grassy null conspiracies like all those "Boad" people he mentioned. Does Starke really think that Susman is going to ruin his career on half baked theories by a bunch of disgruntled boardees trying to hit the lottery?
Very telling that nowhere in this filing do they state that they are communicating in "Good Faith" with EC. They merely stated that they have communicated with them but still show no intention of complying with courts original direction. They are still diliberitely misinterputing the courts directive to their benefit. Now they have thrown out their game plan for the appeal and examiner "Unduly burdensome" and "Examined to death." In no way do they ever intend to give anything without a motion to compel or the examiner. Rosen is working overtime to throw everything against the wall and hope it sticks.
Nice to confirm that Weil officially knows/agrees that they will lose at the election of the new board and be thrown out on their a@@.
Payback for the bitch slap that Weil got in court yesterday for being called out in open court as not having done the depos. It hurt when that was said. Weil was called out to the judge again as not have done the fuduciary duty and being bad counsel. It's like saying "they're bilking the estate and they've done nothing." Now they be able to say "We scheduled depos."
LOL. I think that some of them are even reptiles. They could lose appendiges and then grow them back. Most slimey creatures can.
Yes. I agree, unfortunately, POR, SJ and NOL are back burners right now, as they would create too much chaos in court. The big one would be if is requested again by Susman and it is speciffically directly to JPM and FDIC and Judge signs off. That would create chaos in WMI, JPM and FDIC. Right now WMI, JPM and FDIC are holding back the damn. They see some cracks but it's holding. I just can't wait to see it spring some major leaks. I want to see who runs first.
Could you imgane being the judge and now seeing an open conspiracy in your court and the only tools you have is case law to counter act it? It's not like she can in hang them in the court square by their thumbs (which although at this point, we'd all love to see.)
Judge never thought and not been shown that Weil would do such an egregous action. Now she knows. She's working her ass off now to find a way to do this in a procedurrally correct manner. She needs Susman to help her find the case law to back it up. It's a strange position for the court to be in. To be lied to, to be openly adversarial to, to be obstructed, by the BK party. She has to redo her whole perception of this case now. Also, it changes how she she will be dictating this case from here on out. That's huge and time consuming when you have to go not be emotion by case law.
We'll see that long desired jump when we get further along and the news starts reporting that we are getting something. It's coming.
These are some of my favorite quotes from judge yesterday. She was aghast that Rosen had turned against its client. I think she wants to see that work product to know when this happened. IMO, I think we can do away with the belief that the judge is anti-equity.
“I did fully expect that the debtor to produce to the equity committee all of its work product and any document protected by attorney work attorney client privilege because in my view they are your constituents.”
“The Equity Committee is on the same side as the debtor.”
“The Equity Committee is not the adversary.”
“Why should it not be produced to your co-client?”
“Protection from the other side? This is not the other side?!”
“You’re not representing the creditors. You’re representing everybody?!(i.e. Share Holders”)
“How are the shareholder and the creditors on different side from the debtor on that litigation?”
“They’re one of your clients (i.e. shareholders.”)
By the end, the judge was spoon feeding Susman direction for attacking Weil. This is going to be a bumpy ride for Weil, since the judge is obviously pissed to see Weil attacking its own client.
Thanks Slick, this is one of the best freaking articles we've had to date. It definitely puts in the light of "shareholders" not this pre and post crud. Just shareholders. And the shareholders want answers. And, the way the article is rwiting, it suggests the court is with them.
"4 For example, JPMorgan Chase is a significant client of Debtors’ counsel, Weil, Gotshal &
Manges. This fact bears significance in this case because the proposed Global Settlement cedes
billions of dollars worth of claims against JPMC" not to mention releases them of all liabilites. Talk about conflict of interest. I wish more entities would be screaming this.
"And possibly after the hearing." Polite way of stating that we are trying to keep the A/L in check up until confirmation so we can wipe everyone out. Then we can turn around and say "Oops, we can't give money to JPM and FDIC. It's going back to WMI. But, you know what the Equity and other parties that got wiped remain wiped out. But, the A/L is going to change showing that they could/should have gotten money." This will keep people from screaming that we give money to a bank that took TARP money and all the fraudulant things that we did. This will give us time to sweep everything under the rug.
So much for people thinking Susman wasn't going to work hard. Evidently, they didn't have a weekend. Number 11 and 12 rock. 12-"The Debtors have not produced any documents stemming from these other investigations." Kind of hard to mount an investigation and do a presentation to the court when you don't have crud. Debtors and others are really pushing their luck with the court. Beep! Beep! Hear that WMI and Crew? That's the bus and Susman ain't afraid to use you as a speed bump.
The three parties were looking at mutual assured destruction here.
WMI entities figured out they'd make billions another way and skip the criminal retaliation from FDIC.
Susman knows that WMI has the goods on FDIC and JPM. They could have gone further but stopped when FDIC threatened prosecution back to WMI.
This is why Susman is pushing so hard for work product and analysis by Rosen. In that work product and analysis it will show how they strong armed FDIC and JPM. Also,having those analysis will prevent Rosen from hiding documents under attorney/cleint priviledge.
If properly pushed, Dimon being on FDIC board and basically writing directions for FDIC to take over WMB could become a Waterloo for FDIC. With all documents disclosed of public record, it could be a lighting rod for some political figure that hates FDIC, JPM and Dimon. Not to mention all the people Dimon is connected with.
"and damnit He's Good!" LOL
And, the judge can from here on out not believe in his intregity, take Rosen's filings under advisement instead of approving them and decide then to give greater time and lattitude to Susman.
Dam, missed this earlier, full time job getting in the way again. Susman really tailored this discovery and subpeonas down. Judge won't be able to say that he's firing shots in the dark. Though, she might require a hearing on this to determine which entities she feels are truly relevent. But, Susman really is precise on this. Judge has to respect that. Susman isn't acting like a two-bit lawyer. Plus he's putting that much needed pressure on JPM, FDIC and WMI sore spots.
It's up to the creditors and shareholders counsel to show missing financials. I think that the US Trustee is responsible for finding violation of BK laws or guidelines. And, the US Trustee set out some doozies in their filing. Another entity politely calling Rosen a liar, a cheat, and a thug:
5. “…..the false premise that their choice matters.”
6. “ ….the “trap door” concept……is unduly coercive….voting classes undoubtedly be unfairly discriminate against….”
This is not the kind of reputation that a law firm wants to be known for. Other parties can use this type responses against them in future cases especially if Rosen's office is reprimanded by the court in any way.
Fsh, this is the kind of filing that I would think makes Kristen Grind excited. With Susman's skills, I believe that he will go for the heart of the whale and not do some overly broad discovery and eventual depostion request that the judge will be compelled to reject as a fishing expedition. I would love to see Susman doing his tailored discovery and depositions, because he knows where the tender spots are and he's going to keep on pushing on them.
Since so many documents were denied or blacked out by the FDIC, FDIC has to decide to stick to it's guns about being above the discovery laws or capitulate to producing documents. Susman has to finess it just right or the court will think he's abusing his intervention abilities. Judge is hamstringed by BK laws that gives the Debtor so much power to shrug off shareholders.
We know that FDIC is afraid of no one, since they believe themselves above every law and immune to prosecution. To me, FDIC could care less if anyone thinks they're incompetant and only fears discovery for political black eyes and having to pay anything.
She is as cobbled as the rest of us with the lack of information provided by FDIC, JPM and now WMI. I don't believe that she would drop the story. She's probably preparing another series of articles based on the filings after they are done. She having to wait it out until there is further information. Unfortunately, she isn't a opinion reporter. She a journalistic reporter and that reporting tends be blurbs or investigations after everything is done.
My favorate part:
“The new board of directors will not have the same motivation as current management to obtain broad releases under the Debtor’s proposed plan of reorganization, which they have tied to approval of Proposed Settlement with its concomitant release of JP Morgan Chase”
That's right. He saying it. And, he's going to keep on saying it: "What does JPM and FDIC have over WMI? If there was wrong doing on the part of WMI directors, we don't care. Let them go to jail. Were not giving up our money to keep WMI out of jail and thereby covering up what JPM and FDIC did wrong"
Hey Butty, I can't do private messages. I was referring to the fact that because the succinct filings of Susman, the reports in news agencies are getting closer and closer to representing this case in truer light. This is because Susman is asserting claims that the boards/blogs have been asserting for two years. But, this information was not considered credible. However, with Susman asserting it, it is now credible information that can be written. I was thinking of Peg Brinkley's article (and I wasn't attacking her as she has been more sympathetic and honest in giving an objective opinion then most reporters. Except the favorite, Kristen"
No problem. I wondered when someone high up in the litigation/BK community was going to call him out on dereliction of duty. I wish that I knew someone in the BK Trustee or BK Litigation community that could bring a cause of action against Rosen for wilfull misrepresentation. If Rosen was saying all along that they were working for Equity, but right off the bat the plan was to scuttle it, I think that they could get in hot water. Might be why they are fighting producing their work product or analysis.
If they never intended to assist Equity, and misrepresented this to the court, there could/should be retrobution. Also, I would think that if it was proved that Rosen is guilty of misconduct, he might not be able to represent Equity in BK court, and US Trustee would deny their application to represent any corporation with shareholder since they would be known for dereliction of duty.
The hardest thing to accept about litigation is that unless something is refuted by another party the court has to deem it as true. So, up until we had retained counsel representing the Equity, the court, ie the judge, had to deem the information provided to her as true. And Rosen was working for Equity. Now that Susman is here. She is being informed that the information being provided to her is untrue. And, Rosen is working against Equity.
She is doing a great job. And Susman is doing a great job. His filing yesterday when he basically called out Rosen as failing to do his fudiciary duty for EC was brilliant by the end of that filing he was basically saying "Are you taking an adversarial position against EC? Are you? Because you aren't willing to help us. And you're now working against us. So you're basically taking down your own client. Why?"
I loved this because Susman is letting the judge know that Rosen is breaking BK rules and is taking an adversarial position against his own client. Hence the come back filing today with Rosen basically saying "No, were not adversarial. We're just busy with other stuff right now."
It's amazing that it takes the filings of reputable counsel, Susman, to begin forcing reporters to look at the case in an objective manner. Before, it was the rantings of disgruntled shareholders on blog sites. Now, there is an indication of possible wrong doing that could be expressed as such in print. Maybe now, some true large news corporation will do some type of investigative reporting since they have Susman to piggy back off of. I can't wait for some reporter to claim that they "Broke this story."
Thanks!