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I am really looking forward to reading your motion Bet.
Are you targeting a hearing after the confirmation hearings?
Just remember that there are many reasons to seal docs, one of which is the information presented would show business or trade secrets of that company. If this included trading history or the hedge funds non-public business practices, they may be required to seal the info.
Thanks Ilene!
What did you make of the couple of references to an EC settlement so the TPS guys would need the discovery documentation?
Ilene,
Thanks again for your reporting. Can you elaborate in your write up on the demeanor of our council after the hearing. Were we happy with our limited win or did our guys appear disappointed with the rulings?
I'm hoping we got what we wanted and the other items would have been icing on the cake.
Thanks for your thoughts.
Ilene,
Any feel for how the preferreds are going to be treated in your interactions today?
Thanks for being our eyes on the ground.
T
Exactly. Remember people, this is a Settlement. Nobody gets everything they want.
I'm sure there will be some outcry that we should have gotten more than we did when the POR 7 in announced. While we MAY have gotten more with prolonged and lengthy litigation, there is no guarantee. It took a 3 out of 4 majority vote to approved the term sheet and I fully trust 3 out of the 4 on the EC. They negotiated us the best settlement that they could get for us.
Anyone screaming 24+ just does not have a good perception of where we are in this case.
Sorry for throwing a wet blanket on the parade but there will be some seriously disappointed people if our monetary hopes are through the roof. To put it in perspective, Night's $48.8 Billion calculation to reach $24 is well over twice the 2011 state budget for North Carolina: Not going to happen.
http://sunshinereview.org/index.php/North_Carolina_state_budget
I am thrilled we have a good settlement in place and let's just keep our expectations in check for another week.
A settlement means that nobody gets everything they want. I believe that the EC members, especially the new ones, have our best interest at heart and have negotiated us the best deal possible.
Is it $24 dollars a common share as many "demand" on the boards? Absolutely not.
Is it much better than we had in POR 6.5? Absolutely.
People are freaking out over Rosen's spin on the settlement. I don't trust him at all but I do trust our EC. We will get some clarification of their hard work and efforts soon.
Hang tight people.
It would be great if everyone was on board so this could wrap up cleanly.
Thanks for the response.
Oil,
What did the message say? It was deleted before I could read it.
Nice call on your buy today.
Does anyone have Level II for the P's? Ask and Bid are all over the place right now. It would be interesting to see how thick we are on either side.
Thanks.
Appreciate your thoughts as always Jack.
William,
I just saw your response and yes, I'm positive.
See link:
11/19/2010 6015 Motion of Debtors for Approval, Pursuant to Bankruptcy Rule 3018, of Stipulation and Agreement Among the Debtors and JPMorgan Chase Bank, N.A. with Respect to the Allowance of the JPMC Claims Solely for the Purpose of Voting on the Debtors' Sixth Amended Chapter 11 Plan of Reorganization
http://www.kccllc.net/documents/0812229/0812229101119000000000042.pdf
Ilene,
Check your messages on the GB.
What a difference a week can make. ;)
I agree. A new POR would probably be filed after market hours so the next morning, we would all be giddy watching the ask and bid before the market opens.
Can't wait.
Jack,
Do you mean you don't believe there will be a confirmation hearing based on the current POR?
I'm hopeful that we will see greatly revised POR in our favor or one from the EC that will give equity our just due. Then I'll happily vote for the plan and eagerly wait for confirmation and payout.
I agree. This is the most positive development in a long time. Now, the waiting game.
Always appreciate your thoughts.
Plus the biggest motion for support is missing. The Debtors.
Unless...
Is this fact or speculation? Just curious.
Gold,
I hope your source is correct and this helps blow up the GSA when it comes to light.
Any time frame when we will hear more about this?
Then it would probably involve the government admitting a sin. (nobody else could afford it) A settlement like that is an admission. Won't happen. They would provide a sacrificial lamb to go to jail instead.
$77 dollars a common share? That would be almost $131 Billion just going to the commons. The stock price was not even that high when the bank was operating and there were only about half the shares on the market at the time.
Please don't post wild speculation like this as it taints the perception of your other good posts.
Memory is fine thanks. She may have mentioned the objections but at the end of the day, did it make a difference in the case? That is the only thing I care about. I'll take Thoma's or Rozenfield's objections over hundreds of form letters any day.
We will respectfully agree to disagree on this one. Not to mention, what's done is done at this point since the deadline is tomorrow afternoon.
Here is a great example of what Catz and I are referring to:
http://www.kccllc.net/documents/0812229/0812229110512000000000009.pdf
This will be taken seriously by the court.
Form letters, in my opinion, will be viewed like spam after the first one is read. Remember the last confirmation hearing and previous DS hearings. I don't remember the form letters were ever addressed by the Rosen or the court.
I know my opinion matters little here but Catz has a very valid point. Form letters are easily dismissed by Rosen and the Judge, as there was not much thought put into them by all but the original authors. Rosen expects a flood of these objections and said as much in court.
Well thought-out, researched, individual objections are the only ones that are going to get traction. Volume may look good on the agenda, but again, are easily dismissed.
For those who don't have the time to write an individual letter, possibly a well written joinder objection with everyone's names on it will be much more effective.
Possible before but not with the new EC members...
This is the best summary I have heard in a long time.
I'm going to have to give him the benefit of the doubt on this one. Check out this thread:
http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_W/threadview?m=tm&bn=86316&tid=731636&mid=731636&tof=2&frt=2
Bubba,
You are getting verification from Gov on the Y board and I know him to be credible.
You have my ear. Anything else you can share?
Do you work nearby? This sounds like what we all want to hear but we have been told a lot of things on this and other boards before.
And you know this how?
Sorry, I'm not buying it.
Postponed as requested:
Notice of Deposition Second Re-Notice of Deposition of Aurelius Capital Management, LP (Revised Location) Filed by Official Committee of Equity Holders. (Sullivan, William) (Entered: 05/03/2011)
Now on Pacer
Nothing yet on Pacer. I've been watching for these as well.
In fact, nothing at all on Pacer. It's been a quiet day.
Fifth Amended Notice of Appointment of Committee of Equity Security Holders
http://www.kccllc.net/documents/0812229/0812229110420000000000021.pdf
William,
Thanks for all your posts and insight. One item I might mention is 4 days to a week to get ready for an objection can be standard operating procedure for Susman. These guys are really good and even their website asks for a weekend to get fully ready for a new case. I get a feeling that they could turn this without a problem.
I am taking a reserved approach since we can only see what's happening on the surface. It may indeed be something great but I'm cautiously optimistic until this plays out.
Hopefully you are right!
I just get tired of Susman and EC bashing with no foundation for their comments. If you don't believe the EC is doing their job, fine, you can sell. If you still believe in our counsel and cause, stay in. The comments about hanging EC members was idiotic, immature and showed a complete lack of understanding of what's going on. I had to say something.
So, do you know this first hand or are you just spouting because the pps is down today? Unless you have real news to share, spare us your morbid, emotion based speculation.