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cubs,
I can't give advice on converting vs waiting. I however, had decided to wait and see.
Good luck to you in either case!
Marty
cubs,
Just you and I and a few others still holding tough. We plan on dividing up the $300,000,000, or so, between the remaining 10,000,000 (?) LTW's for maybe $30 per LTW.....at least in our dreams! Maybe have to take a little haircut on that.
Good luck to the iron men and iron ladies!
Marty
Tradeinman,
Thanx for responding. I believe you can still opt in (less new stock) at certain dates ...up to a year after the key date..from what I have read on this board. However, you lose the New Stock offered in their deal to shut us up/ give up our rights to all litigation. Just a few pennies to give up! I'll take my chances for a FAIR settlement. I may change my attitude IF ALL ELSE FAILS!
Marty
Linda,
How does JPM explain how they obtained this litigation prior to bankruptcy ....and did so free and clear of our lien of 85% of the procedes? To me it akin to borrowing your neighbor's property and then selling it free and clear of your neighbor's ownership claim! Didn't the FDIC transfer assets PRIOR to the WAMU bankruptcy?
Marty
Drak2000
Thank you for also declaring.
I agree with you....we've been jacked in my opinion!
For the record I have 22,000 between my wife and self.
Anyone else hanging in here without giving up their LTW's for pennies?
Marty
Thank you Ilove stocks for declaring your continued holdings.
We all owe Linda a big thanks for her hard work on our behalf! We may yet achieve positive results. I feel upbeat on our situation.
Marty
Any tough guys and gals besides Linda still holding LTW's? ...or, are we alone here?
Marty
Linda,
Thank you for all your work keeping this Board up-dated.
Marty
Linda,
Thanks for your explanation.
I see your point...but,the litigation securities we own are not clearly property of WMI...or, JPM. Their ownership or 85% of the court award is in dispute at Judge Block's Court. The LTW's should trade freely until the question of WMI giving away our property free and clear to JPM is settled...among other matters, IMO. I would hope Judge Block would see this cutoff of trading as further arrogance against the LTW holders.
Linda,
I still don't understand how the bankruptcy court can stop our litigation tracking securities from trading. Does anyone understand how their authority can reach so far??? I have to refrain myself from calling them nazi dastards. Glad I could stop myself. Also glad I was able to pick up some shares before those scummers shut us down. We may not have trading securities...but, they still exist in what they represent,IMO.
Who had the right to cancel our Litigation Tracking securities? We should be on pink sheets or bulletin board as we did not go bankrupt and do have value. More BS to toy with us!
Marty
007 and friend...this is the DIMEQ board. Did you mean to be on one of the WAMQ boards?
I have not checked today...but, as I said, I bought some yesterday.
Glad to hear that I have company here. I still have all my LTW's...plus, bought an additional 5,000 today. Good luck to all who hold on!
Marty
Anyone still here besides Linda, Phillip, Fbrutus and myself? Hopefully, just a few PTSD's and those that fled the Coo Koo nest...but, no nooses! Kinda bright in here for such an empty room.
Linda,
Thank you for your explanation. I don't think it would apply if Judge Block declares in our favor. He could simply direct 85% of the award to current LTW holders,IMO. I believe the $330 million award would come directly from the FDIC...it is not in the bankruptcy estate,IMO. To my understanding the $330 million that was supposedly set aside in the bankruptcy estate was our claim against them for taking our share of the award and giving it to JPM. Please correct me if my memory or thinking is incorrect.
Linda,
Please translate that into people language.
Linda,
Please explain how the 510 process affects us...if it is in effect.
Linda,
Thank you for your post.
I have sent a letter to Judge Block which included copies of both Dime executives depositions. Did same to Dept of Justice. Letters from other LTW holders might also influence Judge block into seeing our plight..... and correct this injustice.
How does this effect the present state of the LTW's? We are not presently concerned with the gross up/tax effects. We are concerned with regaining the litigation proceeds. Will Judge Block decide in favor of the LTW's receiving 85% of the award...or does it all go to JPM. Also, does Judge Block's authority trump the Bankruptcy Court decisions?
Linda,
I have looked back on this thread and found post #5896 also from wall st61. It explains the later post in more detail....and appears to say that Judge block is aware of this twist. So, I will leave it alone and just appeal to his sense of fairness re a theft of 85% of the litigation value owned by us. I will include the two letters stating that the LTW's were NOT intended to be equity securities of DME Bank. I am an original holder of the LTW's and always believed that they simply represented 85% of the value obtained in this litigation. They may have more aptly been named Litigation Tracking Obligations (LTO's),IMO. Please comment if you will before I send.
Linda,
I have no way of posting a private reply...so, I must ask your opinion publicly. I was interested in post #6146 of wall street61. I don't quite understand his logic...but, I think he was making an important point. Should I also include a copy of that post (blocking out the name and post#)?
I will attach the letters...but, I think I should include some earlier facts. Any ideas from all that has been said before? I will look back tonight.
Linda,
Thank you for all you are doing.
I will compose my letter to judge Block and the DOJ tonight for mailing in the morning.
oj
Linda,
Thank you for your efforts on behalf of DIMEQ.
Any appeal in bankruptcy court may be helpful in delaying action in that court...but, the forces of EVIL will prevail, IMO.
Our hopes are in judge Block's court or the Dept of Justice. Perhaps you can forward a copy of your communication to the DOJ. Someone might take an interest in this.
I continue to hold my LTW's.
It would seem that an appeal in bankruptcy court would be useless. Further litigation in judge Blochs court would be the way to go, IMHO.
Eagle,
But...the holdouts may share all the proceeds of any litigation, should this situation improve, IMO.
What a great movie this would make!
I still think the Dept of Justice needs to be involved. Weren't they involved against the FDIC in judge Block's court?
INCREDIBLE!
Why did council not bring these Dime officers forward prior to the decision? What an abortion. I feel angry at...and sad for these guys at the same time. I still feel the Dept of Justice needs to step in!
Seems to me that we need the Dept Of Justice to get involved again. DOJ was arguing against the FDIC in Judge Blocks court as I recall. This whole fiasco in bankruptcy court SMELLS, IMHO.
Soooooo...Who's buying today and why? Short covering or going for the gold? I've decided for now to keep my LTW's ...to see if someone steps up to the plate!
Probably right ...but think of the maybe 20-30 million LTW's remaining that might share a $300 million court win if Rocky wins after getting up off the mat!
remmy,
Thank you for your reply. I'm still not satisfied that the bankruptcy court has the power to take away our LTW's ...without us accepting the stipulation and receiving compensation for our releases. Page 3 of the package I recently received states "you may be nevertheless be bound by any judgments or orders entered into by the Court in the action" The keyword MAY! There is more language on pages 11-13 referring to loss of rights. I can not determine if they are referring to ALL LTW's...or just those that agree to stipulate. However, I think they are referring to those that stipulate.
remmy,
Thank you for your answer.
Can you point me to where the written word states that LTW's become toast?
Any thoughts about retaining our right to litigate at a future date...if we DON'T sign away our rights? We may have cancelled lwts...but, we still may be able to continue the fight.
If half the LTW holders sign away their rights...would the remaining holders gain that much more by dividing the pool amongst fewer LTW's? I don't know the answers...maybe an attorney amongst us has an opinion. LTW's could offer a really big payday to attorney's willing to work this for 30% of the $300 million pie.
spendid,
I've asked twice on this board for opinion or fact re LTW's continued trading after the stipulation/POR is approved. Also, whether LTW's that hold out against the stipulation retain right to continue law suits. Linda1 in post #6320 was of the opinion that LTW's will be cancelled after POR is approved. fbrutus seemed to differ in his opinion. Would we still have rights while holding cancelled LTW's? I think I would hold out if the battle COULD continue.
Anyone able to quote where it states that ALL LTW's are cancelled, OR further right to pursue justice is denied to all hold-outs?
login,
It would seem the only reason for NOT opting in would be to preserve the right to litigate in the future regarding this whole mess.
Can those of us refusing to opt in and give away all our rights continue to persue a judgement in our favor? Or, does the bankruptcy court take away our rights...even though we DON'T opt in?
Any facts or opinions??
fbrutus,
Wouldn't it be diabolical if some (big/quiet) wt holders refuse to sign releases while the majority of holders opt into the stipulation. Those holding on could reap huge gains if ultimately the battle is won...and shared by many fewer wt holders?? That would be my strategy for a the biggest payday... if I were an attorney (or able to obtain one).
Marty
Again I ask...will our wts continue to trade after the stipulation passes? Do they have possible value in future or current suites...if we don't sign away our rights? Any opinions?
Thank you for all your efforts to get something done for our cause. I just got the package...do the wts vote? Will the wts continue to trade if stipulation is granted? May there still be value in the wts re future law suites in our favor? Anyone?
Marty
Have the lawyers all abandoned ship? Steinberg....and the lawyers from this forum? Not saying anyone owes us...other than the BOD's of Dime, Washington Mutual, warrant agent, insurance companies and Jamie Diamond's bank ...IMHO. Will our warrants still trade on pinks or bulletin board if we don't take deal...with hopes that someone will enter the battle with viable law suites after the bankruptcy?