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The “trigger” on settlement or where this goes is between Rosie’s firm & JPM!
Well October 15th is coming fast and furious and I am sure the top people at Weasel/Gotcha/Mangle are almost “frantic” trying to out what to do if JPM does not want to play. They want JPM’s future business but at the same time they have to have a business to make that work. In the meantime JPM and Rosie’s business relationship may be about ready to explode. Just think what Weasel/Gotcha/Mangle has to lose with over one thousand lawyers. Wow, this could nail many all at the same time and I would bet Rosie never, never is his most negative thoughts pictured himself in the position he now finds himself in.
Susman is probably resting very easy knowing the Horsie are about to destroy “ole” Rosie and his accomplices. I get this warm and fuzzy feeling regularly now knowing what kind of predicament Rosie finds him in now. Her are his choice as I see them. The one thing for sure is Susman is at the dinner table when he was not even considered and he is LICKING HIS CHOPS which means Equity IS IN THE MONEY!
A. Extends G.S. A. with no exclusions.
B. Extends G.S.A. with exclusions.
C. Rosie gets JPM to end this.
D. Rosie pulls G.S.A.
E. Rosie aligns with the EC again, thus forcing settlement.
F. Horsies, TPS, EC align to force Rosie to align with them or go down from force.
Yanik excellent summaries this evening. I do not see how Rosie can get past 1/15/2011. The Horsies are going to destroy this firm of Weasel/Gotcha/Mangle and it would seem to me Rosie has two choices (unless deal) besides going into total oblivion and that is move back to Equity and/or pull WMI out of the Global Settlement. It force JPM into a business decision, as it would be far cheaper for them with the G.S. versus the G.S. going gown in flames.
Weasel/Gotcha/Mangle’s legacy at stake! On horizon-Meet The New Enron by Rosie!
The Horsies will ruin this CRIMINAAL outfit before long. I will say Rosie either forces JPM to up the ante or this so called Global Settlement will NEVER be extended. Rosie has two choices if JPM does not want to play and that is work with Equity or pulls the Global Settlement- both totally devastating to this firm. We do not have to worry about JPM; they are the ones that have to worry about parting with billions.
Rosie will not continue to gamble their entire corrupt-business as they would like to play this game more. This will ALL come out in this so called mediation so look for Rosie to pull the EVACUATION handle if JPM does not want to play and I highly doubt that JPM can afford to lose the Global Settlement. It would seem to me the real fight will be between Rosie and JPM and would it be just fitting if they’re so called relationship went up in flames. My, the fire is getting hot and smoky. Well Rosie, we will see what you have before long and how are those dreams treating you?
Wamuvoodo, I hear what your are saying and I fully understand and I also agree that this is the simgle largest reason this case has not settled. This may ULTIMATELY work to Equities advantage. The CRIMINALS went for broke and ALMOST won or should I say the verdict is still out, but it does not look good for them even with a very crooked court!
mary, I think all Voodoo is trying to say is BECAUSE of a limited time span of a short squeeze the stock could hit $75.00. Even though it may be for a couple of hours a day or two, it would be an opportunity to sell before the equity crashed back down to whatever it is actually worth.
wamuvoodo, I hate to say this and I want to be wrong, but why would this Judge do ANYTHING to Rosie as I have said for a long time and have taken much flack about it from many posters, they are working this case together and their actions show. It has been three years and this so called Judge has done NOTHING to Rosie, so why may I ask that ANYONE would expect anything different from this court over three years into this multiple crime ridden saga?
Rosie's filing! Working with court alone?
We all know what the court told Rosie to do. Take mediation serious; cure what fails a confirmable plan with all parties and to get an agreement that can be confirmed to the court. Just as Walrath gave the middle finger to SCOTUS, so has Rosie given the middle finger to the bankruptcy court with his and the Horsies stubborn refusal to even remotely listen to the court. Unfortunately, this court has a very bad reputation of getting items on the record so it looks good and then moves ahead doing very little and yes, I know the plans have turned down twice, barely. To file what Rosie has filed is akin to being in contempt of court and he could care less, so obviously he knows something more that anybody else.
There is no way with what Susman has shown the Global Settlement should remain intact, to the contrary many of these people should be facing serious charges outside of the Horsies. I have seen these actions several times with this court (inaction-no follow through) but this time with Rosie’s filing we will see if he really has been working directly with this Judge independently behind the scenes. I hope and pray for our system this has not been the truth but we will know much more when Walrath responds to Rosie’s filing and her response should be very tart.
Monica, here is another post that I put up a day or so ago,
Here is what we know-Thus what is the ultimate play?
The problem with these chapter 11 cases is that WaMu was clearly solvent and the huge problem for the CRIMINALS was/is hiding all of the gold that has really been glimmering lately. The plan so far has failed miserably for the Rosie and his criminal accomplices. This is because in original thought process was for this mess to be over VERY quietly within eight to fifteen months and now we are over double that with Equity getting noticed at every corner. With that said, the court has kept Equity barely alive while making sure in both POR opinions released by the court that Equity is muted. Why, well I will not get into this totally other than to say IMHO, that SCOTUS was very upset with the Kmart decision many years ago. When SCOTUS had the opportunity through an opinion they seized upon it with the Stern decision to somewhat mute the bankruptcy court’s authority since abuse was/is totally rampant. The decision was very close with SCOTUS winning with Stern’s at 5-4 outcome but the law is suppose to be the law that Walrath is trying to circumvent even though most major decisions recently and all around support Stern/SCOTUS. There is no doubt, as I have said many times this court will bust the Horsies severely due to SCOTUS watching and trying to get Delaware returned to a more favorable light from Delaware’s past history, hence Kmart. It just so happens since this court has an agenda to bust the Horsies due to Kmart and it is somewhat in Equity’s favor and there is no way Thoma would have been acknowledged with his very weak (hearsay) evidence. So to think this court is doing Equity any favors is akin to being very naïve. These actions would prove to align with Equity always being TIMELY muted in these very careful decisions that appear to be in Equity’s favor.
Unfortunately, with the actions of this court, it is very clear that the only items this court MAY want to give Equity are the NOL’s (huge) and MAYBE the reorganized WMI and notice; I did NOT say NEWCO, because there is ABSOLUTELY no reason to have a new company period. We can work within WMI’s current base, if the right motives are at the heart of this. Where do we go from here? With the following bullet points, we should be VERY ripe for something HUGELY positive for Equity even though this court has almost kept Equity totally muted at the same time this court has kept us alive.IMHO, this has been well thought out and timely. At every turn where Equity should have really increased in value, at the same time there was a decision that has muted it.
? MOR totally wrong and not current with known assets.
? Assets larger than liabilities, even with known hidden assets-hampered by unjust claims (MARTA).
? NOLS’s-Due diligence says around ten to twelve billion with merger or large purchase.
? Third party claims worth billions which I believe will end up with Equity due to the court not being concerned as long as JPM/FDIC is protected.
? Everything that is the current Global Settlement in WMI’s with very little legitimate claims.
? Without any doubt insider trading – proven by Susman with further discovery already approved.
? Disgorgements up to 3-4 billion-Horsies pay the cost of increased litigation.
? Further Officer and Director Claims of anywhere from 100 to 300 million.
? There are still WMI’s year 2008 tax returns in question to the estate-I believe still hidden.
? There has to be multibillion in malpractice claims-more against Weasel/Gotcha/Mangle.
I still have no doubts the Horsies are on the verge of self imploding and will not be going down alone with more discoveries starting immediately if mediation fails. With that said, this is not mere mediation as much as this is or could be the Horsies finally chapter outside of being formally charged, judged and sentenced. The first people that the Horsies will go after are Rosie and accomplices due to them being the easiest. There will be and I am sure Susman already has many of the totally, self incriminating emails that will connect all of the CRIMINALS, both directly and indirectly. I would love to be behind those closed doors as this will be explosive, destructive, incriminating and WILL DRIVE some sort of results. Remember, this is it for the Horsies and they KNOW it.
If there are no positive results (this is what Susman does best) and due to what Susman has, there may not be anything positive because the Horsies are only limited in what they can offer, thus no where even remotely what the CRIMINALS stole. This is where Rosie maybe be forced to push the EJECTION button, taking WMI out of the Global Settlement which could also be the trigger for JPM. I believe we are going to know something between now and sixty days in terms of where Equity will ULTIMATELY live or die. I say we LIVE to see MUCH greener pastures, but CERTAINLY not for the Horsies!
Catz, all of your due diligence is appreciated by most people on the boards but most people "get" what was/is in the contracts. I think what most people's argument is what will really happen. Since virtually none of the rules are being followed or the real questions are NOT being asked by the court, when the court really does ask a few questions, it is just to get it on record with very little if any follow through when it involves anything positive for Equity.
All these people are really saying is since we are in bankruptcy and if the CRIMINALS come up with something that Equity will agree to, basically the rules mean zilch including preferred status. This Judge will approve anything if is involves Equity in an overall settlement. Just because preferred rules are not being followed does not mean she will not approve. Everybody is never going to agree to everything so the rules mean zilch when the so called "power players" come to an agreement and if that involves converting preferred to common, then that IS WHAT WILL HAPPEN period and end of statement.
Here is what we know-Thus, what is the ultimate play?
The problem with these chapter 11 cases is that WaMu was clearly solvent and the huge problem for the CRIMINALS was/is hiding all of the gold that has really been glimmering lately. The plan so far has failed miserably for the Rosie and his criminal accomplices because in original thought process was for this mess to be over VERY quietly within eight to fifteen months and now we are over double that with Equity getting noticed at every corner. With that said, the court has kept Equity barely alive while making sure in both POR opinions released by the court that Equity is muted. Why, well I will not get into this totally other than to say IMHO, that SCOTUS was very upset with the Kmart decision many years ago. When SCOTUS had the opportunity through an opinion they seized upon it with the Stern decision to somewhat mute the bankruptcy court’s authority since abuse was/is totally rampant. The decision was very close with SCOTUS winning with Stern’s at 5-4 outcome but the law is suppose to be the law that Walrath is trying to circumvent even though most major decisions recently and all around support Stern and SCOTUS. There is no doubt as I have said many times this court will bust the Horsies severely due to SCOTUS watching and trying to get Delaware returned to a more favorable light from Delaware’s past history, hence Kmart. It just so happens since this court has an agenda to bust the Horsies due to Kmart and it is somewhat in Equity’s favor and there is no way Thoma would have been acknowledged with his very weak (hearsay) evidence, so to think this court is doing Equity any favors is akin to being very naïve. These actions would prove to align with Equity always being TIMELY muted in these very careful decisions that appear to be in Equity’s favor.
Unfortunately, with the actions of this court, it is very clear that the only items this court MAY want to give Equity are the NOL’s (huge) and MAYBE the reorganized WMI and notice; I did NOT say NEWCO, because there is ABSOLUTELY no reason to have a new company period. We can work within WMI’s current base, if the right motives are at the heart of this. Where do we go from here? With the following bullet points, we should be VERY ripe for something HUGELY positive for Equity even though this court has almost kept Equity totally muted at the same time this court has kept us alive-obviously IMHO, this has been well thought out and timely. At every turn where Equity should have really increase in value, at the same time there was a decision that has muted it.
? MOR totally wrong and not current with known assets.
? Assets larger than liabilities, even with known hidden assets-hampered by unjust claims (MARTA).
? NOLS’s-Due diligence says around ten to twelve billion with merger or large purchase.
? Third party claims worth billions which I believe will end up with Equity due to the court not being concerned as long as JPM/FDIC is protected.
? Everything that is the current Global Settlement in WMI’s with very little legitimate claims.
? Without any doubt insider trading – proven by Susman with further discovery already approved.
? Disgorgements up to 3-4 billion-Horsies pay the cost of increased litigation.
? Further Officer and Director Claims of anywhere from 100 to 300 million.
? There are still WMI’s year 2008 tax returns in question to the estate-I believe still hidden.
? There has to be multibillion in malpractice claims-more against Weasel/Gotcha/Mangle.
I still have no doubts the Horsies are on the verge of self imploding and will not be going down alone with more discoveries starting immediately if mediation fails. With that said, this is not mere mediation as much as this is or could be the Horsies finally chapter outside of being formally charged, judged and sentenced. The first people that the Horsies will go after are Rosie and accomplices due to them being the easiest. There will be and I am sure Susman already has many of the totally, self incriminating emails that will connect all of the CRIMINALS, both directly and indirectly. I would love to be behind those closed doors as this will be explosive, destructive, incriminating and WILL DRIVE some sort of results. Remember, this is it for the Horsies and they KNOW it.
If there are no positive results (this is what Susman does best) and due to what Susman has, there may not be anything positive because the Horsies are only limited in what they can offer, thus no where even remotely what the CRIMINALS stole. This is where Rosie maybe be forced to push the EJECTION button, taking WMI out of the Global Settlement which could also be the trigger for JPM. I believe we are going to know something between now and sixty days in terms of where Equity will ULTIMATELY live or die. I say we LIVE to see MUCH greener pastures, but CERTAINLY not for the Horsies!
Monica, I am afraid several posters here are correct. The only way this Judge will change her opinion on the Criminal/JPM culprits, is she will have to be charged with aiding and abetting bankruptcy fraud. There have been many Judges taken down in this country over the years. I am sure she and JPM have used their influence to keep our appeal from coming up before there is an ultimate decision in this case. What other reason could there be for her wanting to make sure Susman cannot get out of her court (denial of expedited appeal by Susman) without some form of settlement? Also I said all along for this Judge to keep control she had to deny the POS POR 6+ and that is what she did. If she even REMOTELY thought about changing or denying the Global Settlement, she would have included it in her recent opinion. The Judge is busting the Horsies as I have said all along (another agenda for the court) and that helps divert attention from the real crimes.
The court has given away the Estates entire assets along with a 120 year old company’s namesake, IT, making SURE this company cannot be competition to JPM again (huge reason for JPM to do this) and claims worth multi billions. If ANYONE wants to call this Judge HONEST by aiding and abetting multiple crimes during this saga, well that is your right. Just because a bank robbery was highlighted two blocks away from a multiple murder scene does not make the murder scene OK because the company is in bankruptcy court and the bank robbery is getting all of the publicity...of course some hypothesizing here some, but hopefully you get the idea. Unless this blows open worldwide (good possibility) or the Horsies turn in some illegal/damaging evidence against Rosie and/or JPM (if no settlement = they will), the only thing this Estate will see are the NOLS, reorganized WMI and maybe some third party lawsuits that should be worth billions. Yes, IMHO the equities will continue and will not be cancelled, so that is the ULTIMATE win for us considering how corrupt this has been. The ONLY real conclusion I can come to at this point is to EXPEXT THE UNEXPECTED and when that happen AGAIN, that should be very good for equity!!!
The answer to this question is the answer to when this settles!
I think most people would agree that the answer to this question would have to answer or almost answer to when this travesty settles. That question is, do the CRIMINALS lose more with the loss of the Global Settlement or does it cost more to settle now. I think any rational risk taker even with a corrupt system in their favor would have to know they would lose many, many more billions if they’re so called Global Settlement explodes. This explosion could happen at any time. Just think of how a so called very successful and corrupt law firms like Weasel/Gotcha/Mangle would self implode once one of the CRIMINALS pulls out. Once some emails come from the jail bound Horsies that implicate everyone and Susman runs with some or many of these emails it will too late for our beloved Little Rosie as Mama Walrath will no longer be able to protect them. Without trying to make any predictions I would have to think there will without any doubt be an end to this multi crime ridden saga.
It would seem to me the least expensive for JPM would be during this so called mediation period. The river only gets much deeper, longer and wider to the point they will not even be able to see land. There is no way in this world that the Horsies are going to lose their money, their standing in society, their careers and go down alone. If they cannot see their way out (this is what Susman lives for) and IMHO, they do not have enough money now, the first and easiest to sell out is our one and only beloved Little Rosie and just imagine those emails are going to connect everybody and their Mother. Now, one has to love that! So, I would ask the question again, at what point in time does smart, financially astute, successful business people cut their gains to ensure they do not lose and settle this in order to bury all? If I sense this whole travesty is close to blowing open on a worldwide stage and I am even remotely correct, then there has to be others that feel the same way. I will go as far to say this, between now and the next sixty days there will be a “CASE ALTERING” filing and or decisions that will be extremely positive for Equity, but I am not necessarily calling for an overall ending or settlement in total!
jhd51, yes, a total merger by the Criminals assuming preferreds and a common stock swap of some ratio.
Monica, my thoughts are that JPM let this mess go on this long is either more than STUPID or I am MISSING something HUGE! The Judge has already said we get discovery on the Horsies and they are all connected at the hips. Can you imagine those emails? My guess is something happens in this so called mediation like the Judge threatening (off record) Rosie to make a deal or else. That could include us exiting chapter 11 with WMI and or total takeover by the CRIMINAL-JPM!
Mediation=Forced settlement=Exit chapter 11 early January 2012!
For all practical purposes the Judge ordered a settlement and has indirectly or maybe even directly informed Rosie that any settlement has to include Equity since THEY ARE at the table. Earlier in this case, Equity was gurgling and almost drowned and now Equity is swimming aggressively against the tide and now the Horsies are gurgling and the Judge is very close behind them and she knows it. Just about every major item she ruled on is wrong. She knows this and would no doubt be overturned on appeal, hence the only real reason IMHO that she denied this POS POR 6+ in order to KEEP control to effectuate a settlement. Now the Judge may play a little hard ball with ALL players and if they do not play aggressively and/or seriously she will cram them down one way or another. This Judge has the Supreme Court watching her every move since she gave them the finger and she KNOWS she has to get a settlement. IMHO, if she has to she will still sting her beloved Rosie and JPM before she destroys her own legacy, which she is very close to doing on her very own.
I am very interested in seeing what are very own mad man, Starke who has absolutely nothing to lose is about ready to file. This should be very good unless the Criminals have threatened him and his family directly or indirectly. It would seem to me the Horsies would now align with Equity to come up with a new POR that probably would not include releases for Rosie, exit bankruptcy and have the right to continue to go after the Criminals. The Judge would not prefer this but before she destroys her own legacy something similar WILL happen. Equity is in the BEST position and every week that goes by we are just getting stronger. The Horsies will learn to share as opposed to losing everything and going to the Big House anyway. This just makes sense and by the way one should do this sooner than later and oh my, how these phrases sound eerily familiar, but only now has a GREAT ring to them. Not to worry folks, I feel we are very close to having a plan in place and exit chapter 11 in early January, 2012 with the NOL’s at the MAXIMUM value!
When you see someone speeding is it you that cites the person for speeding or is it an authority who is entrusted to the law and takes an oath to uphold justice? Same here, the Judge is an Officer of the court who also takes an oath to uphold the laws and and integrity of the United State's constitution. For a Judge to allow these crimes of bankruptcy fraud and more is not only a tragedy to the ongoing case, it is a far larger travesty to the very people who have died and are passing defending the United States's Constitution that this corrupt, dispicable, unworthy Judge claims to uphold. She and the rest of these Criminals are not any different than terrorists because that is what they are...terrorists!
Despardo, you can believe what you want and turn a blind eye to anything you want as well. This is your privilege. WMI is one of the largest cases is history to file chapter 11. An Equity Committee is supposed to be automatic in a case this large. On top of that, the Criminals actually filed the truth when WMI filed chapter 11 showing assets of 32 billion and liabilities of 8 billion. The Judge ignored this because Rosie told her this was all the WaMu Bank stock that is worthless now. What could have Judge possible have thought? A company like WaMu that was over 110 years old had NO ASSETS? Of course she believed it and asked no questions.
This bankruptcy case has lasted three years with no words or questions of what was transferred, assets and nothing was ever questioned or asked. Do not sit there and say it is not a Federal Judge's responsibility to ask questions in a 300 billion dollar plus case. If she would have DEMANDED the asset list, the contract of what was transferred; this case would have been over in six months. I will not tell you what to think but if you want to protect a Federal Judge who is aiding and abetting the crime of bankruptcy fraud, God help the future of this country because this country and fellow Americans will certainly need it!
I hold eighty percent common and twenty percent WAMPQ's.
mypennys, this part is easy if there is no agreement during this so called mediation period, then due to the Judge's FJR ruling assets are far larger than liabilities and Equity should take over ownership and drive the bus. Now this goes VERY much against what this Judge wants, but at some point if the Criminals do not help themselves by settling then she will have no choice to make a ruling that Equity is in charge and the rest will be history. The next part that could take another year or two. However, once Equity drives, they submit a POR, then exit chapter 11 and continue the pursuit to a jury trial of which there would be a settlement by the time the jury could hear it.
jhd51, I hold no punches in this case of MASSIVE fraud and why should I? The Judge is/has/will protect all of the CRIMINALS to the extent she can and SHE HAS. Keep in mind in Delaware where ninety percent of all United States corporations are incorporated, the laws are for the Debtors. The compmany can reorganize cancelling old equity and issuing new equity kind of akin to losing money in Las Vegas and going to the Cashier to get refunded without costing you any out of pocket money. The Judge will protect this Delaware legacy to almost any degree which includes cancelling out old equity even when there is enough equity to keep old shares intact. Why would most people keep this old debt? The answer is the same as running your credit card up to the maximum and then dumping and gettting a new card without a balance. Who would not do this if they could?
Where companies keep their equity intact and not cancel shares usually involvolves companies where the original owners own much of the stock, such a family owned companies that went public for new money to expand. Ninety five percent of ALL companies who file chapter 11 in Delaware will cancel their shares and issue new shares. The problem with WMI was they were solvent when they entered chapter 11 and they even filed the proper form that showed somewhere around 32 billion in assets and 8 billion in liabilities, but of course the Judge ignoresd this. She and Rosie were shopped for this whole travesty and she is in on the crimes to the point she can be without being to obvious to 99.9 1/2 percent of the populations who does NOT have a clue about this multiple crime ridden saga that will not quit promoting crimes!
fsshon, you cannot not blame TPS for wanting something back that was stolen from them. There is absolutely no reason for them to take less than what the real Criminals stole but are being protected. I cannot wait for TPS's next filing because there are actions that people can do when it is obvious the Judge is aiding and abetting the crime of bankruptcy fraud. I hope the way Starke challenged this court, that whatever he may or may not do ends up blowing this MASSIVE corruption open WORLDWIDE!
Monica, this should be easy as Fidelity has an area when you sign into our account to bring up past purchases, sells, tax information and more. I am sure all brokerages have something similar, so you should be able to bring up and print.
I do not mean to sound negative, but what you are involved with is a classs action suit and you may receive a few pennies, but generally 95 percent of all monies recieved in these cases besides the 2-4 years of litigation fees are for the lawyers.
I know why the Judge wants mediation-This is very simple now!
I said in multiple posts before the Judge’s decision on POS POR 6+ was that she had to deny the plan in order to keep control to achieve an ultimate settlement. Think about this for a while. The Judge knows that mediation would not NORMALLY work, but she keeps control with a very distinct threat to Rosie and the other Criminals. This threat was in her opinion on 9/14/2011 that said the FJR rate will be enforced. Now if these Criminals do NOT make a settlement, then it is very obvious what the Judges implied threat is.
With the FJR Equity will own the company and there is NOTHING this Judge can do to protect the CRIMINALS or very little once Equity is in control. With many people saying mediation is stupid, on the surface it is so look a little deeper and see what the Judges opinion really means. In the mean time the Criminals leave the bogus claims intact to disguise assets being far larger than liabilities. We are GOLDEN folks but requires a little more time. I will go out on a limb and say mediation WILL BE successful and maybe not the total end but successful!
My little friend is awake, rearing to go and is in the process of heading to Germany to awake them for the news. Albeit, not the best but we are alive, kicking with Susman taking a more direct aim for billions MORE!
Court backed into corner-Only way out is multiple honorable decisions!
There is no question with the mountain of evidence against the Debtors, JPM/FDIC, Horsies, conflict of interest, failure of fiduciary responsibilities and much more, Equity could not ask or beg for a better hand. The more time that goes by the more this Judge looks not only like she was double crossed by the very people she chose to protect, she now is looking so bad that her entire career will go down in flames without many honorable decisions very soon. The position this court has put itself in now for Equity is better than one could ever expect because now the court will have to act defensively to protect whatever reputation that will be left. That means for the court to act defensively will be to Equity benefit and anything short of cleaning house will obviously show exactly where this court stands…on the side of the law or standing with the criminals. This case has gone on way to long and exposed so much fraud and corruption that there are no gray areas for the court to rest in.
I feel very good that the court has to rule in Equities favor, not so much because of the law that makes me feel great as it is the VERY DEFENSIVE position the court has put ITSELF in that I am feeling bubbly about. We as Equity have NEVER been in this position for the entire three years we have been here and it does feel GREAT! The one action that I still feel troubled about is why Rosie and his law firm would continue to expose their firm to an Enron style of ending if the laws were truly enforced. It would seem to me that Rosie would have pulled WMI out of the Global Settlement as opposed to letting one person decide its future…whether it exist or not. I am having trouble getting past that Rosie does not know something predetermined about the ending in this case, but I still have no doubts that Equity WILL see a valuable return whether it be $2.00 a common share or $75.00 a common share.
Catz, you said, "Parts will make us happy, parts will make us furious."
This is EXACTLY correct, unfortunately, but to the point the POS POR 6+ is denied, this inof itself is a HUGE victory!!!
TPS/EC's actions may force the court-To do right!
This is a partial repost and now I added to this and backed up with what I think will FORCE this Judge to do the right action. Due to this case being so fluid, I consistently look at both sides of the coin and analyze as this mess progresses to some form of an opinion soon.
I analyze both sides of the coin for board discussion, so for all of those naysayers you can save your “waffling” comments as most people would not care to read it. I have kept thinking about Walrath’s comment along with the recent Starke and Walrath debate over jurisdiction and other. The Judge’s quote has rung a bell with me finally but I could be off base. If not, this could be telling in a very positive way. I believe for all intensive purposes if the Judge were to sign this POS POR 6+, barring any immediate stay from a higher court, then WMI would be exiting chapter 11 in an extremely quick fashion with exception of final administrative purposes.
Now to my point, it would seem to me this Judge’s jurisdiction ends after WMI exits chapter 11 and almost “the world” gets released according to Rosie’s plan. With that said, the Judge’s opinion on insider trading may carry some weight but since this would be out of her jurisdiction, why would she be concerned with discovery. I would think she would ONLY be concerned with discovery and have jurisdiction IF she denied this plan, NOT if she approves this plan. If the Judges thought process was to issue full discovery on all four Horsies, then it would seem to me the only way this could/would happen is if she denies. If I am missing something here, with all due respect please inform the board.
The more I think about how fluid this case is and the more time that goes by the more evidence comes to light. This along with opinions decided in cases that are totally in Equities favor. There is no doubt in my mind this Judge has done everything in her power to protect JPM but as messy as this case is getting, it is becoming very obvious to many more people how really corrupt this whole case has been. I feel if nothing else forces this Judge to do the right action, the actions that TPS/Equity have possibly alluded to during court discussion will force the CORRECT hand from this Judge. I know this term was never threatened directly in court by TPS/Equity, but there is no mistaken in the mind of the Judge what WILL happen from TPS/Equity, should this Judge decide to approve this mess in any way. The following term (Writ of Prohibition) is the term that I think will save us and this Judge is most afraid of. Read this term in its entirety and think what this Judge would think if she dared approve.
http://en.wikipedia.org/wiki/Writ_of_prohibition
Russian, excellent, excellent write-up. I not only agree, I also have no doubts this Judge will uuse the Horsies as an example and I also believe will disgorge one hundred percent and if she does not one hundred percent, there is not a case that would warrant it then!
Clawman, no doubt you are correct she will be using these Horsies for an example. She has VERY clearly shown her hand on this issue, but more importantly I feel that her asking the question to Folse about investigating 2 or 4 Horsies is telling. If she were going to approve this mess, it would be out of her jurisdiction to approve discovery on 2 or 4 Horises. In other words, if she sighs the POR, they are out of chapter 11 period.
The Judge's quote,"do you want to go after two or four Horsies"?
I analyze both sides of the coin for board discussion, so for all of those naysayers you can save your “waffling” comments as most people would not care to read it. I have kept thinking about Walrath’s comment along with the recent Starke and Walrath debate over jurisdiction and other. The Judge’s quote has rung a bell with me finally but I could be off base. If not, this could be telling in a very positive way. I believe for all intensive purposes if the Judge were to sign this POS POR 6+, barring any immediate stay from a higher court, then WMI would be exiting chapter 11 in an extremely quick fashion with exception of final administrative purposes.
Now to my point, it would seem to me this Judge’s jurisdiction ends after WMI exits chapter 11 and almost “the world” gets released according to Rosie’s plan. With that said, the Judge’s opinion on insider trading may carry some weight but since this would be out of her jurisdiction, why would she be concerned with discovery. I would think she would ONLY be concerned with discovery and have jurisdiction IF she denied this plan, NOT if she approves this plan. If the Judges thought process was to issue full discovery on all four Horsies, then it would seem to me the only way this could/would happen is if she denies. If I am missing something here, with all due respect please inform the board.
gophilipgo, I discuss information that can an does change while looking at both sides (recent Starke-Walrath discussion) of the coin. If one is unable to do that without being emotional or because of the negativity, one should not be here.
Reiko, very good find and yes, this is what I was referring too and thank you as Lawrence147 had it wrong as he thought I was referring to Starke and I was not. You have it correct.
If Walrath approves this POS POR 6+, the immediate response from Starke and Susman may be this. I want to first give thanks to Mordaici for letting us know what this legal term means.
Read the definition and you will understand what this means. This would REALLY upset Walrath's applecart should she dare approve this against all of our fears and legal evidence put forth.
http://en.wikipedia.org/wiki/Writ_of_prohibition
writ of prohibition is a writ directing a subordinate to stop doing something that they may not do, according to law, but are doing. In practice, the Court directs the Clerk to issue the Writ, and directs the Sheriff to serve it on the subordinate, and the Clerk prepares the Writ and gives it to the Sheriff, who serves it. This writ is normally issued by a superior court to the lower court asking it not to proceed with a case which does not fall under its jurisdiction.
These Writs are issued as "alternative" or "peremptory." An alternative Writ directs the recipient to immediately act, or desist, and "Show Cause" why the directive should not be made permanent. A peremptory Writ directs the recipient to immediately act, or desist, and "return" the Writ, with certification of its compliance, within a certain time.
When an agency of an official body is the target of the Writ of Prohibition, the Writ is directed to the official body over which the court has direct jurisdiction, ordering the official body to cause the agency to desist.
Although the rest of this article speaks to judicial processes, a writ of prohibition may be directed by any court of record (i.e., higher than a misdemeanor court) toward any official body, whether a court or a county, city or town government, that is within the court's jurisdiction.
[edit] In the United States
A "writ of prohibition", in the United States, is an official legal document drafted and issued by a supreme court, superior court or an appeals court to a judge presiding over a suit in an inferior court. The writ of prohibition mandates the inferior court to cease any action over the case because it may not fall within that inferior court's jurisdiction. The document is also issued at times when it is deemed that an inferior court is acting outside the normal rules and procedures in the examination of a case. In another instance, the document is issued at times when an inferior court is deemed headed towards defeating a legal right.
In criminal proceedings, a defendant who has been committed for trial may petition to the superior court for a writ of prohibition, in this case on the ground that his conduct, even if proven, does not constitute the offense charged.
Prohibition is more often used by appellate courts. Most often, these courts issue writs of prohibition to prevent lower courts from exceeding their jurisdiction. In some cases, this writ may also be used to prevent an inferior court from acting contrary to the rules of natural justice. The writ of prohibition may not be used to undo any previous acts, but only to prohibit acts not completed.
"Thus it was held that notwithstanding the right to an appeal, if the situation disclosed be such that to take the ordinary course by appeal would of itself subject the complainant to irreparable loss, the writ should issue notwithstanding no objection was made below; that the matter of judicial courtesy should yield to substantial personal rights of litigants, such as a sacrifice of their liberty."[1]
Writs of prohibition are similar to writs of certiorari, as both types of writs allow superior courts to manage inferior courts. However, unlike a writ of prohibition, superior courts issue writs of certiorari to review decisions which inferior courts have already made.
ATTENTION PK, our friend from India. Click on this link and WiKi gives an explanation to what this means in India as well.
Lawrence147, you have it wrong. When the Judge posited this question, it was NOT to Starke it was to one of the lawyers with the plan Settlement Note Holders who want the POR approved.
Quote:
--------------------------------------------------------------------------------
“do you think the insider trading would prevent approval of this Global Settlement/POS POR 6+) and his response was absolutely not.
Very revealing Starke discussion-Does this reveal the Judges mindset on her opinion?
Here is DIMEQ link with 9/12/2011 trial looming.
http://www.kccllc.net/documents/0812229/0812229110412000000000005.pdf
Interesting enough, was Starke’s court room drama with the Judge about DIMEQ “equitable mootness” and whether this Judge has authority to make a decision without “ring fencing” the funds in the event Walrath is overturned on appeal. Without a doubt, this Judge in her mindset wants to equitably moot TPS in the event she approves this POS POR 6+. This in of itself is troubling, because Starke drew her into very clear discussion on what she thought and it would seem to me she talked way too much. What was the point in her arguing with Starke if (1) she already had her mind made up, (2) if she was NOT going to approve POS POR 6+? Yes, it would seem if this Judge was NOT going to move this mess forward, why would she have entered into such discussion with Starke? The more I think about this discussion which I now feel VERY strongly about, it is/was case altering. The Judge argued with Starke to the point as if she already decided to approve the POS POR 6+. This would “equitably moot” out TPS and also been troubling for the court all along and somehow give Equity its own shot with the litigation trust fund after approval.
This Judge was very concerned with Starke as he said his appeal “freezes” this entire case or at least the Judge would have to “ring fence” the funds if she wanted to move this forward. To this point, remember what Rosie changed at the last minute with the POS POR 6+, if there is anything left in the plan it could flow to Equity and when some people on the board saw the plan was not cancelling Equity they got excited. I have not said much about this but I keep going back to the VERY argumentative discussion with this Judge who I think gave away information as to which way she is going with this mess. Take this thought process with the question she asked one of our opposing lawyers about “do you think the insider trading would prevent approval of this Global Settlement/POS POR 6+) and his response was absolutely not. The more I think and read about Walrath’s mindset, the more it appears she wants to approve this POR to equitably moot out TPS, let Equity go after insider trading via the litigation trust fund (very troubling if true) and ignore the Supreme Court (Stern) and ANICO decisions. Do you think that Walrath can approve this POS POR 6+ and give Equity their ONLY shot via the litigation trust fund?
fsshon, I have long felt (unfortunately) based on the court's actions from the beginning of this case that if Equity is going to win, we would have to truly corner this Judge legally and other. Between Susman, TPS, and the pro se shareholders, I think that has been accomplished especially with Starkes beautiful display of facts, presentation and other case history to corner this Judge even further. I am really feeling Starke forced this Judge's hand and may even of prevented her from releasing her opinion recently and if that is the case we are really gold but only time will tell.
Starke may have made the true “case altering” facts!
There may be a very valid reason the POS POR 6+ opinion did not come out this past week when many surmised that it was going too. Keep in mind the Judge refused to rule on a few "case altering” decisions in her last opinion on 1/7/2011 and let me zero on the one that is most important. The fact threat TPS keeps challenging whether or not the "event happened” is very troubling to the court; if the court ruled due to the fact that there could be fraudulent conveyance, preferential transfer, assets separated from liability or other very positive aspects that would make A>L is very troubling to approving this mess. That is why Rosie wanted to get approval of his POR before this ruling and before ruling on the claims, so he could cancel out equity first and then rule on these issues. Now very smartly so, Parker keeps delaying the claim's decision after Equity so positively proved their case to many in this court. The court cannot convolute the insider trading case with the claims which most of us know and was even admitted in court by Rosie himself that have no merit.
With Starke having truly cornered the court by discussing cases with the court about the court not being able to “equitably moot” this case which the court argued for and against Starke until Starke made it clear your Honor, you have to read the entire statement. This is posted below proving his case and all of the other cases he cited. No doubt when Starke appeared to push the court further than ever before, knowing full well this may be his last chance, I feel he not only made his point but also cornered this court on the TPS issue. There is no hiding from this issue now as why would this court even hold a hearing on it when it was/is very clear that Starke forced this Judge to talk too much and she as much as ruled on the issue already. Now she may have had her opinion already written and had had to go back and change things since Starke pointed out this one sentence that they were ignoring to make the case ok in the court’s eyes. When the opinion does come there will be no dodging this issue again unless and hopefully the whole mess is denied.
THE COURT: Well, I don't think it says you can't moot
20 the appeal. It says I cannot enter an order that changes my
21 prior order, enlarges or modifies.
22 MR. STARK: It actually says beyond that, Your Honor.
23 The applicable quote that Judge Shannon cites in VII Holdings
24 which is replete within all of these cases and if Your Honor
25 will allow me, a court may quote, "enforce an order or judgment
1 appealed because in implementing an appealed order, the Court
2 does not disrupt the appellate process so long as its decision
3 remains intact for the appellate court to review" closed quote.
4 Your Honor, right now what they want to do is take the
5 TPS securities, hand them over to JPMorgan, give them a 363(m)
6 excuse that says we can no longer ever get it back if Judge
7 Sleet reverses Your Honor. That is exactly contrary to what
8 every case -- and there's many cases talking about -- and the
9 binding precedent of cases talk about what the divestiture rule
10 says. The enforcement exception does not swallow the rule.
11 That issue is now his, his alone. Your jurisdiction is now --
12 is enabled on plan stuff but those TPS securities must be
13 reserved in an escrow pending the ultimate resolution of that
14 appeal.
continuity, you are correct my post does conflict and that was a good catch on your part. What part of this case that Walrath has presided over for the last three years doe NOT conflict? This whole mess is one total CONFLICT of interest, so my thought process matches this courts past actions as I planned.
Due to the timing, I thought I would repost what I think will be the LEAST expected and let's hope I am NOT expecting to much!!!
Short synopsis-The way I see it!
• POS POR 6+ denied
• Global Settlement intact
• Fair & reasonable intact
• Horsies busted and used for an example
• Total equitable disallowance.
• Due to monies possible for Equity-Rosie advise to include Equity in POR 7
• Equity will get the NEWCO, NOL’s and other
• Weasel/Gotcha/Mangle will get releases but not JPM/FDIC
• Walrath able to get settlement due to denial of POS POR 6+
• Not necessary to rule on some issues due to settlement
• TPS will be going at it alone or JPM will take care of via side deal
• Settlement for Equity to leave bankruptcy court will nullify many issues