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You are correct, but I see and hear the term "lotto ticket" so much and it is infuriating to say the least.
ptolomeo, you are so wrong if you are comparing this to a lotto ticket. We have proof this bank has billions upon billion of assets over liabilities. Your bet is on corruption and nothing to do with the luck of a lotto ticket.
Remember what is under seal. PJS asset recovery list from pre 9/25/2008 and post 925/2008 and not to mention other goodies. Now that should make one go hum. How can Rosie go through with this unless he knows a predetermined outcome? He has Weasel/Gotcha/Mangle exposed for bankruptcy fraud, conflict of interest, failure of fiduciary responsibility to the Estate and many billions worth of malpractice claims.
I would think by late today or Friday night, Rosie would have to issue POR 7 which includes Equity if JPM/FDIC still does not want to play. I say they do not want to play, after all, they threw the Horsies and Rosie under the bus by forcing the depositions without settlement.
MrchntDeth, excellent post and yes you are correcct with this Judge having made up her mind. How could she have not? Let's hope her mind was not made up BEFORE Susman and Company entered their evidence and facts.
Here you go.
Dr. Acharya's
Reasons to deny far outweigh approval! To foster deal-keep control-Walrath must deny!
When one looks at both sides of the coin, it almost makes it impossible for this Judge to do anything other than to deny this Global Settlement scam in its entirety. Let’s start with the beginning; it is not a Global Settlement anyway without Equity, TPS and others. With Rosie and the Horsies being thrown under the bus by having to go through depositions, discovery and more; it would seem Rosie’s choices are down to VERY few. Remember, Rosie, the FDIC or JPM can singularly or together pull out of the Global Settlement with no repercussions, an emergency ejection button if you will. That button may be getting ready to be pushed either at the hearing on 8/24/11 or within hours to days after the Judge denies the plan. That would be to issue POR 7 without JPM/FDIC and to include Equity as Rosie’s emergency button to push for total ejection of the plan and to save Weasel/Gotcha/Mangle from total legal devastation. One would have to assume Susman would give a release to the corrupt law firm in order to go after the other Criminals. We know the Judge has not ruled on several items of action from her 1/7/11 opinion such as TPS. The reason would seem that if she would have made the correct ruling on any of these issues, the ruling would have made Equity larger than liabilities, thus putting Rosie out and Equity in the driver’s seat.
In order for the Judge to continue to protect her Government constituents she used the lame excuse, since she denied the plan she did not have to rule. I look for that to come into play in several examples if she has to make a ruling within the next sixty days. I just cannot get past Rosie letting the Judge issue her opinion, knowing full well that she cannot LEGALLY approve any or part of this illegal crime ridden travesty. If he is going to let the Judge issue her opinion, I am sorry that can ONLY tell me one thing and that is he already knows some sort of predetermined outcome. Otherwise, knowing full well how Weasel/Gotcha/Mangle are complicit to this bankruptcy fraud, malpractice, failure of fiduciary responsibility, not even remotely within “good faith” along with a host of other illegal/unethical behavior, how could Rosie NOT issue POR 7 with Equity and minus JPM/FDIC before the Judge has a chance to rule? Now I know the Judge COULD rule from the bench on Wednesday, but I do not think anybody would realistically believe that will happen, so what will Rosie do and not what will JPM/FDIC do being the 50 billion dollar question to avoid total legal devastation for their one thousand member law firm?
boarddork,good explanation and I feel it will be literally in the last minutes such as in court on 8/24. But if Rosie does not cede, then I am worried he already knows what is going to happen. It would not be normal to put your compnay at risk of destruction for one case. This does not make sense!
Boardork, now that is a FIVE star post but the problem is this Judge has NOT even as much as warned anybody for all of this illegal behavior. Now do not get me wrong, I would NEVER let one person decide MY FATE, knowing how guilty I am. JPM threw Rosie and the Hedgies under the bus and now they may NOT be able to settle on their own without JPM. However, there is one action that I am very troubled with.
That is if Rosie does NOT know a predetermined outcome from the court, how could Rosie continue to expose Weasel/Gotcha/Mangle to billions upon billions of dollars in malpractice claims, fraud and more? It would seem he would make POR 7 to include Equity or pull WMI out of the Global Settlement by the end of 8/24/2011 due to the possibility that Walrath COULD rule from the bench immediately following oral hearings. He has to know there is no way LEGALLY that this Judge could approve this travesty, so HOW could he make that kind of gamble? This is very telling and extremely troubling for me to get out of my mind.
Mordicai, the following is what I think and wrote adds to your point.
One fact/one question-Why kick over the insider trading rock unless...
I will not dwell or discuss much about the amount of corruption and a slanted court that would make a third world country look genuine. I feel there has to be a MUCH larger reason such as political or judicial purposes to kick over the rock of insider trading. This was nothing but hearsay from Thoma but not only did this Judge let it in, she discussed it several times in her opinion on 1/7/2011, granted limited discovery to move it forward, knowing full well that Susman would latch on and now he has proven it. I cannot imagine this Judge ignoring this vital piece to only embarrass herself further by doing nothing to the Horsies. I am saying they are WAY under estimating this Judge and if she is going after these Horsies as HER ACTIONS SHOW, these fools are really sunk.
There is nothing and I mean nothing in this case of billions upon billions of dollars that this Judge even remotely cared about according to her actions, except this vital crime of insider trading. If these fools are gambling their entire freedom on this weak Judge, they are even more stupid than I gave them credit for unless they know something predetermined. I also cannot get past them gambling their status in society, freedom, wealth and much more on ONE play which unfortunately takes me back to a two words, predetermined outcome. But, but, if this outcome is NOT predetermined these so called intelligent people will be spending many, many years behind bars. Now punks how do you feel? Is the Judge going to USE YOU for examples? The Judge’s actions and my gut feeling says YOU ARE BUSTED!!!
One fact/one question-Why kick over the insider trading rock unless...
I will not dwell or discuss much about the amount of corruption and a slanted court that would make a third world country look genuine. I feel there has to be a MUCH larger reason such as political or judicial purposes to kick over the rock of insider trading. This was nothing but hearsay from Thoma but not only did this Judge let it in, she discussed it several times in her opinion on 1/7/2011, granted limited discovery to move it forward, knowing full well that Susman would latch on and now he has proven it. I cannot imagine this Judge ignoring this vital piece to only embarrass herself further by doing nothing to the Horsies. I am saying they are WAY under estimating this Judge and if she is going after these Horsies as HER ACTIONS SHOW, these fools are really sunk.
There is nothing and I mean nothing in this case of billions upon billions of dollars that this Judge even remotely cared about according to her actions, except this vital crime of insider trading. If these fools are gambling their entire freedom on this weak Judge, they are even more stupid than I gave them credit for unless they know something predetermined. I also cannot get past them gambling their status in society, freedom, wealth and much more on ONE play which unfortunately takes me back to a two words, predetermined outcome. But, but, if this outcome is NOT predetermined these so called intelligent people will be spending many, many years behind bars. Now punks how do you feel? Is the Judge going to USE YOU for examples? The Judge’s actions and my gut feeling says YOU ARE BUSTED!!!
One decisive action alters case-Judge gets credit where credit is due!
From the very onset of the case, the Judge has not appeared to have control over much including any kind of oversight or follow through actions with one exception. This exception is “case altering” and is providing the sunlight we all see. After three years of Rosie’s perversion, criminal and despicable acts, Equity is now on the verge of taking control either through decision or settlement. Interesting enough, there are many actions that happened in the nick of time for Equity, that has made me really wonder if WMI has secret allies in Government, business or other. I say yes we do, as there have been too many actions such as the tag on to the bill Obama signed on a Friday night the second week of October, 2009 to take the NOL’s from two year carry back to five. This increased WMI coffers by an extra couple of billion, sending Rosie troubling issues to his plan. Then we have time consuming laws that were in the making alongside WMI filing such as Stern and then ANICO happening at just the right time. As they say in life, timing IS everything!
Due to the Kmart decision many years ago where people were outraged that Delaware Court System could zero out all of equity, only to find a handful of people who were issued the newly printed stock would be enriched by hundreds of millions of dollars within weeks and months from bankruptcy discharge. Now to my point, I cannot help believe that Delaware was put on notice from the U.S. Supreme Court on down that this kind of outrage will not be tolerated, thus the law that was slowly making its way through to final positive resolution this past June now alters WMI’s case. People have been outraged at the Hedge Funds who are encouraging bankruptcy fraud so they can practice insider trading at the expense of small investors. This is a win, win for Delaware, Hedge Funds and the losers are once again, investors who have been defrauded so a couple of certain entities win while making losers and fools of the rest of society. This was a close US Supreme Court victory for the small people, as it takes the power of decision away from the Delaware Court System and I feel has much to do with Kmart and others.
When Thoma presented to the court the heresay evidence on insider trading, I was not only TOTALLY impressed by him but also shocked at the way I immediately noticed how this commanded the Judge’s attention, something I have not witnessed in the cases entirety. I have also noticed how this Judge separated all assets and claims in her POR Opinion on 1/7/2011 which basically gave EVRERYTHING away with the exception of the NOL’s and in my opinion the Judge wanted Equity to also have the NEWCO with the NOL’s. Of course, Rosie was NOT going to have any of that-Equity receiving anything which was/is his downfall. I have no doubts the Judge wants to use the Hedge funds as an example to show the higher courts that Delaware is paying attention and will not let the Hedge Funds make such gross amounts of money while committing crimes that nobody has done anything about, YET. This is the only item that seems to have the Judge’s attention. She could have very easily ignored Thoma but to my shock she did not. This leads me to believe that this fell right into her lap as Delaware has been attacked because of cases such as Kmart. Once again, it is very obvious to me from the beginning that this Judge (thank God) wants to use the Hedge Funds to show Delaware has and will enforce the law at least on insider trading with Hedge Funds extracting gross profits from the system. Look for Walrath to TOTALLY disgorge the profits and claims from the Hedge Funds and I will not even guess if she will do more to them.
Lawrence, now that is interesting. Did we give this to them in the dark of night as well? Unbelievable!
Lawrence, yea...there are unfortunately several I missed. For some reason with all of this corruption, crime and cover-up, I tried to find some humor. When one actually reads all of these little quips, it is hard to believe a U.S. Federal Bankruptcy Judge said these with billions upon billion of dollars at stake. All right then, are we done yet?
Royal. with all of this corruption, I was trying to find a little humor, but the problem is it is REAL.
All right then, are we done yet? One has to laugh.
• All right then, I think I will move this forward.
• All right then, I will make a ruling to DUAL TRACK this case.
• What, more discovery…This has been investigated to death!
• I will cite the Examiner, but nobody else can.
• He is not going to answer, move on.
• I am an expert witness, I will decide.
• I will have this ruling ASAP.
• I find all of this fair & reasonable.
• WE will not discuss the fair & reasonable again.
• What’s the hurry
• I do not see any hope for IT, claims, real estate, cash or any assets of WMI.
• You Honor I would like an expedited appeal on fair & reasonable-DENIED!
• TPS- I do not understand what you are saying for the 30th time-DENIED-It Happened!
• Brian, once you get the releases modified, come on back sweety and we can move this forward.
Blackstone, TPG, others bid for Morgan Keegan!
No link yet but it is on CNBC's ticker tape.
Unfortunately Don, you now see what I have seen in this Judge for over two years. Again, I always judge on one's actions and the actions of this Judge has been deplorable to say the least. The one action I can say is to prepare for the worst and there is a play here and hope for the best.
I am still very confident as I have always felt this case is larger than this Judge. In order for the criminals to win, they had to get this case closed out in their original plan of 8-15 months for which I take heart in that they have failed miserably. We will get there, but maybe not before ANOTHER corrupt decision by this Judge who should be charged with aiding and abetting multiple crimes especially bankruptcy fraud!
Monica, the only thing I know for sure are that one's actions speak FAR larger than one's words, especially coming from people who have not earned respect, but rather expect respect because of their titles. Again, just because you have a title does not mean IMHO you earned it. Many people cheat their way through life and does Biden's name ring a bell? To me the behavior of this Judge to someone she obviously favors by her actions and decisions SHOULD be harshly dealt with to the point of NOT be able to work on the same case!
wamu, obviously actions are FAR more telling than words will ever be. They act as if they are ACTUALLY partners and I have said that for a long time. If it is not true, I do believe their actions would be much different. Have you EVER heard of a Judge anywhere in the U.S. who is allowed to be belittled, lawyer does not follow through with Court's instructions, does what he pleases to the very point of embarrassing the court? I know until now, I have not. These types of actions are just not normal for someone who carries immense power.
I am sure Susman can get an exigent stay based on ANICO and Stern rulings where there are potentially 20-100 billion dollars at stake and you can bet Susman will have it filed within minutes if needed.
JuJu, thanks and just think we are almost SOMEWHERE! What I mean by that, is we will at least know for sure if these Criminals have any chance to zero us out by mid September at the latest. IMHO this Judge already zeroed equity out in her last POR decision on 1/7/2011, so with her denial we KNOW for a fact she CANNOT do that again! There is nothing better than knowing this Judge who obviously favors JPM and that she is officially cornered legally!!!
Control=POR denial=Possible deal=JPM partial shield=Walrath win vs. total failure!
Well folks here we are three years in the making with nothing but total corruption, an embarrassing judicial system, crimes and much more that we do not even know about. How does Walrath keep control in order to possibly foster a settlement? It is ABSOLUTELY NOT by approving this POS POR 6+. Just think what would happen if she approved this travesty. The case would be stayed, appealed, overturned and possibly break wide open to the point of embarrassing United States in front of the entire world. Next, JPM/FDIC would be on the hook for much more than in recent history. If the public were to REALLY find out the amount of theft and corruption that has encompassed the FDIC/JPM, it could actually destroy both (here is to hoping) to the point of no return.
Look at the possibilities if Walrath does the correct judicial action and not only denies the plan but also the Global Settlement. With the amount of proof, there cannot be much of a middle ground. She either denies in total or approves. If she denies she can avoid ANICO, Stern, Fair and Reasonable rulings along with the potential to actually get a settlement before this leaves her court. At this point, I believe she is really worried about her legacy. She is very close to losing power in this case if she does not deny with the amount of evidence, there will be no question of her aiding and abetting multiple crimes. Also, look for Susman to openly challenge this Judge if she were to approve.
As we look forward to Wednesday, August 24th, 2011, I have to say that if the Judge is planning on denying this plan, we may hear her decision on 8/24 or more than likely on Friday evening, August 26th, 2011. There would be no reason to waste another month of everybody’s time and money, when she can follow up with her written decision which she should have almost completed by that time anyway. It would seem to me the easy decision for this Judge is to deny or she has no power over the ultimate outcome. I will stand on her wanting this power of control in order to foster a settlement. She would otherwise have no chance with an approval being obviously overturned as ANICO was by a higher authority and creating a disaster for her legacy. We are almost there folks and I feel better about Equities chance of success more now than ever and remember this Judge cannot zero Equity out again with a plan denial as she did with her last decision. Equities will have to rise dramatically with denial and if there is no settlement by this point we will be on to DC. Here there will be a settlement before the criminals let a jury destroy them.
diamond, as always you are "spot on" although when the XXXX hits the fan, I will tell you in advance that you may need to add some more "pluses ++++" to your figure.
TPS will be the key!
I think if we do not see anything from TPS in the next two hours or so, something big could be going on because these folks are after the crooks who stole their money big time. I would not make so much out of the EC’s filing, YET. I but I feel TPS is the real key to finding out something in the next couple of hours.
If TPS files under seal you can bet there is some form of an agreement, probably to be discussed on Friday at the hearing. No way TPS would be filing under seal as much as they hate these criminals. They did NOT file under seal for the objections when the EC originally did.
Your replying to the wrong post as I never said anything about an advocate Judge.
And she could have DEMANDED a list or contract of what was transferred in the first thirty days of this case so she would know what she was suppose to judge and this case would have been over within six months. This same Judge asked a person who filed a claim repeatedly to see his contract to prove what he was talking about but NEVER ASKED/DEMANDED a list or contract of what was transferred involving a three hundred plus billion dollar organization to this very day and do not tell me she could not!
Yes, I fully understand it is the Debtors who have cause to be sued for mega billions for malpractice failure of fiduciary responsibility and more but first we have to make sure we are alive and NOT CANCELLED PERIOD, or otherwise everything else is a MUTE point!
fsshon, as always very good points and I will be the first one (hopefully so) to stand up and give this Judge her TOTAL title back and trust me, that is exactly what I want to do!
desperado, the Judge in her opinion that said was fair and reasonable gave away all of our claims, the entire estate with maybe the exception of NOL's and Newcom. If she signs a POR even closely resembling this, your stock is cancelled with no hope of ANY recovery. Now, before you say she is not to blame, wow my friend you better look again and realize where this case is and what is at stake with this Judge's signature!
fsshon, your take on these chapter 11 cases being stayed due to jurisdictional issues are very real and we will see how much this case has to do about control in Walrath's court which I think is EVERYTHING and here is why.
You have tried to tell me Walrath did not zero equity out in her opinion on 1/7/2011 and I have to differ. I understand she let equity have a shot at the NOL's via insider trading allegations from Thoma that she could have easily ignored. Yes, I will agree with this, but this Judge gave our ENTIRE ESTATE away to her criminal allie JPM whom she is/has been aiding/protecting, leaving us with maybe the NOL's and the new company. How can anyone say this is even remotely correct or in fact legal. I bet ANY jury would cite this Judge with aiding and abetting multiple crimes if given a chance and I know, unfortunately that will never happen. I have no doubt this Judge will nail to some degree, these Hedgies, as this was her agenga and nobody else's except Thoma, whom she could have ignored very easily. She has proven this with Ilene, whom she ignored with the Boli/Coli issue that Rosie lied in open court about.
Walrath has PROVEN to me through her actions that she is aiding/protecting JPM and if you think she is going to give up control, I think you are dreaming. The very fortunate happening to equity are ANICO/STERN and these other court rulings to nuter Walrath from approving this POR. The next best action for her to keep control and AMAZINGLY a huge turnabout and completely uexpected action, considering her frame of mind during her last opinion on 1/7/2011 is to keep control for a settlement, she has to deny the plan. This is quite shocking in that her denial will be to ensure a settlement, thus protecting JPM to the extent she can in HER COURT before moving the case forward.
Sounds interesting, but I think it has more to do with bad mortgages and what happened back during and before the last financial crisis. Also probably has to do with lawsuits that have been in prgress for sometime and not only about this illegal shakedown of epic proportions.
Unless a settlement by the Horsies to prevent a potential devastating opinion by this Judge, or some other sort of deal with Susman involving others she will have to deny in order to keep control. I believe you are correct in that this Judge will make sure she keeps control by denying this plan. We do not care how we get it denied or this Judges ulterior motives, just as long as the plan is denied.
I think our savings grace is that she does NOT want to lose control, otherwise I have no doubts she would be approving this POR and of course now we have ANICO and Stern to prevent her from approving. Her next best action is to deny in order to esnure some sort of settlement before losing total control of this crime ridden saga!
Aug.24th is the verbal end to the Confirmation Hearings.
rockie101, yes you are correct, but I was surmising in the event there is no deal and then she is forced to rule.
Wamu, yes they could be and I would hope they are. As I have said, I cannot imagine Rosie letting his wrong doing and fate rest in the Judge's hands. My posting on what the Judge would do is assuming no deal by then. So to your point, I would expect a deal before Walrath's decison on the current POR but again as you have just said, NOTHING has made any sense, YET, oh, but it will soon!
fsshon, yes I hope you are correct with her wanting a fair settlement. The reason I have been VERY hard on her was she had ABSOULUTELY no reason to zero equity out in her opinion. Thank you for this post as it is very interesting and factual. fsshon, again thanks for all of your due diligence and factual posting.
Wamu, one thing that I do know is if there is no deal in the near future this Judge has to rule yeah or neah. With that said, now read my post again and what you need to figure out is what THIS Judge WANTS. I believe I already know and it is in my post. In order for Walrath to keep control and steer any type of settlement she HAS to DENY the plan. No other choice will do to achieve that end assuming no deal before she rules.
The Judge can do anything she wants as she has MORE than proven that. So what you have to figure out is what she wants and I think I explained that in my post. How does this Judge KEEP or LOSE control? I think at this point it really is that simple and this Judge's corrupt actions have already told me what she will do. Again, if Rosie does not settle this first, I will be surprised and then second this Judge will deny this plan so SHE does NOT lose control and yes it IS that simple now!
If no deal-Walrath has to deny POR 6+! And NOT for reasons you may think!
I have been thinking about the various facts in our case that have recently propelled Equity into a completely positive direction. Within the last several months we have had the ANICO ruling, the Supreme Court of the United States (Stern) ruling, last week we had JPM saying the bankruptcy court cannot rule on claims because of the Stern ruling and also we now have the WMI Executives who have been cleared of criminal wrong doing. There is much talk of the 300 million dollars in a litigation trust fund for this criminal wrong doing that puts assets far greater than liabilities if it is really not needed. Now that is a very strong paragraph that propels Equity into a SUPERIOR position. Now let me talk about why Walrath will turn this POS POR 6+ down and of course these superior rulings are the real motivators here, but I have a twist as the ULTIMATE reason Walrath will turn this down and it may surprise so read on.
I have always talked about using one’s actions to judge what people will do and with that said remember when Walrath turned down Susman’s appeal on the “fair and reasonable” opinion? This action proved the Judge did NOT want to lose control of this case as many thought she wanted this case out of her court. This was/is ABSOLUTELY wrong and quite to the contrary, as the Judge denied Susman’s request. To make sure it was buried long enough for Walrath to be able to close out the POR with her signature, or at least that was her plans when she issued her opinion on 1/7/2011. Obviously, she ultimately denied the plan but zeroed out Equity at the same time. From 1/7/2011 to present, Equity has been blessed with all of these unexpected and very positive rulings changing the entire course of this case. No doubt, this has made Rosie depressed and deflated at what few options he has left. Staying out of jail, keeping his license to steal and his law business from ruin may be his ULTIMATE driver these days.
Now we know Walrath does NOT want to lose control of this case and think about what happens if she actually approves this POS POR 6+. The case would go to immediate appeal, where this plan would be shredded, made a fool of in law review circles, Walrath’s positive history decimated and the plan would be overturned on appeal within 30-90 days anyway. Put yourself into Walrath’s shoes and THINK how CAN she KEEP control and that is by at least denying the POS POR 6+ if not totally denying the Global Settlement. By denying the plan, Walrath keeps total control to work out an eventual settlement with Equity. All Walrath has to do is tell Rosie to include Equity or she will install a Trustee ensuring some form of settlement before this case leaves her court. By approving this mess Walrath loses TOTAL control and that is NOT what she wants. If Rosie even let’s this case get to her for a decision, he and his people have to be really stupid to allow the Judge to have control that could totally ruin Rosie for his wrong doing. Unless he knows what Walrath will do, the only sensible action would be for Rosie to pull WMI out of the Global Settlement (if JPM/FDIC do not want to play) and issue POR 7 with Equity included. Many more positive developments and larger equity prices coming VERY soon!