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Thank you and I think this could/should be a GOOD hearing with positive results. Remember, last June when Rosie was trying to tell the Judge they are working torward some kind of deal and Nelson was like we are not even close Judge! Then the night before that hearing they moved agenda items forward and the hearing was basically a bummer but still worth it.
Will be landing in Delaware in two hours and getting ready to see the Susman Team, Blackhorse and others make Rosies hair plugs pop out!!!
JuJu, I thinks if Susman has the evidence of a crime (insider trading) they have to show it on Monday so the Judge is cornered and cannot move this forward without being complicit. If Susman has this, then he can save all of the rest including valuation for the REAL POR from Equity. I still feel this Judge will do almost anything to keep Equity from being in the drivers seat, as she has been protecting ALL of the criminals with the exception of MAYBE the Hedgies. She knows once Equity is in charge, Katy bar the door-because Susman will have a direct beam on FDIC/JPM>
Fsshon, you arec corret and I doubt the public would actually believe this happened as they will just say say another Hollywood great. I totally agree that Susman would only show what he has to. I feel this is at such a delicate time and place in this case, they have to make sure with enough evidence that this Judge is cornered and does not let this move forward.
Fsshon, I think you are MUCH closer to the truth than NOT and I agree!
Fsshon, what are your thoughts for Monday? I feel if the Susman Team does not show anything related to a crime such as insider trading, then the D.S. will be approved. I am EXPECTING our team to show something VERY revealing (not all) as we cannot let that Judge get her pen even close to confirmation in May.
More than likely there will be a Chambers meeting before court and they agree on some things which IMHO would be very favorable to equity.I cannot believe the criminals will let financial information about a potential POR from Blackrock become open and public knowledge as the securities would skyrocket. I still look for some fireworks because the Judge cannot silence all of the Objectors or at least I hope not.
fsshon, I have no doubts TPG was paid off in another way such as "banks on the cheap" or in other dubious ways. The main action that TPG HAD to agree with is to say nothing, hear nothing and KNOW NOTHING. None of these criminals had any idea that equity COULD be in the money, even remotely!
WAMUQ appears to be HALTED on Fidelity!...ANYBODY?
Monica, I firmly believe that Susman will ONLY give up what he has to, to get the D.S. denied. I believe he will show valuation just on WMMRC and possibly some proof of insider trading on or before 3/21. He alluded to both of these and more on 3/9 and now he HAS to show PART of his hand as we do NOT want this to move on ot May 02, where it will be even easier for this Judge to sign off on this corruption.
I also believe if Rosie is forced to let the EC join in as opposed to Rosie loosing total control, then you may see this in an 8K filing as early as Friday evening. This would be deemed bad news for the criminals and they would not want this to come out on a Monday morning. So I would NOT be suprised to see something VERY POSITIVE for equity late Friday evening around 8:00pm to 11:00pm Eastern time.
William48, thank you VERY much for such an astute observation in light of all of this negativity that is going on now in world markets!!! If there ever was a positive indication that this Judge would like to see equity "in the money", then this would be IT.
It is also possible this Judge does NOT have any idea (or chooses not to have) in reference to all of the potential naked/short shares that have never been covered due to them knowing what 'WAS' suppose to happen (cancelled) at the end of chapter 11.
None of the criminals including Rosie could have ever discussed this naked/short share issue with the Judge due to what happened to WaMu are crimes. If the Judge wishes to see equity in the money, it would stand to reason she either does not care or does not want to know what the nagative consequences are for the criminals if equity stays GOLDEN!! This COULD be the EC's INVISIBLE ACE in the hole.
Actions that I always speak of-Here are two very important ones.
I always speak about one’s actions due to all of the corruption, fraud, favoritism and more. I do NOT believe anything that comes out of the mouths of the so called “power players” including the Judge, as I will judge and invest more/less due to actions of these people and not what they say.
A few weeks ago there was a lot of discussion about Ernst & Young being brought on board this case by Weasel, Gotcha & Mangle payable back to 1/20/2011. Normally anything Rosie puts in front of this Judge, she signs the same day or very quickly and to my knowledge, the Judge has NOT signed on to E & Y- nor should she. E & Y will not even back anything they say and want to use disclaimers for ALL of their work that they are not responsible, so why WOULD the Estate pay for any trash like this?
Then there was the motion Rosie brought to the Judge to allow him to give back 33 million dollars regarding the new stock that was to be issued for WMRRC on approval of this POR. The Judge NEVER signed on to this and then questioned Rosie at the last hearing, “did you think you did NOT have to have the Court’s approval to release these funds”, and he basically said no. There is no doubt this Judge had to be fuming as Rosie made the Judge look like a clueless, powerless and hopeless individual. Now whether she is working directly with Rosie or not, this had to make her livid and not to mention all of the new/old objections with powerful facts that this Judge has to act on.
With Blackstone, TPS, The EC and more cornering this Judge into making a decision on the FJR which puts A>L, decision on valuation that nobody from the Debtors will sign or back up, I do NOT see how this Judge in her most favorable/corrupt terms could possible sign this Disclosure Statement when she turned the POR down based on releases. This seems to be every bit as important or more.
fsshon, just a SUPERB letter and I know a lot of time and effort went into this finished product. These kind of letters are extremely time consuming and just know it it VERY much appreciated!!!
Bud, everything is good. I lookd at not seeing any evidence of insider trading as also very positive due to the fact the Hedgies are working with Susman to avoid a criminal filing. Not to worry, there WILL be some HUGE firworks soon!!!
knick, no I wish I could but I am working on being at 3/21. I think that one (if needed) will be good one to attend if possible. Take care!
Where the rubber meets the road! Filing on 3/9 COULD change everything!
I have said for a while now the filing that Susman makes on 3/9/2011 could be the filing that changes the course of this entire case. I feel Susman has the evidence on insider trading and if he does, now is the time to bring these charges forward. The EC legal team has to file any and ALMOST everything in order to stop or least slow this process toward final confirmation. I do not expect Susman to show his entire hand, but he has to show enough to prevent this Judge from moving forward with confirmation of this amended POR 6.
Before the start of the hearing on 3/9, I would expect there to be a chambers meeting prior to discuss the evidence that Susman has and what he is planning on doing with it. I cannot imagine the Hedgies letting Susman file what maybe evidence of a crime, whether it is under seal or not. It just does not seem reasonable that Tepper would allow Rosie to continue with this sham knowing it could put him and others in jail. There has to be some dialogue going on with Tepper and Rosie and which direction they are going to go. We know JPM and the Hedgies were responsible for doing much of the illegal shorting, naked and otherwise and rumor mongering to bring WMI down before bankruptcy filing.
This is where it gets interesting because Tepper and JPM have been connected before so what does Tepper do? I think that is easy to figure out because these kind of people are NOT going to jail for anybody, so what does he do? He could call Rosie off and have Rosie include the EC and if he does not do this, he then has to face the wrath of Susman (love this) and so I do not thinks he has much of a choice.
What I find very interesting in what this Judge has allowed and not allowed. This Judge has given EVERYTHING to her Government employed boss and JPM (same) except the NOL’s and she allowed them to grow by turning down the POR and bringing this case into the year 2011. So as I talked about in an eelier thread, this Judge has stopped the Government’s waterfall at the NOL’s. I feel the Judge may want to give equity the new reorganized WMMRC if the crime of insider trading is proven, not understanding or possibly even knowing the crime these perps committed by bringing down WMI prior to chapter 11 filing. This is where it gets fun for the EC because Rosie cannot tell the Judge she cannot allow equity to be in the money because of the potentially one to two billion illegal shares out there. It maybe the Judge wants to give equity this and this becomes the criminal’s conundrum. They cannot tell the Judge they committed these crimes against a major corporation to bring it down, so how do they get her to understand the significance of allowing equity to be in the money? Fun, fun and more fun. I hope to see green, green and more green for equities VERY soon!
Look at where the Judge stops the waterfall for the criminals!
I find this incredibly interesting and anybody who has read my posts knows that I do not trust anybody in a power position with this case. I ONLY judge by their past actions to get a true unbiased opinion and if you want to call that bashing because the facts are not to your liking, so be it. During the entire twenty nine months in bankruptcy, this entire process of chapter 11 has been so embarrassing, convoluted, corrupt, misguided and nothing but throwing all of those people who defended the US Constitution under the bus. For those who are knowingly doing this for personal gain, I do know one thing for sure. There is a “higher power” that you will have to answer to and when that time comes, I for one would have no pity on anyone who went down this path and now for the great news the way I see it.
Looking at all of the decisions for Rosie, it would appear totally one sided. Keep in mind the EC was kept out of this case for the first fourteen months whether by design or other. I want to reiterate how important the decision was by the Judge to turn this POR down whether she wanted to or not. We could be fighting the uphill battle on this alone and our equity would be most assuredly wiped out or trading at one quarter of one penny. There is no doubt this US Federal Bankruptcy Judge is nothing more than the equivalent of a corporate executive of a major US corporation. With that said, she gave everything that FDIC/JPM stole to them with basically no proof and no questions ask which totals including claims of over two hundred billion POTENTIAL dollars. Why we she do this? I believe that is quite obvious and the way they are playing this VERY corrupt game, this has the potential to blow up big time and I am hoping and praying that it does before it is too late for the honest people of the world involved here.
Now for where the Judge cut the water fall off for the criminals. I believe as any human being would, this Judge even though she cannot show it, is very upset with this process as she was expecting a settlement from the criminals that stole everything. The Judge would at least think they could take some of the money they stole and make this go away, so she does not have to continue this obviously, embarrassing, criminal activity for the perpetrators. So the Judge without throwing the Government under the bus, left the trail of insider trading which Susman has seized up on and this is where the ‘water fall’ ends for the criminals. One can look at this as brilliant or other from the Judge, since she is under enormous pressure from the criminals or look at this as extremely positive. The Judge posited on the ten billion dollars for the new entity of WMRRC and this just happens to coincide with the actual worth of between thirty and thirty billion dollars of various taxe attributes. With the Judge approving discovery for the EC involving insider trading, if one wants to give the Judge ANY credit, this is what the Judges plans on giving to the EC as opposed to the criminals. In light these actions, the Judge's actions make extreme sense. I again reiterate the importance of Susman’s 3/9/2011 filing which I think WILL impress ALL WaMu longs and here is looking to an EXTREMELY positive upcoming week!
Separates him from Joe Six Pack, Glutton, Milksucking, Vulture Shareholders...LOL
If this Judge tries to cover up a crime of insider trading (assuming evidence is here), I firmly believe Susman will move to take her down also, before he loses a case of this magnitude... and of course IMHO!!!
Nhguy, first of all, thank you for your confidence. Susman may never show his true asset list and I say that depends on the criminals. I feel Susman will give the criminals either in Chambers or not a sample of what he has and if they do not see the light, he will then show the world thorugh a filing, just what he does (explosive) have. One NEVER wants to show their hand (especially first) unless no other choice is given and he WILL show his hand BEFORE he lets that Judge get near Rosie's POR with her pen!!!
In doubt? Look at the actions-WMI becoming defensive-EC VERY quiet!
For all of those people who are posting and worried about the EC and Susman, all I can say is look at the actions and then relax. I suggest for those in doubt go back and do more due diligence on Susman and his history at winning-he does not lose. More importantly is HOW Susman’s team wins. He tells you EXACTLY what and how he goes about it in his website and many of those I do not believe but Susman has an incredible record to back up his boasting.
This law firm does incredible due diligence, gathers the facts, lays out his plan and stays out of the limelight to the point of many people wondering if he is actually doing anything. Just remember we have been through all of this before with Susman and when there is a due date for something, he makes his filing which to date has been nothing short of incredible. For those of you who are concerned he is not addressing financials, assets, illegal transfers and more, there are VERY good reasons for it. First of all why would he address it in parts and give his enemy an advantage? We have all seen PJS has been billing for over fourteen months and working on many items. When Susman began, he made it clear he had to concentrate on one item and that was getting the POR denied and he did. He has a filing to make on or before 3/9/2011 and I suggest something very positive happens to equity on or before that date.
Susman’s strategy is of surprise and ambush as I have done my due diligence on he and his firm. I have a large investment in this and I have accumulated at every stage for two and half years and I continue to do so. When the time is right and we are getting VERY close he will unload SOME of his artillery and IMHO that will start on 3/9/2011 with his filing against the Disclosure Statement and AGAIN every long will be impressed. Now as for Susman not addressing these items such as missing assets and more, that will be his TRUMP card, providing he has to use it. Susman/PJS WILL have an itemized list of assets leading up to 9/25/2008 and a list after this date and it will be backed up and signed by PJS depicting everything that WMI should have after 9/25/2008 and it will be EXPLOSIVE! Everybody should be happy Susman has held his TRUMP card because if and when he has to show it, there will be NO DSPUTING it from the criminals. I will go as far as to say Susman will show PART of his hand in chambers before showing the world to give the criminals one last chance and this is when the offer will be made IMHO. Stand down, have some more patience and get ready to celebrate because IT IS COMING!!!
The timing of Tepper relinquishing his Horsie title to another is VERY suggestive!!!
http://www.marketwatch.com/story/appaloosa-hires-merrills-kaplan-as-coo-2011-02-28?siteid=yhoof
Jestiron, the information you sent via PM was great and I fully remember this, but at that time even though we may have known, it was not on anybody's scope. Now, they are looking for an example and I think between what Susman has found with one of the "talking Horsies"-how about Mr. Ed, rule 2004 discovery and more. Susman, IMHO has the criminals on insider trading and banruptcy fraud. No body stays this quiet unless one of two reasons-either you have the evidence (I say YES) or you have sold out and NONE of Susman's actions show anything close to the latter.
Of the 4 Horsies- One at table early-Eating VERY well-IMHO!
Now what actions do we have here with the Horsies? It is very interesting to see the actions of the four Hedge Funds. They all filed objections except Aurelius and what does that action mean? To me it means one of two actions, either they did not do any insider trading (hard to believe but possible) or they wanted to be the first to the table and get the main course instead of being Bubba’s main course. I find it very hard to believe they did not partake in insider trading as the EC was not even on board for the first fourteen months of these chapter 11 cases. Then you look at the actions of Rosie and his team and those actions are defensive for the first time in almost two and half years which is great news if you are long.
Let’s look at the dates. On 1/7/2011 the POR is denied with explanations that WMMRC would have to be evaluated with the new NOL’s and more. Now we learn that E&Y were brought on board on 1/20/2011 with not a word mentioned about this until 2/25/2011 which I say is a considerable time lapse notifying the court for reasons which are nothing more than detrimental to the Estate. Then we have all of these objections filed by the Hedge funds on 2/25/2011 with the exception of Aurelius and maybe for very good reasons.
So I will still stand on something VERY positive happening to Equity on or before 3/9/2011 due to Susman’s objections to the Disclosure Statement being due. Susman has to bring on firepower as the EC can ill-afford to let this Judge even get her pen close to signing the POR. With that said, Susman has to file evidence (assuming he has it) of insider trading, the Debtors NEVER using Auditors/Accountants and other information he MAY have received from Aurelius and/or others. The criminals know this as well and once criminal behavior is filed with the court it may be too late for the criminals to protect their standing in society, their careers, families and most important-prison time. I am getting ready for POTENTIALLY voluminous/exciting trading on WMI equities during the next seven trading days.
US Trustee-WMI-Hopefully case blows wide open.
WMI received very good information when Marybob (excellent find Mary) found on PDF page eight that the Debtors have put in writing that they have NEVER used any Auditors or Accountants. Two and half years have passed with more than 110 million in bogus billing by Weasel/Gothca and Mangle. I have read and found that E&Y have been and are being investigated for all sort of illegal behavior, thus connected to JPM, Lehman Brothers and other outfits that are large and have been in all sorts of trouble.
http://www.kccllc.net/documents/0812229/...
If the US Trustee has asked or told the Debtors to get proper Auditors and Accountants, my question is what in the hell is wrong with the US Trustee? After two and half years and over 110 million in bogus billing the Trustee should have brought charges against Weasel/Gotcha/Mangle and had Rosie arrested on the spot for bankruptcy fraud and at the very least, ignoring their fiduciary responsibilities to the Estate and more. Unfortunately, these actions by the Trustee prove they are into covering the crime and corruption up as much as anybody involved here. What IS against the law in Delaware when filing bankruptcy-anything? What a disgrace to the Judicial System and an embarrassment-disgust for those people who defended, fought and died for the US Constitution…to see it disgraced by the VERY people who are put in positions to preserve and protect.
This river is very deep and wide with corruption and I believe in the old sane, “the cream of the crop rises to the top” and I still believe that will happen here. There are getting to be way too many people involved who will keep telling other people and at some point this case will blow wide open and the criminals WILL lose total control. This very statement the Debtors put in their Friday Night-9:00pm filing tells it all about NOT using Accountants or Auditors in one of the world’s largest bankruptcy cases ever. Stayed tuned, we are about to start witnessing very positive developments with the WMI case. Rosie REALLY has to be genuinely frightened whether he admits it or not.
tdmd, there is a MAJOR difference in what I said and what you are saying about the Examiner. You are comparing apples and oranges and here is why.
First of all the Examiner has been nothing but a 'lifer' in his Government cushy position and he is NOT going to go against his his higher powers who we already know are corrupt as can be. Susman on the other hand has his OWN private business and has been VERY successsful and if you think he is caving you would be just plain wrong as that would have already happened.
Why do you think these Government employees end up in the private sector after having made their contacts? Obviously, this guy called Hackberg would NEVER be allowed to step onto Susman's property for future employment.
Good news for Equity on/before March 9th!
The way I look at where we are and where we are going in this case is to go on the actions of the players involved. I think we know the Hedgies had to have their information in this past Tuesday. Now we know we got a buzz out of Rosie, as the Debtors actually filed an objection to the court about the EC’s discovery and documents relating to the Hedgies. Obviously, Rosie and team are worried that some of their documents may show up implicating them with bankruptcy fraud. What other reason would Rosie have to make him file this ridiculous two page objection? I think this action shows his desperation on who is throwing who under the bus.
We have NOT heard one peep from Susman and Company which tells me he already had the evidence, hence his short timeline in agreeing with the court. I firmly believe Susman needed the discovery approved by this court as the information and evidence he already has IMHO could have come from another source that may have not been recognized by this court unless discovery was approved. With no response from Team Susman and since I believe he has the evidence, there is only one of two choices the Hedgies would have. One being gamble on what level of destruction Susman would do to them or number two would be to work with equity and I believe any reasonable and fair person would choose the latter.
Now assuming I am correct with Susman having the proof on insider trading, there is no doubt in my mind that we will see something extremely positive for Equity on or before March 9th due to the objections for the Disclosure Statement being due. I say this because I cannot imagine the criminals letting Susman file criminal evidence of wrong doing with the court if they can avoid it. If the insider trading leads to Weasel/Gotcha and Mangle which IMHO would also include bankruptcy fraud, then you will have to see either Rosie bowing out and letting Equity take the lead (thus 8K filing) or equity being invited to the table. If this happens the current POR dates could stay and only the real assets added and other criminals contribute or the claims will start in ‘earnest’ by the Equity Committee. Then a truly real valuation will ensue and equity prices will re-value themselves as filings and this case progress.
Ilenes, thank you again for all you do keeping the rest of us informed. I wanted to ask you a question about what you meant when you were discussing the following.
because my first read was him bragging about pushing through a "global settlement" (ex equity, as before)...and then when I saw the talk of the Debtors, et al, working on a settlement, inclusive of us...
What did you mean about the talk of the Debtors, et al, working on settlement. including equity? Where did you here that and when were they discussing a settlement with equity? Thanks a million!
Jestiron, Good morning and I hope you are doing well. You said "They are expecting a wipe of WAMUQ, and so am I."
I would expect if Rosie wins, his plan to cancel ALL equity would succeed. Do you actually expect if he wins to get something from the preferreds? I say this is because there is nothing normal about this case, so I feel it is all or nothing even if that means WAMUQ only getting twent five cents and preferreds fifty dollars.
WMI 8K Filing. This was filed this evening.
http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=7427560
Fsshon, a very sincere well thought out writing and as always I certainly appreciate your ideas, evaluations and thought processes!
You are obviously correct on several of your points as the Judge could have ended this on 12/28/2010 and closed the EC down. She also did not have to discuss the ever so important insider trading allegations with the Hedge Funds that Thoma discussed so well. I am surprised she did not discuss the voting-jerry rigging that Ilenes discussed in such a detailed matter though.
Cornered-Dangerous-Foaming at the mouth=Tepper!
I predict the next few days to two weeks will be VERY positive for Equity. This point in time has to truly be a defining point in this case. Tepper has to make some decisions that will define his career and life if he is an ‘astute’ businessperson as portrayed in various publications. If he lets his emotions get the best of him, this will be his ultimate downfall and will destroy him and his cronies. When I look at the decisions he has to make, they would seem easy to make as I look at both sides of the coin and add the pluses and minuses up without emotions. Tepper has to be having discussions with Susman and I certainly would not want to be in Teppers’s position.
To me Tepper has to agree to work with Equity in some form or fashion or face possible career ending realities .Even if he is able to use his connections to stay out of jail, his standing in society will be destroyed. JPM, FDIC, Tepper and Weil/Gotcha/Mangle have an inbred and self centered expectation that will come to a head (maybe this week) and there is only one way out for Tepper IMHO and that is to work with Equity. There is no way Tepper is going to jail and/or lose his standing in society for ANYBODY.
The other thing that can happen is infighting with all of the players except Equity which will/could spill into the news and blow this case wide (hopefully) opens and be on the front pages of all world-wide publications. I expect the next major news in this case will be totally positive for Equity and the time is VERY near. There are obviously internal problems going on with the players as this case has NOT gone even close to what the criminals originally planned and at least this is gratification for me for now. So, saddle up partners, grab a hold as the HORSIES are really getting ready to start BUCKING and I plan to ride these ponies to calmer pastures.
Night, I say this is a made up list with maybe some of the lawyers in attendance. Fishman has been long gone and I think they are using former Board of Directors names to make it look real. This is nothing but a continuing scam to zero out equity. I am hoping Justin put this in there during confirmation hearings to set these corrupt bastards up. I would almost bet my life most of the people that this list claims as Board of Directors were NOT present and they are not even on a current Board of Director list of WMI.
I would like to se an affadavit of each one claiming they are a current WMI Board of Director and that they were actually in attendance of said meeting. I bet they would never sign one. Kosturos was just to evasive, unwilling/unable to answer questions about Board of Directors and the actions of Rosie when threatend with a Shareholders meeting which would have blown their cover. This is another example of Walrath working with her partner Rosie to get this whole scam approved. Walrath's own opinion states shareholders are deserving of a meeting, then why would she not rule along time ago instead of delaying to the point the EC pulled it for a later time.
There are NO Board of Directors PERIOD-Post WMI Chapter 11!
I purchased my first WaMu equities a few days before seizure and I have followed this since and purchased a tremendous amount of more based on due diligence. I am not going to try and find links but I will share with you what I read about this travesty in the first few days, weeks and months. I remember distinctly that Robert Williams was going to be the part time President (until the first quarter of 2010) and Kosturos was the lawyer and restructuring person and there was a third person but I cannot remember who he was.
I hear all of this talk about a current Board of Directors and I am going to tell you there was/is no Board of Directors post WMI bankruptcy. There was only going to be three people involved with this and the original bankruptcy was only suppose to last until the third quarter of 2009 per Rosie own filings in the early going. Robert Williams was slated to stay a short time after WMI exited bankruptcy (after 3rd quarter 2009) and be totally finished with WMI in the first quarter of 2010. This was Weasel, Gotcha and Mangle’s original plan and if I say so myself, it is not working out so well. I added this statement for all of the bashers who think Susman is going to lose.
I laugh when I hear all of this talk about a current Board of Directors because there are NONE and if there are PROVE IT, as I know no one can. Just look at the actions of Rosie and Company and this should be VERY telling for you. They were shocked when we wanted a Shareholder’s Meeting, Kosturos was shocked when questioned about how many Board of Directors there are and all of the actions against equity and shareholders. The former Board of Directors have either gone to JPM or silently disappeared. There is no reason why Kosturos could not mention or list who is on the Board, unless there are none. Weasel, Gotcha and Mangle had WMI planned to sell as soon as possible after getting their POR approved and this would be to bury this travesty in whole. There are reasons Rosies actions are so very telling whenever a Board of Directors is discussed because there are none. The only people ever listed are past history and not current or they would have gladly discussed them in court and instead Kosturos’s actions were of being scared to death and not forthcoming about the Board of Directors.
Just look at the the past actions and what is going on and you will find that Weasel, Gotcha and Mangle actions want you to think there is a Board of Directors group when in fact they are the only ones there are. Rosie is scared to death about this coming out, hence all of the discussion about lawyer client privilege. Rosie wants this wrapped up so the Hedge funds get what they are after which is the reorganized WMRRC, JPM/FDIC get their stolen goods - continued cover-up and equity gets the shaft. The problem is their whole plan is about ready to blow up from a bunch of greedy, corrupt, thieving, inbred cannibals who will destroy any and all people who try to get in their way.
Tepper is key to TURNING POINT in this case!
This case is even more inbred than what it originally looked like. Let’s take a look at what is going on with all of the players. I will identify FDIC/JPM as one entity for the sake of argument as they both ultimately want the same outcome-give up nothing and receive everything. Next we have Weasel/Gotcha/Mangle representing Tepper and the Hedge Funds who also indirectly represent JPM. I think it goes without saying that JPM used these Hedgies to take down WaMu pre-bankruptcy and if Susman finds evidence, probably post bankruptcy on numerous times as well. Then of course the third player being Equity, the only one who is separated from whatever negotiations were being held involving finality in this case.
What goes on from here and how is it handled will be not only very interesting but could also decide equities fate within the next sixty days or sooner as well. We all want to believe Susman has the evidence and I tend to think the evidence would be easy since it involves, times, trades, dates, POR planning and who was at the table when this was happening. I have discussed some of what I have written here in an earlier post a few weeks ago, but I feel I can now discuss the potential outcome of this case in general, obviously not specifics.
With what has happened with this travesty since December of 2010, I feel there are only two real reasons why this case COULD come to an amicable settlement. One of these two reasons, based on past history/actions just will not happen. One reason for settlement is publicity and due to the obvious “worldwide” control of ALL news on the subject of WaMu, this will NOT happen. So we get to the other REAL reason they may settle and that is if the criminals are worried about their standing in society which is how they make their living or worse-prison time. I believe the case is now at the most serious crossroads ‘ever’ as blood could spill with the Hedge Funds and this is the “Y” in the road or where one train goes one way and the other train goes the other.
Based on actions in this case I say Tepper will either pull Rosie off the case with the blessing of Susman or Rosie will be forced to work with Equity (all being the same-positive) to arrive at a amicable TOTAL true GLOBAL SETTLEMENT. We know JPM has a working relationship with the Hedge Funds, FDIC and others. JPM may not want to jeopardize these relationships so they can use these same people to continue with their fraud, corruption and more of the world-wide financial community. I still day the only thing that will force these criminals is their standing in society. Since IMHO Susman has the evidence, the real turning point is with Tepper as he has to make the call on his standing in society. This will be the NEXT LARGE turning point in this travesty and if this happens (must be very soon), you will see all of WMI equities start to revalue in a VERY positive way.
Cracks that are case altering!!!
I am willing to look at the cracks and what these cracks REALLY mean or could mean. One would have to look at these cracks without emotion to fully understand what I am going to say. Let’s take a look at what the Judge did with Thoma’s insider trading issues as opposed to Ilene’s confirmed actions of Rosie’s jerry-rigging the voting process. The Judge TOTALLY ignored Ilene’s case altering fact about jerry-rigging and the Judge gave rise to Thoma’s insider trading issue. At this point the EC does not care how we win, as long as we get some justice either through some form of payment or otherwise. This tells me the Judge is totally protecting the REAL criminals while she diverts the real crime to the Hedge Funds and this is probably long overdue anyway.
We also have the fact the Judge went on record with telling Rosie he has to value the reorganized WMRRC by including the 2011 NOL's. These two case altering facts, insider trading and valuation on record about WMRRC could prove the EC's turn about. The Judge even used a number of ten billion dollars when she was discussing with Rosie about WMRRC's valuation. In the event there is too much money, the court could not let an overpayment stand (imagine that) by giving them more than they are suppose to get. This is the crack that IMHO lets Susman in whether the Judge follows through or not and of course this valuation could lead to more. Susman can use Rosie’s own numbers and I find it hard to believe when the Judge hypothetically used the ten billion dollar figure that she was not serious. Becasue if you take thirty five percent of all of the various tax issues of thirty five billion dollars, then her numbers are VERY close to reality. Maybe this is her way of forcing some type of agreement or will she backtrack as her history shows? No matter how you look at it, this is a potential case altering crack in WMI’s armor.
The insider trading crack is also huge as I believe Susman has the evidence. I say this by the EC’s own action when they discussed the timeline they would need. They said only two weeks and this action tells me a WHOLE LOT. Why, only two weeks and that IMHO is because the EC only needed to have the process legitimized in case the evidence they have could not or would not be admitted. Again, this action tells me Susman only needed the “Rule 2004” discovery approved by THIS court. All one has to do is ask yourself this question assuming Susman has the goods. Whether or not the Hedge Funds are or not part of the final POR, they negotiated this POR. If a crime has been committed of insider trading, how could this Judge could approve this POR? This could happen only if she is a willing partner in the crime of bankruptcy fraud with Weasel/Gotcha and Mangle.
drrugby, Borders will open at 9:30 Eastern Time on Thursday, February 17th and the huge decrease will happen probably before 10:00 AM Eastern time on Thursday morning. the new symbol will be BGPIQ. I tried to put an order in with Fidelity but would not accept until trading actually starts this morning. The computer would say "no trades" until a trade actually happens at 9:30.
Three is a crowd-Could be total devastation for the odd entity out!
This case is even more inbred than what it originally looked like. Let’s take a look at what is going on with all of the players. I will identify FDIC/JPM as one entity for the sake of argument as they both ultimately want the same outcome-give up nothing and receive everything. Next we have Weasel/Gotcha/Mangle representing Tepper and the Hedge Funds who also indirectly represent JPM. I think it goes without saying that JPM used these Hedgies to take down WaMu pre-bankruptcy and if Susman finds evidence, probably post bankruptcy on numerous times as well. Then of course the third player being Equity, the only one who is separated from whatever negotiations were being held involving finality in this case.
What goes on from here and how is it handled will be not only very interesting but could also decide equities fate within the next sixty days or sooner as well. We all want to believe Susman has the evidence and I tend to think the evidence would be easy since it involves, times, trades, dates, POR planning and who was at the table when this was happening. The problem is if Susman plans only on using the bankruptcy court for his filings of evidence on insider trading. I say this because this Judge refuses to enforce almost anything involving showing A>L, just like Ilene’s jerry rigging the voting process and the Boli/Coli five billion in funds. She ignores EVERYTHING that has to do with equity, so I have to expect more of the same. I just hope as I discussed in another thread that Susman has the evidence and can threaten the Hedge Funds into working with Equity, but Susman would also have to have somebody credible to enforce the insider trading charges.
If the Hedgies are trapped with the insider trading crimes, then what happens to their inbred loyalty to JPM and Tepper? This is where it really gets interesting in how this plays out. I feel the pressure is mounting on the Hedgies as I am sure Susman, if he is holding the evidence has given them a “drop dead date “ to concede. The easy way this plays out is if they all (including equity) agree to a price, but the way this inbred cluster is headed, that does not look like it is in the cards. How does Susman handle a Judge who does not follow the law or enforce anything in her court room? Does Susman go after the Judge? Since the Judge refuses to make any decisions on anything that would make A>L, does all of this get ignored while she races to confirm? I would hope we see something from the EC regarding offensive moves very soon as opposed to always filing defensive moves. I wish I had a better idea of what is coming from Susman and hope I do not have my hopes set to high for his team, because I am truly expecting a “shock & Awe” when he finally makes his move.
Actions from the Judge-During/post hearing.
While I want to believe something good can and will happen to equity. I have to be a realist based on the actions of this case. Equity has stood alone and maybe still is, but that depends on Susman’s ability to force the Hedgies to deal and deal they will IMHO as opposed to getting charges filed against them. These charges could destroy their reputations, way of life, standing in community and of course prison time.
My feeling on why the Judge was very irritated at the last hearing when dealing with the Hedgies is probably totally different thought than most would think. We want to think her being upset and agitated at the Hedgies is good for equity and it is. The real reason she was so agitated is the FACT that the whole plan she and Rosie have worked on to protect the criminals in Government, just cannot work and the Judge knows this, hence her comment about the 10 billion and something about the POR being derailed or not working.
Our equities man, Thoma basically proved in the Confirmation Hearings about the insider trading, the Judge was compelled to discuss or be accused of aiding and abetting a crime. This has thrown their whole plan off and the reason the Judge brings it up again at the last hearing is she knows it will not go away and she also knows the accusations are true based on what she has PROBABLY learned to this point.
So the insider trading is the main way to blow this plan up, so the Judge discussed this at the last hearing about POTENTIAL valuation of the reorganized WMRRC; assuming the value comes back at 10 billion…OM MY GOD what will I do, inject a claim of 50 billion to prevent equity from getting money and you Rosie settle this fast before it gets totally out of MY CONTROL? I believe assuming Susman has the goods; Equity is in a VERY STRONG position and waiting on something to break in EQUITIES favor VERY soon.
fsshon, it is a start to keep us from being wiped out, so how does Rosie fix it now? He will try and pit the preferred against the commons and he will do ALL possible to end the waterfall there. I believe once that leak has sprung we are on to REALLY BIG MONEY and maybe, just maybe this is where the valuations from PJS come into play and the 33 billion Justin mentioned.
Follow the bait...It really does lead to GOLD...Credit to the Judge!
I know many people that have read what I have posted in many previous posts over many months may be shocked at what I am ready to say. First I am as adamant as anybody could be with all of this fraud and corruption; however I also understand how large corporations are layered from the bottom to the top. This kind of layering requires much cooperation, understanding, discipline and the ability to let things slide when they should not, all in the name of making it work. Now we know how slim that line is and how it can be exaggerated. In defense of the Judge (shocked yet), there is no doubt in my mind this Judge has been threatened, talked to, threatened again and many other devious and criminal ways to get her to side with the criminals, even though she is part of the whole scheme by employment. Keep in mind by giving the criminals everything (almost), she has gained many accolades and pleased many people and constituencies.
Now with my understanding of the position the Judge is in, she (I believe) wittingly left us bait to get what we wanted. I WILL give the Judge credit for this bait as I CERTAINLY know she did not have to leave us this trail of bait. First, in her opinion we all thought was horrendous, she discussed Mr. Thoma and his insider trading allegations a couple of times, leaving Susman some bait with powerful consequences. The Judge certainly did not have to do that especially when she ignored Ilene’s wonderful testimony on Rosie’s gerrymandering the voting process. Then the Judge (albeit on pages 97-99) left some more bait in her opinion about the NOL’s having some value, even though she zeroed equity out on everything else. She also left Susman (IMHO most valuable) a little nugget suggesting the reorganized company will need to be valued and herein is the prize. Remember, Rosie did NOT want the WaMu Bank stock ruling about abandonment as he moved that off the docket because if the Judge ruled on the abandonment, there would have been tremendous value. We all know Rosie is not trying to value this (about 26 billion), undervalue or wait until post confirmation to go with the abandonment then realizing this tremendous value. There is about a total of 32 billion in tax advantages in one form or another.
With this trail of clues and bait, the Judge knows Susman will not let Rosie get away with this, forcing Rosie’s hand. So how does Rosie get away with undervaluing the tax advantages and the answer is, he does NOT. This is where the true valuation will come in. The whole Estate may or may not get valued but the main fact is there will be a lot of money for preferred, if nothing else Even if they only value ALL of the tax advantages at only five billion dollars, equity will be in the money. It will be up to Susman to make sure the waterfall goes to commons and I have no doubts it will especially when people start squealing to save their own skin. Yes, Yes and Yes, I gave the Judge some credit. Most of all, we WILL GET PAID and on this, I HAVE NO DOUBTS!