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Jest, always great reading your posts. Hope all is well. I have to believe the FDIC (Bair) is holding the GS up, as it may be personal with her. I am thinking Bair may want to get back at Dimon, after Dimon and Paulson fed her all of those lies about WaMu and strongarmed her into seizing WaMu.They could not have pulled this off without her.
I also believe we have an allie (s) somewhere very high, as to many things have happened to WMI, that otherwise would not have happened. The billions the banks received after that bill was quietly made part of a larger bill that was going to be passed in early November, 2009. The Trustee popping up just in time and the delays that helped WMI lose exclusivity which made more delays possible bringing Susman up to speed and making sure the POS POR was not signed expedtiously.
It may be that Bair is planning on burning Dimon and Paulson (payback) by waiting for her personal subpoena to arrive where she could come out as a "white knight" by actually telling the truth, thus sending Paulson and Dimon into pergutory for the rest of their lives. There is not many reasons why intelligent individuals would be risking their own skin by not settling now or earlier and risking going to prison. These kind of perople and there are many, just do NOT risk their lives in this careless fashion.
The only way a true Global Settlement can happen is if Bair is ready...to me nothing else makes sense at this point. If a settlement does not happen by Sept. 7th, I look for this to break wide open (here is hoping) making Watergate look like a pimple on an elephant's ass.
Chiron and others, here is the text from Viv on GB. ENJOY!!!
El Juez
The Honorable OFC
OFC
Sr. Zombie
Posts: 479
The $39 Billion Dollar Question (MARTA claims)
« on: January 26, 2010, 10:27:24 PM » Quote
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Regarding the MARTA claims:
Thanks to Ghost for posting a thread with links of this claim. See http://ghostofwamu.com/forum/index.php?topic=2709.0.
This $39 billion dollar claim represents fully 80% of the $50 billion in unsecured claims cited by Weil in its objection to the EC. This issue has been floating around since April 2009, but to my recollection nobody has addressed it in detail yet, so let me take a stab at explaining it for those who don't want to read the 100+ pages of relevant filings:
On 8/4/08 the law firm of Kipling Law Group LLC filed a class action suit in State Court (not federal) in King County, WA, on behalf of two employee retirement plans (MARTA and New Orleans Employee's Retirement System) against WMI, WMB, WMAAC, et. al., alleging securities fraud in the marketing and sale of certain collateralized debt obligations (CDO's), specifically several separate mortgage backed security offerings (MBS's) based on mortgages originated by WMB and marketed by and through WMAAC, a Delaware Corporation which is a wholly owned subsidiary of WMB. WMB "sponsored" these securities. WMI's liability is based solely on the fact that WMAAC was a subsidiary of a subsidiary (WMB) of WMI, and that therefore WMI was a "controlling entity" under the Securities Act.. No fraud by WMI is alleged. The lawyers (Kipling) are a small "boutique" law firm (5 partners) in the Fremont district north of downtown Seattle, who style themselves as sort of counter-culture complex-litgation specialists. ( See http://www.kiplinglawgroup.com/)
The complaint contains a very thorough explication of what MBS's are, and how WMB collateralized and marketed them. It extensively piggyback's onto some of the more sensational disclosures regarding WMB's alleged unethical practices ("liar loans", etc.), focusing on the unholy relationships with property appraisers uncovered and publicized by New York Attorney General Cuomo. It alleges numerous misrepresentations of fact by WMAAC (and, impliedly, WMB) in the marketing of these securities. Finally, it alleges that, based on these misrepresentations, the plaintiffs and others bought the securities, to their financial detriment, and claims up to $39 billion in damages. The plaintiff's seek class action status in order to represent the claims of "thousands" of potential purchasers of these MBS's. It is important to understand that the causes of action alleged to not allege fraud, but merely alleged nondisclosure of relevant information under the Federal Securities Act. More specifically, it is claimed that the loan-to-value ratio of these various MBS's was not 64% to 73%, as advertised, but at a much higher (and riskier) ratio, because of inflated appraisals.
Later, on 12/16/08, for reasons I can't understand at all, Kipling filed a "First Amended Complaint", which appears to me to be identical to the original complaint in all particulars: Same parties, same factual allegation, same causes of action. The only difference I see is that they have deleted WMI as a party defendant. Why? Perhaps, at that point, they bought the Weil/Rosen line and believed WMI was judgment-proof and so abandoned that particular "deep pocket" defendant as an empty pocket.
However, still later, on 3/30/09, Kipling, through local counsel in Delaware, filed a claim in the WMI bankruptcy proceeding for the $39 billion. (Maybe by then they figured WMI might have something left in its pocket after all.) This was initially set for hearing on 7/27/09, but was continued by agreement of the parties. It is still pending. Before the hearing date, WMI filed a response alleging the claim was no good because it had been "removed" as a defendant by the First Amended Complaint and therefore could not be liable because it had been "dismissed" from the lawsuit. (This is nonsense: Even if this was a "dismissal", which it wasn't, that doesn't mean a claim can't be filed in bankruptcy.) On 8/12/09, Kipling's attorneys in Delaware responded, saying it dropped WMI from the amended complaint because of the automatic stay imposed by the bankruptcy court, and instead pursued its remedies by filing a claim in the bankruptcy proceedings.
(Along the way, Kipling appears to also have sued the FDIC in Federal Court in Washington. See See New Orleans Employees’ Retirement System, et al. v. Federal Deposit Insurance Corporation, et al., No. C09-134RSM (W.D. Wash.). I Googled this with no results.)
So what's it all mean? What is this $39 billion dollar "claim" worth? In my opinion, as a practical matter, nothing as far as WMI is concerned. If anyone is liable it should be FDIC, because they stupidly gave JPM all the assets and kept all the liabilities (less a $500,000,000 indemnification clause) for themselves. And, since JPM is WMB's successor in interest, it should have primary liability on any under-performing mortgages unless the FDIC does. After all, the alleged reason JPM got WMB so cheaply is because of all the "bad loans" it would have to absorb. Also, I don't know anything about how a "controlling entity" might be vicariously liable under the Securities Act, but under standard legal principles a parent corporation is not liable for the misdeeds of its subsidiaries. That limited liability is the whole purpose of having separate corporations: to limit liability.
Moreover, the claim itself is wildly inflated. If you look closely at the complaint you'll see that the total value of all the MBS's together was $39 billion. To have $39 billion in damages all those mortgages would have to be worth nothing at all. That's preposterous. (Heck, one of those mortgages is mine, and I paid a 40% down payment and have made accelerated principal payments for six years.) At worst mortgage defaults would impact those MBS's by about 10 to 20%.
I won't even touch upon the complexities of establishing a valid "class" for purposes of prosecuting a class action lawsuit, or how much more complicated that would become within the context of a bankruptcy court. I don't even know if it can be done.
So, my humble opinion: The Kipling firm thought they had a great lawsuit against "deep pockets" defendants that would net their clients (and, more importantly, themselves) a nice settlement based upon the "nuisance value" of their allegations. This is a typical modus operandi of class action lawyers. Make outrageous claims, threaten protracted litigation, get a nice settlement, almost all of which goes to the lawyers. Here, Kipling bit off more than it can realistically chew. They can't possibly afford to pursue this vs. WMI, which is why they now appear to be focusing on FDIC and made only a a pro forma response to WMI's objection. WMI should prevail on the merits (ironically, possibly saved by the seizure itself!) and maybe on the technicalities as well.
Hope this helps.
Bopfan's post from Y that was to hot for them to handle.
Bop
"Most of the offending pleadings related to stealing WMI's assets from equity have been signed by Brian Rosen, however, and as I've said before, Marcia Goldstein and Michael Walsh will be answerable for those pleadings in an ethics inquiry as co-conspirators. There is no question that they knew what Rosen was doing (they did or they will be charged with constructive knowledge given their names appear on the pleadings with his), and he will certainly try to bring them down with him.
Accordingly, partners who didn't sign the pleadings but whose names are listed are on the hook with Rosen.
This leaves the question of the non-partners (i.e., associates) who probably did 95% of the work of researching and writing the pleadings in question. The ethics rules require that (1) an attorney cannot harm his client (in this case the owners of WMI), and (2) every attorney assess his actions in connection with representing a client against the canon of ethics.
This means that if, for example, a Weil associate knew s/he was researching and/or writing a pleading that would cause WMI to breach its duties to equity (e.g., including distorting financial information to make A appear < than L, creating the DS/Plan that would give away assets of the estate, etc.) that attorney had a duty to inform his/her superiors of his ethical responsibilities and to refuse to engage in the unethical conduct. If the objectionable pleadings were filed he would have a duty to inform senior firm management about what the offending partners were doing. This, of course, would be employment suicide at Weil, so I know none of the junior lawyers did this.
Although it is unlikely junior attorneys who participated in these unethical acts will face discipline, they should be thinking about what being part of these activities might mean against their careers and reputations if their identities were revealed in connection with Weil's bad acts. Names of team members to get into legal publications like the American Lawyer, the New York Law Journal, and into business publications like the WSJ on big deals. In the case of scandal, media sources are often vicious in doling out humiliation and a young Weil lawyer whose name is mentioned in connection with they type of scandal that is clearly brewing here probably won't have the resources (i.e., wealth, family protection) to rehabilitate himself.
Tal Sapeika, an 8th year Associate (probably on track for partnership), has been involved in this matter from the beginning (her name is all over the Internet in connection with the case, so any prospective employer can Google her to learn of her role in the case), so she is just the type of non-partner who should have asked herself if she wanted to be accountable for what Brian Rosen was doing. She'll know whether she made the right decision very shortly."
Jest, I do not know whey they are not working, but go to Y and look at Spot1roth posts of "Past message board links about taxes" and "WMI 2008 taxes-More than 2 billion". These are ones I put together after the tax filing on Friday by Rosen.
Gyspsy,thank you and you are so right and we have been so lucky to have had those people on board at the right time. Timing is everything!
Intelligent people acting very irrationally means a very personal transaction!
Being a common shareholder since 09/20/2008 and following this great tragedy since, I have come to the conclusion that there can only be one reason why this has not settled yet. Jamie had his eyes on WaMu for many years prior to seizure. His premeditated assault on the corporation with his many moles, media manipulation, naked/shorting practices and so many more illegalities that I will not continue to rehash; he must have been totally absorbed with WaMu he could not think or see clearly toward the end and prior to seizure.
WaMu had to become such an obsession, that Jamie was on this 24/7 for the last year prior to seizure. He started making way to many mistakes, which have been impossible for him to cover up-even with all of his connections. When Jamie saw that his dream was getting closer to reality when his plan to short/naked sell WaMu securities into oblivion was actually working, he got so excited he made many more mistakes, almost like leaving a trail of fifty dollar bills from April of 2008 till seizure. Then he sweet talked Bair all along the way with his plan to seize the corporation, after his no planned offer to actually purchase WaMu failed.
After Jamie easily filled Bair’s head full of wrong information from the summer of 2008 till September of 2008, his prize was within grasp, with only the detailed details remaining. Of course, Jamie had to make sure the plan was executed before TARP was passed and this ALMOST ACTUALLY failed.
I feel this is VERY personal with Bair, that Bair has planned her revenge daily. This to me is the only reason this tragedy has not settled earlier. Intelligent people (and many) do NOT gamble with their own skin in this manner and this long, especially when there is a trail of corruption so long and wide that would make the Grand Canyon look small. I think Bair is out to ruin Dimon and even see to that he goes to the BIG HOUSE as she will get a free pass as she leaves public office on her own as she has previously announced. This is my prediction, the FDIC will come out of this looking like a white knight seeing to it that shareholders WILL see (a lot of it) money, while Bair will be a little tarnished and Dimon will be totally ruined to the point he may even have to do prison time.
NOT ONE WORD ABOUT SUBPOENA POWERS from CNBC.
Unbelievable, one would think we live in a third world country (they are probably better) the way information is spoon fed to the American public.
http://www.cnbc.com/id/38645782
All you have to do is ask BR about the EC's 84 billion dollars of unjust enrichment...that ought to set him off, not to mention all of the other stuff!!!
Ilenes, hi how are you doing? I wish I could be at the hearing to hear and see you go liar-liar BR goes by. I bet it will start getting to him if it has not already. LOL
Catz, thank you very much for your continued DD and factual reporting with links...very, very positive among all of the wreckage!!!
Lawrence, great post as usual. There is no question we are on the same page. I guess after what we have been through due to these criminals; we are wanting back lost time and money, but we will be there soon. Have a great evening!
Lawrence, you are EXACTLY correct by saying the Judge DID request the assets and liabilities and of course Rosen was NOT going to comply. That should have told us volumes at the time; what was up their sleeve. The Judge NEVER enforced it, just like when the Judge demanded Rosen turn over information to the EC. He never complies with the court and is currently in 'contempt of court' and STLL the JUDGE does nothing. Anything short of full subpoena powers on Tuesday and this case has very far to go. Come on now Lawrence, almost two years later and NOT a list of what transpired. This is fraud in and of itself!
Donald, you are EXACTLY correct as Susman and the Trustee not only cornered Rosen, JPM/FDIC, they cornered the Judge; forcing her to do what should have been done along time ago. Unfortunately, I do not feel we would be here if not for the Trustee and Susman, as the Judge would have given everything to Rosen and our shares would have been cancelled and the POR approved.
argc, the Judge asked a little person who was wanting his claim paid by the estate for his contract, but does not question a contract where billions and billions are at stake...let's be real here!!!
fixedrops, I respectfully and totally disagree with you. How can a Judge make any rulings when she does not have a clue of what was transferred. The very first thing the Judge should have (still hasn't) demanded was the contract, transaction or an itemized list of what was transferred, Good gracious, you have to sign a contract to rent an apartment and the Judge does not demand a list of billions and billions of property and cash that was transferred. Come on folks let's be real, the Judge has never forced Rosen or made him comply with anything. Rosen is still in contempt of court for NOT turning over documents and the Judge just ignores this...what gives?
hardasset, there is nothing stupid about Bair, Dimon or Paulson and by no means any mistakes; their problem is they GOT CAUGHT after committing their premeditated crimes!!!
Oilcan, unfortunately I have to agree with you. First of all, we did not have an EC for the first fourteen months or so and how can a Judge make any decisions when she does not have a clue of what transferred? She NEVER has DEMANDED a list of what was transferred, so how in the hell can she make any decisions when she does not know what happened? That would explain why she has only made a couple of decisions in almost two years.
It would seem to me, knowing the egos of people in high positions and the Judge not enforcing respect in her court room, not to mention the law, the only thing that explains this is being complicit. At the very least, even Judges who compromise cases at least demand respect in their court room, something Walrath has NEVER done with Rosen!
Chaarles, thank you for the EXCELLENT DD and other information!!!
WOW, the Judge CAN really pull an ASAP with her pen...it is even signed...I am impressed...maybe she is tired of being made a fool out of!!!
Two events a MUST or equity toast = Rosen nightmares!
I have no doubts that these two events; had they not happened equity would be toast and we would be gone. Both of these events one without the other would have been totally disastrous for all long on equity. The one event was the NOL or Net Operating Loss carry back provisions from two years to five years, extracting many extra billions for those who did not accept “TARP”. Of course, we all know the second event which was our now infamous US Trustee making a case for ‘Exigent’ circumstances to have an Equity Committee formed.
http://www.toolkit.com/news/newsDetail.a...
Now my thoughts on the first event, I feel the NOL happened not by accident, but by WaMu actually having an allie or allies very high in business and/or Government is no way JPM or Weil/Rosen would have sponsored getting all that money back for WaMu and other business who did not accept TARP. This last minute attachment to the bill that was signed on a Friday night by the President happened with out the knowledge of JPM and the other criminals. I feel the way this bill was designed, it was specifically for WaMu but we will probably never know.
Then one has to look at the timing of these two events, how they happened, their real purpose and the intent of the bill that was signed, especially. One can only speculate on this, but I strongly feel equity has some very important people in some very high places and I want to thank whoever they are.
If this lawyer is to replace Rosen, then I think he treads VERY carefully as he would not end up in Rosen's shoes, so I think would be a huge asset.
WMI (Debtors) New Legal-Rosen Out?
The EC lost two legal firms due to Rosen having them outed. Is it payback time? I think that Susman and the US trustee may have outed Rosen due to any number of illegal activities, ethics violations an conflicts of interests.
I believe and hope that when the lawyers show up tomorrow, that Rosen's life is ruined and will not show, due to the destruction he has caused and continues to cause for so many.
When the EC had a new lawyer, it happened the same way, a filing and then the new lawyer shows up. I remember when Susman showed up some posters said Rosen turned white. At the time I did not really believe that but after doing DD on Susman, I CERTAINLY believe it now.
So let's hope for the best and if Rosen is allowed to continue to practice illegal activities right in the front of a US Trustee and a sitting Judge, then everybody in this country really needs to look hard to try and do something to change the devastating course our country is headed or I pity the future of our children.
Knick, now that is FUNNY!!!
Knick, great to hear from you again, take care and enjoy. We look forward to seeing you again. Make sure you ask Brian if he decided to start with 85 billion in "unjust enrichment" when he talked with Susman...that ought to make hime smile and then discuss dinner.
Strike, looks like we are going to be well represented. I was going to join you and work plans did not pan out. This COULD be the best one yet, unless of course items are moved again. Any delay agreed to by the EC is nothing but a HUGE plus IMHO as the end could be very close. You guys are VERY fortunate and above all, take care and ENJOY!!!
FDIC/JPM/Rosen...JUST DO IT!!!
fsshon, great summary to the question posed. Enjoy the day and get ready for a super things and expect the unexpected. In this case, the unexpected will be FANTASTIC for the true WaMu longs. It is ALWAYS a pleasure to hear and read your insight...many thanks!!!
uzual, I would not put to much thought into the third party stuff due to the level of corruption. I feel the document could have come from another attorney who does not want to be forced to do illegal actions that would cause them their career. This document could have come from any number of sources and it was just labeled coming from the debtors. It actually may not have come from them at all.
The truth of the document is it is explosive, case altering and I think Weil/Rosen have a whole lot MORE to worry about than where this came from, as the damage has beeen ACCOMPLISHED! Not to mention Susman just gave them a taste of what IS going to come and they better end this SOON or face the WONDERFUL MUSIC of WaMu EQUITY!!!
Meeting on 7/12/2010.
I have been thinking about what happened since the hearing on 7/8/10 and many comments, thought and opinions. Susman is without any doubt IMHO in charge and will direct the meeting on Monday. I believe at least one of a couple of things could and will happen. I always like to look at ones actions to help see through this level of corruption.
Whatever it was that Susman revealed to the Judge, he made sure all important players were there so they could not say, I did not know or the dog ate it, thus cornering the Judge, JPM/FDIC and the rest. So now all players know that Susman has at least one “smoking gun” and I suspect more just as I suspect more than one “Deep Throat” as well.
The facts Susman will want Rosen to show on Monday that equity is in the money and if Rosen refuses, it will be the death of him. Rosen is truly cornered now, because if Rosen admits equity is in the money, he is immediately guilty of bankruptcy fraud, which could have him immediately arrested. Rosen could evade the fraud charge if his corrupt buddies would say here is another five billion or so to give commons a dollar and Rosen could show this money came from them to curtail litigation, but if the FDIC objects then he is toast. The problem with this is the one billion or so of the naked/short shares that are out there.
Since he will admit to nothing, the next thing that Susman could demand is Rosen immediately resign from the case throwing JPM/FDIC/BOD and others into an immediate quandary due to Susman demanding to be in charge of the Estate, thus expediting a true settlement. In my summation for Monday, a few items could/will happen and I would like to know what other WaMu true longs thoughts are.
1. Rosen agrees to equity “in the money”…would require others help.
2. Rosen agrees to resign from the case as Lead Counsel.
3. Rosen gives up most/all information, thus admitting I am guilty.
4. Settlement.
5. Delay-agree to meet quickly again before 7/20.
6. New real POR.
7. Agree to Examiner and Discovery.
8. Nothing tangible happens.
Steele, thank you...I love it
Mehedi,
The Susman team filed with the court last night a document which was under seal to protect the identity or other so the "othr" or informant could stay protected. You would not do this with anybody or anything and in doing so Susman used the term exigent circumstance....only do this with a deepthroat or something of very high importance.
Actions speak volumes!!!!
I enjoy reading knowledgeable people’s posts, especially the ones who are able to go to the hearings. I am one who likes to read peoples actions. In a lot of cases what people do and say can be completely different, such as what has been happening in court, from the Judge on down. Now let’s look at the actions of the EC recently. It seems to have happened quietly, have you noticed the EC is in control? It has been so long with Rosens one way court appearance, it would be easy to think they are still in control, trust me they are NOT.
The Sunman team had a piece of evidence they wanted the Judge to see before she ruled (just in case there were any doubts) so he showed them some truly damaging evidence, similar to what Rosen did to JPM/FDIC when the released the 800 pound gorilla in early December 2009, which showed the infamous emails from Tim M. of JPM talking about zeroing out equity. I believe Susman did the same thing here, but only the Judge and other important people were here. Now, that is a true action to me and the other exciting action was Susman agreeing to another delay. This is great news because if you have done any DD on Susman, then this action should tell you he is NOT letting Rosen bluff him as he is a MASTER at this.
So based on these actions, it is truly capitulation time for Rosen. Now, I believe there is no way Rosen is going to be cornered with no way out, as he can always rejoin the EC and take JPM/FDIC down, if they want to play games with Rosen and NOT settle. So I see Rosen telling the players, it is time and I am not going to prison for anybody. If there is not a settlement by July 20th, I would look at another delay especially positive for an imminent announcement and this would be much better than an Examiner for everybody, as the Examiner could add at least another year.
So, I truly believe the end or the announcement of the end is within a sixty day window. What is so great and unbelievable about this is, they are still allowing us to increase our positions for literally, pennies!
Case Altering Decisions-To Date None!!!
Finally, we appear to be at a crossroads and thanks so much for what appears to be a very honest, high integrity and result orientated firm of Susman. Susman has done a truly masterful job at positioning the EC in a win, win situation. He also appears to be setting this case up for another authority in the event we can not get any decisions on at least one or more of the following case altering decisions.
What are your thoughts of any of the following case altering decisions being made July 8th, 2010? Do you think one, all or none of these decisions will be made? I do understand the shareholders psoition, but the Judge can and should rule at any time.
? Four billion Summary Judgment
? Shareholders Meeting
? Disclosure Statement
? Examiner/Trustee
? Rule 2004 Discovery and Third Party
One of Bopfans GREAT posts from December 2008 and is very relevant NOW!!! Thanks (literally millions) Bopfan of Y board.
Mammoth Lawsuit Against JPM 27-Dec-08 09:10 pm On 9/25/08 the FDIC/OTS seized Washington Mutual, Inc.'s (WMI) banking subsidiaries and awarded them to JPM for $1.9 billion. The $1.9 billion is being held by the FDIC first for distribution to the creditors of the seized subsidiaries, then any residual to WMI.
The seized assets included 2,200 branches, $265 billion in deposits, and two credit card companies.
The next day WMI filed for protection under Chapter 11 of the Bankruptcy Code.
Section 548(a)(1)(B) of the Bankruptcy Code (see http://www4.law.cornell.edu/uscode/uscod... allows a debtor to recover assets that have been 'fraudulently' conveyed. All that is required is a showing that WMI's property was seized (1) within one year of its bankruptcy filing, (2) while WMI was insolvent or undercapitalized or was made insolvent or undercapitalized by the seizure, and (3) that WMI did not receive reasonably equivalent value for the seized property. (FYI, a debtor is presumed to be insolvent for the period immediately before its bankruptcy filing.)
WMI has $4.4 billion on deposit with JPM that was on deposit with its former subsidiary, Washington Mutual Bank, and there has been much speculation that WMI is allowing JPM to keep the money because the parties are discussing a buyout/settlement of litigation claims.
There have been numerous delays on the hearing for release of this money (four, so far), and my experience as a former bankruptcy attorney tells me that if JPM doesn't make an acceptable offer by the next scheduled hearing date, 1/29/09 (see http://www.kccllc.net/documents/0812229/... WMI will institute a fraudulent conveyance adversary proceeding. Such an action won't take long to litigate as it will be a battle of pleadings supplemented by financial analyses. Neither the FDIC nor JPM has a chance of winning.
WMI's equity in the seized assets has been assessed at $26 billion. This is BOOK value and the market value would likely be around $200 billion (if you estimate it takes about $10MM per branch x 2,200 branches, plus the credit card companies). The bankruptcy court will award WMI the market value as that is the truest assessment of the seized assets.
Subtracting the seized subsidiaries' debts of $30 billion plus the value of toxic mortgage debt would leave the FDIC and JPM on the hook for about $170 billion. The losing parties would appeal but are unlikely to find relief through higher courts.
I said earlier this week on WMI's board that JPM's long time bankruptcy counsel was Davis Polk, and that its department head, Don Bernstein, is an excellent bankruptcy attorney. Accordingly, all of the foregoing has been communicated to JPM's general counsel (Stephen M. Cutler) and to Dimon. In the long run Dimon won't be able to out run this train and will have to settle with WMI or be on the hook for hundreds of billions in liability which would bankrupt JPM.
I suggest anyone who doubts the foregoing solicit advice of bankruptcy counsel regarding it.
BLACKMAILED-This could explain Weil-Rosen's actions????
There is no way anybody acts the way Rosen is, gambling with his life, law practice and more. He and his firm have to be blackmailed by JPM. I feel after JPM realized they could not win,
their potential trouble for the entire company would be enormous. JPM did an internal investigation of the law firm and found truly damaging evidence, just what they were looking for.
Then JPM started a campaign against Weasel, Gotcha and Mangle, after finding the damaging evidence and figured corrupting the law firm; they would stand a better chance burying this (do not forget NSS) without paying. There is no way a person (s) work in this manner unless their life is on the line. Rosen appears to be begging, going so far to the other side as if to say "help me-please" but obviously can not tell why.
I always go back to ones actions to help myself explain the puzzle. JPM truly has something on this law firm for them to act in this manner and it is far more than 'future business' as I believed at first, but no way-no how...now!!!
The other explanations could be this case was Judge/Legal Team shopped and Rosen has known the outcome from the beginning and if that is true this brings in another interesting angle. That being we have some important allies with WMI in Government and they are making sure (guiding) this case does not go away the way Paulson, Dimon, Bair and few more corrupt ones had planned. So here we are what to do, what to do for the criminals including any and all, no matter who they are.
The week ahead will be very telling for the people who are making decisions in this case as Susman has done a masterful job at cornering the players inluding the Judge. One could really not explain anymore delays as the EC has spoken, unless of course this is over by then.
Realtime, this is a great idea and we might be able to get some news coverage out of this. Just think the WMI broke worldwide blackout because of a bunch of angry, milk sucking, renegade vulture shareholders!!
Oil, I hate to agree with this, but unfortunately you are correct, but every once in a "blue moon" best laid plans go awry...let's just pray this is one of those!!!
NHguy, you should be more worried about what will happen to our country IF the TRUTH DOES NOT come out. Why do you think we have these crisis continually? It is because they use this excuse you and many other have just bought...the truth will damage our society to much. This is just plain B.S. and that is why these criminals use this excuse, because it scares people and it works.
The truth needs to come out so these people go to jail and not set example for there next large heist, because that is EXACLY what will happen. Sunshine is the best disinfectant, as said by one of the U.S. Justices.
Long, I am just hoping they have not been bought off like Weasel, Gotcha and Mangle....oh that would hurt so!
Mehedi, you are absolutely correct, the delays truly saved us till we were able to get the EC. But this was not by design, it was because the corrupt players could not even agree with each other...you know no honor among thieves.