Ho Pham owns Wampq. And he is a Ghostie.

Just saying.

JBerg rocks! That objection is well worth a read!

I dunno how do u define failure but coming from "gettin my shares cancelled with 0 compensation" to "gettin 51% of the NewCo" over to "gettin 95% of the NewCo" is no failure by my definition.

You guys really need to get your sh1t together.

I know that things arent peachy right now and there probably should be adjustments made to the plan but just because you guys lack the fantasy of what one could do with $6B NOLs doesnt make the actual outlook a doomsdays scenario either.

Well, the agenda says the status conference reagrding medaition is going forward. That could be interesting. And more than 10 words.

Whats happening? Retail finally seeing the light? Or Corporate buying in small chunks?

JPMC settles with us per POR7. No going after JPMC. See Fn 14 of the DS.

No clawback. Its part of the deal.

44.11M shorts per ihub. This should get interesting.

Are U sure, KW? I thought he got reimbursed for travel expenses and the like, but no compensation (e.g. a salary) for performing his duty as a EC Chairman.

You missed my point: The insiders kept silent until 5 minutes into the court hearing.

Nobody knew about the GSA until 5 minutes or so before BR announced in open court. So...yes, we have seen it before that a settlement has not been leaked (although that settlement has not been our liking...). And with all the insider trading allegations flying around...you bet all people involved opt to remain silent.

I'll go for "a deal has been struck".

Its too early to say. I think the Ps will tell it. And they got a good start as of now.

Its been 1 hour and change since the last trade in FFM.
How's L2 doing at your side of the pond?

Anyhow...lets call it a 0.8M trade. Someone wanted 800.000 shares. (Unless its Zilla buying Commons ) i think someone short starts covering.

They start covering...0.8M buy. Nice thing to see.

It seems the APR violations included cases were equity holders were part of a settlement as per this document.

It states (see abstract, p. 2):

Yes, i think that (9 %) would qualify for "rare". And that is before In re Armstrong World Industries, Inc.

But, I found a some PPT-slides stating that in 81 % of the cases equity got a payout (see p. 25).

I dunno. I think its means those things happen(ed).

"Ps" are equity. They are not debt. Therefore any creditor (=debt) will get paid before "Ps" see any dime.

According to this paper the absolute priority rule has been violated in 75% of all bankruptcy cases. But be aware of the time frame: The article adresses the 70s - 90s. Apparently there has been a significant ruling by the Court of Appeals, see here, and my understanding is that violations of the APR must have been reduced since that ruling. But they do happen as they may speed up a reorganization.

Please be advised that the above stated is my opinion only and that i am by no means an expert regarding US law.

EDIT:

Disclaimer - I do own wamuq (57%) and wampq (43%).

You could almost feel bad for the hedge funds. Almost.
S&G are in for a no-holds-barred fight. Nice to see.

I do like the sound of the word "suspended" though. It sounds better than "canceled" and implies they might start with negotiations again some time soon.

Could be a possibility, but i would assume that a depo could bring some extra data to light. Therefore i dont think TPS would be satisfied by the doc turnover.



The EC and TPS stated in court that the depo by TPS covers different topics than the depo undertaken by the EC. So again, i think its unlikely that they got what they wanted from the EC depo.



Rosen moved indeed to quash but why should TPS lay down arms? I dont see a way it could have harmed TPS if they tried and lost. TPS didnt even resprond to the debtors objection.

All i am trying to say is it is unusual for TPS to give in.

-------------------

Hearing transcript:

MR. ROSEN: Then we will do that, Your Honor, we’ll
16 move to quash the other, thank you.
17 MR. COFFEY: Your Honor, may I be heard? It’s Jeremy
18 Coffey with Brown Rudnick. We are counsel for certain of the
19 TPS holders, but I just want to make clear that the Arkin firms
20 represents some of our group for a purpose for which my firm is
21 not in a position to serve as a result of conflicts.
22 The document request and the 30(b)(6) notice that we
23 served on Monday are -- pertain to confirmation issues that
24 were raised in our confirmation objection which was timely
25 filed over five weeks ago. We’ve still not seen from the

1 debtors a list of witnesses they intend to call at
2 confirmation. We think it’s our right as a party to a
3 contested matter to be prepared to meet whatever evidence they
4 put on.
5 We have raised issue -- we have asked for witnesses on
6 issues that were raised in our objection that do not overlap
7 what the equity committee is going to do, at least our
8 understanding from the notice of what they’re going to do.
9 They pertain just to confirmation of this new -- or the plan
10 that we now understand is going forward, whereas, in the past
11 couple of weeks, there was some question as to whether or not
12 there would be this plan or another plan, we’re simply trying
13 to prepare for trial.
14 THE COURT: All right. They’ll file a motion, you’ll
15 respond, and I’ll decide it.
16 MR. COFFEY: We look forward to the opportunity.
17 Thank you, Your Honor.
18 THE COURT: All right. We’re done?
19 MR. ROSEN: Thank you, Your Honor.
20 THE COURT: We’ll stand adjourned.

Thats the only reason i can think of. TPS were always very pro-active and have been a PITA for the debtors. They were protecting their interests with full force and were playing hard ball from the very beginning. I just cant see them cancelling a depo because they got all the info they wanted.

My wag is they got a deal they wanted and therefore cancelled the depo.

Deposition of WMI next friday...neat! eom

Weil, Gotshal & Manges for the debtors.

He's with the LTW Holders (DIMEQ).

Its not much at these price levels. You need only 100 retail investors (maybe less) to move 7 million shares at these levels.
I checked the german boards and yes, some folks couldnt make out the difference between the cases.

My rule of thumb: As long as Ks und Ps dont move, nothing has happend behind closed doors.

Yeah, one sentence on the phone and everything went bottom-up in WaMu-Land.

I need a smoke right now. It happend exactly the way we've always pictured this in our minds. This is sick.

They were preparing the appeal right after the confirmation hearing (s. p. 26). Neat!

And they didnt need to call her blind (as some shareholder did). scnr

Its surely a good read. imho

Talking about "guns blazing"!

Nice. Very nice.

SWEET JEBUS!

I am conflicted here. Calling the judge blind doesnt help our cause.
On the other hand i felt good reading this, he is letting of steam. We all feel this way and he put it down on paper.

My taking as well. She did something extraordinary and we do benefit from it even though its not that much as we all had hoped for.

I have to admit that audio put things in perspective for me. Although i am still not happy about her concluding that the settlement is fair and reasonable but she took some stand against the debtholders (=Tepper etc.) and i really appreciate that.

Has someone an opinion about the statement by THJMW regarding TPS?
She stated that an exchange event occurred.

See post here:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=58632551

Does this mean that there are billions of liabilities added and the piece of the cake for the prefs (or equitiy in general) gets smaller ?

THX in advance!

The Prefs should do even better. eom

I see 2.5 Mill shares traded @Xetra and 2.7 Mill shares traded @Frankfurt. Both @ 0.05 €.

Because the Preferred shares might be in the money.

I wouldnt go so far and call it corruption. But reading her opinion i have to admit she is not nearly as capable as I thought. The outcome, denial of the POR, is still a great thing for us. But reading her arguments i dare say she failed badly.

Another little example: My shares (Common and Prefs) are in a Deutsche Bank account. And i never received any document from the debtors. And she states its not their fault but my brokers fault. That is just plain bulls**t.

They might have planned it that way all along. I don't think that BR seriously attempted a confirmation before 12/31/2010. Now they can pull out some NOL increase and "gift" it to equity.