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Owl Creek valued WMMRC at $250mil?
He is doing fine.
Aurelius and Owl Creek have admitted to IT.
They are just quibbling over what "material" is when IT with "material" non-public information.
What the the definition of is...is.
"Receiving the settlement term sheet was akin to a slap in the face."
Slap me please.
All Owl Creek employees had access to this info and were able to discuss amongst each other. They were, allegedly, limited by their strict trading guidelines.
He answered the same as Gropper.
Neither think that access to the settlement terms offer between JPM, FDIC, WMI and HF's, which was non-public, was material.
All Owl Creek employees had access to non-public information before, during and after confidential agreements.
Wow, all parties settling billions and unknown to the public was not "material"?
Hearing over, starting 9:30am tomorrow
Yes, and we now know his definition of "material" is very narrow with material non-public information.
That was a huge statement.
Gropper already admitted to insider trading.
This is just the direct from his own lawyer.
Wait until cross examination.
You missed the word "material" as in material non-public information.
They did receive non-public information, but they believe it wasn't "material".
They are hoping the judge will rule is was not "material", as that is their only hope.
"Did you rely on advice from securities counsel?"
Judge said, can't rely on advice of counsel and deny access to that privileged information as it could "open the door".
Gropper-"JPM giving back the deposit wasn't news."
<Are you really going to contend that Levin was protecting the FDIC's law firm? >
No, I never suggested that.
I do ,however, believe that he was protecting FDIC and JPM.
A lot of the information provided to, and used by, the Senate Permanent Subcommittee on Investigations came from none other than JPM.
None of JPM's fraudulent dealings were mentioned and Sheila Bair was thrown softballs in the hearings.
But, if you watched any of the hearings or read the reports you would know that.
<The Senate banking committee under Levin did a good job investigating Wamu>
LOL
Nice try.
Levin has already been outed on this board for conflict of interest in the Wamu investigation.
Who was one of his top 10 campaign contributors in 2008?
DLA Piper.
Who are they?
Counsel for the FDIC.
http://www.opensecrets.org/politicians/contrib.php?cycle=2008&type=I&cid=N00001691&newMem=N&recs=20
<...when you say "our evidence will show/prove" in an objection to a judge you better have the goods. >
Bingo.
That is all we need to be thinking about this weekend.
Susman/EC said that they have evidence of IT and they will present it next week.
They have already been threatened with sanctions by the HF's(Aurelius?) for "baseless" accusations, not like SG needs to be reminded about bringing forth accusations without evidence.
That was Arthur Steinberg, LTW lawyer.
To me it seems like the SNH's are delaying until Monday so they get the witnesses together and fact check what was said today and yesterday in court.....IMO.
SNH's will start Monday at 1pm EST
All 4 SNH's want to delay till Monday since they wanted to go in a specific order.
Wow, pushing SNH's witness to Monday due to death in family?
Hmm.
Uhoh, conflicting testimony from yesterday about whether WMMRC is a shell with or without employees.
**This is why you let the witnesses talk and talk and talk, so stuff like this comes out. I think Seth Ard did a great job yesterday as well.
Today has been great for equity imo.
Last post of the day.
Kosturos and the 4 Liquidation Trust members to share $37mil bonus.
EC's chairman, Willingham, is one of the trust members.
Court back on.
Short Break.
All on contract rate, if judge decides FJR then the plan fails.
Goulding couldn't answer.
A&M decides how much money to give to A&M to fund the trust.
Valuation of Liquidation Trust not complete!
Here we are at Confirmation and it isn't done.
Value of WMMRC was higher when asking to fund it than for purposes of the plan.
Arthur Steinberg up to cross Goulding.
The total general unsecured claims amount was not made public, but WMI did discuss the amount with Fried Frank, and possibly SNH's.
WMI won't fight general unsecured claims under $50k, they will just reduce the amount a little and pay them.
Nice.
Maxwell should provide that value today.
Goulding(A&M) is on the stand with Sargent(EC) cross-examining.
Goulding's contract rate vs FJR rate analysis was basically the same due to piers having to pay back up the waterfall to senior notes due to contract subordination.
Instead of debtor paying creditors and having creditors sue each other, debtors pay senior notes for piers.
Rosen is fighting hard to prove that Piers should be classified as debt.
Too bad he doesn't fight this hard for equity.
EC's Seth Ard on cross.
That is not Sargent.
I think it is local EC counsel, but didn't catch the name.