Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Would they halt trading at that point?
What country are you in?
I do not think we will get to see any of the results...
This is a good summary:
http://www.streetace.com/summary.php
Visa shares,
Are they still ours?
http://finance.yahoo.com/news/Visa-4Q-profit-rises-14-apf-834054854.html?x=0&sec=topStories&pos=2&asset=&ccode=
Wells Fargo Bank - Statement of issues & Designation of Record on Appeal
http://www.kccllc.net/documents/0812229/0812229111024000000000002.pdf
Rajaratnam: U.S. pushed to turn on friend - report
NEW YORK | Mon Oct 24, 2011 9:08pm IST
(Reuters) - Just weeks before fallen hedge fund tycoon Raj Rajaratnam was sentenced to 11 years in prison for insider trading, U.S. prosecutors pressed him to turn on his friend, former Goldman Sachs director Rajat Gupta, The Daily Beast online newspaper reported.
In his first interview about his case, Rajaratnam was quoted as saying that he was initially asked on the day of his Oct. 16, 2009 arrest to "wear a wire" and record conversations with Gupta, also a longtime global head of elite consultancy, McKinsey & Co.
http://in.reuters.com/article/2011/10/24/idINIndia-60094620111024
U.S. judge narrows MBS lawsuit against WaMu
http://www.reuters.com/article/2011/10/24/wamu-lawsuit-idUSN1E79N0UF20111024?feedType=RSS&feedName=marketsNews&rpc=43
* Lawsuit can proceed on 13 tranches, 110 are dismissed
* Judge grants class certification on remaining claims
Oct 24 (Reuters) - A U.S. judge narrowed a lawsuit brought by buyers of mortgage backed securities from Washington Mutual Inc who alleged they were misled on the quality of the underlying loans, according to a ruling.
The decision released last week finds that plaintiff pension funds have the right or standing to proceed on 13 tranches of MBS, but dismisses from the lawsuit claims related to 110 other tranches.
A tranche is a piece of a securities offering.
U.S. District Judge Marsha Pechman in Seattle also granted class certification for the 13 remaining tranches in the case.
Plaintiff attorney Steven Toll said he was pleased about the class action ruling.
"While we are disappointed that the court did not uphold our standing to represent those who filed similar claims against WaMu, this is very good news for investors in the class," Toll said in a statement.
A WaMu representative did not have an immediate comment on Monday.
Pechman ruled that the plaintiffs only have the right to pursue claims on tranches that they actually purchased, but not others that were sold in the same offering.
Pechman's ruling is similar to a separate opinion last year from a federal judge in Los Angeles, who dismissed MBS claims involving Bank of America's Countrywide unit.
The WaMu case in U.S. District Court, Western District of Washington, is In Re Washington Mutual Mortgage-Backed Securities Litigation, 09-37.
Notice of emergency hearing?
http://www.kccllc.net/documents/0812229/0812229111021000000000005.pdf
Norbert Schurhoff has filed a motion to restore his objection to Klee Tuchin Bogdanoff & Stern LLP's second
monthly fee application.
A hearing regarding this motion is scheduled for 11/7/11 at 11:30 AM at the United States Bankruptcy Court, 824
Market Street, 5th Floor, Courtroom #4, Wilmington, DE 19801 . Objections are due on or before 11/1/11 .
When was it below a penny? Did I miss it...?
He was also an Examiner on the Anderson News, LLC case.
"Rick has served as lead or Delaware counsel in a number of complex bankruptcy cases including the following representative matters: The Creditors Committees in the PCAA Parent, Sea Launch, J.L. French Automotive Industries, DeVlieg Bullard II, Inc. and IPM Products Company cases; the Debtors in the Nanogen, Broadstripe, LLC, Inland Fiber Group, IntelliCorp, and USA Floral Products cases; the Chapter 11 Trustees in Napster and Pegasus Acquisition Corp.; insurers in the Combustion Engineering and W.R. Grace cases; and the Examiner in the Anderson News, LLC case. "
Anderson Examiner Spots $75M In Avoidable Payments
By Samuel Howard
Law360, New York (June 28, 2011, 8:42 PM ET) -- In a boon for creditors of Anderson News LLC, the defunct magazine wholesaler could go after some $75 million in transfers that company insiders received shortly before its collapse, according to a report the Delaware bankruptcy court issued Friday.
After investigating the company’s sudden demise in February 2009, a court-appointed examiner pored over $1 billion of transfers to nondebtor affiliates but found no evidence of wrongdoing on the part of Anderson’s top brass and advised against consolidating the Anderson entities for the benefit of creditors....
http://www.law360.com/bankruptcy/articles/254437/anderson-examiner-spots-75m-in-avoidable-payments
Ricardo Palacio
Rick is a director in the firm’s Bankruptcy and Insolvency practice, and regularly represents corporate debtors, creditors committees, Chapter 11 trustees, and various other creditor constituencies including secured lenders, buyers of assets, commercial landlords and aircraft/personal property lessors. Rick also maintains a bankruptcy litigation practice involving, among other things, preferences, fraudulent transfers, reclamation claims and professional fee disputes.
http://www.ashby-geddes.com/attorneys-28.html
WMI Reorganization Produces Potentially Disruptive Bankruptcy Decision
http://allaboutalpha.com/blog/2011/10/19/wmi-reorganization-produces-potentially-disruptive-bankruptcy-decision/
What happened to the Kq's in this scenario?
So... how good is that for equity?
Where does it go?
Former Galleon Chairman Raj Rajaratnam will have to spend the next 11 years in jail, unless his attorneys can convince a judge to throw out his insider-trading conviction by taking aim at the most compelling evidence provided by government prosecutors: wiretap conversations showing that Rajaratnam traded stocks based on a series of illegal tips....
Read more: http://www.foxbusiness.com/markets/2011/10/13/rajaratnams-attorneys-plot-aggressive-appeal-strategy/#ixzz1agFw1U2b
http://www.foxbusiness.com/markets/2011/10/13/rajaratnams-attorneys-plot-aggressive-appeal-strategy/
Just go to:
http://www.foxnews.com/
And you can listen or see...
DESIGNATION OF THE RECORD AND
STATEMENT OF ISSUES ON APPEAL BY APPELLANTS,
APPALOOSA, CENTERBRIDGE AND OWL CREEK
http://www.kccllc.net/documents/0812229/0812229111011000000000016.pdf
For Period Ending June 30, 2011
(in $000's)
Assets Current
Balance
Cash / Investments $ 1,890,759
Assets in Liquidation 0
Estimated Loss on Assets in Liquidation (1) 0
Total Assets $ 1,890,759
Liabilities Current
Balance
Administrative Liabilities $ 8,625
FDIC Subrogated Deposit Claim 0
Uninsured Deposit Claims 0
Other Claimants 13,816,353
Liabilities at Inception - Unproven 0
Total Liabilities (2) $ 13,824,978
Net Worth (Deficit) (11,934,219)
Total Liabilities and Net Worth $ 1,890,759
. Proven Deposit Claims Claim
Balance %
FDIC Subrogated Claim $ 151,150,664 100%
Uninsured Depositors 0 0%
SubTotal - Proven Deposit Claims $ 151,150,664 100%
Less: Dividends Paid to Date 151,150,664 100%
Total Unpaid Deposit Claims $ 0 0%
Other Claimants Claim
Balance %
General Creditor $ 15,744 0%
Senior Debt Holders 6,077,557 44%
Subordinated Debt Holders 7,723,052 56%
SubTotal - Other Claimants $ 13,816,353 100%
Less: Dividends Paid to Date 0 0%
Total Unpaid Other Claimants $ 13,816,353 100
http://www2.fdic.gov/drrip/bal/balancesheet.asp
Purchase and Assumption Agreement (2.44 MB PDF File - PDF Help)
ATTENTION: The reference to "Schedule 3.1a" in Article III, Paragraph 3.1, (page 9) of the
WAMU P&A Agreement is a scrivener's error—there is no Schedule 3.1a
Wow Catz.....
There are only a few of those words that Scrabble would accept...
Insider Trading 2011: How Technology and Social Networks Have 'Friended' Access to Confidential Information
http://www.friedfrank.com/siteFiles/Publications/Knowledge@Wharton-Witzel-Johnson.pdf
Nevermind....
Who is "We"? I have not agreed to anything.
I want to play Scrabble with catz someday.....
.
.
. After he has had a case of beer and can't see straight... ;o)
Rochelle on WaMu
Rochelle explains the risk of committing reversible error if the bankruptcy judge sides with Washington Mutual Inc. by ruling that the reorganization plan can be revised and confirmed without giving creditors a chance to revise their prior ballots.
http://media.bloomberg.com/bb/avfile/Politics/Law/vPVAfIql64Rs.mp3
From the gov on y
OBJECTION OF TRICADIA FINANCIALS RESTRUCTURING PARTNERS, LTD TO DEBTORS’ AMENDED JOINT PLAN OF LIQUIDATION UNDER CHAPTER 11 OF THE UNITED STATES BANKRUPTCY CODEhttp://www.haynesboone.com/gfg/492.pdf
(ii) Tax Refunds
69. The Receiver claims entitlement to possible future Tax Refunds. It asserts that such refunds are the property of the FDIC and not property of the Debtors. Significantly, however, the Receiver offers no legal basis for its alleged entitlement to these funds. That very point was made by Wilmington Trust in its opposition to the Receiver‘s Relief Stay Motion. In that opposition, Wilmington Trust showed that there existed uncertainty both as to whether the Tax Refunds are the property of the Debtors or the property of the Receiver, and the actual dollar amount that may be owing to each. The Receiver grounded its allegations of entitlement to refunds in unspecified and uncertain amounts merely on its stated belief that its own allegations of ownership were true. Wilmington Trust, however, demonstrated that rather than allow the Receiver to avoid a challenge to its claims, ?a more prudent course would be to postpone setoff until such time as the disputes, contingencies, and liquidation issues surrounding the FDIC‘s
claims can be resolved appropriately.? (Wilmington Trust Opposition 11). Again, the moving papers give no indication that that more prudent course was followed.
70. In opposition to the Receiver Claims and Relief Stay Motion, the Debtors established, as the Receiver conceded, that any entitlement to any Tax Refunds was unknown at the time, and the relief sought by the Receiver was premature.
71. Moreover, two recent court decisions have held that tax refunds belong to debtor holding companies rather than the FDIC. In Zucker v. FDIC (In re Netbank, Inc.), No. 08-00346, slip op. (Bankr. M.D. Fl. Sept. 30, 2010), a receiver for a bank asserted its right to a tax refund based on a tax sharing agreement which the debtor holding company opposed. The court concluded that the tax sharing agreement was not specific so as to provide that the debtor held any portion of the tax refund in trust for the bank or restrictions on how the money might be used. Further, under the tax sharing agreement the debtor was obligated to pay the bank an amount of benefits to which the bank would have been entitled based on its tax attributes if the bank had filed separate tax returns. The obligation was not conditioned upon the receipt by the debtor of a refund but rather an independent contractual commitment. Accordingly, the court concluded that based on the debtor-creditor relationship established between the debtor and the bank under the tax sharing agreement, the right to the tax refunds belonged to the debtor rather than the FDIC. See also Team Fin. Inc, et al., v. FDIC (In re Team Fin. Inc., et al.), No. 09-5084, slip op. (Bankr. D. Kan. Apr. 27, 2010) (denying FDIC summary judgment as the tax sharing agreement created ordinary contractual obligations with respect to tax liability and refunds akin to that of a debtor and creditor which allowed claims against the estate but that the tax refunds were property of the debtor holding company‘s estate).
Interesting...
From Gov on the y
WaMu sees path to quick confirmation of Ch. 11 plan
October 04, 2011 10:43 ET
Thomson Reuters News Washington Mutual Inc
WAMUQ
© Copyright 2011, Thomson Reuters
Page 1
* WaMu says it can resolve plan rejection by Oct. 31
* WaMu: Limit mediation to insider trading claim
* Status conference scheduled for Thursday
Oct 4 (Reuters) - Washington Mutual Inc said it could end its three-year bankruptcy by November, allowing it to distribute $7
billion to creditors, if a judge limits the scope of outstanding disputes to be mediated.
Washington Mutual has languished in Chapter 11 bankruptcy since regulators seized its savings and loan in September 2008
in the biggest bank failure in U.S. history.
Delaware bankruptcy Judge Mary Walrath last month rejected the company's bankruptcy plan, which lays out how it will
repay creditors. In her opinion, she ordered mediation as a way to end lingering disputes.
In a court filing late on Monday, the company suggested that it could present a revised bankruptcy plan that would resolve
Walrath's concerns and be out of bankruptcy by Oct. 31.
The company said the proposed changes do not affect the payouts to creditors and would not require putting the modified
plan to a new vote of creditors.
Ending the bankruptcy quickly would require that mediation would be limited to one issue: the claim by shareholders that
hedge funds that negotiated Washington Mutual's bankruptcy plan engaged in insider trading.
Shareholders accuse the hedge funds of using information gleaned from negotiating Washington Mutual's bankruptcy plan
to score big profits trading the company's securities.
Shareholders believe their claim of insider trading could be remedied by preventing the hedge funds from collecting some
of the roughly $2 billion they are owed by Washington Mutual.
That claim could be resolved after the company exits bankruptcy without any impact on other creditors, Washington
Mutual's attorney, Brian Rosen, said on Tuesday.
Washington Mutual, its creditors and shareholders are scheduled to discuss how to proceed at a status conference on
Thursday in Delaware's bankruptcy court.
The case is In re Washington Mutual, U.S. Bankruptcy Court, District of Delaware, No. 08-12229. (Reporting by Tom Hals,
editing by Maureen Bavdek)
Statement of Debtors with Respect to (A) Scope and Participation in Mediation and (B) Confirmation of Modified Plan
http://www.kccllc.net/documents/0812229/0812229111003000000000005.pdf
9. Consequently, the Debtors believe that it is of paramount importance for all to realize that the issues set forth in the Opinion were twofold: matters relating to
confirmation of the Modified Plan and those pertaining to the Standing Motion. And, while both were contained in the Opinion, they are separate and distinct. As such, the Debtors submit that these issues should be de-linked and confirmation of the Modified Plan, revised
to address the few issues raised by the Bankruptcy Court, should go forward and be considered as expeditiously as possible
Signed sealed and being delivered....
ORDERED that confirmation of the Modified Plan is DENIED.
and it is further
ORDERED that the motion of the Equity Committee for standing
to prosecute claim for equitable disallowance is GRANTED but
STAYED PENDING MEDIATION;
and it is further
Counsel shall serve a copy of the Order and the 1
accompanying Opinion on all interested parties and file a
Certificate of Service with the Court.
ORDERED that a status hearing will be held on October 7,
2011, at 11:30 a.m. to consider the issues to be referred to a
mediator in this case.
http://www.kccllc.net/documents/0812229/0812229110913000000000005.pdf
Courtesy of gibs on the y
"As all parties head towards mediation there is certainly an urge to settle as far as the hedge funds are concerned. If they do not make an adequate settlement offer then the shareholders will likely fight on with the intent of inflicting the maximum financial penalty. Currently with how the debtors have structured their reorganization, shareholders have nothing to lose and everything to gain by going to trial. "
My favorite part....
From Troy R.
WaMu Court Allows Equity Committee to Pursue "Equitable Disallowance" of Noteholder Claims Based on Allegations of Insider Trading
http://www.ropesgray.com/
http://www.ropesgray.com/files/Publication/6c326670-d040-4fd6-afb7-007fac98d166/Presentation/PublicationAttachment/a238a999-b071-4b32-87ce-0121ad220b3a/20110922_BBR_Alert.pdf
courtesy of "gov" on the y.
Hedge funds appeal "gross injustice" of WaMu ruling
September 27, 2011 17:25 ET
Thomson Reuters News Washington Mutual Inc
WAMUQ
© Copyright 2011, Thomson Reuters
Page 1
* Hedge funds appeal WaMu ruling
* One fund says ruling "inflicts a gross injustice"
* Funds seek expedited appeal
Sept 27 (Reuters) - Four hedge funds appealed on Tuesday a ruling in the Washington Mutual Inc bankruptcy that found
viable claims they had engaged in insider trading, an opinion one fund called a "gross injustice."
The hedge funds sought an expedited appeal of a ruling earlier this month by Delaware Bankruptcy Judge Mary Walrath, in
which she rejected Washington Mutual's plan to distribute $7 billion to creditors for a second time.
"The opinion rewrote the rules for these cases retroactively -- invoking a series of new legal standards that would radically
remake federal securities and bankruptcy law," said Aurelius Capital Management LP, one of the four hedge funds, in court
papers.
In addition to rejecting the plan, Walrath also ruled that shareholders, who were expected to get nothing in the
reorganization, presented a viable claim that the hedge funds engaged in insider trading.
Shareholders have accused the hedge funds of using information they gleaned from their role in helping draft Washington
Mutual's reorganization plan to make big profits trading the company's securities.
Walrath granted shareholders standing to pursue claims against the hedge funds, with the goal of preventing them from
collecting the roughly $2 billion they are owed by Washington Mutual.
For details of the insider trading allegations, see
The four hedge funds -- Owl Creek Asset Management LP, Appaloosa Management LP, Centerbridge Partners LP and
Aurelius -- have denied the allegations.
The funds specialize in buying large blocks of securities issued by bankrupt companies for pennies on the dollar. The funds
then hire top-notch lawyers to try to influence or even control the reorganization process in a bid to beef up their payout.
The funds often band together in ad hoc committees with large cumulative positions in a company's debt. Walrath found
such committees have a fiduciary duty to other creditors, a finding legal experts said could make it harder for large
bankrupt companies to reorganize.
In their papers, the funds also said the ruling could make bankruptcy courts a favored venue for bringing types of securities
litigation that has been criticized as frivolous and which Congress has been trying to discourage.
Washington Mutual has lingered in bankruptcy since September 2008, when regulators seized its savings and loan
operation in the biggest bank failure in U.S. history.
The banking business was immediately sold to JPMorgan Chase & Co for $1.88 billion and the holding company filed for
bankruptcy the next day.
The case is In re Washington Mutual, U.S. Bankruptcy Court, District of Delaware, No. 08-12229. (Reporting by Tom Hals;
Editing by Richard Chang)
Purpose
The purpose of mandamus is to remedy defects of justice. It lies in the cases where there is a specific right but no specific legal remedy for enforcing that right. Generally, it is not available in anticipation of any injury except when the petitioner is likely to be affected by an official act in contravention of a statutory duty or where an illegal or unconstitutional order is made. The grant of mandamus is therefore an equitable remedy; a matter for the discretion of the court, the exercise of which is governed by well-settled principles.[4]
http://en.wikipedia.org/wiki/Mandamus
Here is the current pacer list as of 4:21 pm: credit to borisb93 from the y
09/27/2011 8664 Supplemental Affidavit/Declaration of Service of Carlos I. Lara (related document(s) 8587 , 8588 , 8590 ) Filed by Kurtzman Carson Consultants LLC. (Scott, Jason) (Entered: 09/27/2011)
09/27/2011 8665 Reservation of Rights Relating to Objection of Stephen J. Rotella to the Modified Sixth Amended Join Plan of Affiliated Debtors (Related to Docket Nos. 6696[RECAP] 7473 8612 8613 ) Filed by Stephen J. Rotella. (Attachments: # 1 Certificate of Service) (Wisler, Jeffrey) (Entered: 09/27/2011)
09/27/2011 8666 Monthly Application for Compensation of Peter J. Solomon Company (Eighteenth) for the period July 1, 2011 to July 31, 2011 Filed by Official Committee of Equity Holders. Objections due by 10/17/2011. (Attachments: # 1 Notice # 2 Exhibit A# 3 Exhibit B# 4
Certificate of Service) (Taylor, Gregory) (Entered: 09/27/2011)
09/27/2011 8667 Monthly Application for Compensation of BDO USA, LLP (First Consolidated) for the period April 18, 2011 to August 31, 2011 Filed by Official Committee of Equity Holders. Objections due by 10/17/2011. (Attachments: # 1 Notice # 2 Exhibits A through C# 3 Declaration # 4 Certificate of Service) (Taylor, Gregory) (Entered: 09/27/2011)
09/27/2011 8668 Certificate of No Objection Regarding Seventeenth Monthly Application for Compensation of Ashby & Geddes, P.A. for the Period July 1, 2011 through July 31, 2011 (related document(s) 8569 ) Filed by Official Committee of Equity Holders. (Attachments: # 1 Certificate of Service) (Taylor, Gregory) (Entered: 09/27/2011)
09/27/2011 8669 Monthly Application for Compensation of Ashby & Geddes, P.A. (Eighteenth) for the period August 1, 2011 to August 31, 2011 Filed by Official Committee of Equity Holders. Objections due by 10/17/2011. (Attachments: # 1 Notice # 2 Exhibit A# 3 Certificate of Service) (Taylor, Gregory) (Entered: 09/27/2011)
09/27/2011 8670 Notice of Appeal . Fee Amount $255. (related document(s) 8613 ) Filed by Aurelius Capital Management, LP. Appellant Designation due by 10/11/2011. (Debaecke, Michael) (Entered: 09/27/2011)
09/27/2011 8671 Notice of Appeal . Fee Amount $255. (related document(s) 8613 ) Filed by Normandy Hill Capital L.P.. Appellant Designation due by 10/11/2011. (Attachments: # 1 Exhibit A) (Horan, Thomas) (Entered: 09/27/2011)
09/27/2011 8672 Motion for Leave to Appeal (related document(s) 8670 ) Filed by Aurelius Capital Management, LP. (Attachments: # 1 Exhibit A# 2 Exhibit B-1# 3 Exhibit B-2# 4 Exhibit B-3# 5 Exhibit C# 6 Exhibit D# 7 Exhibit E# 8 Exhibit F# (9) Exhibit G# 10 Exhibit H# 11 Exhibit I# 12 Exhibit J# 13 Exhibit K) (Debaecke, Michael) (Entered: 09/27/2011)
09/27/2011 8673 Notice of Appeal . Fee Amount $255. (related document(s) 8613 ) Filed by Appaloosa Management, L.P., Centerbridge Partners, L.P., Owl Creek Asset Management LP. Appellant Designation due by 10/11/2011. (Debaecke, Michael) (Entered: 09/27/2011)
09/27/2011 8674 Motion for Leave to Appeal (related document(s) 8673 ) Filed by Appaloosa Management, L.P., Centerbridge Partners, L.P., Owl Creek Asset Management LP. (Attachments: # 1 Exhibit A# 2 Exhibit B# 3 Proposed Form of Order) (Debaecke, Michael) (Entered: 09/27/2011)
09/27/2011 8675 Memorandum of Law in Support of Motion for Leave to Appeal From the Decision of the Bankruptcy Court or, Alternatively, for Issuance of a Writ of Mandamus (related document(s) 8674 ) Filed by Appaloosa Management, L.P., Centerbridge Partners, L.P., Owl Creek Asset Management LP. (Debaecke, Michael) (Entered: 09/27/2011)
On Pacer now:
appeals from aurelius and normandy hill..
What does this have to do with wamuq?
INVESTMENTS
The Company holds auction rate preferred securities At December 31 2008 these securities were
carried at par and classified as Level II in accordance with FASB Statement No 157 Tn January 2009
the Company sold all these securities to Chase at par value for $33725000 resulting in no gain or loss
http://sec.gov/Archives/edgar/vprr/09/9999999997-09-008412