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Thanks Catz..... Needed that this morning...
Judge is probably thinking that these hedgie funds have no room to cross examine and should sit in the corner in time out. It makes them look foolish knowing that they are being alleged and possibly being prosecuted for insider trading, bad faith negotiations, fraud, etc, etc.
He should have ended his cross examine on a high... now it's starting to get ugly for him...
attorney for debtors cross examining Maxwell, PJS expert
Mastondo is losing his mojo....
This attorney for the debtors is good.... really good.
Wow that's Huge....
What happen to those claims JPM, FDIC, Marta, when Rosen said in court that it made sense to settle with equity..... He can't have it both ways... those claims got thrown out the window when he stated on the record during the hearing that it made sense to settle with equity. Judge Mary is not stupid she can see, and hear with her own eyes and ears what's going on.....
TPS attorney
If the plan is delayed or rejected why should it be the equitys fault in costing more to the estate. If the hedgies are found to engage in insider trading they should be responsible for the additional expense to the estate. This guy is trying to plant a seed that a rejection of the plan would create equity to be more out of the money...
I agree!!! Big Mistake on his part.....
Since we heard Zellins testimony last yesterday we should be hearing Maxwell right now.....
Can someone tell me who the witnesses today during the hearing?
and what will each witness be cross examined on... thanks...
Good Question and I don't know.. maybe they are going to split up the testimonies amongst each other.
This is the same representation we have had since day one.... Either you like it or you move on.... Old man Susman has not been involved in this case since the 1st few days they began representation. No way he could handle this case at this point...
All this Zellin talk boils down to one thing... Why does the creditors get to own WMMRC instead of equity....
Wow he just stated that there would be 5.5 billion of NOL's plus an additional 4 billion..... Nice
This guy is being very cautious on what he says and how he says it...
Will Judge Mary now allow the testimony of the PJS valuation expert....?????
Vodoo.. She want's the truth on the values of NOL's...
YES!!!! Spill the beans Anderson.....
If you believe that she just found away to confirm POR just sell out like you have done on several occasions.
Oh now your a Bopan Cheerleader.... You change ball teams all the time....
Because the Debtors, Hedgies, JPM, and FDIC have done a good job buring all the dead bodies.... but Susman and TPS are looking to resurrect the dead....
Vodoo.. The confirmation will be heard on the 13th. in my opinion. They must proceed there is no turning back. Susman and TPS is pushing to get the GSA killed once and for all.
That's the Scary Thought!!!!
Funny you say that since I own a bus company and we don't have any seatbelts on any of our buses. Well I guess I will just take a seat and ride this big bad boy.....
I think there is no turning back for both parties. We are headed for a head on collision and towards confirmation which will start on July 13th. JPM told hedgies, debtors screw you guys, it's time for you guys to swim or drown with your evil deeds. As if JPM is such and angel. Debtors, Hedgies have no were else to turn so we are headed for a head on collision. They will take there chances during trail on July 13th. So at the end of this trail someone will get hurt.. It's either us equity or hedgies. Roll of the dice by the hedgies, and roll of the dice by equity... No guarentees for either party and anything can happen, just look what happen with the Casey Anthony trail. Some here see a possible delay of the confirmation hearing based on the damaging blow this could cause the hedgies and debtors. I think we are headed for the head on collision with neither parties blinking and eye..... I truly hope I'm wrong!!! I would prefer to see a settlement annoucement with TPS being taken care of by JPM and equity taking over the reorganized company...
Well we have gone from a mexican stand off to a game of chicken. Who will chicken out 1st? or are we headed for a head on collision. Only time will tell. I still think this has a chance to settle before the plan of reorganization hearing. As Rosen finally stated it makes sense to settle. If we don't see or hear about a new settlement or delay on the 13th of July hearing very soon, we are headed to a head on collision. If that's the situation then someone is going to get hurt very very badly....
Back in 1998 I had a mortgage loan with Washington Mutual. This Class action is in regards to surplus fee's charged.
In exchange for the settlement and dismissal of the litigation against WMI only, WMI has agreed to pay 13 million into the Cassese/WMI Settlement Account, which will be used to pay court-approved Incentive Awards for Named Plaintiffs, Attorney's Fees and Attorneys' Expenses to Class Counsel, and settlement account administration fees, and the remainder, the Net Settlement Fund, shall be available to make payments to Class Members who paid any Disputed Fees during the Class Period and who timely complete and submit a valid Proof of Claim Form.
It's a Notice of Class Action and Proposed Settlement.
You have received this notice by mail because the records of Washington Mutual Bank (WMB) show that you are a member of a class of borrowers who will be afftected by the proposed nationwide settlement of the above captioned class action litigation with Washington Mutual, Inc. The United States District Court of New York has given its preliminary approval to the settlement, and has ordered that this notice be mailed to you.
If you do not file a Proof of Claim form or opt - out, you will remain a member of the Class, but you will not receive the benefits of the Class Action Settlement Agreement, which is available for review at www.casseseclassactionsettlement.
I received the same claims form in the mail yesterday.... in regards to a mortgage loan I had in 1998 with Washington Mutual...
Sargent's agrument was weak and out numbered...
Did anyone else hear Eckstein mention something in regards to a settlement offer that was produced by JPM in April and then Judge Mary cut him off??? I swear I heard him say this....
who speaking now???
I agree that the clock is running against Susman completing the scope of work within the depositions, and full production release from hedgies. It's true that Judge Mary can sit on the fence sometimes getting her to commit, but I do feel that with so much going on right now that she will allow Susmans request. This information request from Susman is very normal when you depose individuals that don't provide the information you requested. She must allow this request so Susman can provide a proper investigation.
What does equity now want out of this?????
A. Kill GSA/POR
B. 100% ownership of WMMRC
C. A plan that takes care of TPS. Preferred/Commons majority ownership of WMMRC
D. A plan that satisfies TPS and Preferred classes/ Gives Commons sole ownership of WMMRC
Anybody else have any assumptions of what equity might accept along with TPS......
Wait, I thought Califano said the FDIC wasn't in it for the money.... So it shouldn't be a problem turning over the refunds they were receiving through the GSA...
I hope the rip the axle right off the chassis.....