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We will know it when the first requests by JPM and FDIC for an order for filing under seal hit the docket.
All classes are going up. Looks like at least some confidence has returned. eom
I don't think so. First of, you cant erase everything. Its just not possible in a IT-System as big as JPMs. Secondly, you have the risk of a whistleblower coming forward.
Therefore we will never see JD testify. They will settle before that happens.
Agreed. Eom
I do like the fact that the FDIC didnt agree to fully cooperate with the examiner.
It tells me they do have a lot to hide. But Hochberg will get there.
Hi born! I take it that you are the born2live from the w:o-board. Glad you made over here.
Thanks for posting the report. I am still reading but i am already amazed by the plan of examination.
Good times are ahead!
NOL's, first off, not goin to happen
Yes, nice read. Well put summary of the wrongful actions by the debtors, respectively the debtors attorneys.
Yeah, something like that.
Well...the Bid didnt match the ask by far and they did go forward, i reckon.
But at least they started talking. Its great news.
imho
They started talks with equity as soon as the appeal hit the docket.
Nice find, chaarles!
Regarding the Aug 6th ("work and expenses plan" is due) and the
Aug 10th ("status conference" in court) a slowly rise of the pps is possible because some people will take positions towards these dates.
Thanks!
I take it that there is a possibility that TPG might have been paid off by JPM already.
Can somebody please enlighten me:
Does "None" mean no offer to equity at all - including TPG - or does it mean no offer for equity - except for TPG?
Unless it was another stall tactic, why did our adversaries so vehemently object to an examiner if they have nothing to hide? In fact the FDIC is still fighting against it.
Exactly!
And:
the person we need to hear from is the examiner
As i have stated before,its my taking that the appointment of JH is a declaration of war against the debtors/JPM/FDIC by the UST.
His resume is immpecable and his reputation precedes him.
Looks like they are shorting the heck out of wamuq. Again.
The company revealed the charge as it announced a headline replacement cost loss for the quarter of $17 billion. After adjusting for all non-operating items and fair value accounting effects, second-quarter underlying replacement cost profit was $5 billion compared to $2.9 billion in the second quarter of 2009.
The UST appointed Hochberg?
Hahaha! Thats a very elegant way giving debtors/JPM/FDIC the middle finger.
Kudos to the UST! I still cant believe it...we got the Refco-examiner. Hahaha, lovely.
Mordicai took a position in commons again! That is saying something. Nice!
I think they never left. I remember they entered some statement into the docket in DE in the last weeks or so.
@all: ANICO did come up with the slides from JPM regarding Project West. Where did they get this info from? They were the first ones to enter this info into court, right?
That is a lovely statement by Nelson. Must be the first time that this fact is brought up in this court.
This why i believe that the FDIC is first in line to pay up. They messed up big time selling those assets for 1.88B, let alone seizing WaMu in the first place.
Im feeling warm and fuzzy with my truckload of uqs & kqs now that the examiner will be appointed.
Yes, we can. eom
Already 231K traded in pre-market at NYC. At this early hour!
Sorry, that was me...guess i was hitting F5 way to often.
No more blacked-out pages, Ms. Bair, huh? Go,Examiner!
Since its the weekend before the next hearing...we should be seeing something.
Seems to be about whole banks not just the bank buildings.
The hearing on the 20th will start off with a bang. One way or the other.
Ah...ok. Thx for explaining. I am a bit slow today. Must be the heat over here or the long day of work. Or both.
I believe IF we see nothing in the docket by the 20th then it will be THE payday. I think Susman hit on some massive info that is 100% in our best interest.
Better? Dunno what the other guys mean...
Yeah. He must have caught them with their pants down. They have to strike a deal or it will get ugly for the debtors and their legal representation. If its quiet till the 20th they made the deal.
Speculation, but sounds like a possible scenario to me.
I have been wondering all along why Susman is focusing on the debtors. This could be why.
The first documented case of breach of fiduciary duty. Excellent!
Thx a lot for posting, uz! Your DD is amazing as always. Thx again.
True. But how do we get our hands on that? Examiner or insider are probably our only weapons of choice.
Lets hope 3.1a rests already in the court docket under seal.
I hope so. eom
First of all as i stated before the litigation hasnt even begun. There are allegations directed at JPM and FDIC but the EC hasnt filed anything that qualifies as a part of a litigation. No wonder because they are still in the discovery process. The allegations wont do anything. JPM and FDIC just won that case against The American National and they probably feel pretty confident right now.
Furthermore i believe that it is pretty tough to prove fraud on that large scale in general. That is why the examiner is that important to us. The examiner might get us the smoking gun or even two of them. I dont think the discovery process will do it. No examiner, no smoking gun, no threat.
And last but not least: Whatever material findings we may gather we still would have to win the law suit. The American National started pretty good if you ask me but still they messed up and lost the law suit.
We are talking about billions of dollars that we want from JPM/FDIC. They will never give up any sum if we just slap them in face. It will take some serious a&& kicking till they give up.
Atm we are approaching them but we havent even started hitting them. They may be a bit worried now but they need to have fear.
aimho
I see all that but having done a few hundred deals (settlements in antitrust cases) in the last 4 years myself i look at this scenario with a different angle:
The 2X's value price tag will happen in trial/litigation only. Atm we are not talking litigation, we are talking about settlement without having been able to start the litigation.
We might get to the 2X value price if we got them cornered and at point blank. I dont see that happening any soon. They will offer us something because they see the opportunity to cover things up quietly and nicely. But atm they will take that opportunity only if the price is right.
Punitive damages as a part of the settlement value would need something severe (=career damaging) waiting for JPM/FDIC, e.g. somebody going to jail. I believe that noone at JPM/FDIC feels that kind of threat right now.
Dont you wonder that all that hassle in the last few weeks is happening between the EC and debtors (and not between the EC and JPM/FDIC)? They (JPM/FDIC) dont feel any heat atm. BR or QE probably do.
I strongly hope i am wrong on all that and that 2X value plus is coming our way (that would make me a millionaire), but i dont see it. At least not in the upcoming 2 years.
aimho
All green and quiet in WaMu-Country. Cant wait for the big boys to buy into this again.