jpm_sux –

Good call. The fastest way for the WMB bondholders to assault WMI is to prove pre-seizure fraud or Fraudulent Conveyance for moving large sums of money to safer places in anticipation of bankruptcy. The problem with filing Fraudulent Conveyance is that if it actually happened, it is likely that the UST would have already filed that charge against WMI because it is their duty to do so. The most logical choice for the WMB bondholder assault is against FDIC and JPM. This will be the real court case that this board has been talking about for 18+ months. IMO EOM

Nunc pro tunc -

Is a Latin expression in common legal use in the English language. It means 'Now for Then'. In general, a court ruling "nunc pro tunc" applies retroactively to correct an earlier ruling.

Moos-los -

That is exactly what WMI BOD had in mind. The UST and the presiding judge (Walrath) stopped them cold.

Texas-Rick -

Howdy from Killeen Texas!

Unfortunately, we can't invite them to Texas style justice from the old days. Mostly, all of what happens in court will be forgiveable by the court under the rule of 'oops! Sorry your honor, let us amend that statement.' IOM EMO

Lawrence 147 -

Even though we dislike WMI’s response, whoever filed the original complaint for the EC seeking an order compelling WMI to hold an annual meeting of its shareholders must have been a novice or a junior partner with two weeks tenure. As I was reading WMI’s response, it occurred to me that if Venable were the author of the original complaint, the response by WMI, rebutting almost every word of the original, would have been enough for me to send them packing. IMO EOM

If anyone is still in doubt –

Any holder of equity, who still thinks we are the loved children of WMI and under their protective care, should read paragraphs 30 and 31 under counter claims. This hateful, spiteful rhetoric is what one would use to describe hostile, armed aliens from outer space.

In my opinion, equity holders want what is theirs and are willing to go the distance to get it. WMI wants what belongs to everyone and are willing to sell their children into slavery on an alien planet to get it. The most important thing to WMI is that they are on the verge of losing the 18 months of effort they have used to make this happen, while lying to the rest of the interested world.

Debtor Answer and Counterclaim
http://www.ghostofwamu.com/documents/10-50731/10-50731-0008.pdf

Joinder to EC filed -

New document at http://www.ghostofwamu.com/documents/10-50731/10-50731-0007.pdf

Moving forward in a calculated manner. Always the best tactic.

Lawrence 147 -

I agree 100%. In fact, it is the duty of the UST to file 'Fraudulent Conveyance' against the debtors when it is discovered.

The most dangerous and least talked about thing that happened yesterday is what happened to the bondholders. I really don't think most of the board caught the importance of this act by the judge. The repercussion will be mammoth. If someone or something doesn't calm the WMB bondholders down, the ugly war that we have been talking about for 18 months will start. The enemy will be OTS, FDIC, and JPM. WMI will be dragged into it because of their behind the scenes skullduggery pre-seizure and post-seizure, which will prolong the agony of WMI Equity. IMO EOM

Lawrence 147 -

Keep your eye on the bouncing ball, better known as 'follow the money'.

If WMI did move large sums of money around before the bankruptcy, someone is likely to file the infamous 'Fraudulent Conveyance' charge against the debtors, which is generally how it is used in a BK case. It may be that it was a direct act to help defraud the WMB bondholders, which also means that WMI anticipated bankruptcy. A lot of the chatter since the hearing yesterday has referenced that this issue came up in court. This issue of 'Fraudulent Conveyance' and what the WMB bondholders are likely to do, is going to be massive unless the WMB bondholders can get there pint of blood elsewhere. The hornet's nest has been riled. Like commons, they do not care if anyone else gets paid as long as they do. May the saints (Walrath) protect us! IMO EOM

Lawrence 147 -

I have posted several times the importance of knowing the difference between the two courtrooms and the issues that each court will entertain. Someone would have to file a charge against OTS, FDIC, or JPM outside BK court to begin the process of determining if FDIC seized a solvent bank and sold it to JPM. To date, that has not happened. Today we may have seen the spark that will ignite that fire. If the WMB bondholders are mad enough and have the ooomph! to back them up in the way of attorneys, they may begin this battle for justice! Let us hope so! If that happens, all of my assessment may be at risk because FDIC and JPM may be forced to the settlement table before the BK is resolved. I like the numbers $50-$75. Break my heart with kindness! IMO EOM

Lawrence 147 -

I stepped out as the hearing started and am still catching up on the posts. As far as I can tell, this was the kind of hearing that we want every hearing to be. Great! I just love it when a plan comes together. Assuming that WMB bondholders are still licking their wounds and trying to find FDIC and JPM to refile their claims, and assuming Solomon was confirmed, it was a great day for commons!

Throwing out the bonds is one of the paramount reasons that WMI BOD wanted the draft POR approved ASAP and wanted the EC to be disbanded. They would have waited until the POR was approved before they pursued denying claims. The more claims that are thrown out the more value for WMI and commons.

Next - true valuation by Solomon! You may yet realize your $24; maybe more! I think it will be because the market will trade up the value of the stock based upon the true valuation of WMI, as opposed to any settlement from JPM or FDIC though. IMO EOM

Dudebug -

Granted that everything you refer to may be true, you are still talking about the Washington Mutual Bank. The bankruptcy court is concerned with the reorganization of WMI, and whether or not the sale of WMB included any WMI assets that should be returned to WMI. WMB and the assets of WMB will not be a part of the valuation of WMI. If Solomon proves me wrong, I will freely admit it. Just remind me when it happens. IMO EOM

Dudebug -

I don't understand why you keep saying that determining the legitimate value of the WMB assets that were taken and receiving compensation for those assets by the FDIC (or JPM) will not be decided in the BK court.

They are attempting to determine if those things claimed in the court filing (Washington DC) belong to WMI or to someone else (WMB). The court is not attempting to determine the value of WMB or its assets because the sale of WMB to JPM is a done deal, and it is not any of the court’s business what they are worth. Neither WMI, the BOD of WMI, the Creditors of WMI, the Bondholders of WMI, the Shareholders of WMI, nor anyone else has filed charges in a court similar to Washington DC (not a BK court) against the OTS, FDIC, or JPM to attempt to recover the WMB for WMI.

Judge Collyer from the FDIC case gave specific instructions for the parties to attempt to work out all of the litigation, if possible, in conjunction with the BK case. She did not see the point in running two court cases.

The court case in Washington DC is about things with various values (assets) that WMI claims belongs to WMI and to no one else. WMI is not claiming things that belong to WMB; they are claiming things that belong to the holding company of WMI. These two cases somewhat overlap because the assets of WMI are perhaps the most important part of the Chapter 11 Bankruptcy, and the presiding judge (Walrath) has the power to decide who is the rightful owner of the assets, and not judge Collyer. Collyer knows this and is giving the BK court plenty of room to make the right decision. Generally, if the draft POR is approved, the claims and the case in Washington DC will be withdrawn because ownership of the ‘assets’ in question will have been settled by the draft POR. This was the reason for the recent ‘stay’ on the case in Washington DC.

Chapter 11 Bankruptcy is about reorganization. Part of the process of our BK is to determine the value of WMI on or after the date they filed for reorganization under Chapter 11, and not the value of WMI plus the WMB before WMB was seized. Part of the process of determining the value of WMI is to identify and recover assets that belong to WMI. This is why the two cases overlap. Neither court is attempting to question the sale of WMB to JPM or to identify assets that belong to WMB. They are deciding which assets belong to WMI. IMO EOM

Hestheman - Settlement? What settlement???

What settlement is JPMC negotiating? With whom are they negotiating?

The only disagreement with JPM and FDIC in the BK court is the questionable ownership of the NOLs and tax refunds listed in the draft POR. In order for JPM or FDIC to offer a settlement, someone or some group must charge them with something. An example might be WMI versus FDIC in the Washington DC court. If the valuation by Solomon identifies other assets that belong to WMI that are in the possession of others, such as JPM or FDIC, there will be either recovery or disagreement. The WMB and all of the assets of WMB are the property of JPM until someone files against their purchase of WMB in court and wins in court. It will not be in BK court because BK is about the reorganization of WMI as an entity that does not include WMB.

Most of us would like to see JPM and FDIC brought to task for what we see as the illegal seizure of a solvent bank. Assuming that this is what happened, there must be a reason that no one has yet made this charge. The most logical entity to make the charge is WMI. They have not filed in court for one of two reasons. Either there is no valid charge to be made (OTS and FDIC were in their legal rights), or WMI does not want WMB to be returned, as is blatantly obvious in the draft POR. Similarly, JPM does not want WMI. What possible use would JPM have for WMI? Even if they owned it, they would simply dissolve it into their existing company.

The only reason JPM or FDIC will ever offer a settlement for their conduct in seizing and selling the WMB will be when someone brings them to trial, and they are at risk of losing the case. It will not happen in a bankruptcy courtroom.

The only hope shareholders have is that Solomon will find WMI assets that are worth much more than its debt, and the market trades the stock up to its true value. This is where the EC team and all of its attorneys are heading. When Solomon files the valuation and the value of WMI is what we hope, get ready to sell when the stock zooms upward. IMO EOM

Settlement? What settlement???

What settlement is JPMC negotiating? Who are they negotiating with?

What is really left of the holding company?

That is exactly what we are waiting for Solomon's team to tell us.

Even the OTS would never appoint the FDIC as receiver to WMI. It is blatantly illegal for FDIC to seize a holding company, and if they had seized any part of our former company that could be legally titled 'holding company', even our thick-headed Board of Directors would have filed charges by now (but not in a BK court).

The OTS appointed FDIC as the receiver of WMB, which was subsequently seized and sold to JPM on that fateful Thursday.

What the court does -

In my opinion, the judge in our BK will allow the parties to work out all of the details of the reorganization of WMI by coming to agreement. Failing that, she will make decisions on contested issues as the law dictates first, and rule based on her judgment alone secondarily, avoiding appeals. A valuation is a tool that a party uses to strengthen their position, not the judge. If there were no EC, and no objection by the creditors or bondholders, she would rule on the final POR without it. IMO EOM

Valuation release date?

I do not wish to guess, however, it is unlikely that they are anywhere near completion. The document must be ironclad. Rushing to press would be foolish. IMO EOM

The appropriate question is:

The outcome on the SJ and Stay will be the same no matter when the court renders its decision. The EC should file an objection (intervention) to the draft POR as soon as possible and work through Solomon to complete an irrefutable valuation of WMI. Once that is accomplished, and assuming that the valuation reflects enough to keep commons in the money, the BOD would be greater fools than even we imagine to attempt to continue along the lines of the current draft POR. With the power of Intervention wielded by the EC and the pending Valuation by Solomon, the current BOD is now powerless to continue with their current plan.

Holding a shareholder meeting simply to install a new BOD will not have that much effect on the outcome of the BK. It will simply be a maneuver to increase sentiment in a different direction than the current draft POR. Armed with a true valuation, which the BOD left out of their draft POR, the EC and the bondholders can write their own POR, which will have a greater chance of approval than the current draft POR. The current BOD knows this and will come on board to support a real POR or resign itself to defeat at the hands of the EC, the bondholders, the UST, and the court.

Anyone know what this is??

https://www.americanfunds.com/funds/details.htm?fundNumber=1

Lawrence 147 -

Thanks!

Lawrence 147 -

Below is a post made by me yesterday.

I and my shares woud like to see all of the positive things in favor of WAMUQ come to pass, but the court doesn't follow the simple way that all of us would take to resolve this issue. Also, I will be happy to have you change my mind on 'Fraudulent Conveyance'. Please point me in the direction of your information on the subject. Thanks!

In addition, the latest post at ghostofwamu.com is in essence a rebuttal by FDIC-Receiver against a filing of the WMI Creditor's Committee that many would think should have been in BK court. It almost sounds like a charge of fraud but is not. The FDIC-Receiver simply states that the Creditors of WMI do not have the same rights as the debtors. IMO EOM

Fraudulent Conveyance -

More in formation at the link below.

I am not saying that Fraudulent Conveyance will not be heard in the BK, I am saying that no one has filed Fraudulent Conveyance for the judge to consider. It has been 18 months so far. There must be a reason. EOM

http://www.caddenfuller.com/CM/Articles/Articles38.asp

Hestheman –

It sounds like you are agreeing with most of my assessment but I will comment further using your post as points of interest that arise on the board throughout each week.

Your post makes sense, but even if there is no fraudulent conveyance,

The term ‘Fraudulent Conveyance’ is of high interest to board members, and as far as I can tell, members usually refer to it in the line of thought that the FDIC fraudulently conveyed Washington Mutual Bank (WMB) to JPM. In my opinion, this charge will wear well in court, but our Chapter 11 BK is not where WMI will test that charge. In general, a bankruptcy case will consider the term ‘Fraudulent Conveyance’ as an act that was perpetrated by the debtors (our BOD) to hide assets from our creditors to avoid paying them. When a party in a BK (usually creditors) discovers ‘Fraudulent Conveyance’, the UST will usually file that charge against the debtor. In fact, the exact opposite is currently true. The debtors (our BOD or WMI) have filed the concept of this charge in the court in Washington DC, stating that FDIC sold WMB to JPM for less than fair value. The act of filing this charge in the DC court clearly indicates that the BOD is not complicit in the lowball sale of WMB. It is also clear that WMI and its attorneys know that WMB is past history and its assets will not be a part of the Chapter 11 reorganization, even though the lowball sale may be commented upon in the BK court proceedings..

when Solomen releases his numbers it will be obvious WMB was grossly underpaid for

By now, the entire interested world knows that WMB was worth more than $1.9B and that there may have been some illegal maneuvers between JPM and FDIC to sell WMB for that price. Regardless, the WMB assets will not be a part of Solomon’s valuation, and any charges brought against JPM and FDIC for their acts will not happen in BK.

Furthermore, it is common knowlege the FDIC cannot seize a holding company

I am interested in seeing more information on this issue. As far as I know, FDIC seized WMB and not WMI.

That is why the debtors want us out, so they can reorganize and seek the return of the assets of the holding company.

As I stated in a previous post, the debtors want a reorganization that leaves commons out. The reason that they have asked for various things to be returned, such as their name, is an indication that they will attempt to reenter their area of expertise, which is banking, and loans. If they cancel commons before the EC can force a new BOD, and before Solomon files a true valuation in court, they will have more liquidity to do this. They will have even more when the majority of claims are redirected by the court to JPM (WMB).

That is why Rosen is so hell bent on making sure A<L even if it means giving tax returns/NOLs to JPM or the FDIC.

I am not a champion of Rosen and crew, but we should remember that they work within the rules of BK and do what our BOD tells them to do. They do not make this up as they go along just to benefit themselves. Their pay will be the same no matter how the BK is resolved.

They ultimately want the value of the holding company.

In my opinion, this is of low priority with JPM. Even if WMI gave it to them, they would dissolve it into their already substantial framework of management. Keep in mind, WMI has made no charges against JPM or FDIC in the BK except those that concern WMI assets. The only agreement that these three parties are considering is the cash they simultaneously claim as their own. Of course, we expect the EC and Solomon to slow that down soon.

No one has to agree with my assessment. It will play out as the BK continues. Anyone wishing me to admit I was wrong simply needs to remind me when it happens.

In my opinion, the single most important thing that is pending in our BK is the valuation by Solomon. If a POR (current or similar) is accepted by the court before the valuation, commons are doomed, and if the valuation does not show a reasonable value of WMI after the debt is satisfied, commons are still doomed.

I found it interesting that the Creditor’s Committee filed their pseudo objection to Solomon before their approval by the court was made public.

IMO EOM

Dudebug -

If Solomon's valuation should be filed and include assets that now belong to JPM as you say, and are allowed to stand by the court, remind me and at that time I will retract my assessment and state that I was wrong. In addition, I will shout with glee!

We have to keep in mind that JPM and FDIC are not on trial in the Delaware court. The Delaware court is about the reorganization of WMI, using its current assets. The only reason that JPM and FDIC are involved is to address those variable areas of assets simultaneously claimed by WMI, JPM and FDIC. The DC court is hearing the case of WMI versus FDIC where WMI is charging that the FDIC are the bad guys and sold WMB to JPM for less than it should have. EOM

Fraudulent Conveyance -

More in formation at the link below.

I am not saying that Fraudulent Conveyance will not be heard in the BK, I am saying that no one has filed Fraudulent Conveyance for the judge to consider. It has been 18 months so far. There must be a reason. EOM

http://www.caddenfuller.com/CM/Articles/Articles38.asp

Kirby96 - Fraudulent Conveyance.

It is possible, but highly unlikely, that the BK will hear arguments on fraudulent conveyance. I and my shares hope that the court will hear arguments if someone files on this issue.

Keep in mind that we have gone 18 months without anyone filing on this issue.

Jestiron – Good point!

You are absolutely on course. I did not mean to describe intervention as something without power. If the EC cannot sway the BOD with their desires and opinions, they have the blessing of the court to file a flat tire or a blown engine (intervention) and hope that the court will rule in their favor on any filing that affects WMI. The blessing of the court to intervene is what gives the EC its true power, but numbers in our favor enhance that power. If the EC files an intervention, it will be because they could not get the BOD to agree with them. That is how they will voice their approval or disapproval. It will be up to the court at that time. Walrath will firstly rule according to law. If the decision simply requires her judgment, she will rule in a way to avoid an appeal. Commons are at the mercy of the numbers Solomon will produce.

Contrarily to the above and without intervention, the BOD is all-powerful as long as they follow court procedure. It is the exact reason they did not want the EC to stand. It is the reason there is no objection to the Creditor’s Committee. If WMI does not attempt to pay Creditors, the judge will frown immeasurably and will allow WMI to cancel commons if there is no intervention. She will anyway if Solomon cannot find the numbers.

As you can see, many of the posters on the board voice their opinions and desires correctly, but have their courtrooms combined. The Delaware court will only hear filings on reorganization. I do not wish to participate in other cases similar to DC. WMI started for the jugular there, but are already waning in favor of a POR that cancels commons. If the Delaware court approves a POR that cancels commons, WMI will withdraw the case in DC. Such is the way and pity of corporate law. IMO

I cannot imagine Joyce abandoning ship for any reason. To have a member of the EC gone so early in the game is not a very comforting feeling. However, in the end, it will not matter. What matters will be the numbers that Solomon will produce. They are our only hope in Chapter 11 BK. EOM

UB2 BOD populated with "pro" equity shareholders

It will simply mean that the EC can affect the decisions of the BOD easier and with less intervention, than now. All a plus to equity.

JPM and EC meeting?

It will never happen.

The only discussions JPM will ever have with WMI in any boardroom or courtroom (Delaware, DC, or anywhere) will be with the WMI Board of Directors (BOD) and the WMI attorneys. The only assets that WMI own are whatever Solomon will find during their valuation. The Washington Mutual Bank assets, sold by the FDIC to JPM, will not be included. This is how the corporate veil works. Anything that WMI wants to recover from the sale of WMB will have to be outside of the BK court in Delaware.

The Equity Committee is not in discussions with JPM or FDIC now, and will not be in the future. Think of WMI as a car. The Board of Directors (BOD) is the driver of the car. The Equity Committee can only intervene in the direction the car is being driven by showing up as a flat tire (shareholders meeting), as a blown engine (true valuation by Solomon), or something similar. Solomon’s valuation will determine if the car is a rusty 1966 Volkswagen Beetle or a new Jaguar XJ. It is the BOD who will come to a ‘global understanding’ with all parties concerned and not the EC. Can a tire or an engine sit in the driver’s seat and drive a car? They can only get the driver’s attention and aggravate the driver until the driver agrees to go in the agreed upon direction.

The valuation of WMI by Solomon will not include the Washington Mutual Bank. If it does, they will be in violation of the sanctity of the corporate veil. The only things that the BOD, JPM, FDIC, Creditors, etc, are discussing are the variables of cash in the forms of NOL, taxes, $4B deposit, etc. It is probable (without Solomon’s valuation), that the current BOD of WMI is hiding assets in their valuation (draft POR). After the BOD executes the approved POR, by paying creditors, preferred stocks, and others determined by the court, the BOD wants the value of WMI to be close to zero. This will allow them to cancel commons. The BOD will then continue to fight claims, increasing the value of WMI as the court rejects each claim and redirects it to the other side of the corporate veil, which is JPM (WMB). This is why there was no balance sheet filed with the draft POR. The current BOD is waiting for the valuation by Solomon so that they can attempt to refute as much of it as possible. EOM

Jurisdiction transferred?

I may be mistaken, but I think the parties in the Washington DC case (the same parties as in Delaware) requested a stay (temporary halt of proceedings in DC) in the Washington DC Court to stall and see how the court in Delaware was going to react to the draft POR. If the court in Delaware had accepted and ruled on the POR, the case in DC would have to take a different route to resolution, or simply be withdrawn, which is what the BOD intended if the POR had been accepted. The parties (in DC) did not request jurisdiction be passed.

The BK court in Delaware is hearing the Chapter 11 case of WMI and its only concern is the reorganization of WMI. Any filings by attorneys for the parties in Delaware must follow the ‘predetermined’ framework for Chapter 11 Bankruptcy. All of the attorneys know this and that is why none has yet filed ‘fraudulent conveyance’ or any other similar charge. These other charges belong in a court other than bankruptcy, such as the case in Washington, DC. EOM

Washington DC Court.

These issues (against FDIC) are being tried in the case in Washington DC.

Valuation

The increased value of JPM, because of their purchase of Washington Mutual Bank, does not concern the Federal Bankruptcy Court hearing our bankruptcy (BK). The court is only interested in the filings presented to it by the horde of attorneys who represent the various parties in the case. For the most part, these filings will follow a ‘predetermined’ framework. A major variable in our BK is for Solomon to find all of the cash that this iHub board has been talking about since the seizure, and for the BOD to convince the presiding judge to order it returned to WMI. Once that happens, if all debt is satisfied and there is some left over, the market will trade the stock up to the value of WMI. EOM

RESERVATION OF RIGHTS

5. The Creditors’ Committee reserves its rights to object to any requests for payment or application for compensation or reimbursement of expenses filed by PJSC on any appropriate grounds, including, without limitation, if the requested compensation is (i) excessive, (ii) on account of duplicative services, (iii) on account of services performed that are beyond the scope of that which is reasonably necessary, or (iv) otherwise unreasonable, inequitable, or contrary to applicable law.

This filing is nothing more than a normal part of due process in any Chapter 11 Bankruptcy (BK). Every part of our BK, up to this point, has been just another step in the 'predetermined' framework of a Chapter 11 with the exception of the variables. In an election, the outcome is determined by the center vote, which is variable, and the outcome of our bankruptcy will be determined by the pieces that are variable, such as appointing an Equity Committee (EC), denying the disbandment of the EC, the results of a shareholders meeting, the valuation of WMI, etc. The filing by the Creditor’s Committee is nothing more than a low, non-guttural whine. The court will protect the rights of the Creditor’s Committee without the filing. It is just a formality. EOM

Seattleguy527 - Let us hope not!

It is unlikely that the Equity Committee (EC) is in ‘settlement’ discussions with anyone at this time. What the EC should be concentrating on is numbers, i.e. the number of votes it can exercise at the Board of Directors (BOD) meeting that is sure to come; i.e. the numbers that Solomon and team will come up with in the valuation that is certain to happen. Once the new BOD is in place, they and the EC will direct WMI’s position in the BK, and make certain that equity receives a share of whatever is left over after all debt is paid (if any). Do not look for WMI or the judge to file criminal charges against JPM or FDIC in the Chapter 11. The only thing we can hope for is that the judge (Walrath) will force JPM and FDIC to return whatever legally belongs to WMI. If WMI has any value after paying the debt, the market will trade the stock to up to its value and we can sell or keep our stock as we choose. The only advantage that shareholders will be able to exercise in the BK process is the numbers that Solomon will produce. It would be a poor tactic and a waste of time to begin the assault without them.

FIDELITY FUNDS -

Is Fidelity Funds forward-looking to the hedge fund angle for the time when the preferred and common shares are cancelled and new shares are issued?

Don't fergit!

Objections due to Equity Committee motion (3/11/10) for summary judgment for motion (3/3/10) to compel a shareholders' meeting (Del).

"Backed away" sounds like rejection to me

FDIC has never supported the proposed Plan of Reorganization (POR) and has never publicly agreed to anything in the BK process. Rosen stated that there was a ‘universal understanding’ in the works and with that statement implied that FDIC was on board when they were not. You cannot back away from something when you were never close anyway. Regardless, it works out the same because apparently FDIC is not willing to be a player in the POR as submitted.

I think Rosen’s ploy was simply to meet the deadline for filing the POR. There is no way that an attorney of his caliber cannot know how weak the submitted document is, and not know how long the road will be to the final resolution of the BK. The bondholders have not given up, the EC has not even begun, and most of the creditors will go away to WMB/JPM. Every step that Rosen takes that causes WMI to stumble simply gives our team more time at bat. IMO

FDIC OFFICIALLY SAYS: NO GO!

Another strong indication that "it ain't over 'til it's over!" EOM

The shareholder's only hope -

As we have known for some time, our only hope is that Solomon will determine that WMI has enough value to allow a different POR to be submitted to the court, probably by the EC via Venable. If a POR is accepted by the court that proves that WMI is truly solvent, to the extent that the stock is not worthless, the stock will continue to trade, and the value of the stock will be determined by how it is traded in the market and not by the court or by us.

If you should ever see the stock 'halted', you will know that the plan submitted today, or one like it, has been approved by the court.

The game is not over. Our team is coming up to bat.

EOM

Solicitation.

The link in question, which has been deleted many times since I first posted it, does request donations to help defray legal costs. This is the solicitation to which the ADMIN is referring and is against iHub rules. EOM