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I don't know what will happen to the PPS between now and the 17th. But come the 17th when we get an examiner.. the fireworks start.
Actually the DS can be passed. The DS needs to meet the minimum requirements. Read Weil's answers to most of the objections. Weil basically says all the shareholder objections are premature; i.e. the objections should be filed when confirmation of the plan comes up.
If the DS meets the minimum then it will pass. However I'm not sure what impact the other motions will have on Walrath approving the DS.
Hope for the best, expect the worse. GLTA!
**Hearing 6/3/2010 - Phone Dial-in and Audio Archive
AGENDA:
http://www.viewip.net/WMI/Hearing/2010-06-03/AGENDA.pdf
LISTEN LIVE:
Dial-in at 10:25AM EST
Hearing begins at 10:30AM EST
The bridge number is 712-432-1001 and when prompted for the access code enter 477420980
You may hear silence, a beep or music until the hearing begins.
AUDIO ARCHIVE:
http://www.viewip.net/WMI/Hearing
To be notified as the audio archives become available:
http://twitter.com/WaMuAudio
WMI calendar:
http://www.my.calendars.net/wmi
Let's be accurate shall we? What you've written are opinions. Not truth.
Great finds. Susman's team clearly know to perform thorough and quick DD. Pro's at putting a puzzle together.
My confidence right now is higher than it was when the P's hit over $100. We're witnessing a chess master at work.
We had this debate long ago. And from that debate it was clear to me that the P's can no longer be converted to commons.
Indeed.. very interesting!
Tyson Matthews (former EC member) has posted an interesting thread on Yahoo relating to the efforts of Willingham/Esopus Creek to force a Shareholder Meeting to be held..
Thought iHubbers may be interested in what Tyson had to say.
"Support of WMI Shareholder meeting effort in WA"
http://messages.finance.yahoo.com/Stocks_(A_to_Z)/Stocks_W/threadview?m=te&bn=86316&tid=470430&mid=-1&tof=1&rt=1&frt=1&off=1#-1
Trustee objection:
http://wmish.com/POR/DS/amended2/objections/4420.pdf
We'll have the audio recorded so it would be really helpful if those attending would pay special attention to body language. Tweeting what we can't hear would be great. Thanks!
Really want to read the Trustee's when it comes out.
05/28/2010 4420 Objection to the Debtors' Motion for an Order, Pursuant to Sections 105, 502, 1125, 1126, and 1128 of the Bankruptcy Code and Bankruptcy Rules 2002, 3003, 3017, 3018 and 3020, (I) Approving the Proposed Disclosure Statement and the Form and Manner of the Notice of the Disclosure Statement Hearing, (II) Establishing Solicitation and Voting Procedures, (II) Scheduling A Confirmation Hearing, and (IV) Establishing Notice and Objection Procedures for Confirmation of the Debtors' Joint Plan (related document(s) 3568 ) Filed by United States Trustee (McMahon Jr., Joseph) (Entered: 05/28/2010)
**Hearing 5/28/2010 - Phone Dial-in and Audio Archive
AGENDA:
n/a (AT&T special hearing)
LISTEN LIVE:
Dial-in at 11:55AM EST
Hearing begins at 12:00PM EST
The bridge number is 712-432-1001 and when prompted for the access code enter 477420980
You may hear silence, a beep or music until the hearing begins.
AUDIO ARCHIVE:
http://www.viewip.net/WMI/Hearing
To be notified as the audio archives become available:
http://twitter.com/WaMuAudio
WMI calendar:
http://www.my.calendars.net/wmi
Let's see if we get an agenda sometime today. I'll send out the hearing info later tonight. I'll be on any hearings.. no matter how small.
By Mike Spector and Susanne Craig
Of THE WALL STREET JOURNAL
Lehman Brothers Holdings Inc.'s bankruptcy estate sued J.P. Morgan Chase &
Co. (JPM) Wednesday, alleging J.P. Morgan illegally siphoned billions of
dollars from Lehman in the days before the troubled investment bank filed the
largest bankruptcy in U.S. history.
The lawsuit alleges that J.P. Morgan Chief Executive Jamie Dimon and other
top executives used inside knowledge to take advantage of Lehman as its
financial state worsened. J.P. Morgan coerced Lehman to turn over $8.6 billion
in collateral in September 2008, triggering a liquidity squeeze that
contributed to Lehman's collapse, the suit said. The estate is hoping to recoup
billions in collateral the bank demanded, and other damages.
(This story and related background material will be available on The Wall
Street Journal Web site, WSJ.com.)
The lawsuit, long expected, contains among the most-significant allegations
to date about the interplay between Lehman and its one-time Wall Street
brethren.
J.P. Morgan served as Lehman's main "clearing bank," meaning it acted as a
middleman between Lehman and its lenders and investors. In this capacity, it
knew more than most market players about Lehman's financial state, which was
growing more dire in the summer and fall of 2008.
The lawsuit alleges J.P. Morgan used this advantage to squeeze billions of
dollars out of Lehman by demanding more collateral to cover its risks, ensuring
J.P. Morgan "would stand ahead of all other [Lehman] creditors--not just for
its clearance exposure, but for all possible exposure that could result from [a
Lehman] bankruptcy."
Lehman bowed to J.P. Morgan's demands, fearing that if J.P. Morgan ceased its
clearing activities, it would have triggered the firm's immediate collapse, the
suit said.
A J.P. Morgan spokesman said the lawsuit "is ill-conceived and meritless, and
we will vigorously defend it."
J.P. Morgan's collateral calls amounted to coerced "fraudulent transfers"
related to agreements that should be undone, Lehman said. Lehman said J.P.
Morgan should return the $8.6 billion seized before the bank's collapse, along
with billions in damages.
"A century ago, John Pierpont Morgan used his position atop the world of
finance to shore up a teetering firm and rescue the nation from the brink of
financial collapse," the lawsuit said, referring to Morgan's efforts during the
financial panic of 1907. "A century later, when the nation faced another epic
financial crisis, Morgan's namesake firm stripped a faltering Lehman Brothers
of desperately needed cash."
J.P. Morgan emerged from the depths of the financial crisis relatively
unscathed, with Dimon boasting in 2008 that the bank logged "exceptional"
market share gains in a wide range of businesses after Lehman's collapse, the
legal complaint said.
Click here to go to Dow Jones NewsPlus, a web front page of today's most
important business and market news, analysis and commentary:
http://www.djnewsplus.com/nae/al?rnd=Y3UMkocxLPluVvv1ej%2BYlw%3D%3D. You can
use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
05-26-10 1630ET
Copyright (c) 2010 Dow Jones & Company, Inc.
I'm gonna call 40k T trade AH.
Well.. or maybe none. LOL
Very nice. We should top 100,000 shares easy today.
More $$ traded in P's than commons today.
Thanks Catz. I followed the thread, message and already took action on my part. Glad to -help them- -help me-.
--------------------------------
Tyson Matthews (former EC member) has posted an interesting thread on Yahoo relating to the efforts of Willingham/Esopus Creek to force a Shareholder Meeting to be held..
Thought iHubbers may be interested in what Tyson had to say.
"Support of WMI Shareholder meeting effort in WA"
http://messages.finance.yahoo.com/Stocks_(A_to_Z)/Stocks_W/threadview?m=te&bn=86316&tid=470430&mid=-1&tof=1&rt=1&frt=1&off=1#-1
Very nice.
Weil not sharing their analysis, says it is privileged. So much for Rosen's concern for the duplicative cost to the estate.
12,000 right in the middle. Might be shares moving between MM's?
I was on the bid.. it was a sell.
If Rosen still wants to pursue this POR, he may ask Walrath to throw all of the WMB bondholder claims out. Which is what Rosen previously said might have to happen for the POR to move forward.
We'll see if it tries it.
It's completely 8-ball. No doubt Susman is pursuing multiple avenues.
Meaning, find a buyer who would be willing to pay more than what the POR shows.
Get the $4B SJ ruled on, get some valuation on assets and the NOL. I would think you could find a buyer to shell more than what Rosen is purportedly able to get.
Agreed. And in looking at this logically, as Walrath questioned, there is no rush to exit BK. So why not allow competing plans so Walrath can better see how the estate might be maximized.
Caveat, Walrath may always surprise us, in a bad way.
Interesting idea from Y!. What if Susman shops WMI around? Surely Susman is an inside player and has a ton of contacts. At least get a valuation bid better than what Rosen shows in his POR.
http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_W/threadview?m=te&bn=86316&tid=468187&mid=468187&tof=2&frt=2#468187
True. Commons are assumed in the plan to vote no. But I think what GN means is that if you want to be able to influence the YES note then buy preferred's. With which I would agree.
The UST can also file objections to a plan.
Further using SCO as an example:
http://www.groklaw.net/article.php?story=20080405090444387
Who Can File a Plan
The debtor (unless a "small business debtor") has a 120-day period during which it has an exclusive right to file a plan. 11 U.S.C. § 1121(b). This exclusivity period may be extended or reduced by the court. But, in no event, may the exclusivity period, including all extensions, be longer than 18 months. 11 U.S.C. § 1121(d). After the exclusivity period has expired, a creditor or the case trustee may file a competing plan. The U.S. trustee may not file a plan. 11 U.S.C. § 307.
A chapter 11 case may continue for many years unless the court, the U.S. trustee, the committee, or another party in interest acts to ensure the case's timely resolution. The creditors' right to file a competing plan provides incentive for the debtor to file a plan within the exclusivity period and acts as a check on excessive delay in the case.
Acceptance of the Plan of Reorganization
As noted earlier, only the debtor may file a plan of reorganization during the first 120-day period after the petition is filed (or after entry of the order for relief, if an involuntary petition was filed). The court may grant extension of this exclusive period up to 18 months after the petition date. In addition, the debtor has 180 days after the petition date or entry of the order for relief to obtain acceptances of its plan. 11 U.S.C. § 1121. The court may extend (up to 20 months) or reduce this acceptance exclusive period for cause. 11 U.S.C. § 1121(d). In practice, debtors typically seek extensions of both the plan filing and plan acceptance deadlines at the same time so that any order sought from the court allows the debtor two months to seek acceptances after filing a plan before any competing plan can be filed.
If the exclusive period expires before the debtor has filed and obtained acceptance of a plan, other parties in interest in a case, such as the creditors' committee or a creditor, may file a plan. Such a plan may compete with a plan filed by another party in interest or by the debtor. If a trustee is appointed, the trustee must file a plan, a report explaining why the trustee will not file a plan, or a recommendation for conversion or dismissal of the case. 11 U.S.C. § 1106(a)(5). A proponent of a plan is subject to the same requirements as the debtor with respect to disclosure and solicitation.
In a chapter 11 case, a liquidating plan is permissible. Such a plan often allows the debtor in possession to liquidate the business under more economically advantageous circumstances than a chapter 7 liquidation. It also permits the creditors to take a more active role in fashioning the liquidation of the assets and the distribution of the proceeds than in a chapter 7 case.
http://www.groklaw.net/articlebasic.php?story=20090330173729611
Very interesting. I always like to look for prior examples for reference. Look at SCO's history. They too lost exclusivity.
http://www.groklaw.net/articlebasic.php?story=20090330173729611
I would tend to agree. Rosen stated in court that he wouldn't be back without a signed agreement. He could perhaps file it with wording similar to "the agreements has informal approval and awaits final approval by the BOD". And include a statement from the FDIC saying they agree.
Rosen isn't dumb. And I think he is careful in what he says.
I didn't hear a specific time so I would think they have until midnight tonight.
Starts at 28:15
http://www.viewip.net/WMI/Hearing/2010-05-19/20100519.mp3
I think that may be true, based upon language Mordicai posted earlier. Walrath can change her ruling only until she certifies the appeal to the 3rd circuit. After she certifies it then she can't change her ruling and it goes to the 3rd circuit. As I understood it when I read it.
**Hearing 5/19/2010 - Audio Archive
http://www.viewip.net/WMI/Hearing/
So then does she simply delay the POR motion until closer to the 26th of next week?
**Hearing 5/19/2010 - Phone Dial-in and Audio Archive
AGENDA:
http://www.viewip.net/WMI/Hearing/2010-05-19/AGENDA.pdf
LISTEN LIVE:
Dial-in at 11:25AM EST
Hearing begins at 11:30AM EST
The bridge number is 712-432-1001 and when prompted for the access code enter 477420980
You may hear silence, a beep or music until the hearing begins.
AUDIO ARCHIVE:
http://www.viewip.net/WMI/Hearing
To be notified as the audio archives become available:
http://twitter.com/WaMuAudio
WMI calendar:
http://www.my.calendars.net/wmi
AUDIO FILES:
n/a
**Hearing 5/19/2010 - Phone Dial-in and Audio Archive
AGENDA:
http://www.viewip.net/WMI/Hearing/2010-05-19/AGENDA.pdf
LISTEN LIVE:
Dial-in at 11:25AM EST
Hearing begins at 11:30AM EST
The bridge number is 712-432-1001 and when prompted for the access code enter 477420980
You may hear silence, a beep or music until the hearing begins.
AUDIO ARCHIVE:
http://www.viewip.net/WMI/Hearing
To be notified as the audio archives become available:
http://twitter.com/WaMuAudio
WMI calendar:
http://www.my.calendars.net/wmi
Quite true. Unless the FDIC actually comes out and says it agrees I don't put much weight on the WMI PR.
What better opportunity for WMI to shake out more shareholders and to reduce the voting shares for a new BOD?
I should be able to get the audio up very quickly today.
**Hearing 5/5/2010 - Phone Dial-in and Audio Archive
LISTEN LIVE:
Dial-in at 10:25 AM EST
Hearing begins at 10:30 AM EST
The bridge number is 712-432-1001 and when prompted for the access code enter 477420980
You may hear silence, a beep or music until the hearing begins.
AUDIO ARCHIVE:
To be notified as the audio archives become available:
http://twitter.com/WaMuAudio
Hearing Index:
http://www.viewip.net/WMI/Hearing