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I think I heard him as well. But, if there was a reserve, the Senior Note Holders would have had to "sacrifice" a piece of their take. They never did. It was never stated in the POR7.
On Feb 1, Rosen asked the judge to nullify the set-aside. I thought it was pure B/S.
Our case is part of a larger picture involving the complete breakdown of the "rule of law" with respect top the banks in the USA.
The entire sordid episode of "robo-signing", fraudulent lending practices, the TARP, etc., is an indictment of the system. Congress and/or Justice Dept will have to answer for these abuses so that this nation can come back to its senses.
hate to tell this. there was never "no such thing as a reserve fund".
The good judge asked that this amount be set aside from the estate just in case we won the suit. it was never segregated, it was a ruse to make us believe there was truth in her court. No harm done to the estate when she killed our claim. So, no one took it out and no one put it back.
I was puzzled by that too. It seems that the Walrath held my filing in her office. When I appeared on Feb. 1, I was stunned that my papers weren't docketed. I inquired with Steinberg about this. As you recall, he was hostile to me at that point.
Steinberg told me to ask Rosen what happened. Rosen looked at the roster (which he controlled) and told me that I was scheduled to speak. He acknowledged receipt of my filing, and, of course, Steinberg did as well, since he spent 25 minutes refuting it.
It appears that a judge can withhold any item. Why not? She confiscated our asset without due process and did so with impunity. Real life is not what you were taught in school.
GREAT! Broadbill gets reimbursed 800G out of LTWs meager bequest in addition to the 3.2mil already deducted, leaving ltws nothing in the pot.
I spoke to some attorneys who will take this to another court. They suggest a totally different approach. They, of course, want money, if enough of us offer 1 cent per LTW that we hold, (only those who refuse to tender) we can raise the $100,000 that they need to take it to court. If we win they take the money from the winnings if we lose we pay the price. Any takers?
I thought the appeal goes to Circuit Court?
But we still have standing in Block's court.
Whatever Court it goes to, we don't want to lose wall_street's advice here.
My understanding is that if you turn in your DIMEQ , your shares will be canceled and you'd get "something" (to make it a legal transfer you'd have to receive "consideration" , a couple of cents ought to do it) This will reduce the outstanding no. of DIMEQ outstanding. Your claim is satisfied and you're outa here.
If and When a favorable ruling is issued to LTW on appeal or Claims Court, the remaining LTWs will be entitled to the distribution. So the denominator is decreased and the distribution will be greater. IMHO only.
WSJ: Obama names Jeremiah Norton JPM executive to 5 member FDIC board.
its tps
Hi eagle 2975, Thanks for asking my opinion.See fbrutus (6543) for good summation.
I am as confused as anyone. So let me review what i think happened and will happen.
The FDIC and JPM were working on the WAMU sneak attack for a long time. The FDIC never intended to pay out the Anchor litigation, JPM wanted WAMU on the cheap. "conveniently" WAMU was taken over when, in early Sept. 2008, a run on WAMU was started by rumors. JPM held $30B of WAMU funds that were needed in the WAMU accounts to keep tier 1 ratios. JPM held on to these funds long enough for the FDIC to take over the bank. It immediately sold the LTW litigation to JPM with a stip. that it keep all the proceeds. THIS IS AN ILLEGAL CONFISCATION OF PROPERTY>
The holding company filed BK the next day. Our litigation was to retrieve our claim. JPM sold our claim to the bankrupt WMI and Walrath dissolved our claim under section 363(strip all assets away from anyone who walks near by - including LTW). Can she do it? Yes. Bankruptcy judges have enormous powers.
Did Judge Walrath work with FDIC and JPM. Emphatically, YES.
We were robbed.
To overturn her decision is not an option, really. It might be tried, but it has little chance.
To take this to Judge Block's court is a better idea.
He may well disregard the 363 provision as a theft.
Where will the front money come to continue this case? Just when all hope was lost TPG (wealthy Texas LBO entity) filed a 700page rebuttle to Walrath. Tpg is involved because it lent WAMU $7B just days before the takeover and is not getting it back (363).
One thing I learned from my visit to Delaware, is that the lawyers always get paid, so there is little risk in TPG's legal fees having to be paid by them. If they win, we will be beneficiaries and legal fees will come out of our hide. If they lose,the legal fees will come out of our hide (Ha!).
Bottom line. we'll be riding on TPG coat-tails for the BK appeal and, we're in good hands at Block's Court. So all in all, we have a 3% chance of getting a better deal.
I will not tender my LTW to the POR7. It's worth pennies and you give up $400++m pay-out if we win.
Corrections cheerfully accepted.
Phil
The 3 card Monty game is still at play.
that's the way i read it.
There is now enough data to bring in the media to start agitating for action. Everyone in this country is angry at corporate chicanery, but nothing is being done about it it just keeps growing.
If anyone out there knows a journalist who wants to buck the big boys and make a name for himself, this is the story.
Get him/her involved and maybe there will be heat from congressional hearings. They usually don't achieve anything but they bring the buzz to the center.
That's a good place to vent at the judge. I don't want to waste my time with her. What we need is a record of overturned decisions by the appellate court of her findings.
If she is often overturned than it is possible to appeal in BK court. Appellate judges don't like to overturn colleagues who they think are smarter than themselves. She is not smart but she may be "protected" by powerful friends.
Interesting that the US Attorney General's office is not following this case for prosecution. None of us thinks that DOJ will do anything to stop JPM. Neither can we go to the SEC or The Comptroller of te Currency. This case is bullet proof from prosecution...or is it?
ILoveStocks or other who access Court Filings please update 1/31/12 docket items of interest for us.
Actually I flagged your remarks for a follow-up but got caught-up in another direction. So thanks for planting the thought. I give you the credit.
Is that the plot that JPM concocted to take over WAMU? If that is it, then you should read what JP MOrgan did to cause the "panic of ought seven" Same scenario very successful.
"The Plot at Jeckyl Island". I posted it in September 2007 the one hundredth anniversary . Oddly enough, after getting away with a huge prize, and forcing innocents in BKy, JPM paid substantial compensation 5 years later to the victims. There's still hope.
splendidsplinter, I missed your post earlier today.
Steinberg can't come back to a court where HE failed and try again. The judge would laugh at the thought.
We have to move on and think of alternative arguments that Steinberg may have missed. So it's just as well we part company with him. I always thought that he did a good job. At the end it seemed like he abandoned us and just walked away. He didn't.
I only undertook to represent us thinking that he wouldn't even show up, or that no one would show up and the fight will be between Rosen and me. When Steinberg did turn up, I introduced myself but he was antagonistic to my greeting. Only after the showdown did we get a chance to talk. By that time the decision was pronounced by mw. I really didn't expect the judge to cut me up before I completed my thoughts.
Thanks for showing the warts before I really got taken away with this. I gave it a shot. Still think that if fraud was involved it can be overturned. We need a committed attorney to look into this.
I don't understand. The 363 is in the GSA, do you mean that a sale can be structured after bankruptcy to take effect as though it happened before the BK? Is a GSA a closed loop-hole to hide every nefarious activity in it and lock the door.
If there is fraud, any door can be reopened.
Do you mean look to the date when the 363 sale took place?
I need to know what are the ramifications of 363 sale and when it took place.
This is a reply to my own blog. It just occurred to me.
Was WMI in Bankruptcy when JPM sold it the Anchor Litigation?
Someone (linda, Mr. Bush, ILove Stocks)check this out. I believe that if the transfer was made AFTER the filing the good judge has no power to negate it. If it was before the filing, it would have to have been made on or before the 26th September 2011.
FDIC sold it on the 25th of Sept. its very close. If that was the chain of events , than it is possible to establish that there was collusion between the three parties in the Anchor transfer, and there is our case.
"Suing JPM hardly realistic." Not hardly realistic but highly expensive.
The other silent partner is FDIC. They are the real culprits. How dare they presume to sell their own conviction liability to a third party with total disregard for the beneficiary's property rights?
It boggles the mind. Imagine that I was convicted of stealing money from someone and I transfer the "conviction" to another by paying him, and telling him that, he can keep the proceeds without having to pay a dime to the victim?!?! Whaaaaa...? Where is Alice in Wonderland?
That's what happened and we are the hapless victims.
question? Can a judge over rule such a deal?
Significant fact here is JPM resold our rights to WMI when it was already in bankruptcy can a judge take it away? Apparently...Yes.
Keep in mind that the LTWs option to sue JPM is explicitly stated in the BK Court and is the PRIME course for action at this time.
How to achieve this, is a bit beyond me at this time.
Agreed. What you say could very well be the truth.
Sorry Linda, THJMFW threw Bush into the fire. she rejected his well reasoned objection out of hand.
remmy, thanks for your support. I know my arguments were cut short, but the judge was getting upset with me for repeating what Steinberg had refuted moments earlier.
As far as LTWs election goes,if you elect to receive +/- $.08,
you will surrender your shares forever.
This is not what I bargained for, so I will instruct my broker NOT to TENDER shares at this time. If any of the appeals proposals succeeds (3% at this time) those who tendered get nothing.
I've lost so much here that .08 ain't going to make a difference.
There is an appeal filed, but someone other than Steinberg has to follow up...and soon. Somebody check THJMFW record of overthrown decision. If none ...Not the place to confront this
Maybe we should enter objection and arguments in Block's court. I'll be discussing options over the weekend.
I agree with your summation. If you sign off here. your ltws will be cancelled. keep posted until we find a communal decision.
About our inability to reject the Stipulation.
I too, would rather go down with the ship than surrender to this act of LARCENY.
Let this Court bear the shame of the injustice. This case is not finished, yet. Someone will have to fund an appeal. This decision was so wrong that a 5 year old could see through it. Even failing that, there is still Justice Block, who is very familiar with FDIC shenanigans, may resuscitate this case from the dead. It has happened.
I just returned from Wilmington. took some time to wash off the blood. For your information the judge read from a prepared speech.
Steinberg tried to cut off Bush's and my arguments before we got to express them. He was furious at me for supporting Bush's plan and was very antagonistic at first.
When I tried to continue Bush's argument about jpm ownership, the judge interrupted. There was no point to further discussion as she was really, really angry at me.
Based on suggestions from this board,I was under the impression that Steinberg left us high and dry. He did not. He actually filed an appeal in order to retain our rights to pursue further action. At a private conference with me after mfw issued final adoption of POR7, he explained his position.
No, he did not throw us to the wolves. He actually believed that he won the case (just as most of us). His investors had a vested interest in him winning this case. The judge had other ideas and that is why we got this insane ruling. He wants to assist in any appeal but is now prevented from participating (having tried the case and lost, it is hard to tell the appellate judge "give me another crack at this"). I am not angry at his confrontation to my arguments, but, I still don't understand why he posed these arguments. They were the Hail Mary shots. and he deflected them before the throw.
Bottom line the judge was already convinced before the hearing and my meager attempt at sanity was denied.
Correct!
USPS EXPRESS MAIL SERVICE
TRACKING EI 110045066US
that's ei 11004....
Hi Linda
Busy day Consulted w/attorneys
I realized that Mr. Bush filed an appeal. Good
I filed a request for an adjournment.
Called the clerk's office. "we have no record of receipt"
"do you think that this was an intentional omission?"
"Sir are you insinuating that this Court is not acting in the best interest of the public"
"nothing of the sort, I was wondering if another hand could have diverted this document out of the Court's reach"
"I will have to hang up sir"
On another topic:
I like your opinion that I was too aggressive in forcing THJMFW to sign off. But I've seen it on Wiley's papers ,and she merely crosses off the part she is not happy with.
Anyway, tomorrow I "may" be listened to or ejected.I expect that there will be thirty 6'7" football players standing at Rosen's desk to intimidate me. I also expect motions to be thrown about to expel me for some technical reason. So, I don't expect to be the one to overturn this calamity.
One more thought:
BY THE WAY. $210M divide by 1.7b common, 100m ltws,200m pfd=$.01
This is deliberate so that you cannot sue them for larceny.
Hi Linda, i CALLED the Court. no record of my filing?!?$?%$?.
Spoke top two attorneys. Result We must file an appeal -We may have missed deadline
We must file an adjournment to replace our conflicted out Attoneys.
We may have missed that deadline too.
This is a real f---k up!!1
f brutus,
This was a sham from day one.
Oddly, the advice on this board was to not interfere with the "Great Art" because after all, he was the Master Litigator and who are we little shmendricks to even think of hampering his wit-dom?
BIG MISTAKE! I'll never shut up again in trial. What a case of larceny? Was the judge in on it? Read her decision.
So this completes the whole picture.
The Legislators are bought and paid for.
The Executive is chosen in a back room. (Don't even THINK that you are voting a candidate into office)
And now, the Judiciary is tainted.
This is the crumbling of a Nation. Entire civilizations were wiped out when the above occurred. It only takes one generation to complete the job.
Linda, didn't "With Catz" send a message that the GSA is not final until the very end of the bankruptcy? Perhaps it's
true, no one objected in court motions to the the transfer of the Ltw to Jpmc. I did, in a letter to the judge dated January 20,2010.
At the time I was under the impression that we were represented. it would have been obnoxious on my p[art to intervene when we were "represented" Also, I had no inkling that our side failed to claim such as it was very very clear to me and to the board members then that the transfer of ltws to JPMC was illegal. Rosen claims that we did not object.
I was afraid that the B/S will start dribbling out as soon as I filed, and sure enough, quotes from this and that parts of the law that were never quoted before are flowing like a river.
I am making arrangements to be at the Court on Wed.
I see further filings here from WMI but they never docketed my motion.
I was unavailable to reach the clerk today, try tomorrow.
If anyone is interested in Wed hearing before THJMFW.
The reason all lawyers are off this board and out of touch is that a Monster bigger than the Universe is in charge of this Bankruptcy. No professional will dare stand in front if it, lest he/she will lose their practice. This Monolith is more powerful than the US government and all other governments combined. IT OWNS THEM!
There is no stopping it. On Wed. there will show up in BK a few fleas that will quickly be flicked off. Let no one here foolishly believe that a few Pro Se arguments will even be allowed to be heard. I expect that legal obstacles will impede any efforts to blow this case open, especially after three years of stupid, time wasting blatherings that have been going on in order to obfuscate the real issues.
I am so sorry to be this blunt, but THIS IS THE AMERICA THAT WE LIVE IN. Throw away your civic books they are misleading and dangerous.
Thanks Linda I'll call the Court on Mon.
Hi everyone. I was put on hiatus for posting over 15 blogs in a 24 hr period. I was not aware of this HUB rule.
Linda, thanks for re-loading my Motion.
ILoveStocks, thanks for allaying my nerves about the Docket issue.
Everyone else. This stuff is very serious. JPM and their henchmen are about to DESTROY LTWs FOREVER!.
As an entity, the LTWs are mere fleck of dust in the face of the Juggernaut called The FDIC/JPM CABAL.