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UMAW! That is my immediate interpretation of this latest ploy by Rosen as well. Try to get the EC members thrown out one by one on whimsical technicalities! With that done, argue to JMW that without a concrete Equity Committee (or at least one that could become a revolving door of people) Susman should be ousted!
Gotta hand it to Rosen! He is a malicious and damaged little puke of a man and as long as he has the blessing of the current cockamamie BOD, there is no reason for him to NOT continue in his noxious pursuits!
I am of course not saying that this will fly by any means, but is yet another monkey wrench thrown into the gears of the court case by the human sewage that we lovingly know as Brian Rosen!
… rs
Do not know if this was linked yet this morning but …
WaMu, General Growth, Hawkeye, Abitibi: Bankruptcy (Update1)
June 04, 2010, 9:10 AM EDT
(This report contains items about companies both in bankruptcy and not in bankruptcy. Adds U.S. Concrete and Fulton Homes in Updates; Alico Commons in New Filings; and Trump Entertainment, Citadel, and Lehman in Briefly Noted.) By Bill Rochelle
June 4 (Bloomberg) -- Washington Mutual Inc., the holding company for the biggest U.S. bank to fail, will have to wait for approval of a disclosure statement until at least June 17.
The delay resulted from shareholders’ opposition to the so- called global settlement grafted onto WaMu’s proposed Chapter 11 plan. The equity committee sought documents from WaMu reflecting the company’s opinion of the strength of the claims being given up in the settlement. WaMu refused to turn over documents, claiming they are protected by the attorney-client privilege or were attorneys’ work products that can’t be given to an outsider.
U.S. Bankruptcy Judge Mary Walrath observed at yesterday’s hearing that standing behind the privileges would delay her ability to send the explanatory disclosure statement to creditors. She said that WaMu ultimately must explain the company’s evaluations of the claims in establishing why she should sanction the settlement.
The judge told the parties to work out a schedule for providing documents and report to her at a June 17 hearing. She also said that WaMu’s reluctance to turn over documents was leading her to rethink her denial of a motion by shareholders for the appointment of an examiner to investigate the merits of the settlement. She invited the shareholders to file another motion for an examiner.
The equity committee’s lawyer said the new motion would be filed. To read Bloomberg coverage of yesterday’s hearing, click here.
Opposition isn’t from shareholders alone. Holders of notes issued by the bank subsidiary filed papers urging the bankruptcy judge to appoint a trustee in either Chapter 7 or Chapter 11. Their motion is on the calendar for June 17. The bank bondholders also oppose the global settlement.
WaMu, the Federal Deposit Insurance Corp., and JPMorgan Chase & Co. signed a definitive settlement that can be implemented with confirmation of a Chapter 11 plan. To read about the global settlement, click here for the May 24 Bloomberg bankruptcy report. The settlement and plan confirmation would enable WaMu to distribute more than $7 billion to creditors. Click here to read the May 18 Bloomberg bankruptcy report for a summary of WaMu’s plan.
Shareholders and bank bondholders say WaMu and the FDIC are giving up too cheaply and should continue lawsuits with JPMorgan.
The WaMu holding company filed under Chapter 11 in September 2008, one day after the bank subsidiary was taken over. The bank was the sixth-largest depository and credit-card issuer in the U.S. The holding company filed formal lists of assets and debt showing property with a total value of $4.49 billion against liabilities of $7.83 billion.
The holding company Chapter 11 case is Washington Mutual Inc., 08-12229, U.S. Bankruptcy Court, District of Delaware (Wilmington).
http://www.businessweek.com/news/2010-06-04/wamu-general-growth-hawkeye-abitibi-bankruptcy-update1-.html
… rs
A few billion to a garden variety large company is huge I will grant you Erevno! A few billion between the parties involved here is relative peanuts however! JPM paid $1.9B!
They will be pressured to pony up a few billion to at least start to make this all go away!
All IMHO of course … rs
I would also like to thank the folks that appeared in court on our behalf! I would also like to thank the board in general for NOT cluttering the damned board during the hearing with BS – nice constraint folks!
A special thanks to UZUAL as well for MODDING well and beyond the call of duty during the hearing! A trying period …
At this juncture, I honestly cannot see why we are not tossed a bone soon in the area of a $1.50- $3.00 pps! WMI (Rosen) must see which way the wind is blowing! I know, I know … this is low-ball for many here but equity has to start at something right? … rs
You can find LeBoscos 06/03 court pics here ...
http://wamuq.yolasite.com/other.php
... rs
Yep Chris – not all that impressive, but at least she showed the smallest bit of effort! The investigative part of her investigative reporting on WaMu is definitely AWOL!
Just IMHO, I believe that her editor/boss/what-ever, has put the kibosh on her WaMu reporting for some reason! I am not in any way a conspiracy theorist as that is best left to Jestiron, but ...
… rs
WaMu bankruptcy: spotlight on documents.Thursday, June 3, 2010, 3:15pm PDT | Modified: Thursday, June 3, 2010, 4:07pm
http://seattle.bizjournals.com/seattle/blog/2010/06/wamu_bankruptcy_roundup.html
... rs
WaMu, shareholders to meet on bankruptcy info
RANDALL CHASE The Associated Press
http://www.philly.com/philly/wires/ap/business/20100603_ap_wamushareholderstomeetonbankruptcyinfo.html
... rs
Thanks Chris fot the tweet by tweet play by play! Awesome ... rs
UniquelyTrill! Adjourned!! Done for today. I personally believe were in good shape!!!!
less than 10 seconds ago via Twitterrific
Tweet of the day from Lebosco: (UniquelyTrill)!
Trust me my big black ass not only wants to stand up & call rosen out but I wanna drag his ass outta this court on my back to whip his ass!!
less than a minute ago via Twitterrific
Per LeBosco - yes!!! ... rs
From lebosco - UniquelyTrill: Ds till 17 file objections by 11th. She will hear arguments now. 2 minutes ago via Twitterrific
Rosen is so lying!!!!
3 minutes ago via Twitterrific
UniquelyTrill Ec won't have advantage of work product. Parties meet to work out schedule. Ds won't be taken up today.
1 minute ago via Twitterrific
UniquelyTrill
Ust: case can take two paths. 1) ec will investigate from ground up or 2) one we advocate for is court pit examn in place on a time frame.
less than a minute ago via Twitterrific
UniquelyTrill
We just asked about presenting a statement as strike discussed and Nelson did not look as though it was a good idea so we WONT!
3 minutes ago via Twitterrific
... rs
Keep refreshing - it has been up and down all morning ... rs
LEBOSCO is tweeting up a storm UniquelyTrill http://twitter.com/UniquelyTrill
Judge smiled at what Nelson is talking about with debtors trying to rush through and circumvent our shareholder mtg!!!
less than 5 seconds ago via Twitterrific
... rs
http://twitter.com/UniquelyTrill - Leboscos Twitter
... rs
Chris I too have been concerned about Kirsten’s lack of presence recently.
Sure she has tweeted a few links from other resources and has written a paragraph or two regarding easily gleaned court events but the investigative journalism has duly waned! It seems that her reporting has mainly focused on local Washington State banking and finance issues! Boring …
I had a decent rapport with Kirsten some many months ago. We even chatted on the phone in late 09’. Several months ago however, she simply stopped responding to my emails which included heads-up court doc links, etc!
I can only speculate as to why! Prima Donna syndrome? Perhaps! Orders from headquarters for her to seize and desist! Maybe!
Too many variables for my pea brain … rs
STRIKE! Thanks for attending! If you have a chance to speak, I am sure it will be from the heart - no cheat sheet(s) please! Just let it flow!
----------------------------------------------------------------------------------------------
Looking forward to the play by play tomorrow! Just a reminder to all from a non-mod, please do not litter the board during the hearing tomorrow with inane BS! Those who will not be dialing-in wish to see pithy, succinct posts only!
Are we clear – I believe that we are … rs
I never dreamed that I would some day know this much about BK court and law! 15 months ago, just reading a court filing would make my brain spasm! Who’d have thought that we would all meet here so many months ago and develop such an esprit de corps!
I don’t want to get mushy here but this has been one the most unique experiences of my life! I remember a few years ago I started a Facebook account and promptly found and started chatting with several old friends and acquaintances! Thought it was great at first! After a few months, I found myself disenchanted with the whole thing as it was all fluff and we really had nothing in common! On the contrary, even though I personally have never met anyone on this here board, we are all part of a team and have all done our part for the common good - and I feel very close to many folks during this rather chaotic and turbulent play which is WaMu!
If for some reason we do not prevail, I for one have made many e-friendships (if-you-will) via this board and will wish to continue them!
That said, I am NOT predicting doom and gloom tomorrow! As long as Rosen is involved, nothing will be easy however, team Susman has impressed the hell out of me in their short employ!
Once and for all, we need JMW to let Susman do his job! Period!
Period! … rs
Notice of Amended Agenda of Matters Scheduled for Hearing on June 3, 2010 at 10:30 a.m. (EDT)
http://www.kccllc.net/documents/0812229/0812229100602000000000024.pdf
Damn - too much to read today!
... rs
Yep - new docs on KCCLLC http://www.kccllc.net/Docket/SearchResults.asp
... rs
No problem Nick. I hope Susman rules the court tomorrow as apposed to Rosen which has been the norm! Tomorrow is ripe for some pre 4th of July fireworks in our favor!
Glad to hear that your Napa vacation went well! Back to the WaMu grind now – LOL … rs
Notice of Agenda of Matters Scheduled for Hearing on June 3, 2010 at 10:30 a.m. (EDT)
http://www.kccllc.net/documents/0812229/0812229100601000000000002.pdf
Please keep in mind that we may very well see an amended agenda issued tomorrow ... rs
Thank you volsfan! I was just about to take the time to register for a free trial of AmericanBanker to get the full article and here you have supplied it to us!
Much appreciated … rs
Good evening fellow WaMuQ iHubber’s! We will be welcoming in June (EDT) in approx 1 minute! Let’s hope that this will be a month to (fondly) remember!
I have not been around much this long weekend and I apologize for not responding to many, many posts since Friday afternoon! In particular, thank you FISH, gyspsy, Was, Strike, et al!
Also, Lawrence – you have been on your game this weekend! Bravo!
Let’s roll dammit! Let's roll … rs
I also salute all longs and regular contributors here! You know who you are! This has not exactly been a walk in the park and has taken a few years off of our lives due to pressure, anxiety, alcohol intake, tobacco inhalation, and even perhaps hard drugs!
Thanks all WaMuQ friends and have a great weekend! … rs
Catz! Thanks for the heads up! That is an excellent synopsis produced by Mr WaMuQ’d! The problem being of course, my blood is now boiling again after watching it and my vehement disdain for Rosen has just swelled to proportions that I had not thought possible!
Time for another beer … rs
Probably (hopefully) true but regardless, JMW is really starting to burn my arse! You have access to all the docs you want – but you can’t have these! What a crock!!!
Let’s see what she says regarding the EC’s request for JPM’s docs next week! … rs
The Official Committee of Unsecured Creditors' Objection to the The Equity Committee's Petition for Certification of Direct Appeal to the Third Circuit of Its Appeal from Order Denying Appointment of an Examiner
http://www.kccllc.net/documents/0812229/0812229100527000000000052.pdf
... rs
Can someone please expound on the AT&T thingie? I really have no idea as to their involvement in this fiasco but their recent filings have piqued my interest!
Anyone? TIA … rs
Cassius Marcellus Clay! Man - I remember that name before brain damage set in! His – not mine, although that is open to interpretation!
Go WaMu … rs
I agree that said link is a proven stress relief antidote! Basically, a no brainer – in the parlance of our times! … rs
Susman does appear to be a monster! I am really digging him the last few days! I hope that JMW will not read into his clever “wordings” as a mocking in disguise! They probably were but none-the-less …. rs
Fish! I can only echo your sentiment! Thanks for being here man!... rs
Knick! You are probably going on vacation the weekend that we receive settlement but that’s neither here not there! LOL – just kidding my friend!
You are going to be soaring quite a bit north of us but here is our location at the base of the Santa Ana mountains in Lake Elsinore, Ca! Look down to the south and have the pilot honk the horn! We will leave the door open for you and your family!
Enjoy the Northern Ca wine country and have a well deserved vacation from work and WaMu!
Rick