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Can't win with this Judge! IMO the system is rigged. The little guy can't win against big money and connections. Sorry state of affairs.
I had to look it up, but I received 3761 shares, i received divd checks and i sold at various prices; as low as .54 and as high as 3.48. but i always felt i was robbed and was entitled to over $100,000. I kept 3500 warrants that were in a separate account and thought it didn't pay to opt-in with those. So now if i get $3,17. it will be another $10,000. But if all those who did not opt-in share the 85% i would get the $100,000 i was entitled to. Que va?
IMO we should have sued him for malpractice.
for my 32800 warrants opted-in i rec'd back approx. $6200 i took all stock and the stock went up. But I sold half to early.
And if they weren't cancelled, who owns them? Not JPM.
I haven't posted for 2 years and it's been hard catching up. I sent in my Demand for payment yesterday. Thinking what has past and, coincidentally some what Marty has just posted has also been on my mind. If the warrants of those who had opted out ( I myself had opted out for 90% of my warrants 35,000) were cancelled then the remaining warrant holders should share the 85% of the award and JPm should not be allowed to keep that portion as a windfall.
very interesting; thanks for the update.
Yes, and that's how it should have been from the beginning. We never belonged in that BKRCY Court and when I filed my claim that is what I said, to no avail.So now we just have to sit it out and hope for the best.
It's been a long time since I was on this board but I check every once in awhile. I held a large amount of warrants in different accounts, some of which I opted in and some I did not. So I have an interest in those warrants that I did not sign releases on.
but if, as you stated in the following, occurs, and that's a big "IF"
Now if Judge Sleet - Delaware District Court - overturns Judge Walrath's Opinion on Appeal and rules that the Bankruptcy Court lacked the jurisdiction to adjudicate the Dimeq LTW Holders' Claims then I wonder how this could affect the Settlement for those LTW Holders who opted in. Would the Settlement Agreement then be challenged?
Then It would be fair and equitable to share the award between all former dimeq warrant holders and reduce the share of those who opted in by the amount of value received for signing releases. This would not be that hard to determine.
It's been a long time since I was on this board but I check every once in awhile. I held a large amount of warrants in different accounts, some of which I opted in and some I did not. So I have an interest in those warrants that I did not sign releases on.
but if, as you stated in the following, occurs, and that's a big "IF"
Now if Judge Sleet - Delaware District Court - overturns Judge Walrath's Opinion on Appeal and rules that the Bankruptcy Court lacked the jurisdiction to adjudicate the Dimeq LTW Holders' Claims then I wonder how this could affect the Settlement for those LTW Holders who opted in. Would the Settlement Agreement then be challenged?
Then It would be fair and equitable to share the award between all former dimeq warrant holders and reduce the share of those who opted in by the amount of value received for signing releases. This would not be that hard to determine.
They may see it that way if they ignore the whole picture.
I’m hoping they rule the transfer of the litigation to JPM without the warrant holders interest is reversed, and there was a definite conflict of interest when the Court allowed Artful Steinberg to represent both Dime Class and JPM in a claim to the litigation award.
We can only hope.
A very long shot, unless there are deep pocket holdouts ready to take up the cause.
IMO
If Judge Block intervenes, the Stip could possibly be invalidated
1: based on legal bias on the part of the Dime council that disregarded responsibility to Dime Plaintiffs; of course, validated by what Block may conclude.
2: Success of the Appeals.
IMHO
but unlikely
That’s basically it in the nutshell.
Steinbergs a snake he never put our whole case forward...... COI
Is Steinberg guilty of malpractice?
He must have a lot of B_lls; I don’t know how he can walk around Manhattan without bodyguards.
Just My Opinion :)
You got that right! They keep making settlements with our cash.
And our lawyer is just sitting on his $3.2 mil.
What the F is going on?
Do you understand item 3? I can't get a good explanation. By choosing runoff notes in lieu of cash, are we giving up cash from class 12?
Yes, and if you want common stock you should check the next box for a pro-rata share of common stock in lieu of run-off notes
The Election Form is pretty clear that if you do not opt in and grant releases by February 29, 2012 you will not be eligible for a distribution.
No, you do not have to do either ; in or out;
The way I read it (page 6) of election form: If you opt in or out and shares are tendered they will no longer trade.
If your shares are not tendered you will not be entitled to a distribution on the Effective Date and …..treated under Sect 31.6(c) of the Plan ( I believe it says somewhere in there, 1 year to give releases).
If you do not opt in or out you will be able to trade your warrants (also repeated on page 7)
Meaning they are not cancelled and will trade and you are still able to give releases for up to one year from effective date, but will not get stock only cash portion.
If you don't opt in and provide a release then your shares will be cancelled on the Final Effective Date with no recovery under the Plan.
I believe, correct me if I’m wrong, that if you do not make any election you have up to a year to sign releases and receive your pro-rata share of the cash payment arrived at after legal fees, and the warrants outstanding (those that did not opt in) will still trade.
the LTW holders get paid (pennies)and we forgive them for their trespasses. And it looks like more legal fees.
I sense a loathsome attitude.
Sure you could file an appeal to a higher Court that reviews Bk Court decisions; if you have the capital.
Look at the Bush Appeal.
However the DOJ is also saying that the real party in interest is uncertain and that Judge Block cannot award the Anchor Litigation Proceeds until the real party in interest ratifies the Action.
If we don’t abide by the Stip. & not sign any releases can we pursue our claim in Blocks Court without appealing JMW ruling? Didn’t she say we have other options if we disagree with her opinion?
And our Petition in Blocks Ct should be against the FDIC for double dealing and abuse of power in selling the Anchor Lit to JPM without the warrants and in effect took away the award that they lost in Court, and nullifying the Court decision to pay up on the Anchor case.
Kudos to Bush & Philipmax for making a stand, but this Judge is unaffected by facts.
I think she is overwhelmed, and fears the opposing team of lawyers, and wants out of this BK.
To finance an Appeal you have to have a decent stake left, something like Ben Bush’s 1.5 million warrant, $100,000. My warrants have been reduced after the ruling to less than $5,000.
Don’t get me wrong I’m all for Appealing JMW's ruling and also Petitioning Blocks Court.
And to Petition Blocks Court before the deadline 2-23-12 is the utmost importance.
Linda I hope you hear something positive from Ben Bush.
We need some luck, we have the facts.
Wall-street & MrchntDeth left the room.
Ditto
great job over the last few weeks with the research and such Linda. You're single handedly keeping this board afloat
Great points and I hope they are brought to the attention of the Court tomorrow.
will JMW ackowledge these facts???
no question, looks like a sham,
Was the judge in on it?
Not sure if the lawyers put on a nice little play for the Judge to confuse the facts and cover her A, or she is completely clueless.
Maybe I’m paranoid but it looks like (to me) after reading:
Class Representatives' Reply to Objections to Motion for Approval of Settlement Resolving Adversary Proceeding Between Debtors and Class Representatives for the LTW Holders
Filed by our Class Attorney
that all along and up to and including the trial the wonderful Art Steinberg and Rosen were carry out a charade knowing full well that they would be paid their huge legal fees and each, not tread on JPM’s new stolen Bounty.
Steinberg did not argue all the possible challenges to recover the LTG holder’s award (because he was also working for JPM),
It appears that the Plaintiffs' Council - KING & SPALDING - is agreeing there is a conflict of interest and refused to litigate against JPMC.
And Rosen never made the argument that the debtors should not pay up to the LTG holders (they never got the money, JPM did); follow the money with your claim Art!
It also appears Steinberg did not give proper representation to his immediate clients
Axicon Partners, LLC, Blackwell Capital Partners, LLC, Brennus Fund Limited, Costa
Brava Partnership III, LLP, Nantahala Capital Partners, LP (“Nantahala”) and Sonterra CapitalMaster Fund, Ltd. (collectively, the “Class Representatives”),
who held 18% of the warrant (more than 18 million warrants), boy did they get screwed
and the rest of us LTG holders as well.
Malpractice?? What the h-ll went down here!
The question is did JMW know about Arts conflict; was it disclosed?
It is a bit confusing to me because it contains lawyer fees in the Stip and an issue of conflict that would affect proper representation of the Class throughout the last year.
Can anyone clear that up?
If the BUSH Appeal is successful regarding Art’s shady “conflict of interest” representing the Class and also a client of JPM, that could give rise to a much better settlement or consequently starting all over again.
IMO
Besides the election form, there was various materials including a CD which I didn’t look at.
The only signed document was an “ORDER 1) APPROVING THE PROPOSED DS……
2) VOTING PROCEDURE … 3) SCHEDULING CONFIRMATION HEARING AND 4) ESTABLISHING NOTICE AND OBJECTION PROCEDURES FOR CONFIRM. OF 7th AMENDED PLAN”
SIGNED BY MW dated Jan 13, 2012.
I think that is real good; it looks like Benjamin Bush is taking up the Appeal. Good news! Thanks!
what we need is an appeal or motion filed to move our claim to judge Block. Please can someone file that for us!
But havn't we done this in our objection to the Stip. I think it was mentioned in some filings to move our claim.
Yes, I received it today "Beneficial holder Election Form for class 21"
Still miffed that the professional lawyers are staying clear of this whole mess since one week before MFW issued ruling
Yes, same here!
I just read the Bush Objection....starting to make sense!
We had no representative.
What I can’t understand, with all the attorneys involved on the side of the LTW holders and $3 million fees, why no one has at least filed a motion to intervene in Judge Block’s Court and be heard.
It seems simple enough for an attorney.
Did you or are you filing a Petition in Block's Court?
If stip doesn’t pass (my dream) it will trade. If stip passes and you opt in you can’t trade (this will reduce the amt of tradable warrants outstanding). If you opt out you can trade, but the price it will trade at is unknown.\
IMO
I wish someone could translate it into readable English (or even Spanish)
Check out his credentials; he is in bed with everyone.
http://www.kslaw.com/people/Arthur-Steinberg/Matters
You wonder why Occupy Wall Street started; I can see it getting much bigger.