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Yeah, I've checked them too, they ain't us, they are the investors who actually bought them.
Know what you don't own!
Your fair and reasonable, COOP, is a great way to get your returns, actually it's the ONLY way. Understand plan 7, know what you own.
Again, nothing was hidden, it's value was just not understood by the shareholders, and it was there for them to see.
https://www.law360.com/articles/112655/kmart-shareholder-class-action-booted
Plaintiffs allege that the defendants represented that the fair market value of Kmart's real estate was $10 million when in reality it was $9 billion to $18 billion. U.S. District Judge Lewis Kaplan in New York wrote in a Tuesday opinion, "This rather dramatic assertion is not borne out by plaintiffs' well-pleaded factual allegations."
Kmart Shareholder Class Action Booted
By Samuel Howard
Law360, New York (July 22, 2009, 12:32 PM ET) -- A federal judge has tossed a putative class action by Kmart Corp. shareholders for failing to back up allegations that top officers of the big box retailer — now part of Sears Holding Corp. — concealed the true value of the company’s real estate assets, suppressing the company’s stock price.
On Tuesday, Judge Lewis A. Kaplan of the U.S. District Court for the Southern District of New York dashed investors’ claims that Sears chairman Edward S. Lampert and former Kmart CEO Julian Day drastically undervalued Kmart’s real estate assets, causing shareholders to sell stock at basement prices in 2003 and 2004.
Piling “one unsubstantiated assumption upon another” the consolidated class action complaint failed to support claims that the defendants made false and misleading statements about the worth of Kmart’s real estate and otherwise fell short of meeting the heightened pleading standards for securities fraud, Judge Kaplan said.
The court discounted the lawsuit’s central allegation that the defendants told investors Kmart’s reorganized real estate was worth roughly $10 million while the assets were really valued at $9 to $18 billion. The claim, the court said, was founded more on the investors’ incomprehension than the defendants’ misconduct.
While Kmart had stated in 2003 that it had reduced its property, plant and equipment, valued at $4.62 billion, to reflect the write-off of the reorganized company’s previous equity and “negative good will to long-lived assets,” the adjusted net valuation of $10 million did not constitute a misrepresentation, according to the opinion.
“After reading these disclosures, no rational investor reasonably could have concluded that $10 million represented the fair market value of the company’s real estate. To the contrary, any literate person would have understood that Kmart had stated that the fair market value of its property, plant and equipment was $4.62 billion,” Judge Kaplan said.
Even if the complaint had sufficiently alleged actionable misstatement regarding the value of the Kmart real estate, the case was doomed as investors failed to establish that Lampert and Day deliberately acted to defraud investors.
Plaintiffs claimed that Lampert was motivated to conceal Kmart’s true real estate value in order to obtain control of Kmart at a bargain price and that Day did so to reap massive profits by depressing the value of new common stock issued during the retailers’ restructuring.
The court, however, pointed out that the defendants had little reason as major investors to tamp down the Kmart stock price and would have greater interest in enhancing the value of the shares post bankruptcy by disclosing the full value of the real estate assets.
Paul Vizcarrondo, counsel for Sears and a partner at Wachtell Lipton Rosen & Katz, welcomed the decision and said it reflected the appropriate pleading standards.
"We are obviously pleased with the outcome and believe the decision is entirely correct," Vizcarrondo said.
Filed in 2006, the suit alleged the company and the two men continued to conceal the true value of the company until Kmart sold a fraction of its leasehold and fee interests — a move that came more than a year after the company left bankruptcy protection. By then, though, the plaintiffs had sold their shares.
Representatives for the plaintiffs and Kmart alike could not be reached for comment Wednesday.
The plaintiffs are represented in this matter by Grant & Eisenhofer PA, Coughlin Stoia Geller Rudman & Robbins LLP and Gardy & Notis LLP.
Sears is represented by Wachtell Lipton Rosen & Katz.
The case is In re: Sears Holdings Corporation Securities Litigation, case number 1:06-cv-04053, in the U.S. District Court for the Southern District of New York.
It's not a big deal to anyone outside of this board don't you know.
It was ALWAYS known, nothing there was ever hidden, it just didn't belong to equity.
Except through ownership of the COOP stock as it goes up in value over time, we are NOT GETTING PAID!"Know what you own".
Well, you got that bass ackwards.
Don't you mean the 323rd.?
you know it will involve lawyers, and they don't work cheap, up your bid.
yep, I will.
10000
Nope, proves nothing.
Has NO HLCE sunk in yet?
Has it become clear to all that COOP is the real deal "fair and reasonable"? All of the escrow theories are dead or dying fast, don't you know.
He is not reading the PDF correctly if he thinks it says the escrows are getting any of that settlement, don't you know.
No proof there my friend, you are misreading the link.
WMIH/COOP is all there is folks, no escrow recovery, is that starting to sink in?
You got WMIH/COOP, that's the difference.
Everything liquidated to pay creditors, yep, it did happen, wmi did NOT retain any interest in those MBS.
Sorry if I misunderstood your reply saying this; "Until credible evidence proves that such interest have not Been retained by WMI/WAMU they still exist". I took it that you did not know credible evidence has existed since 2008, on the books of JPM.
Ts, there is ample filings and documents that show that any retained interest that WMI had in those SOLD MBSs, were acquired by JPM. So, there you go, don't worry, be happy...…………………………………..with WMIH/COOP.
It's a simple concept; MBS "securities" were bought by investors, like the GATES FOUNDATION, and they are NOT OWNED BY FORMER BANK HOLDING COMPANY OF THE BANK (AND SUBS) THAT SOLD THEM; OR THE "FORMER SHAREHOLDERS" OF THE BANKRUPT HOLDING COMPANY that has 'abandoned such subsidiary while at the same time JPMorgan reporting owning the retained interests (trading assets and higher) in AUDITED & SEC filings since 2008!!!!!!
The Gates didn't acquire ownership in the certs by buying stock in the company called WAMU, which is where our escrows came from. The certified investors in those certs, are the owners, not us, so why again does that post about certs matter to us?????
HM is right again, as usual!
WMI already abandoned the stock in WMB, that's the loss was given to the spin off WMIH creating the NOLS,as part of the BK proceedings and plans. WMI has liquidated all other assets per the BK proceedings, all laid bare for us to see in filed documents. Now there is no further connection with the defunct WMI, and WMIH/COOP.
You are taking a narrative that is false, there will not be a WMI emerging from the reorg ch. 11 BK other than the WMIH/COOP. You have those shares if you signed the release, that's all there is.
No. You are attempting to build a narrative out of a false premise. All equity in the WMI was in fact cancelled. You will never get it back. What you got, for your signed release, was shares in WMIH, and your markers, which are for any shares of COOP that you may have had coming, that's it, NOTHING ELSE.
Did you bother to read my post? I plainly stated that during the BK proceedings, all was laid bare. WMIH/COOP, emerged, it's what we got, that's ALL THERE IS! The rest WAS LIQUIDATED!
The WMI holding company, filed BK, all was laid bare, WMIH/COOP came forth, and EVERYTHING else WAS liquidated. Your "FAIR AND REASONABLE", IS COOP. That's it folks, get used to it, it's all been divulged in the documents. If you insist on going by IMBs, good luck.
He is NOT BKShadow, he just wants someone, anyone, to present proof of riches for his escrows. So far, no one has or can do it.
My professionals have said that preferred escrow holders may get .02 to .10 for their markers, but that's really not likely. More likely that they get nothing.
Would you please decipher your post?
>>>UpTickMeASAP<<< is RIGHT!
I have knowledge of this case, it comes from opinions of my finance professionals who have assured me that the theories put forth here about Billions coming back to escrow holders is pure fantasy, at best, and malicious lies at worst. I think some will forever "hope" for a financial recovery, , ,,,,,, in vain.
So, for those of you who do not think WMIH/COOP, is the fair and reasonable that was told, just when, what date, will you finally accept that fact?
I'm right about the rest of it too bobby.
coop is our fair and reasonable, like it or not. there is someone here who is now pushing that a fantastic JPM payment in the hundreds of billions is on the way. that is not so, it is way wrong, JPM is finished with paying for wamu, period, full stop.
That's the most far fetched thing that's ever been posted here, and that's saying a lot!
Looks to me like anyone who has PROOF of large assets coming back to the escrows would post it so everyone can relax.
None of which will provide escrow holders any money, you forgot to mention that.
NO HLCE!! But COOP is gonna be good, Has the NO HLCE part sunk in yet?