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Thanks AZ, we need to make a poll see how many here think this was the steal of the century...
Yes AZ I understand all that but why have the court and the hedgies allowed for this charade/farce to go for so long??
AZ, Ron what are these guys waiting for?? The soup is gonna get cold!!
Darn Jim That's a really cool idea, let me know if you need an assistant!!
I need a sign of good faith I need to see the WMB bonds payed soon. My patience is running thin.....
Yeah, there are certainly no assurances here especially after 11 years of sweeping the dirt under the rug...
There are some Power players involve but we still remain as non-important average folk that worries me...
LOL!!
I see so the order would be similar to this?:
1.All visible assets sold.
2.All open disputes resolved.
3.WMB Bonds payed.
4.Distributions of LTI remains started.
5.Fire Kosturos no trustee needed anymore.
6.All legal fees payed.
7.Final Decree implemented bankruptcy closed.
8.Release of bankruptcy remote assets.
Well distributions will not be publicly advertised.
Also I would just take the money and run! not sue Rosie for malpractice....
That would be awesome!
LP all good questions I have never been good with this lawyer jargon. I guess ultimately it all depends on Mary's hammer. Maybe AZ can tell us for sure but my guess is that it also applies to bankruptcy remote assets.
Rule 2015 -2
Duties of Trustee or Debtor in Possession
(a) Chapter 11 and 13 Monthly Financial Reports. A chapter 13 business debtor as defined in
11 U.S.C. ' 1304(a), or a chapter 11 debtor in possession, or a chapter 11 trustee must file with
the court a monthly financial report signed under penalty of perjury, and served on the United
States trustee and each member of any committee elected or appointed. Each report is due on the
twenty-first (21st) day of the subsequent month. Except as otherwise ordered by the court, the
report must include the following:
(1) statement of cash receipts and disbursements;
(2) statement of accrued receivables (disclosing amounts considered to be uncollectible);
(3) statement of post-petition accrued payables, including professional fees (listing the
name of each creditor and the amounts owing and remaining unpaid for over thirty (30)
days);
(4) tax disclosure statement (listing post-petition taxes due or tax deposits required, the
name of the taxing agency, the amount due, the date due, and an explanation for any
failure to make the required payments or deposits);
(5) compensation statement (disclosing the amount of compensation paid to all insiders,
as defined in 11 U.S.C. ' 101(31));
(6) schedule of current inventory (showing increases or decreases in inventory);
(7) schedule of insurance coverage;
(8) bank account reconciliations and/or bank statements; and
(9) check register listing all checks written and/or copies of cancelled checks.
(b) Chapter 11 Post-Confirmation Reports. If a chapter 11 plan proponent has not filed an
application for a final decree within three (3) months after confirmation of the plan, it must file a
post-confirmation report and provide a copy to the United States trustee by the end of the next
calendar quarter and every three (3) months thereafter until a final decree has been entered. The
post-confirmation report must disclose the plan=s progress toward consummation, and must
include the following:
(1) a summary, by class, of amounts distributed or property transferred to each recipient
under the plan, and an explanation of the failure to make any distributions or transfers of
property under the plan;
(2) debtor=s projections as to its continuing ability to comply with the terms of the plan;
(3) a report of any pending or anticipated litigation, including the nature of each matter,
the parties involved, and an estimated date when the matter will be resolved;
(4) a description of any other factors that may materially affect the debtors ability to
consummate the plan; and
(5) an estimated date when the application for final decree will be filed with the court.
Rule 3022, Final Decree, I believe distributions have to start happening before bankruptcy closure.
Rule 3022. Final Decree
Section 350 of the Code requires the court to close the case after the estate is fully administered and the trustee has been discharged.
If the plan or confirmation order provides that the case shall remain open until a certain date or event because of the likelihood that the court's jurisdiction may be required for specific purposes prior thereto, the case should remain open until that date or event.
Rule 3022-1
Final Report/Decree B Chapter 11
(a) Filing of Application for Final Decree. A plan proponent in a chapter 11 case has the continuing post-confirmation duty of preparing and prosecuting the application for a final decree closing the case.
(b) Deadline for Filing Final Report and Application for Entry of Final Decree. Unless otherwise provided in the confirmation order, the proponent of the plan shall file a Final Report and Motion for Entry of Final Decree not later than 90 days after the order confirming the plan becomes final. If the application is not filed within the afore-specified time period, the plan proponent must comply with LBR 2015-2(b).
(c) Form of Application for Final Decree. The application for a final decree closing a chapter 11 case must contain, at a minimum, the following statements:
(1) that the plan of reorganization has been substantially consummated in accordance with the plan, the order of confirmation, and any orders of the court subsequent toconfirmation;
(2) that the debtor or trustee has paid all administrative expenses B including courtauthorized professional compensation and costs B unless otherwise agreed in writing by the parties or unless otherwise provided for in the confirmed plan, as evidenced by an attached AExhibit A@ listing the names, addresses, and amounts paid to each of the recipients;
(3) that the debtor or trustee has commenced making the distributions prescribed by the plan, as evidenced by an attached AExhibit B,@ listing the names, addresses, and amounts paid to each of the recipients;
(4) that all remaining distributions prescribed by the plan will be made in accordance thereto, as evidenced by an attached AExhibit C,@ containing the names, addresses, and amounts to be paid to each of the recipients;
(5) if applicable, that distributions have not been made to recipients set forth in an attached AExhibit D,@ listing the names, addresses, and amounts tendered but returned, and the reasons why payments have not been made, despite reasonable attempts; and
(6) all motions, contested matters, and adversary proceedings have been finally resolved.
(d) Objections to Application for Final Decree. Any party in interest, including the United States trustee, may object to any application for a final decree within twenty-one (21) days from the date of filing.
Section 1143 - you have to surrender your securities within a 5 year period after confirmation of the Plan if not you will not get any distributions, PERIOD. SHIAT OUT OF LUCK!!
AZ thanks for your continued support, much appreciated...
Yeah but the funny thing is they have invested so much manpower, money and time for nothing since according to Brian Rosen there was nothing left over for equity. I still do not understand why Rosen and Kosturos have to spend so much time and money to manage no money, why not just close the bankruptcy it's been long enough to milk it ????? or not.....
Very nice Summary Dmdmd Thanks!!
LOL that was already a given!!....
If you guys want to blame someone blame this guy and his firm on the link below.
https://www.susmangodfrey.com/attorneys/justin-a-nelson/
They were the ones telling us it was a good thing to release JPM of any wrong doing!!
11 years later I still do not know what deal or good deed they accomplished for us if any?!
You can also blame Willie for not representing our interest at heart...
and do not forget RoseRat...
AZ, I agree with you the court has ruled on her objection, the court is not gonna change their mind but by law they have to follow court procedure allowing her to continue with this nonsense indirectly. All she is doing is delaying our payout. Also I don't know why people care if she is not really fighting for our cause, GO FIGURE!!
"Alice,racked up a BIg BiLL 4 nothing" Oucchhh!!
Thanks again AZ. Im impatiently waiting for me cut. I do not know what these players are waiting for, no court days just waiting, pisses me off!!
Hey AZ today is the 25th, Do you expect distributions this month or no idea when this sucka's start any distributions??
They have to start distributions before they close the bankruptcy before year ends??
Hey AZ you forgot the most important commandment "Do NOT trust the Trust"
especially WillieRat..... Thanks for posting!!
Ask Joe why the CT's are the only Lehman security trading after 11 years. With all his knowledge he is clueless do not let him fool you....
The Role of an Examiner
The appointment of an examiner in a chapter 11 case is rare. The role of an examiner is generally more limited than that of a trustee. The examiner is authorized to perform the investigatory functions of the trustee and is required to file a statement of any investigation conducted. If ordered to do so by the court, however, an examiner may carry out any other duties of a trustee that the court orders the debtor in possession not to perform. 11 U.S.C. § 1106. Each court has the authority to determine the duties of an examiner in each particular case. In some cases, the examiner may file a plan of reorganization, negotiate or help the parties negotiate, or review the debtor's schedules to determine whether some of the claims are improperly categorized. Sometimes, the examiner may be directed to determine if objections to any proofs of claim should be filed or whether causes of action have sufficient merit so that further legal action should be taken. The examiner may not subsequently serve as a trustee in the case. 11 U.S.C. § 321.
Maybe we were wrong about blaming Hochberg, he could only see what he was allowed to see and nothing more. Talk about LOOPHOLES!!
Rule 3022. Final Decree
Section 350 of the Code requires the court to close the case after the estate is fully administered and the trustee has been discharged.
If the plan or confirmation order provides that the case shall remain open until a certain date or event because of the likelihood that the court's jurisdiction may be required for specific purposes prior thereto, the case should remain open until that date or event.
Rule 3022-1
Final Report/Decree B Chapter 11
(a) Filing of Application for Final Decree. A plan proponent in a chapter 11 case has the continuing post-confirmation duty of preparing and prosecuting the application for a final decree closing the case.
(b) Deadline for Filing Final Report and Application for Entry of Final Decree. Unless otherwise provided in the confirmation order, the proponent of the plan shall file a Final Report and Motion for Entry of Final Decree not later than 90 days after the order confirming the plan becomes final. If the application is not filed within the afore-specified time period, the plan proponent must comply with LBR 2015-2(b).
(c) Form of Application for Final Decree. The application for a final decree closing a chapter 11 case must contain, at a minimum, the following statements:
(1) that the plan of reorganization has been substantially consummated in accordance with the plan, the order of confirmation, and any orders of the court subsequent toconfirmation;
(2) that the debtor or trustee has paid all administrative expenses B including courtauthorized professional compensation and costs B unless otherwise agreed in writing by the parties or unless otherwise provided for in the confirmed plan, as evidenced by an attached AExhibit A@ listing the names, addresses, and amounts paid to each of the recipients;
(3) that the debtor or trustee has commenced making the distributions prescribed by the plan, as evidenced by an attached AExhibit B,@ listing the names, addresses, and amounts paid to each of the recipients;
(4) that all remaining distributions prescribed by the plan will be made in accordance thereto, as evidenced by an attached AExhibit C,@ containing the names, addresses, and amounts to be paid to each of the recipients;
(5) if applicable, that distributions have not been made to recipients set forth in an attached AExhibit D,@ listing the names, addresses, and amounts tendered but returned, and the reasons why payments have not been made, despite reasonable attempts; and
(6) all motions, contested matters, and adversary proceedings have been finally resolved.
(d) Objections to Application for Final Decree. Any party in interest, including the United States trustee, may object to any application for a final decree within twenty-one (21) days from the date of filing.
Section 1143 - you have to surrender your securities within a 5 year period after confirmation if not you will not get any distributions, PERIOD. SHIAT OUT OF LUCK!!
Thanks for your input Cotton!!
The Big boys have the upper hand. I do not have millions of dollars to keep stuffing up this PIG, Our stake keeps getting diluted while they keep buying millions of shares that is how you effectively get rid of the little guy. Dilute the suckers while we keep buying. They can dilute us one more time into the single digits and not brake a sweat. The System is rigged I used to have hundreds of thousands of shares coming out of bankruptcy and a decent amount of money now I don't have shiat cause I thought holding my shares was a good idea.....
I still have hope there is a Big event coming as this guys are extremely greedy and have a chance to sell some of my position get myself some more montecristos and a few lap dances...
Going LOng??? LMAO isn't 10 years long enough?.... Another 10 years perhaps!!
Royal we love you here that is all that matters....
==>AZ is right<== , ==>Ron is Right<==
Amen!!, Thanks AZ for all you do. You are the best....
Nah I am just curious as to why you spend so much time on a stock that you do not own. I have never known anyone that does that. You are a rare specimen, I want to study you.
As for Lehman, I place my bets long ago. This is just a lottery ticket for me. I consider that money lost a long time ago and just playing the waiting game. Very interesting that WAMU and Lehman are timing themselves together for some action in June. As you may know Wamu and Lehman have Trust's in common.....
No HLCE yet but I heard u can get a free kick in the arse while we wait. Want to sign up for that??
I got mine yesterday!! best WAMU therapy I have got in years...
Quote:I didn't get my HLCE, did anyone get HLCE?
===> AZ is RIGHT <===
I told u this is gonna keep sinking until bankruptcy closes and they let POOP run free....
TTTTIIIIIIIMMMMMMBBBEEEEEEEEEEEERRRRRRRRRRRRRR!!!!!
AZ thanks for your response. Lets hope that the WMB bonds get paid soon, and the court process keeps moving forward.... Enjoy your day!!
A Question AZ, I have noticed that there are some of this Mortgage back certificates were WAMU and Lehman are co-sponsors. Is there a possibility that this is part of the reason why Lehman Capital trust are still trading?? Could WAMU closing Bankruptcy help Lehman as well??
https://www.sec.gov/Archives/edgar/data/1317069/000127727707000247/prelim424b5wamu07_he2.pdf
Fixedops I am with you. Mary did not play the delay card for once. If you noticed this Griffin's filing was put to bed very quickly. Yes I have a feeling we are close, the stars are aligning. COOP cannot wait forever for WAMU bankruptcy to close. GOOd Luck to all!!