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Good evening fellow longs. Any word on the audio of today's hearing when it will be up?
"THE COURT: How do you think that you're going to put
on a case at confirmation in support of the settlement without
somebody testifying as to (a)what the claims are; (b)how the
debtor valued those claims; and (c)how the settlement is a
reasonable resolution of those claims?"
You got it Gandalf. Judge Walrath was furious when she said this. I am sure we will see fireworks on the confirmation hearing. Better than the fireworks you displayed in the Lord of the Rings.
:)
fsshon, it was the June 03 hearing. Can't find a transcript but here is the audio at around 57 minutes 45 seconds, but the intereting part starts at around 43 minutes when David Elsberg of Quinn Emanuel starts arguing with Judge Walrath.
http://www.viewip.net/WMI/Hearing/
Does anyone have that hearing link. I would like to read that again. It is the one where she said "well maybe I will just appoint an examiner to which you will have to give "all" your work product to".
Please post the link to this court hearing.
Thanks ~Don~
I have been on stealth mode here for a long time now but I thought I'd welcome you aboard. Good to see you here.
Thanks William48.
This one time I thought I could listen in live and post on Ihub at the same time, now it gets moved to 11:30 and I can't listen in. Shucks... I'll have to listen on the audio archive later and of course we have DanBB to thank for that.
Hmmm... I bet Rosen is up to his tricks again.
moved back to 11:30 est.
temporarily disconnected.
Thanks for your posts about your court experience. Looking forward to your next court appearance posts.
Muchas gracias.
What's the deal with removing the link for today's court hearing audio as a sticky when the day is not even over yet? I checked the Ibox but there is no link there. Request the Mods to leave links to the most recent audios as stickies for at least a couple of days if possible. It's just convenient for some of us. Please.
Can't do it this morning but I can't wait to listen to it tonight
if you could load the audio this afternoon. This is really big for us. And thanks for your generosity again and again.
There were times when Rosen sounded desperate. He knew that THJMW was going to grant the relief for the automatic stay.
Anybody have a link for today's court audio? Or is it even up yet?
I've got both commons and preferreds. I could have sold my commons but I will stick with it till the end. I have full faith in our EC.
Couldn't it be Preferreds get paid partially and then get's cancelled. WMI will then issue new preferreds in the reorganization?
Disregard my last post. I found it.
I don't see the document on KCCLLC? Do you have a link
I am taking my chances till the end on this one. I have faith in our EC.
Nothing yet but it hit Thestreet.com
http://www.thestreet.com/print/story/10705403.html
VALUATION HEARING!
From: johnnyiwantsome of Yahoo
http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_W/threadview?m=te&bn=86316&tid=389067&mid=389212&tof=3&frt=2#389212
In a case like this the EC needs to ask the court for a fair assement hearing. We all can see how Equity is being conspired against by the creditors,debitors and WMI board.
It is clearly evident that deals are being made that do not maximize or truly account for the real value of the estate. This ploy is to hide true value of the estate in order to enrich others unjustly with leaving Equity out.
In a simalar case that involved the actions by by the debtors and creditors to shut out equity. In this case Equity had to have a "valuation Hearing" or "fair Assemement" hearing. I believe that is what are Ec should be preparing for and petitioning the court for! This coming week should get Lively. This is not over by a long shot!
Judge Denies Mirant's Efforts to Suppress Expert Testimony; Expert Valuation Report Reveals Mirant's Efforts to Wrongfully Deny Shareholders Recovery.
The honorable Michael Lynn a Texas Bankrupty Court judge yesterday denied a motion by Mirant Corporation that sought to suppress expert information on the company's valuation. Benjamin Schlesinger and Associates and Kenneth Slater, whose analyses prove that Mirant is attempting to hide millions of dollars in company value, will be heard during the bankruptcy valuation hearing, scheduled to begin on April 12, 2005.
A fair assessment of the value of Mirant's assets is in the best interest of the company and all of its stakeholders. The Equity Holders believe that the company and several of its large creditors are conspiring to intentionally undervalue the Company in order to hide value from shareholders and abuse the bankruptcy process for personal gain.
Mirant's business plan uses energy prices that are more than a year old. Since that time, energy prices have increased, significantly adding to the value of the company. "The company's attempt to use outdated and under-priced fuel oil and gas prices is clear and convincing evidence of the corporate larceny Mirant is attempting to commit," said Paul Syiek, a Mirant shareholder. "This represents just one example of the multiple hide and seek valuation games that Mirant is playing and we hope that Judge Lynn's decision to allow our expert testimony is a sign that he's not going to let Mirant get away with theft."
Mirant's current plan of reorganization calls for all creditors, with the exception of equity holders, to receive 100 percent recovery (90 percent in cash, 10 percent in stock), while shareholders receive nothing. The Equity Committee has agreed that the plan represents a calculated abuse of the bankruptcy process that would have the net effect of improperly wiping out billions of dollars in shareholder value, while large creditors such as Citicorp eventually receive more than 100 percent recovery.
"Mirant was once again attempting to avoid the fact that their experts relied on outdated material despite having access to publicly available current information. The company's attempted suppression of these documents was properly thwarted by the court. These reports are instrumental to determining an accurate and fair value for the company and we are pleased that these reports will be considered for this purpose," said Ed Weisfelner, lead attorney for Mirant's equity committee.
Mirant Corporation's valuation hearing is scheduled to begin April 12, 2005 in Fort Worth, Texas.
Regards,
B
Good morning fellow longs. It means nothing. The true bid/ask figure is shown right around 1 to 2 minutes before the open.
Good morning fellow longs. Another gapper day eh?
Let's see a HOD closing.
Mine is working just fine.
Good morning fellow longs. Let's hope of some good news today.
No low ball offers sir! Or we go to summary judgment and expedite the rest of the lawsuit from there. I'd rather wait than get low balled.
Good evening fellow longs. The next few days can get really exciting. I probably will need some sleeping pills to sleep at night, LOL! It will be riveting as we await for JPM/FDIC to SHOW US THE MONEY!
I'm simply saying that we were surprised when THJMW almost made a ruling on summary judgment on the Feb 05 hearing.
http://www.viewip.net/WMI/Hearing/2010-02-05/ (audio #5 around 3min. and 30sec.).
Thanks again. This hearings has surprises sometimes.
Another brilliant video Was. Thank you for being there at the hearing and I am sorry to here about your traffic misfortune. Hope you and your GF are OK.
You're simply the best DanBB. Your kindness is priceless.
Great to see you here again Z. People need to remember you were the first and was pretty adamant about forming an equity committee when most were either oppose or wanted to wait for the right time which could have been too late.
I agree.
He! He! Knowing your unselfishness, You probably will bring with you an ultra voice sensitive cell phone and put us all in conference call.
Diamond, hold on tight buddy. My WAMPQ and WAMKQ looks fantastic but in the end, IMO, the commons will get the most gains. That's why most of my shares are in this baby. I know you believe this with all your heart. Good luck to us true longs!
Yes, congrats to all true longs is in order. We've been hangin on to this stock forever and it is so beautiful to see our portfolios. I agree with you 100% on the EC. That's when we see this baby soar even more. Most of us will hold on till the end. Beware newbies, you'll see all kinds of manipulative posts here it is unbelievable. Enough to make your head spin in confusion. Just do your DD and trust your instincts. Never trust anyone on a message board. Good luck to all and enjoy your fortune.
MERRY CHRISTMAS To All!
You can say that again. One of the best filings to date.