newflow Thursday, 10/17/19 01:12:52 AM
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592000
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$104 BILLION LIABILITIES(not Unliquidated), BUT EC WAS APPROVED TO PROCEED BY COURT?.

THE SCENE COMPLETELY CHANGED WHEN S&G STEPPED IN AS COUNSEL TO EC,JMO.

Rosen down played the assets and projected the liabilities way beyond the equity, still EC is surviving?.

"Several things to note, Your Honor.
6 If you go to the last page, and we’ve taken the liberty of
7 making that number a little bit larger so people could
8 actually see it. You’ll see that the total amount of claims
9 filed, and by that I mean, Your Honor, claims filed with a
10 number associated with it, and nothing more than a number, is
11 $104 billion. Now I would call your attention to the fact,
12 Your Honor, that that $104 billion includes a $40 billion
13 Marta claim, as we call it, and a $9.7 billion IRS claim.
14 Both of which, Your Honor, will be objected to as being
15 amended and superceded. So let’s reduce that 104 right now
16 to approximately $54 billion. Taking out that $50 billion of
17 excess. The problem, Your Honor, is this chart doesn’t even
18 include a number for unliquidated claims. Case in point,
19 Your Honor, Exhibit 3, which we have before you, and it’s
20 reflected, Your Honor, on page 28 of the, the large chart, is
21 the FDIC claim that was filed in the case. And the FDIC
22 claim is asserted a liquidated amount of $24 billion, plus an
23 unliquidated portion. And as a result, KCC reflects that
24 claim as totally unliquidated. The point, Your Honor, is
25 that 104 may become 54, but we know that there are a large
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16
1 component of claims that have liquidated pieces that are not
2 even reflected. So the 54 gets ballooned up yet again. The
3 claim, Your Honor, that was filed by JPMorgan Chase is
4 similar. And when I say the claim, Your Honor, JPMorgan
5 Chase filed approximately 30 claims against the estate, some
6 having a liquidated, some having an unliquidated portion,
7 therefore each enlarging the amount of what would be the
8 denominator base of claims in these cases. And while the
9 Debtors are still in the process of evaluating these claims,
10 Your Honor, we cannot at this time provide any sort of
11 estimate as to what the ultimate recovery would be. Let’s go
12 back to the $16 billion number that we talked about earlier,
13 Your Honor, which was the 20 billion minus the 4 billion
14 which is already included in the monthly operating report. A
15 lot of people have been focused on those claims, as I said.
16 And they say, You’re going to hit a home run, slam dunk,
17 whatever sports analogy you want to use, Your Honor, and
18 therefore all that money is going to come into the estate.
19 But is it really? I don’t think so. Unfortunately, Your (follow the twist,one min we're talking claims next minute it's recovery money and out of no where 104 billion turns to dust)
20 Honor. We know, Your Honor, that there are approximately
21 $1.9 billion of cash in the receivership. And that was due
22 to the acquisition by JPMorgan Chase of the bank. And we
23 know that the receivership probably has some other money, and
24 so conservatively we’ll say $100 million for a total of 2
25 billion. And we know that WMB, based upon everything that
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1 we’ve said, had funded debt of approximately $13.8 billion.
2 And when you add that slam dunk (you said recovery RIGHT???? recovery against the WMB
3 receivership for the lawsuit that we have filed, you take the
4 16 billion (this is equity cash. His word smithing turned it into debt ball of a sudden)and 13.8 of funded debt and you come up with
5 about $29.8 billion of debt. (How did 16 billion in equity get added with debt to 29 billion. There you have it folks) caughtcha Brian!) The problem is, Your Honor, you
6 only have $2 billion of assets to satisfy that. So
7 therefore, Your Honor, we look at it on the other side and
8 say, We don’t see that $16 billion coming back as a recovery,
9 necessarily. There will be some recovery, Your Honor, but it
10 would be a fraction of that. Thus Your Honor, any way we
11 look at it, even without adding the disputed claims that we
12 know of, and the unliquidated claims that we don’t know of,
13 the Debtors are still insolvent, and we don’t, therefore, see
14 any reason for an equity committee to be involved at this
15 time.

"OK so with those three things NOT KNOWN to us"

there is is OUR PROBLEM here THEN

we have zero idea what is ACHIEVABLE

And any that thinks that they know imho are nutz

Do you/we believe THE SENATE SUB COMM that said we had 635 bill in loans in force at the time??? AND what % of participation we had at the time?

Do you/we believe THE FDICK when they showed in there pie chart some 296 bill in WAMU assets not included in their chart?

Do you/we believe the BK filing of 32-8='s 24


HMMMM OK so with those three things NOT KNOWN to us, do you/we REALLY KNOW what is or is not obtainable/achievable here????????

We are but MUSHROOMS and have been fed CHIT and kept in the dark for 11 yrs

GLTY hell GOOD LUCK TO US ALL