I think you are jumping the gun.
The case before Judge Block was a continuation of the the original ANCHOR LITIGATION a/k Anchor vs. FDIC, brought in 1995, when, the FDIC coerced Anchor Savings Bank to merge with a another failing institution. At the time, Anchor was reluctant to purchase that institution because the costs incurred would adversely affect Anchor's Balance Sheet, causing it to miss the Capital Ratios that FDIC required of all banks. The FDIC then GUARANTEED that it would accept "Goodwill" (a poor asset category) to bolster the ratio and protect Anchor from failing. But, shortly thereafter,Congress passed the FIRRHA (sic) Act, which prohibited banks from cooking their books with questionable Assets such as "Goodwill". Anchor was broken and was quickly sold to Dime Savings Bank precisely because it had once accepted the FDIC guarantee. It sued the FDIC for forcing the it to merge with the failing bank. This same scenario happened to 41 other banks throughout the Country. Collectively called the WINDSOR cases, all but this one were settled to the full satisfaction of the STOCKHOLDERS.
Lawyer for the FDIC were particularly harsh with the DIME takeover and stubbornly refused to settle. Judge Block had the case. In early 2008, (Dime was sold to WAMU) he gave a resounding decision in favor of Anchor/DIME (which by that time had transferred the Litigation directly to the Shareholders thru the DIME LTW spin-off). Although called the "Anchor Litigation" , it really belonged to DIMEQ holders.
The FDIC appealed that decision, and in July the Appellate Court ruled for Dime. Judge Block then requested that the parties settle additional money issues, and, while waiting for this to happen, WAMU failed.
The FDIC then claimed that the Anchor case was moot by force of the Bankruptcy that was conducted in DE.
The current decision states that the FDIC is wrong. Luckily for LTW owners, it surfaces that BK did not extinguish their claim, because the FDIC itself was instrumental in passing the Anchor Litigation (intact) to JPM HOURS BEFORE the Bankruptcy of WAMU.
The next step, after June 19th, is when the FDIC pays the Settlement to JPM. It is likely that JPM will claim that the LTWs were obliterated by DEL BK case. I STRONGLY DISAGREE! Stay tuned
AI
