Thoughts for the Fourth, with a fifth at my side.
As you all know I've been very distracted since the Block ruling. I last posted that we have a few more hurdles to overcome before we can see Payday.
The hurdles were:
JPM
FDIC
WMIH
Old LTWs.
FDIC is caught here, and I don't see any wiggle room for them to squirm through. I hope that their disgusting lawyer that presented himself at THMJW Court is retired by now. I am going with a given that after a 20 year struggle, and 41 Winstar cases lost, the FDIC will just have to close the books with payment on #42, and the last open case.
Old LTWs, unfortunately, signed away their rights once and for all. The release given to WMI at BK was final and binding with a $.03 consideration given for each LTW surrendered. No tears here for those who surrendered, as a bird in hand is worth 2 in the bush, AND, you have done pretty well with an 11X return on you surrendered LTWs.
WMIH, a successor firm to WMI, never listed DIMEQs or LTW as an acquired asset on their books. Looks like the LTWs surrendered to the BK WMI were extinguished.
Leaving only the 900 LB Guerrilla, JPM as an obstacle to the finish line.
Have a great 4th.
