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Saturday, September 09, 2017 4:17:19 PM
http://wmish.com/de/090814/2008.10.03-HEARING%20TRANSCRIPT.PDF
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Your Honor, as you can imagine, this is one 6 of the reasons why we did not have the usual list of first day 7 pleadings. For example, at this time, we don’t have an 8 employee motion. We are not certain at this time that there 9 are prepetition amounts due to the WMI employees; we may get 10 some clarity on that. But at this point in time, it was 11 premature to file a motion. 12 Just as another note, we do not have a motion for 13 debtor in possession financing because this debtor has adequate 14 cash available to it to cover the cost of administration and to 15 cover the cost of managing the assets and any continuing 16 operations in the subsidiaries. 17 At this point in time, Your Honor, we are also in 18 discussion with JPMorgan about providing certain transitional 19 services to these debtors since they are now in possession of 20 all of the accounting systems that were utilized by both the 21 debtors and the bank. And they have access to information that 22 these debtors will need on an ongoing basis to accomplish the 23 preservation of assets that we see as the function of these 24 debtors. In addition, the debtors are likely to retain professionals to assist in this regard, and we hope to identify 2 that firm and make a motion shortly. And that will be of great 3 assistance in terms of identifying and preserving the parent 4 company assets.
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A little bit more on these nondebtor subs. Obviously 4 because of the limitations on accessing information, we don’t 5 have complete information about them but, again, we hope to get 6 that. But most of them are vestiges of prior acquisitions, 7 some of them are real estate development subsidiaries. Some 8 may have real estate, or may have mortgage portfolios. These 9 are not the so-called toxic mortgages that may have been heard 10 about. 11 There are subsidiaries that have some insurance 12 business, and there is a 1031 exchange entity. So, in effect, 13 Your Honor, we need to have the ability, and we expect to have 14 the ability to understand those subsidiaries and propose an 15 appropriate course of action that would maximize their value to 16 the creditors here.
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We only bought the assets and the books and records 11 of the failed bank. Under our agreement with the FDIC, we 12 obviously did not acquire assets or books and records of the 13 parent company. And it is a question of identification, and 14 having the personnel and the knowledge base in which to respond 15 on a timely basis.
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One, to the extent that the debtors’ checks are 12 computer-generated, I think it’s not a burden to have the 13 debtor change and add the debtor in possession language with 14 the bankruptcy case number. 15 MR. COLLINS: We will do that, Your Honor. 16 THE COURT: In addition to the lack of the list of 17 the accounts, I didn’t understand what the debtors’ investment 18 practices are. It’s not really described in the motion. And 19 you want me to approve your normal investment practices, I 20 think I -- 21 MR. COLLINS: Well, Your Honor, what we’re seeking 22 actually at this point is simply an extension of the time to 23 come into compliance with Section 345(b). So, we’re not, at 24 this point, seeking approval of our investment practices. 25 THE COURT: Okay.
MR. COLLINS: It’s simply to give us certain time to 2 determine how to comply. Or if we cannot comply with the 3 literal language of 345, we’ll be back before Your Honor on 4 that motion. 5 Your Honor, with respect to your comments regarding 6 electronic checks, I assume that’s to the extent we have access 7 to those, the ability to modify the checks to so state. So, in 8 other words, if we had the ability to do so, then we will do so 9 as soon as practicable. If we do not, and we use existing 10 check stock, we can continue to use the existing check stock. 11 THE COURT: You may.
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