How about a 104 billion confession straight from the horses mouth
Royal D as you are aware of Rosens twist of words. Please give newflows post another look. I highlighted what seems to be him down playing as newflows said. Imo the 104 billion is referred to as a claim. And so is the disputed equity CLAIM.
That's the down play. Rosen gave out the magic number 104 billion to equity.
You have to be a careful reader not to fall for his tricks. Pay close attention how he sweeps all the money away or down plays and twist of wording like crazy... He is a true word Smith I give him credit. Even though he's stealing our money
newflow Thursday, 10/17/19 01:12:52 AM Re: None 0 Post # 592000 of 592492 Go $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as we call it, and a $9.7 billion IRS claim. 14 Both of which, Your Honor, will be objected to as being 15 amended and superceded.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 Case 15-10503-MFW Doc 793-5 Filed 07/31/15 Page 16 of 97 Case 08-12229-MFW Doc 2277 Filed 02/01/10 Page 15 of 94 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 Case 15-10503-MFW Doc 793-5 Filed 07/31/15 Page 17 of 97 Case 08-12229-MFW Doc 2277 Filed 02/01/10 Page 16 of 94 17 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.
Marta claim Hotmeat 40 billion!
Is that not a confession in it's self? Marta is OURS is it not?
Someone please reread this and newflow if you can. Add the link please.
