NOW I CAN SLEEP PEACEFULLY TONIGHT. MORE FROM BOPFAN
A few of you have picked up on how JPM's specious adversary complaint actually opened the door for WMI's prayer for relief in the form of counterclaims. Good call. A counterclaim has the same legal substance as filing a lawsuit with a summons and complaint.
WMI's response and complaint is quite devastating, including (1) invoking those fearsome 547 and 548 avoidance powers (not surprisingly WMI claims everything is voided by these statutes: the capital infusions, 'new preferreds', tax refunds, $3.7 billion) I've been boring you about for eight months, (2) requesting a declaratory judgment with respect to various assets, (3) asking for complete disallowance of JPM's claims, and (4) asserting claims for intellectual property infringement.
As an added bonus, the legal bases for WMI's claims (except the IP infringment claims) have already appeared in pleadings, so those of you who have read them know their respective strengths.
The ball is now in Judge Walrath's court. She has everything she needs to rescue her debtor from JPM, and if there's not a settlement soon that may happen sooner than anyone thinks. Don't underestimate this judge.
Finally, you'll note WMI's angry responses with respect to the stipulation over the $3.7 billion containing the nasty threat of sanctions for JPM's disclosure of particulars of their confidential settlement negotiations. I told you last fall there was serious collusion over that money. Debtors do not leave their $ in the hands of adverse parties
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