Jerle I can never and will never fault anyone for selling at such a nice profit.. You might get a chance at around $17 tomorrow if you want any of those back, the MM's are tripping the stop-losses before this goes back to $24 on Friday.. IMHO..
Now as for this quote:
I am not re-thinking mine, I still am sure Walrath won't rule on anything, and fully expect more delays on the 4.4 Billion and the Discovery ruling.
We have got to talk about it in great detail. In the summary judgement,Weil lays out a nice case for the cash accounts. Weil is too damn smart and good to bring a suit into Walrath's court that is composed of "air currency" no this is real cash sitting in real deposit accounts that as of Sept 25th belonged to WMI. JPM is holding the money because of the adversary proceedings. Walrath should rule that the money should be returned to the WMI because of the agreement the FDIC and JPM made in regards to JPM covering the depositors as part of the sale.
Walrath will rule on limited discovery, that will lead to "full discovery" after it is disclosed to her that JPM caused the meltdown of WMI [maybe even Lehman and Bear] and the subsequest BK. In her court the BK is the #1 thing she is dealing with and the needs to be resolved, so the creditors can be paid "time is of the essence" and a delay will not be forthcoming. The criminal aspects will be dealt with as they are disclosed and believe Weil is holding the cards on this one. Dimon's hubris might land him and his cohorts in a un-padded 5X8 house for years.. He better be careful, because once it is allowed into evidence in the court, it is now the property of the court !!!!
If she allows anymore delays it will be suspect and eventually a catastrophe to both her and the court. She knows this and has given JPM and FDIC plenty of time to get a deal done. If they make her rule, they will not like the ruling and will appeal it to a higher court. Delay tactics will be in "full force" on their side of the aisle.
Judge Walrath has drawn the "case of lifetime" she now has the chance to either make or break her career. This is the largest BK in history and she is presiding over it. It is now time to either shine or be dull. Any ruling she makes will be suspect on either side of the aisle, but as a judge she is bound by law to make a ruling and soon!
I believe the drop in price of the P's is the MM's tripping stop-losses... Nothing More !!1
