Hi 6wheel,
I read your post and you ask about significance of the 29th. Well IMO, let me explain why 29th makes it significant to me:
1) THJMW has to rule on THE $4 bil. question (who's cash is it) - So far we still don't know anything. It is still possible that she's gonna rule in favor of JPM/FDIC but that's only possibility not probability. I am favoring WaMu just because arguments of JPM are ridiculous and I don't think Walrath is going to believe it (listening to court hearings I don't think she does)
2) We have that extra cash from tax refunds reported in last monthly operating report as of Dec. 30th (that got preferreds moving because we have more cash for pay-out. Even though it is not official) which gives a little hope for commons too. I say it gives us hope not settlement. But it is a little step closer.
3) Motion of WMI to disband EC was very disturbing to me at first. All of a sudden you have feeling like there are three parties for the money but as some people posted before me (I believe it was uzualsusspect, thank you) this was expected from them. If you read the motion (about 20 pages) they go on and on and on about the whole case step by step to pretty much disregard the commons. Arguing that the stock is pretty much worthless and EC is gonna cost us extra money and time. Why would they do it, you ask? Well it actually makes sense. Why would company share the settlement money with shareholders that have probably between 1 and 2 mil shares each because they loaded up for couple thousand dollars? Few cents a share? As uzual said, it was expected and it only assures me that the money is there (probably closer than we think) and they want to keep all the money. And questions like pre- and post- shareholders are irrelevant because there is no law that would give pre- shareholders more rights than post- shareholders. You own a share = you own the right.
4) I haven't really confirmed it but it had been posted here before and if anybody could verify it, that would be great.
In BK if any changes in ownership, which in this case means canceling commons (I heard it many times to be a concern and very popular weapon for bashers) the company looses every right for tax benefits aka tax refunds which as reported in MOR in Dec. are expected to be over $5 bil. (even though if you check statements NOL is $20 bil. That is over $7 bil in refunds). That is significant money WMI don't want to loose and that is also the reason they want to disband the EC. They don't want to cancel the common and they don't want to give the common any money, so what do you do? Disband EC.
5) There is a very little chance the EC will be disbanded because of a simple reason. The EC was formed on a request of U.S. Trustee, not WMI, not JMP, not FDIC.
6) and finally IMO a little reason but interesting: if you look at all Omnibuses, Court hearings, etc. and the time they started, you'd be in a range from 10:30 am to 1:00 pm. Since this Omnibus is scheduled for 4:00pm, after market closes, I have just good gut feeling about this. That's all.
And now...
Jamie, wwwhat's happening?... How's the settlement? Yeah, 'bout that... Well, I'm gonna need you to go ahead and pay the money. And if you can do it as soon as possible..., that would be great! Alright... See ya!
P.S: Can anybody please verify common cancelation and tax refunds? Thanks guys
