Ok Here is the new revision. I request spell-checking, grammar composition and if any of you want to work on slimming it down, please do so. Looks like we do not have to rush, because of the only thing in the omnibus EC needs is PSJ and with no objections, we can collect sigs and send this out tomorrow or Saturday. Fed-Ex and UPS are working?
The Honorable Judge Mary Walrath
824 North Market Street 5th Floor
Wilmington, DE 19801
Re: Case # 08-12229
Washington Mutual Inc BK.
Your Honor,
What has happened across the globe to many investors, pensioners, children and dependents, is appalling and now you have the opportunity, Judge Walrath, to rectify a wrong, that will ring throughout the financial world. On Sept 25th 2008, many "good, honest, hard-working people” across the country and the world, saw, to varying degree, their financial wellbeing and security significantly reduced. They felt dejected, many cried and cast a "somber look" towards the future. In at least one case a gentleman took his life. Others hunkered down and faced a "harsh new reality." Many were invested in mutual funds and 401k's they had no control over. Others had newly invested in WMI because the new CEO of WAMU had issued the following statement after the holding company had reached a MOU with the OTS, "The business plan will not require the company to raise capital, increase liquidity or make changes to the products and services it provides to customers." As an Independent Investor or an investor who has their children's "college fund" or a pensioner who has a lifetime of "hard earned" savings locked into a 100 year-old national bank's stock or trust certificates, this statement was taken as fact and produced a "calming effect" on nerves.
Many investors, employees of WMI or pensioners were not able to, nor did they have the requisite skills to take into consideration the ramifications of the FDIC having "ongoing" contact with JP Morgan, who was subsequently preparing to snatch WMB/WMBfsb out from under the arms of the shareholders. The Tier 1 ratio of WMB was 7.66%--well above the FDIC's (5.75%) minimum requirement and well within the FDIC guidelines, to classify WMB as a "well-capitalized" bank. The indirect subsidiary [WMBfsb] had a capital ratio of well over 63%. Yet, in spite of their apparent solvency, the FDIC seized and sold them; interestingly, on a Thursday, as opposed to the consistently traditional Friday. Much, if not all, of the circumstances surrounding this seizure and "sale" is suspect. All parties must be held to account for this action. The FDIC maintains it was "deposit outflows" that pushed them to their decision. We request the court ask for a report on who and what entities were responsible for the outflows, so we may all have a clearer understanding of the catalysts that caused seizure and subsequent sale. Because the seizure and sale of WMI's largest asset caused us to end up in this court's jurisdiction, to insure shareholder value, it is our request that the court examine all reasons why.
It has been written and the documentation, "Debtors' Motion for an Order Pursuant to Bankruptcy Rule 2004 and Local Bankruptcy Rule 2004-1 Directing the Examination of Witnesses and Production of Documents from Knowledgeable Parties"(Docket No. 1997 filed December 14, 2009) supports through a "preponderance of the evidence," the chronological takedown strategy of JPM [Wall Street] against WAMU [Main Street] that can only be described and an unjust act against a "solvent" institution.
These documents submitted to the court clearly state the intent of the parties to coerce the FDIC into agreeing with the presentations that were given to the FDIC as early as March 2008. In our Opinion, once JPM was turned down by WMI for a merger/buyout, they went to the FDIC and starting rattling the chains. In "Exhibit #9" Tim Main of JPM states "either way, something that really really reduces our risk and gets the government comfortable that they only get involved if shareholders get ZERO!" WMI CEO Kerry Killinger turned down an offer for $8 PPS from JPM one week before March 30, 2008 when this letter was written and here is JPM plotting a takedown because they were rejected and therefore displeased with WMI's decision to take a private capital injection from TPG.
In Exhibit #10, Fernando Rivas [JPM], writes to Charlie Scharf, [retail VP of JPM] in an email, "we are thinking how to make up the assisted scenario - we may get more color tomorrow with the regulators, if not we will make something up." This email was written in July, 2008, your honor. It begs the question, "Why is JPM giving a presentation on WAMU to the FDIC in July, 2008?" In our opinion, they are allegedly going to give the FDIC "false information and scenarios that the FDIC will agree with and then build it up from there [COLOR]. Using a supposed 9.4 Billion dollar "deposit bank run" due to the failure of Indymac, JPM was trying to acquire WMB at this time [Exhibit #5 of the above cited document]. WAMU sustained this one [bank run] without incident and Reich of the OTS moved forward with his MOU. We would like to know how much "smart money" (the amounts were too large to be retail withdrawals) was withdrawn from JPM at this time?
Your Honor you are a respected arbiter of justice, this case must go on to a conclusive end, to insure that the American justice system will continue to prosecute the perpetrators of an alleged crime against the shareholders of a solvent institution. We are closely watching the outcome of these hearings and waiting for justice to be served to the alleged criminals. Your Honor, as shareholders of both common shares and preferred shares, we ask that the court go back and review "ALL" exhibits that are contained within docket #1997, before making decisions that will affect the outcome to the shareholders. It is documents like this that have cemented our resolve to insure the future holds the promise that "Wall Street" cannot do as it wants--irrespective of law--because of its money and power.
This country was founded on the principles of fairness and justice [if need be] for all, we all have the rights to liberty and property, we ask the court to make this clear to all parties. We have a system of laws and it is clear to us, that many were violated, letting the alleged perpetrators walk away unharmed, is not justice, it is anarchy! Your decision in this case, will affect all in the future. Future investors in banks might not invest in said institutions, if they are aware they may be subject to harm, in turn creating a capital liquidity crisis for the banking system. Your Honor, the flip-side to this coin is the outcome we shareholders are fighting for; it is the conclusion of this case that will have an ever-lasting effect on the psyches of us all!
Your Honor, we have listened to every court hearing for this case, we have heard the debtors speak, we have heard the defendants try and defend their strategy. It is apparent the defendants (JPM) attorneys are aware their clients are slowly backing themselves into a wall and eventually a corner. It is apparent to us, that the Summary Judgment (requested by the EC) should be ruled in favor of WMI and the money should rightfully be returned to the estate. We ask you grant the will of the shareholders to require the Board of Directors of WMI to schedule (as required by WMI bylaws) and hold an annual meeting in person and on the internet, so a new Board can be elected to replace the current one. It is in the best interests of all shareholders as the rightful owners of WMI, that our voices be heard "loud and clear" by the "powers that be!" We are standing together as "One Nation under God" that believes Lady Liberty and Justice will prevail.
Your Honor, we further request that you allow Peter J. Solomon to perform an Independent, objective valuation of all assets of WMI, so we (shareholders) will have an accounting of what the value of our company is. We do not accept the valuation of A&M (Alvarez and Marsal) and move for your honor to grant the EC's motion. Just as in medicine, "it is always a good idea to get a second opinion", it is necessary in this case. We request the court approve the Equity Committee assume the duties of the case and ask you to consider appointing a "case trustee" to prosecute this case to the "fullest extent of the law!" If we are to own this company after the bankruptcy is complete, with equity's plan confirmed; we must know what wall we are up against. We are positive the funds are available to flow down to equity and help us over the "debt wall." The debtors plan to cancel equity and "gift" WMI to the creditors. This unconscionable act is an injury shareholders cannot and should not sustain.
In regards to the “Global Understanding” presented to the court by Brain Rosen on March 12th, we object. In regards to the POR, presented to the court on March 26th, we object.
We are aware that Tyche (fate) has brought us here, we're positive Lady Liberty, will deliver us the Fortuna (luck) we all need and our good honorable Judge will through the "justice system" deliver the verdicts necessary for our survival. This is not a question of vengeance; it is a question of morality!
Thank You
Respectfully Shareholders of Washington Mutual Inc
IHUB Community of Shareholders
