Jestiron – Good point!
You are absolutely on course. I did not mean to describe intervention as something without power. If the EC cannot sway the BOD with their desires and opinions, they have the blessing of the court to file a flat tire or a blown engine (intervention) and hope that the court will rule in their favor on any filing that affects WMI. The blessing of the court to intervene is what gives the EC its true power, but numbers in our favor enhance that power. If the EC files an intervention, it will be because they could not get the BOD to agree with them. That is how they will voice their approval or disapproval. It will be up to the court at that time. Walrath will firstly rule according to law. If the decision simply requires her judgment, she will rule in a way to avoid an appeal. Commons are at the mercy of the numbers Solomon will produce.
Contrarily to the above and without intervention, the BOD is all-powerful as long as they follow court procedure. It is the exact reason they did not want the EC to stand. It is the reason there is no objection to the Creditor’s Committee. If WMI does not attempt to pay Creditors, the judge will frown immeasurably and will allow WMI to cancel commons if there is no intervention. She will anyway if Solomon cannot find the numbers.
As you can see, many of the posters on the board voice their opinions and desires correctly, but have their courtrooms combined. The Delaware court will only hear filings on reorganization. I do not wish to participate in other cases similar to DC. WMI started for the jugular there, but are already waning in favor of a POR that cancels commons. If the Delaware court approves a POR that cancels commons, WMI will withdraw the case in DC. Such is the way and pity of corporate law. IMO
I cannot imagine Joyce abandoning ship for any reason. To have a member of the EC gone so early in the game is not a very comforting feeling. However, in the end, it will not matter. What matters will be the numbers that Solomon will produce. They are our only hope in Chapter 11 BK. EOM
