Friday, April 02, 2010 6:21:19 PM
That is just not accurate. What Solomon will do is determine the valuation of all WMI assets (subs, etc.) and also the WMB assets that were taken that WMI should be paid for since WMB was owned by WMI. All of that is part of the litigation filed by WMI during 2009 and Rosen has now elected to dismiss it in this settlement offer so they can manipulate the asset value to keep from paying off the secured creditors for their restructuring purposes. Venable, using Solomon's asset valuation, will show cause to continue the litigation to recover those assets or value as it has been pursued up to this point by Quinn. It will NOT be a violation of the sanctity of the corporate veil. Obviously, WMI had the right to pursue the value of those assets or Judge Walrath would never have allowed the Discovery to begin in the first place.
The JPM adversary filing document details the litigation and assets where the EC has been allowed to intervene. There's much more to it than the $4B and taxes.
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