Dime Bancorp Inc (fka DIMEQ)

[ScottC]

Jared-

Re WMI:

As far as culpability of WMI, there is some debate as to where the litigation trust resides. Based on what happened with the ASB litigation proceeds of $55,000,000 which were deposited with the Estate, I believe the Anchor litigation is currently in the Estate. If that were the case maybe they make the case no "trigger" and staus quo. If the plan is confirmed as written that will change that.

Re FDIC:

It comes down to one thing for these guys:


§ 360.1 Least-cost resolution.

http://www.fdic.gov/regulations/laws/rules/2000-7800.html#fdic2000part360.1

Its goal is to minimize the cost involved in bailing out the bank and fidicuary responsibilities only apply to depositors. If they can "eff" us (and they already tried once), they will. But the good news is that if we have to litigate either inside or outside of bankruptcy court, I feel a judge with any sense of justice would see what they did as a significant abuse of power, especially after 15 years of litigation and then for them to hand it over to someone else...

Re ultimate resolution:

I think it will be difficult to derive a settlement in bankruptcy court for the following reasons.

1) The FDIC hasnt been ordered to pay anything yet. The judge is waiting till final award determination...so claim amount would be subject to debate..

2) We dont know the final settlement amount nor the timing. The other unsecured creditors might argue that there is a chance the FDIC gets the supreme court to hear an appeal and maybe we lose, etc...

However, I do believe Broadbill complaint will lead to us getting amended warrant agreement outside of the bankruptcy court which I think would be the best option for us....We wouldnt have to contend with other creditors trying snake us out of what is ours.

Regards,

Scott