Dime Bancorp Inc (fka DIMEQ)

[Madclown]

I agree. We have too many unknowns to arrive at a precise value. I just wanted to bring the footnotes to everyone's attention as it does represent another datapoint we can use to determine the value of our LTWs. In the footnotes they did use the terms "in an amount not less than" so that is likely a conservative estimate.

Be on the lookout for WMI's response to Broadbill's complaint. WMI has until tomorrow to respond. The contents of their response will be another side of the story that we can use to assess what we are up against. The first step is to get ourselves entrenched as a WMI claimant, in which case it would appear that we would have a good shot at a full recovery. Failing that, we could pursue JPM.

The simple version I like to use to explain the fiduciary duty that WMI had and JPM now has as successor is that if someone is appointed as a trustee to oversee and administer the proceeds of a trust to a beneficiary they will receive some sort of fee. in this case it is ostensibly the 15% of the 85/15 split. If that trustee voluntarily or necessarily appoints a successor trustee, then the newly appointed successor has no right to take the entire proceeds of the trust from the beneficiary, no matter what the prior trustee might have promised them. When WMI transferred the 100% proceeds of the litigation to JPM it conveyed a right it did not enjoy as prior trustee and that is the 85% portion. If we had to pursue JPM then justice would dictate that JPM pays us in JPM stock and if they don't like it they can sue the FDIC and WMI to file a claim against the WMI estate or the FDIC receivership if they want to claim they are due 100% because someone told them they were getting it. JPM was given something that did not belong to the entity that conveyed it to them. Its as simple as that. Period.

The only thing that gives me pause is that this WMI bankruptcy is one of the most complicated cases in our nations history. There are a lot of injustices that have occurred and will continue to occur. I am betting that the DIMEQ situation is not one of them. I think Broadbill prevails and we benefit alongside of them.