Monday, May 17, 2010 4:10:18 AM
"I would not be so optimistic."
"When THJMW denied the examiner, she said something like the EC was going to have enough time to check WMI documents produced during the Discovery process. It was stated on that same hearing that they were around 7 million pages."
Nothing was ever said about 7 million pages. More like 70,000.
"Indeed, based on statements of counsel for the Debtors and
the Creditors Committee at the May 5, 2010 omnibus hearing, it would appear that minimal or no discovery has been conducted to date in connection with the various pending actions or potential
actions. In fact, despite the many billions of dollars at stake, it would appear that no substantive depositions have been taken and as few as 70,000 pages of JPMC documents (in total) have been obtained and reviewed by the estate fiduciaries who now advocate so vociferously in favor of the Global Settlement." -Page 18 of the TPS Objection
http://www.kccllc.net/documents/0812229/0812229100511000000000004.pdf
So no depositions were ever taken. Weil was paid for scheduling them, but thanks to this settlement... How neat.
Look at Lehman to see what "examiners" actually do. Depositions, including those of key upper echelon employees of Lehman were taken.
If this POR is shot down, I would hope the EC would make a push to have the court OK them to go ahead with depositions while other personal sort the docs.
Then, you compare what you know from 3rd party sources with the discovery docs as well as depositions and look for the lies and obvious issues.
"Adding all facts, I presume Rosen/Weil will apply for a Exclusivity extension arguying (again) that the parties are near a Global Settlemen (again) even though I'm sure the EC is not aware of this second POR (again). Having seen how THJMW works, I'm sure she will agree to this new delay in order to not-break the current ongoing settlement talkings."
I'm not sure that's possible, let alone probable.
There are no more extensions. It's federal law. I'm not saying it can't happen because I'm certainly no expert, but everything I've seen says there's no way around the exclusivity period being over if this doesn't fly. Weil timed this for the last minute on purpose, which makes me leery as all hell about Rosen's got up his sleeve, but if this is shot down it looks like chapter 7 is the contingency and that'll be the next hurdle we'd need to get over.
"If the FDIC agrees to sign the (revised) POR, that would mean that the two main points of discordance they had before had been solved."
But that doesn't negate the plethora of deficiencies in the disclosure statement. Agreement or not, so long as the judge doesn't sign off on this clunker, competing plans will enter the fray with or without the a "global settlement."
I don't put anything past Rosebuds, especially knowing how to play this judge, since the two have a history together.
My main concern is what, if any shock he presents to the court on Wed.
If she shoots this thing down on Wed, I will seriously breathe a sigh of relief... and then I'll immediately start being paranoid that that was his plan all along. :)
But I'm just screwed up like that.
All we can do now is speculate and honestly, none of us are bk experts. We'll know more Wed.
I wouldn't worry about what the EC can or can't handle and I wouldn't worry about the judge extending exclusivity. I'd be worried about what theatrics Rosebuds is going to unleash upon the court.
"However the BAPCPA amendments limit this judicial discretion, forbidding the extension of the debtor’s exclusivity period for filing a plan beyond 18 months after the filing of the petition, and disallowing any extension of the exclusivity period for soliciting acceptance of the plan beyond a date that is 20 months after the filing of the debtor’s petition."
http://www.thompsonhine.com/publications/publication118.html
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