Rosen failed to meet the Solicitation Period.
Solicitation Period (acceptance of the plan) is different than Plan Period (presentation of the plan) . Both are collectively named Exclusive periods.
Rosen met the deadline for the Plan Period (March 26th), but Rosen cannot - given the DS hearing, appeal, etc dates - get the plan accepted by the court by the end of the Solicitation Period ( May 26th).
Please read below (bottom) for the details of these Exclusive periods concepts. The judge likely knew it when she asked Rosen why he was so much in a hurry.
The implication is that starting May 27th we will see competing plans, with no special consideration for Rosen's one. If, in parallel, the Shareholder's meeting takes place and the BOD is renewed, then Rosen will be simply toasted (as well as his 3 versions of the DS)
In my opinion, the two more relevant plans that we will see are:
1) One filed almost inmediatly by WMI's creditors asking for inmediate liquidation (Ch7) without any consideration for the JPM/FDIC/WMI-BOD interests currently represented by Rosen. This plan will not take into consideration the need to cover current WMI-BOD asses. Rosen's 3 versionns of the plan tried to cover these asses because the current WMI-BOD is the one who hired Rosen.
2) One filed by Susman - based on Solomon's (*) numbers -representing EC. This one will likely come later given the delay to access sound information. In this case the plan is likely to proactively go after - among other asses - the BOD's ones as well as Rosen's one. This one will be funny to read, eh?
(*) If the appeal is accepted, then Susman's plan will be based on the Examiner numbers, instead of on Solomon's ones. At the end of the day what we all keep missing are the real numbers -at least a documented and rational range of numbers- influencing the A/L balance.
I don't think the UST will file a plan before the EC does it. At any rate I don't think UST would file a plan before either Solomon's or the Examiner's numbers are available, and the discovery documents are analized.
Maybe WMB bondholders may volunteer their plan, as well as other claimants might do. But these ones will not have too much ground given the current status of these diverse claims. Examples: Marta's one: decreased from 50B, down to 40B, .. and now it seems to be below 0.5B, and even so it's not recognized yet. Something similar is going on with the 13B claim from WMB bondholders: now it seems that the potentially ( not yet recognized by the court) jseems that a 13B claim will be reduced to less than 1B.
I think JPM and/or FDIC may present their plans.
JPM may present a plan asking for the full 4B plus a good % of the tax refunds. I don't think they would dare to do it, because it would likely force the judge to finally rule on the 4B SJ. This is not good for JPM. On the other hand it would never beplan acceptable by WMI'sthe creditors who need the 4B to come back to in WMI's hands to have any chance to get a recovery.
FDIC may come back with a plan that demands to keep the 4B in FDIC's hands ( they tried before as may of us can recall), as well as to get a large % of the tax refunds. ... WMB bondholders would be happy with this, but it again would face tough and powerfull opposition from WMI's creditors, EC and other parties.
ANYWAY, ... IN A NUTSHELL ... ROSEN WILL FAIL TO MEET THE "ACCEPTANCE DEADLINE"... AND WE CAN EXPECT more plans to come and MUCH MORE TIME TO PASS BEFORE THIS CASE GETS CLOSED.
--- Cheers to everyone
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EXPIRATION PERIODS: Plan period (March 26Th)& Acceptance period /amy26Th).
//Section 1121(b) of the Bankruptcy Code provides for a period of 120 days after the
commencement of a chapter 11 case during which a debtor has the exclusive right to file a plan of
reorganization (“Plan Period”). In addition, section 1121(c)(3) of the Bankruptcy Code provides that if
the debtor files a plan within the Plan Period, it has a period of 180 days after commencement of the
chapter 11 case to obtain acceptances of such plan (the “Solicitation Period” and together with the Plan
Period, the “Exclusive Periods”). Pursuant to section 1121(d) of the Bankruptcy Code, the Bankruptcy
Court may, upon a showing of cause, extend or increase the Exclusive Periods. ....
....Finally, on
January 15, 2010, the Debtors filed a fifth motion to extend the Exclusive Periods, and by order dated
February 9, 2010, the Bankruptcy Court extended the Plan Period and the Solicitation Period through and
including March 26, 2010 and May 26, 2010, respectively.
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