One week ago FDIC filed in court a formal rejection to Rosen's POR.
Their main reason in that document was the fact that FDIC could not approve a POR that leaves current and former WMI Directors free of any potential future claims. FDIC stated in that document that in they role as regulators they may need to pursue future actions against our dear BOD.
That DOC was filed last Monday. Four days later FDIC BOD accepted Rosen's POR, whithout any further explanation about why the arguments they presented in court days before were not anymore valid.
I was expectig FDIC to file today a document removing their previous one and hopefully adding an explanation. Nothing yet.
How can an agency like FDIC, in a serious country like US, formally argue in a court such a strong argument and some days later act as if the argument didn't exist?
This is one more of the bizarre elements that - unless the judge starts really ruling asap on APs, deposits, claims and ownership of trusts+tax.refunds+NOLs,Subs value - are making this process to look really like a banana republic's legal process.
Take notice that I didn't use the expression POR, but Rosen's POR. I did so, because from now on we will need to add an adjective to PORs in order to communicate.
Exlusive Plan Approval's deadline will be missed on May,26th (*) and starting May,27th we will see plans from everyone: creditors, EC, WMB Bondholders, FDIC, JPM and - last but not least - my mother. She is already working in her own discovery statement.
She - my 80 years mother - decided to present a POR, because she is as informed about facts as anyone .... unless the judge starts ruling fast or decides to appoint the Examiner and then rules based on it's conclusions.
By the way, in this case my mother would be equally informed as anyone... and with her ... we the shareholders ( finally!!).
This will become a real circus - and embarasing one for a process that will be a reference for future investors and depositors in financial entities - unless our dear judge starts ruling asap.
Anyway, today was a GREAT DAY, .. the pps supported the most dangerous menace it ever faced pretty well, with more buys than sells and a limited drop. It's well above last Thursday closing.
Now let's sit down, open a beer (**) and enjoy the circus show!!... the show will get even better as soon as the new BOD gets appointed ... then the lions and tigers will jump out of the cage to chase Rosen and his masters ... the current BOD members
Cheers dear wamuers!!
(*) Rosen met the Plan Deadline (March,26th), but he cannot materialy meet the Approval Deadline (May, 26th) since the earliest hearing to cover it is on June,3rd... and both deadlines are in their legal limit, and both are a MUST to maintain exclusivity. So my mother can present her POR.
(**) I am arranging a truck of beers, because it may take long until the tiger gets Rosen and the lions get the current "Directors".... and this IS SOMETHING I WANT TO SEE with a beer at hand.
AI
