Dime Bancorp Inc (fka DIMEQ)

[Bluzie2]

Absolute bombshell -

For those of you not tracking the broader litigation surrounding WAMU, I suggest reading this brief. It really throws down a marker on behalf of the equity holders of WAMU.

http://wmish.com/EC/examiner/response/Reply%20in%20Support%20of%20Motion.pdf

Why do we care? Because, regardless of the hearing tomorrow, we are in line ahead of the common shareholders. To the extent they recover, we should by definition.

I've been following that piece, and there are a couple things that come to light:

(i) the equity committee has uncovered documentation that JPM conspired to take WAMU down.
(ii) the equity committe has discovered a cache of documents JPM did not turn over to WAMU as part of its discovery
(iii) the equity committee has disclosed some accounting games JPM has played to make the acquisition of WAMU appear less profitable on paper.

All I can say is "wow."

I'm really starting to like the chances of the DIMEZ recovery here...