The largest retail bank network, WAMU, was owned by WMI.
When the FDIC decided, on very uncertain terms and contrary to their charter with the U.S. taxpayer, to seize WAMU, the FDIC already knew they were going to sell it to JP Morgan Chase. (This must remain an opinion, for the time being, however, it is clear in so many ways that this collusion was meant to prop up the favorite bank of the U.S. Government; JP Morgan Chase, for the purpose of at least saving government pensions going into 2009), anyway, the banks were seized, the holding company, WMI, filed for bankruptcy protection the next day and since then attorneys for WMI have been wasting OUR money, as stock holders, while trying to appease the "powers that be" with deals such as the POS POR that they filed on March 12th with The Honorable Judge Mary Walrath.
That Plan of Reorganization mislead and misrepresented the facts on WMI's assets and liabilities by simply not revealing them in any court documents. Therefore, our Equity Committee decided to do all they could to stop the continued fraud by bringing up as many issues about the situation as they could. We know there were challenges from over 500 interested parties objecting to the POS POR from Rosen/Weil, who is supposed to be repping for WMI/us.
The case has turned on Susman's sealed filing, on July 8th. Among things in that filing are evidence of conflict of interest that may force the judge to remove Rosen / Weil and NOT PAY THEM ANOTHER DIME, or it may implicate WMI Board Members in collusion, or it may implicate JP Morgan Chase in collusion or the FDIC, or all or some of the above.
The leverage Susman has brought to the negotiating table will become very evident on Tuesday, July 20th at 6:30 AM Pacific Time as the Delaware BK court room gets underway. Between now and then anything could happen.
Over the last 23 months this banking debacle has resulted in suicides and despair, hope and triumph, tears and laughter, as people struggle to manage their own financial future in the head winds of the rich and powerful and their attorneys, all conspiring to hoard the wealth in the hands of the few, while the common stock holder is kicked to the curb.
It is my personal expectation at this time, given this judge, the evidence I have seen, the history of Susman, and the success so far with the Equity Committee, that WMI stock holders will see significant financial rewards for the long fought battle here.
We have staked our claim to justice in this case. We have put our time and money on the line. We remain vigilant and prepared to take this fight on....
or head to Las Vegas for a large party!
Either way, it's another day and a wonderful day it is!
eom
AI
