This is my 2 cents guesstimate. Ideas and comments are very welcome.
Amendment to Article 1 Final Settlement Date was signed by John E. Eveland, manager
of Receivership Oversight, FDIC on 6-18-2010(Friday)
1. The original settlement date between FDIC & JPM was on 3-30-2009(Monday):It was the first business day 180 days after bank closing. (P11-12 on Purchase and Assumption Agreement (PA))
2. The settlement day has been extended more than one time to 6/30/2010(Monday)
(Assuming it is 180 days limted to per extension, there could had been 3 extensions. Not sure on this, no enough dd)
3. Another extension was signed on 6-18-2010: 8-30-2010 is the up to date deadline.
The question here is why filing an extension just 2 months; not 3 months or even another 180 days?
Guesstimate here:
1. 8-30-2010 – one week before the examiner first report on 9-7-2010 hearing. To avoid this report, FDIC & JPM will accept the proposed settlement amount by EC. That will lead to GSA (global settlement agreement).
2. The final settlement day of the PA between FDIC & JPM will be
released on 8-30-2010 (Monday) together with the GSA. The date could be 8-23-2010; but 8-30-2010 is more likely. The parties need more time to come to conclusion and to finalize the paper work.
3. The examiner will not release the first report on 9-7-2010 court hearing; thus protecting all parties at fault. All relevant documents are sealed. This bankruptcy case will end with final DS & POR (version 6), then all related parties & UST & HJMW approval and WMI will exit bankruptcy by Nov. 1, 2010 (Monday).
(It is just a gusstimate IMHO. Please comment. by sharing4u )
