This Reuters article was garbage. It leaves out some very critical information and reduces our case solely to erroneous accounting - which is not the issue here at all. If the author is going to draft an article about shareholder expectations, then he should follow the spirit and substance of the examiner's preliminary report - discussing the avoidance actions, contract actions, tort actions, and third-party actions - and elaborate on the potential value of such claims.
Starke is a moron if he honestly believes that the parties would have found and used the "smoking gun" by now if it existed. Is he even aware of how little discovery has taken place or the fact that WMI never deposed a single individual? Is he aware of the discovery issues going on between WMI, JPM, FDIC and our TPS friends? What about the Judge Walrath's appointment of the examiner to conduct a fair investigation because of the "failure" of the litigation process? Bottom line is that our adversaries (and our own BOD) have been protecting themselves by witholding information, documents and testimony - and prolonged the inevitable through countless delays.
The examiner is getting to the bottom of this - and where things will go on Monday is anyone's guess. What I do know is that our combined DD and analysis of this case, and representation by Susman Godfrey, is enough to look at an article like this and know that it is not only misleading - but also lacking in substance. We know Hochberg has kicked up some dirt. We just won't know how much or whether it's enough to get JPM/FDIC/WMI dirty enough to settle soon, until Monday.
Have a wonderful Halloween weekend!
