I was just going to post this. What a piece of junk. First of all, this is a motion for summary judgment - Wamu is cutting down its own argument that there's no need for a trial, since a court will need to assess the expert's demeanor and allow competing arguments.
Second, the argument that the LTWs are linked to common stock because the LTW price fell in 2008 when Wamu got into financial trouble is bunk as well. The value of Wamu debt fell as well. I suspect the LTW class attorneys would eat this woman alive.
Then she argues "I read prospectuses and these are equity interests." Wow. What matters is how the law applies to the LTWs, not her read of the prospectus. In this case, the only argument is whether, because the LTWs are convertible to Wamu shares without consideration, they are treated under bankruptcy law as debt or equity. I don't care about her tortured reading of the prospectus, and it's not relevant.
All I can say is "wow." Just wow.
Market Data 
Markets 
