I re-read the emergency motion again. Wow, did Weil screw up. First of all, there's the inaccuracy of their representation to the court. "Oh sorry, we gave you the wrong document. And the draft happens to support our position while the final version doesn't." That's bad. Then there's the fact that the crux of their argument depends on the Golden State LTW agreement, and that agreement was apparently almost identical in operation to the DIME agreement. That's really bad. Then there's the statement in the financials that the litigation proceeds were spun out of the share price. That's really, really bad, especially since the LTW holders got paid. Then there's the fatal blow - Weil didn't fix its filing when Steinberg mentioned it in court.
I could see sanctions being imposed here. At the very least, there's now almost know way they win their motion to dismiss, and it'll be a real struggle for them to have the court hear anything they say related to the LTWs. Lastly, it affects the whole Wamu case because of the repeated allegations of inappropriate conduct on the part of Weil and Wamu.
I would not be surprised if the attorney who made this filing was looking for work within a year.
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