Philip,
Good points all. These are thoughts that every one of us have had at one point, I'm certain.
The moral hazard of giving these crooks a "get out of jail free card," the exculpation as you put it, troubles me to no end.
However, the investor in me wants a solid return on my initial investment.
I think that the most pragmatic approach is this: As LTW holders, we were never really associated with Wamu, except in a very limited way: they administered the claims process and got their 15% cut, we get our 85% and part ways at the conclusion of the Anchor litigation. We only got sucked into this morass because of the unanticipated collapse of Wamu...otherwise, we'd just be talking about when our $$ would be placed into our trading accounts and complaining about how long it's taking Judge Block to get the tax grossup calculations done!
Thus, if we are made whole (or nearly so) by the BK proceedings, then justice, in my mind, to the LTWs is effectively served. The drama in the courtroom is merely a discordant background against which our little LTW play is being presented--nothing more.
Hence, and perhaps this is too pragmatist of me, I don't really worry about which of the crooks gets the actual Anchor litigation, so long as justice is served in regards to our claims to it. The rest is merely decorative drama, and, I for one, claim no position in that on-going drama (although my sympathies are definitely with the Wamu stockholders).
Effectively, I think that we are the equivalent of bystanders to a horrible train wreck, and I just want to describe to the police officer what I saw so that I can get home to the family (with my LTW payout).
Many here may disagree with me and want to pursue damages against the BOD of Wamu, etc, etc... and that's totally understandable, but I'm not out for more blood... I just want a fair shake.
Best,
Jared
AI
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