Well, many things happened lately.
Debtors tempted the EC with a POR v.7 that would give us (Equity) the control of emerging WMMRC in exchange of 160$ million in debt instruments for the SNHs. Then, if WMMRC got a value of (let's say) 165$ million, it would mean that SNHs get their 160$ million and the rest (5$ goes to Equity). If we sum up all the NOLs we expect can be recovered, we could get into the billions easily.
But for whatever reason the deal didn't work out. So debtors stick to their old plan with POR v.6.5. but I see many inconsistencies here.
- First of all, they don't provide a solution for the 'third party releases'. THJMW stated that she couldn't grant those releases for free, and that was one of the reasons POR v.6 got dismissed but I don't think debtors are working on this issue in POR 6.5. Maybe it was part of the deal in POR.7 but not anymore. Looks like they're applying the ostrich tactic: if you don't see it, it's not there.
- Second point: they don't provide any analysis of the FJR applied to the SNHs with the different waterfall scenarios (TPS for example). Of course it could show under some scenarios A>L and debtors don't want to recognize that.
- Third point: IMHO GSA is falling apart. Aurelius already stated that 'JPM has to put some money into the settlement', and also they pointed out that they didn't commit I.T. fraud because they followed the two (2) confidential agreements signed , and it was the debtor's duty to make them publicly available and they failed in doing so. It looks like BEFORE all parties were together against Equity but now they start to disintegrate and throw other parties under the bus in order to save themselves. Aurelius was the first one, but others will follow for sure, as they get deposed and THJMW compels them to produce the documents requested by the EC.
THJMW... that's the weak point in the chain IMHO. I don't think that she is corrupt. I think (because of her weakness) she just tried to avoid full face confrontation, and when doing so, she always supported the strongest party. For example EC claims are merit-less while JPM and FDIC absurd multi-billion claims are taken into consideration. I think we have to move out of Walrath's Court as fast as we can, or gaining traction with evidences that cannot be contested, appeals to higher courts, and so on.
So, where are we now? If logic applies THJMW should stop this POR 6.5 scam until other issues are solved and decided:
- What about IT charges and FJR applied to SNHs? If also SNH depos show debtors/JPM/FDIC acted in bad faith, it could have very interesting repercussions.
- Who takes care of TPS?
- What about the interests JPM made on 'our' 4$ billion. I think debtors should also be questioned as why didn't they pursue this.
But, as Wamu isn't wonderland, I think Rosen will continue his clown parade with a little wrist slap from Walrath, and until we show some petroleum-black-shiat involving other parties, I think we just can wait to see where this piranha infested river bring our little canoe.
GLTA longs. See if luck meets justice today.
