After listening to the hearings, I actually believe THJMW is going to pull a rabbit out of her hat and nail everyone of these crooks. If they let it go to decision (Susman/TPS blocking settlement), they are very stupid. The bottom line is "they [hedgies] are guilty of insider trading and negotiating with JPM/FDIC with only their best interests in mind, debtors [including WGM] are guilty of 'breach of fiduciary duty'". They all blew it, they did not care, nor have they ever cared about any of the equity interests. The NSS position in this stock is most likely the reason why the commons could not survive in the negotiations. Clawback of fees will have to be recommended.
Willingham and the other EC members should be congratulated for getting Susman Godfrey on this case. Nate opened up a very "BIG" door for us, while all the other shareholders brought more things to the attention of the court. The 1,2,4 puch of SG, TPS and DIMEQ solidified the SG objection points in front of THJMW, with shareholders making other points for her to ponder. EC has an appeal of GSA pending, if it is heard the record could include the trial transcripts of the this confirmation hearing.
This opinion, if we get there, will be scathing, it has to be. If you have ever read the appealate court reversal opinion on ANICO, you can see those judges believed the plaintiffs and not the defendants in that argument, that is why Collyer is about to have a ANICO trial, unless JPM settles the litigation; which I expect they will do before other bondholders jump in with the ANICO plaintiffs.
About us: There is a good chance THJMW will disallow or move the hedgies claims to the bottom of the line, therefore giving control of the estate to equity which Susman Godfrey will gladly take. If given control he will do the following:
1. Move to have GSA withdrawn.
2. Move to have all JPM/FDIC claims disallowed
3. Throw out Marta.
4. Move for decision on 4.4B SJ for deposits.
5. Cramdown Existing creditors in classes above equity/including DIMEQ
6. No settlement for JPMC/FDIC-R without just compensation to all Equity, including TPS.
7. Move for a quick POR that gives reorg company to Equity and all causes of action in a litigation trust that equity owns.
8. Back to DC to really beat up on JPM/FDIC-C, maybe join in ANICO.
How's that for a wish list? The shareholder meeting obviously is not a good idea at this time or SG would have pushed it by now. It is obvious TPG and their other investor buddies, along with the hedgies would have too much control, therefore SG would need to listen to them if he was in control of the estate, so he wants to leave the Staus quo the same and make a new BOD in BK.
~Don~
Sometimes You Just Have to See the Light Thru the Trees !!!
