If Judge Walrath had already ruled a Class 18 or 21 for the LTWs I would think that the Debtors and Creditors would be jumping up and down in joy instead of going into a Mediation to resolve the Class Action.
Their "jumping and 'joying'" might be a little premature, for if Judge Walrath were to somehow buy the Class 18 nonsense, an appeal by Steinberg is almost an absolute certainty.
And then there are MORE delays, MORE fees and MORE interest accruing each month, MORE grinding away at whatever value is left in the Estate, etc.
I suspect that WMI has a greater sense of urgency in seeing to it that WMI and Dime kiss and make up, and perhaps ask for a small haircut from the $337 million (in order for Rosen, et al. to save face), Class 12 this thing, and get everything all nice and wrapped up for Leap Day 2012.
Only then, will everybody be "jumping for joy" (and maybe throwing in a Leap or 2).
But whereas Steinberg seemed very open and agreeable to Mediation the last time, and Rosen said "we don't want to Mediate, it's not gonna work" (or words to that effect), I think that the tables are turned and Rosen might be having to eat a little bit of crow.
In the battle between Steinberg v Rosen, Steinberg is clearly ahead on points. No knock-out yet, but looks like Rosen will be saying "No Mas," in the not too distant future.
Just my 2 cents.
AI
