"Thanks for stepping out on the DIMEQ thing, Voo.
The more I begin to understand about DIMEQ's claim the more I realize that, no matter what the moral or ethical reality is, their claim can only really be considered debt in that WMI may be responsible but isn't necessarily responsible for that payment, since their claims were jeopardized by WMI being forced into BK protection by the seizure . . . I'm no lawyer, obviously. (emphasis added)
"TPS is another thing completely, but old "debts" or claims against the estate such as DIMEQs' chould [sic] disappear as easily as the many assets that were sold quietly under the radar, unless of course someone on the debtor's side wanted to keep them around for another reason. (emphasis added)
I hope THJMW sees through all this hype and drops the gavel in favor of fair distribution for current debts and equity. (emphasis added) I don't own any DIMEQ. It's very old business at this point!"
As to your point (re: "fair distribution,") I chouldn't [sic] agree with you more. A "fair distribution" is all that the Dime Ltw's have been asking for since being dragged into this BK.
Forget that you're not a lawyer for just a moment, but . . .
If THIS debt is just "magically" wiped away because of Bankruptcy, as if through some special wizard powers, why is it that ALL THE OTHER DEBTS in this Fuster-Cluck (e.g., Tax Liens, Sr. Debt, Sr. Sub. Debt, CCB's, PIERS, hell, even the illegal WMB gifting payoffs), don't just get swept under the rug as well? I guess that those particular debts are the types that DON'T get "jeopardized" by WMI being forced into BK protection?
And why does Class 19 and Class 21 Equity land a spot at the table? Ignore for a moment the hush money being gifted to certain people/groups in order to buy some peace (and silence) regarding this little thing that the federal government tends to frown on, called "Insider Trading." Certain of the SNH lawyers so much as admitted in open court that "everybody was doing it." And I'm sure that there are many other hedge funds that will also slide, but at least M.W. Judas got his [high-paying] seat on the new board(s) post-BK, in exchange for his $200K "investment" in his 1 million shares of toilet paper. And the SNH's can live to steal blndly yet another day, in another court room, from a bunch of [soon to be] former owners of their company.
There must be something really, very special about Dime (i.e., Anchor), debt/liabilities that makes them so easily "zappable."
Well, that, plus it's only because the debtor side wants to keep all the other debts around for a "special reason." They don't really want to "jeopardize" all the other "good" debts.
Just a thought, but maybe that's why Class 12 Claims fall under the category of "General Unsecured Claims." And maybe that's exactly where the law intends that a debt of this type be placed - in Class 12.
And that's kinda sorta why JMW set aside (or "ring-fenced") $337 million dollars to compensate the Dime Ltw's for having had the Anchor ASSETS stolen, ripped-off, gifted away from them, and gifted to JPMC, separating the Anchor ASSETS from the corresponding Dime Ltw LIABILITIES (at the special behest of JPMC with their little request to cleanse away the Ltw LIABILITIES from the Anchor goodwill litigation ASSETS, by way of the now infamous §363 K-Mart BLUE-LIGHT SPECIAL type sale). And oh yeah, lest we forget, the SNH concocted this little deal, deliberately left the Dime Ltw's OUT of the negotiations, got to benefit THEIR OWN financial positions through a little bit of self-dealing, and never even bothered to ask Steinberg if he minded that his clients were getting RAPED, blindly getting eff'd in the A., and seeing if Art would just lay low on this one, be cool with it, do the SNH's a solid. Why bother, right? After all, it is much better to ask for forgiveness (if you get caught) than it is to ask for permission (in which case you get DENIED).
And maybe that's why JMW DENIED WMI's Motion for Summary Judgment to Zap Dime suit away; and maybe why she DENIED WMI's motion to dismiss the BOD as defendants in this case, to shield them from any liability for their complicity in this FRAUD/TRICKERY/DECEIT. And perhaps why she set aside TWICE the amount that WMI first tried to ring-fence for gifting away Anchor under the "F&R" GSA; and that might also be why she included ALL Ltw's (instead of just Broadbill, as WMI so cleverly tried to initially pay-off, but Broadbill told WMI to eff-off) . . . combined ALL Dime Ltw's as one class, and ordered that WMI pay Steinberg in the event that he prevails on his suit. WMI has already said Class 21 (versus their initial stance that Anchor was WMI's to do, as A&M and the SNH's wished, as there simply wasn't any money left for Equity). Well, that kinda changed a little on December 12th. I guess that WMI was wrong about this as well.
And as my parting shot, chew on the §510(b) Subordination (Class 18) issue for just a minute. Exactly what securities did the Dime Ltw Holders PURCHASE or BUY from the Debtor (i.e., WMI)?
You can't get to Class 18 if you answered "none." Judge Walrath ALREADY ruled in the Tranquility matter (just last week), that §510(b) subordination can ONLY apply to securities that were purchased FROM the Debtor (and not a 3rd party). The key distinction is that the Ltw's where NEVER, EVER purchased from WMI; they were distributed as a dividend to certain Dime Bank shareholders in December 2000, before WMI even thought of buying the Dime. §510(b) has always been somewhat of a Red Herring, courtesy of WG&M; "if you can't hang your hat on this one, your honor, why don't you at least swallow what's behind Curtain Number 3"? Our colleague, Mr. RosenRAT can show you his special swallowing technique.
Nice try, but she didn't fall for it in Tranquility, and the smart money is saying that she doesn't contradict herself in next Tuesday's Opinion.
We'll all find out in 96 short little hours, give or take.
Happy New Year to all!
