You were not alone to be blind-sided. Walrath gave a huge U-turn on this one.
Art was magnificent in her Court and did everything right. I too was impressed by the plaintiff's presentation. However if you read the Stip. carefully you will find an appropriation of $3.2 mil for attorney's fees chargeable to the ltw settlement account, about $.02 per ltw.
We now have to get back to Judge Block.
I think that we should challenge MFW on her assertion in the decree that her court has jurisdiction over the ltw affair.
The crux of it is, who owns the ltw litigation? WAMU or WMI?
If it was WMI, then we are toast as it belongs to her.
If it was WAMU (the bank), then FDIC sold this asset prior to the BK and JPM is the owner and MFW is out.
This is all in the sphere of "ownership" of litigation rights. Since I did not read that term (ownership) in the LTW agreement(s), I don't think that it is a property. THE LTW litigation is an obligation assumed by the bank,on our behalf, and undersigned by the BOD of the Bank andWMI. IF they shirk it then it's a Officer and Director (OAD)breach, either or both BODs. I believe they were the same.
That plus Block's almost sure award are the two option to go.
So here you have it. IMHO
AI
