Dime Bancorp Inc (fka DIMEQ)

[mrholty]

WS -

I had a longer reply typed out but something happended. I wondered if you had moved on (sounds likely) or what since you had stated this in message 6146.

Since everyone's beloved Art couldn't accomplish the task of making it clear to Judge WalTF that it was impossible for WMI to claim to be the owner of the litigation proceeds (upon which she based her decision), I'm probably going to just go ahead and appeal her erroneous decision as a matter of principle, amongst numerous other reasons. WMB was seized and long gone before WMI filed for BK. It is impossible for WMI to own the litigation because to have standing to be a party to a suit based on FIRREA, you must be a bank, not a holding company.

So as a practical matter, Judge WalTF lacked jurisdiction to try to re-write history with a 363 sale based on the false theory that WMI owned the litigation as of the day of BK filing. Not true. WMB owned the litigation. WMI may have controlled the litigation up to the point of the seizure, but that is moot once WMB was seized.

If this was in the heat of the moment and you realized later that there isn't much wiggle room for an appeal via the Mintz verdict or anything else. Great. But I appreciated your legal knowledge.

I disagreed with your odds but it appears that we were both wrong.