Washington Mutual Preferred fka WAMPQ

[DPincus]

Vodka: a big disappointment? In the end, perhaps, in that it landed with a thud due to the gravity of forces acting upon it. However, I truly believe there was a time when this might have gone very differently; when WGM - despite an apparent COI (though I suspect one would be hard pressed to find/engage high powered counsel that did not have dealings somewhere along the line with JPM/GS etc) was actually acting on behalf of the entire estate, including equity shareholders. Up until early 2009, there was still energy, strategy, and fight; there was discovery and depositions; and it looked like WGM was going for the skeletons and laundry of JPMC/FDIC/OTS/GS and others who apparently contributed to a highly unsavory, unusual and unorthodox receivership. Somewhere in 09, however, WGM's head got turned by the power/interests of SNHs and Hedge Funds and those entities from whom the raping of the estate's value was supposed protected; somewhere in early 09, with the power vested in it as DIP, WGM became the conduit for maximizing value for those whose interests conflicted with shareholders and equity and, with Rosen as its face and voice, equity got out-maneuvered and trapped into a confidentiality agreement that it could not breach; and hus, knowing the low threshold for F&R and the GSA, there was precious little equity, or even he judge for that matter, could really do after that. WGM was running the show and sold equity out. That we survive at all as NEWCO is, I think, actual testimony to Susman Godfrey and the judge, choosing to peruse Nate Thoma's allegation.

Had whatever happened in early 09 not happened, this would have likely gone entirely differently, and the once-in-a-lifetime BK play may have come to fruition.

But that's not what happened.

I'd like to know, one of these years, what really turned WGM in early 09, and what the circumstances really were, and who the players were that cooked this up (remembering that WGM/Rosen are just hired to execute the will of whomever was really bankrolling them and calling the shots).

I hope I live long enough to hear the truth.

Dion