The FDIC has objected/dragged its feet during the entire court proceedings- nothing new there unless you're new to the entire saga, D.
The most important documents are the exhibits. The first is a letter from the FDIC's lawyer principally disagreeing with UWB going Chpt. 11, the ACTUAL contingency payment method to the Trustee, a few technical details, etc. Their tone of the letter is very condescending. The second is Harvey Sender's (our BK attorney) response. Folks, I don't have the time to post it, but I can tell you that Harvey Sender is a class act and knows his sh*t. He explains the financial benefit going Chpt. 11 vs. Chpt. 7, explains that UWB KNOWS that the payment method to the Trustee is legal and saves money and causes no conflict of interest AND works for BuckleySandler (the APPROVED representatives of UWB in Litigation), and explains that the estate has very little current value outside of Litigation.
The most important aspect of Harvey Sender's rebuttal is the explanation of going Chpt. 11. He is very clear that the current POL as written is entirely DEPENDENT on LITIGATION in D.C. District Court. The FDIC almost acts as if they are above the law, above the COURT, and are (as a friend said last night) just throwing crap on the wall to see if something sticks. This tells me that they are desperate enough to attempt to bottle neck the case. If the BK judge is consistent, he'll see right through the attempt.
There will be some amendments to the POL, imo. However, the concept of the current POL (Chpt. 11/payment structure) will not change, imo. So, nothing changes. This actually ALLOWS THABJ to rule on the case. Remember, she said "I will rule when I CAN". She now CAN. Justice is around the corner now.
Wish I had more time and could post the exhibits, but I have a drive ahead of me.
VC
