LG this is a good post. I don't remember Quinn, Rosie, Sachs and others accusing SNH's of Insider trading. They would never bite a potential hand that feeds them. My memory is a little foggy these days, but I do remember they were allied with each other and that is why Mcmahon stated "We need an EC!" THJMW complied and we lived. It was Nate who singled out the SNH's for Insider Trading.
If not for Mcmahon, we would have been tossed out of the court on our butts and SNH's would have gotten the company and the leftover claims monies.
I am in your corner when it comes to money coming to PIERS (pay-off) and downstreamed to Escrows (if enough is left over) once the claims against the estate are settled and/or tossed out. We have been seeing action on this lately, so I feel it is wrapping up. WMILT will recover enough funds to settle the PIERS (this is a given) and anything left over from that recovery (from the D&O policy pay outs) will downstream to escrows or be put in the operating fund for the WMILT to pursue the "tolling agreements" claims they have in their back pockets. Litigation is expensive and they may be waiting until these employee and other claims against the estate are settled before they execute the claims in the "tolling agreements."
As I said before "escrows will get paid (if at all) through money received per litigation/settlements and expunged claims. FDIC will not have our backs in any of this, they feel we are all "bottom feeders" and will just close out the P&A when they feel like it. There is no U.S. Statute (that I know of) that states FDIC has to close out a P&A in 6 years. Please help me with this one.
Good Post overall, you touched on the right subject to explain where monies for escrow may come from. It is important that the board understand the billions in set asides have not been settled. Only a small fraction. As the claims are settled or thrown out the fund for pay outs grows.
Cheers
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