So I have an abandonment motion that says this...
"2010 (the "Global Settlement Agreement") that resolves certain disputes among the Debtors, JPMC, the FDIC Receiver, the FDIC in its corporate capacity, and certain other parties in interest. Pursuant to the Global Settlement Agreement, on the effective date thereof (which will also be the effective date of the Plan), the Debtors will be barred from pursuing the litigation pending in the D. C. Court, as part of the general release of the Debtors' claims against the FDIC. See Global Settlement Agreement,§ 5.3(c)."
Then I have a signed order from the bankruptcy judge stating this(docket#9901)...
"provided, however, for the avoidance of doubt, WMI and its chapter 11 estate do not hereby withdraw or release any claims asserted by WMI as a creditor of WMB against FDIC, in its capacity as receiver for WMB or in its corporate capacity, on account of WMI's status as a creditor, and do not withdraw or release any rights under the Global Settlement Agreement"
and furthermore the "all powerful GSA" says this(docket#9178)...
1.183 RELEASED CLAIMS: Collectively, (a) with respect to those Entities party to the Global Settlement Agreement....
"provided, however, that “Released Claims” does not include (1) any and all claims that the JPMC Entities, the Receivership, the FDIC Receiver and the FDIC Corporate are entitled to assert against each other or any other defenses thereto pursuant to the Purchase and Assumption Agreement, which claims and defenses shall continue to be governed by the Purchase and Assumption Agreement, (2) any and all claims held by Entities against WMB, the Receivership and the FDIC Receiver solely with respect to the Receivership, and (3) subject to the exculpation provisions set forth in the Plan, any avoidance action or claim objection regarding an Excluded Party or the WMI Entities, WMB, each of the Debtors’ estates, the Reorganized Debtors and their respective Related Persons; and, provided, further, that “Released Claims” is not intended to release, nor shall it have the effect of releasing, any party from the performance of its obligations in accordance with the Confirmation Order or the Plan."
Please forgive me if I seem obstinate but what am I to believe? Believe the musings of MB posters or what I am reading in clear concise English. The Abandonment ORDER signed by JMW was on the 16th March,2012 almost a month after the GSA(POR V.7) was agreed to and confirmed in court. Am I to believe that this ORDER which categorically states (multiple times)that the GSA "DOES NOT"void WMI's creditor claims is erroneous?
Are we saying that if as is being put forth, the creators of this document forgot to include that "the GSA does not void WMI creditor claims until the "Effective Date" or something to that effect. Were they so inept to overlook this???
Then we look at the GSA itself which also curiously states that released claims "DOES NOT" include claims against the Receivership, FDIC R and WMB curiously by certain "ENTITIES".
I am aware that the DC action was released but IMO it does not release those parties from all claims made against them. The GSA makes it clear that all claims against the Receivership, FDIC R and WMB are not released in totality but merely deferred. Is it so far fetched to believe that an agreement was reached during negotiations with the FDIC R to return WMI assets in return for resolution. The GSA states clearly that signatory parties must adhere to the agreements since failure to do so could void the pacts made and thus reopen the dormant litigation. These issues I believe will soon be addressed in the coming months. AIMHO of course
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