HROLLER Tuesday, 06/29/10 01:18:35 PM Re: lockednready post# 216299 Post # of 429315 REPLY IN SUPPORT OF MOTION OF THE OFFICIAL COMMITTEE OF EQUITY SECURITY HOLDERS IN SUPPORT OF ORDER DIRECTING APPOINTMENT OF AN EXAMINER UNDER 11 U.S.C. § l104(C)
The United States Trustee's Response in Support of the Motion of the Official Committee of Equity Security Holders for the Appointment of an Examiner Pursuant to Section 1104(c) of the Bankruptcy Code [Docket No. 3579]
Third Supplemental Objection of Individual Shareholders to Debtors' Motion for Approval of Disclosure Statement for the Joint Plan of Affiliated Debtors Pursuant to Chapter 11 of the United States Bankruptcy Code
The declaration can be found in 103-4.pdf at http://www.mediafire.com/?sharekey=3b830df9f3d0e6fce7c82ed4b8f0c380aff12395630f22f3ce018c8114394287 Quoting: 12. Based on my review to date, there is no indication that the OTS performed a solvency analysis consistent with the test for insolvency specified in the Bankruptcy Code. There is no indication that the OTS assessed the fair sale-able value of the assets of WMB (or WMI). Nor is there an indication that OTS compared the fair sale-able value of the assets of WMB (or WMI) to the total amount of either company’s respective liabilities. There is no indication that the OTS performed a comprehensive cash flow analysis of WMB (or WMI). Instead, the OTS found that “WMB met the well-capitalized standards through the date of receivership.”8 Thus, without a thorough analysis of the assets, liabilities and capital of WMI and WMB, it is not possible to come to a reliable conclusion concerning the financial solvency of either entity, whether on a consolidated or stand-alone basis.
Here is another document that says as of August 14, 2008: "We propose to decapitalize WMBfsb by returning $20 billion of capital to its parent. The $20 billion will include the master note of approximately $7 billion, proceeds from $3.5 billion of Discount Notes and cash generated through additional wholesale deposits and advances from FHLB Seattle. We propose the payment of at least $10 billion by September 30, 2008 and the remaining $10 billion through December 2009."
"The net balance sheet of WMBfsb will be approximately $34 billion to $36 billion after Project Fillmore. The leverage ratio will decrease to 25% from 62%. A well-capitalized institution requires an 8% or higher leverage ratio."
Enclosed is a link to the affidavit of Doreen Logan who is the Controller/ Assistant Treasurer of Wamu who states that there was no liquidity problems;
Debtors seek the Rule 2004 examination of the following Knowledgeable Parties: (Pg. 443 onward shows internal emails of JPM talking about wiping out Wamu shareholders many months before the seizure)
"The Regulators" FDIC - The Federal Deposit Insurance Corporation, in its capacity as receiver for WMB and in its corporate capacity, OTS - Office of Thrift Supervision OCC - Office of the Comptroller of the Currency Federal Reserve - Board of Governors of the Federal Reserve System Treasury Department - U.S. Department of the Treasury SEC - U.S. Securities and Exchange Commission Paulson - former U.S. Treasury Secretary Henry M. Paulson, Jr
"The Rating Agencies" Moody's - Moody's Investors Service S&P - Standard and Poor's Corporation ("S&P")
"The WaMu Suitors" Banco Santander - Banco Santander, S.A. Toronto-Dominion - Toronto-Dominion Bank TD Bank - TD Bank, N.A. Wells Fargo - Wells Fargo, N.A.
"The Banks" FHLB-SF - Federal Home Loan Bank-San Francisco FHLB- Seattle - Federal Home Loan Bank-Seattle Goldman Sachs - The Goldman Sachs Group, Inc.
"The JPMC Professionals" PWC - PricewaterhouseCoopers Equale - Equale & Associates Holt - Richard F. Holt Horne - David Horne, LLC
Please read this descriptive complaint that was submitted to the SEC from Apex Venture Advisors Mike Stathis Managing Principal on October 7, 2008 in regards to the manipulation that occurred on Wamu's stock;
"The record shows that the swap was the only reason for this suit. It also shows that the FDIC knew that it had no factual or legal basis for its claims, and that its cases here and in Washington were shams."
As usual, Judge Hughes is acerbic in his opinion regarding the FDIC's conduct, noting in particular that FDIC officials "lied about it all under oath" and they "discarded the mantle of the American Republic for the cloak of a secret society of extortionists."
"It's hard to find a word that captures the essence of the FDIC's bringing this action. Irresponsible is close. Arbitrary, dishonest, exploitative, extortionate, and abusive all fit."
Judge Hughes concluded that Hurwitz and Maxxam "will recover their costs because the record reveals corrupt individuals within a corrupt agency with corrupt influences on it, bringing this litigation."
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