WAMUQ: Interesting Yahoo Post: 'Settlement' of the fraudulent conveyance claim ...
'Settlement' of the fraudulent conveyance claim means WMI's claim against the FDIC and JPM will be extinguished in exchange for payment.
When WMI is acquired the acquirer will be buying the interests of existing shareholders.
Pre-seizure holders who sold liquidated their claims so they can't benefit from the WMI acquisition. However, if the pre-seizure holders bring a class-action they can try to recover some of their losses.
This is a rare case, indeed. It isn't often in a Chapter 11 that a debtor's loss is caused by someone with bottomless pockets and the law is entirely on the debtor's side. As great as it would be to read Judge Walrath's ruling on the matter, chances are remote we'll get to do so because the FDIC will act rationally before then. The FDIC cannot afford for a precedent setting ruling in this case to be published or for the public to read the details of what really happened.
Anyone reading this board must have some acquaintances or friends who can lead him/her to a bankruptcy lawyer. It's best if the attorney practices Chapter 11, but even a consumer bankruptcy lawyer who has worked with the avoidance powers can offer an interpretation of Section 548 in connection with WMI's situation. Put the facts of this matter before him/her and get his/her opinion.
WMI gets the damages on account of its past ownership of the seized assets. WMI's owners -- the common -- can sit on the $ from the damages indefinitely if they choose. They won't however, because if someone like Goldman Sachs offers to buy their shares for a heavy premium, they'll vote to sell. The balance of power will once again be where it belongs -- with the common -- i.e., TPG and the other institutions.
Aha. Well, after WMI gets its cash from the FDIC it will have a lot of bidders. If my conjecture on its post-settlement cash pot of $35 billion plus, the frenzy to acquire it will be unlike anything we've seen as any bank that could add $35 billion in free capital would be a global colossus.
When WMI sells itself it can ask for the moon as $35 billion cash is worth more than $35 billion in common for just about any company.
JPMorgan Chase Bank, National Association is currently executing fraudulent conveyances and transfers of "Washington Mutual" real property deeds. If you believe District Attorneys will prosecute JPMorgan Chase Bank, National Association fraudulent conveyances and transfers, then buy. If you believe District Attorneys will not prosecute JPMorgan Chase Bank, National Association fraudulent conveyances and transfers, then sell.
It is becoming very obvious that WMB and WMI are hopelessly intertwined and that the only real solution is a Buyout by JPM.
From what has been said on the Yahoo Board, it appears that WAMUQ has already REJECTED an offer of $3.00! This is the real reason why Bonderman resigned!
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