Hmmm. The facts and issues are the same --- why didn't JPM just ask to join in the district case against the fdic? I think the jury demand has jpm scared. What JPM has filed is actually very weak. It claims ownership of the holding company's assets asserting (actually conculding) that these assets although titled in the holding company's name were beneficially owned by the bank. Huh? Moreover, it bases its claims on the fact that the fdic disallowed the holding company's receivership claim as if the fdic's word is final when there is a freaking appeal of it to the district court and one of the grounds of appeal is that the fdic didn't even handle the disallowance correctly per the applicable statutes! This shows how desperate JPM's attorneys are. Most of the complaint filed should be stricken because it pleads how great jpm was for buying Wamu. That isn't permitted. But if the holding company doesn't own the assets, why is JPM in the bankruptcy court....the bankruptcy court only has jurisdiction of holding company assets. What is even more absurd is the fact that JPM admits it paid only 1.88 billion to the fdic, but lists billions and billions of assets its claims which is a flashing red light to the bankruptcy judge that her allowance of such claims would in itself be the fradulent conveyance. As I posted earlier , the fdic and jpm are at odds now. My personal feeling is the fed, white house, fdic, otc, is going to say to jpm " buy the holding company out, get this resolved, you are not going to get this as cheap as you might have thought, you want the assets , pay for them." And all it requires is for JPM to make an offer to buy the common. jmho.
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