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cents2ks

07/07/09 6:51 PM

#80310 RE: survivor Spain #80309

Awesome post SS! AGREE! Thank You!
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Chiron

07/07/09 6:51 PM

#80311 RE: survivor Spain #80309

Great post
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dmceng

07/07/09 7:09 PM

#80317 RE: survivor Spain #80309

SS

Good summary!! We seem to be getting rid of thr garbage delays from the FDIC and JPMC. I will also be interested in Bopfan's review of same.

Take Care
David
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fixedops

07/07/09 7:23 PM

#80318 RE: survivor Spain #80309

Spain,
I DO think the judge is crossing her T's and dotting her I's as to avoid future appeals. Appeals would make this drag out forever and would not look so good for her. However I do think she has made up her mind. I had posted two parts of her written opinion before and she used the words (ripe for decision)... Here it is again.

She thinks its a no brainer...

1) "The Court held a hearing

on May 20, at which the parties presented oral argument on the

Motion. At the conclusion of the hearing, the Court took the

matter under advisement. Upon consideration of the parties’

pleadings and arguments, the Motion is ripe for decision."



2)" However, these causes of action are premised on

the FDIC’s failure to maximize the value of the receivership’s

assets in the sale of WMB to JPM. Specifically, the Debtors

assert the FDIC would have received a higher value through the

liquidation of WMB than the sale to JPM."
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rramirez82

07/08/09 9:25 AM

#80336 RE: survivor Spain #80309

SS, that was a very well articulated analysis.

The only thing I might disagree with is when you stated it, "would have been unfair to their Bank's customers and would have worsened their only potential problem: liquidity. Instead of the famous 16B deposit run, it would have been a 20B run. It seems to me they did the right thing for their customers.. keep the cash in their bank."

Correct me if i'm wrong, but the $4B belonged to WMI - not WMB - therefore, it would logically follow that the money did not belong to the bank's customers either. Accordingly, if seizure was imminent and expected - as JPM states in it's answer - then WMI had a right to move its own cash so it wouldn't be seized along with WMB assets. This transfer would represent a deposit liability for WMB and an asset for WMI. I think this is the essence of WMI's claim.
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climberprof

07/08/09 10:47 AM

#80366 RE: survivor Spain #80309

Survivor

Another excellent post. Thank you!

I have couple of questions:

What does "AP" stands for?

Is it $4.4B, $4B, or $3.67B?
I keep reading different numbers.

Thanks.
Best
Climber
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rattlewatch

07/08/09 3:24 PM

#80455 RE: survivor Spain #80309

So does this mean that we wait for JPMs answer,then MFWs ruling on this response,and finally the ruling on the 4B??


Honestly thought this was ready with the FDIC out of the way.

tia
rw