This is evidence of sheer desperation on JPM's part.
This letter is so ludicrous as to be insulting to the District Court. THJMW is not going to like this !!!
The turnover action is based on the simple question of whether the $4 billion is a deposit vs. a loan or capital contribution. Whatever its character, there is no question that WMI has an interest in the money. We should now get the ruling on the 4Bil just to spite JPMC
A debtor's estate includes all property in which the debtor has an interest. 11 USC 541. As such it is a question about the scope of WMI's estate, an issue squarely in Judge Walrath's province. Imagine what would happen to Chapter 11 if a Bankruptcy Court did not have the authority to determine the scope of estate assets?! We might as well throw out all the case precedents for the last 100 years, just so we can please Mr. JD and his buddies! THHJMW is not going to like this
Sanctions coming soon if they try to delay beyond the Aug 24th hearing. Also DANBB you are going to be very valuable for that hearing audio. Please get that for us ???
Moreover, it is a matter of statutory law that a turnover action (11 USC 542(b)) is a core proceeding (28 USC 157(b)(2)(E)), so the Lubin case (which is based on director liability, not property of a bankruptcy estate) is inapposite in any event.
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