Absolutely and it was echoed with Tal Sapeika from Weil as recently as August 5th (ish).
The following was posted by Matt2216 on "another" board which Ive had posts deleted in the past for linking to, so I won't. I'm sure you can find this is you search for it on your own.
Matt has a proven track record of being on the up and up. He's clearly been in contact with Tal in the past and he's the one that made it a point to call the court to dispel the 72 court clerk rumor last week.
"Question 4- Cancellation of equity- No plans to do so. No plan has been formulated so no plan to cancel equity is on the table.
BTW, she reiterated that at the current time she did not expect equity to see a recovery. I wanted to clarify this. I stated that what she was saying was that as things stand now, A<L, equity does not see a recovery, but if the litigation and or settlement is successful that it would change everything to which she responded "yes". I just wanted to clarify this for those bashers that key in on that statement."
These are hypothetical statements based on current standings/knowledge. "No plans to cancel equity because no plan... at all exists as of yet". "Not expecting recovery for equity" because it wouldn't be prudent to go around saying things like "WE EXPECT BILLIONS IN RECOVERY" because if people invested based on such a statement and it didn't happen you can bet your last penny that someone would wind up suing them personally.
But as Matt made clear, neither of these statements is set in stone right now and we can't/won't know anything for sure until we see money/assets transferred back to WMI that rebalance the As and Ls or a plan for reorganization isn't just put forward, but has been approved by the Judge.
Bopfan has made it a point to state that there's little to no chance a judge would ever allow equity to be wiped out with this kinda of litigation with the potential for this kind of equity is still on going.
I've done enough research to know that the lawsuits and claims are legally viewed as "assets" which would also indicate the same. As far as the judge is concerned I can only ASSUME that even if come March or some later date, should WMI still be trying to get their cash back and or assets and other damages without the As=Ls or As>Ls it would still be unlikely that the judge would allow equity to be wiped out, even if WMI wanted to.
At the time I was worried that there could be collusion between WMI and JPM/FDIC to keep the money with JPM until equity could be wiped out, hence... they let JPM hold onto it without much of a fight for so long.
That's why I spent so much time looking into it and as such is why I don't believe that equity is in much if any danger until most of if not all of the litigation has been completed.
I don't know how/why it's become a crime here to mention the possibility of equity being wiped out or that we may not prevail to a degree where we'll recover enough in a discussion about "being careful" when making assumptions here. But that's all I've done and it's all I've ever tried to do since day 1, in that I try to be as realistic as possible. If that means exploring the ways we can get screwed, so be it. It comes with investing in a bk stock.
Anyone that refuses to admit there's at least a small chance of "no recovery" or "equity being wiped out" isn't being intellectually honest with themselves or with you. That's my personal belief.
I've said all that I can and I'm not going to FIGHT with you guys anymore as that's not why I'm here.
A handful of you know who I am and how much time and effort I've put into trying to get the word out about this nightmare. The rest of you, or at least a bunch of you are so jaded from the constant bashing that you can't even tell when someone is just trying to be honest with you anymore.
And for the record arguing that someone that arrived 3 days before me and so they have a better memory of these things is somewhat silly.
Maybe some of his DD wound up in the Texas Action. Maybe not. But some of mine did... verbatim.
I'm sure he's got a much greater understanding of the legalities of some of this stuff than I do. But as memory and DD, I think a multitude of us are all on par with one another, even if we only remember different bits and pieces, some overlapping and some not overlapping with one another.
That's the beauty of message boards. None of us knows everything. We all bring something different to the table.
"Are you sure it was WMI that issued the statement and not the FDIC?
Mordicai has been posting here since Sept 27, 2008 and he doesn't recall any such statement."
Market Data 
Markets 
AI
