jhd...I think I did explain that in a previous post of mine. They can't claim equity for commons...it's simply not there under the facts that they have...MOR. They are not, as someone pointed out, possibly breeching their fiduciary responsibility to shareholders because...according to the facts they have...equity is not there. There is currently A<L ..end of story.
That's not to say that under the circumstances that what happened to WM as a result of criminal, collusive, complicit, nefarious actions by the FDIC and JPM and whoever else, that WM would be otherwise totally "locked and loaded"...but at this particular time..it is simply speculation, and in light of the facts that they have....nobody in their right mind can say that A>L...resulting in.... there is equity!
They are in negotiations for settlement...it's in the fine print. They are close to that settlement, which might well put A>L, and hence the formation of the EC by UST to cover all holders NOW! The motion by WM is essentially to limit the EC's participation...at least to some degree..to keep them out of the "real" negotiations.. the settlement type!! The EC will play a role..how involved..who knows..maybe when they get presented a number..they frown and attorneys work to squeeze either JPM or FDIC for a little more... I don't know.
The bigger picture is the criminal/punitive/damages consideration that is resting in the lap of those certain players...and how much is it worth to them and to us to peacefully get swept under the carpet.... that's what WM's attorneys cannot predict nor speculate when addressing equity and the current state of WM.
I'm sure this is clear as mud...but..wow...what a story!
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