They can't count the chickens before they are hatched. But we can. There are tens of billions of dollars of damages claimed in lawsuits against JPM and the FDIC and maybe others. All the EC attorney has to argue before Walrath is "Gee Judge, the holding company has paid Weil tens of millions to file these claims for whose benefit.... creditors who have already received full payment or shareholders who lost everything by fraud." The motion to disband is a joke and will not be granted. Take a vallium . Relax. And dream about how you are going to spend your new found wealth. We finally have a law firm representing our interests. The EC is not going let these lawsuits fall by the wayside. Neither is Walrath. Remember Walrath wrote a lengthy opinion when she ruled the noteholders have to disclose their interest which contents divulge that she knows how the big boys and their law firms play to screw everyone else.
I've been telling people this since last november. People have already made millions by understanding this simple point. Preferred shares get paid first. Common shares get paid last if and only if the preferred shares get paid in full. That's the contract.
It could take years to work through all the court cases.
Hell! We could stay on the war path for decades and force the congress to admit that what happened was pure crisis profiteering in the end. They could hit this company with a punative windfall tax and set up a government agency to help us out.
We don't have to ever say die..
But on the near horizon, those numbers don't lie. The commons are very much below water. The EC is a BIG mouth to feed that might scuttle chances for them to settle this with JPM/FDIC.
The EC was appointed by the trustee on the evidence that there might be something left for some of the equity holders. But that could mean the first in line series of preferred shares only for all we really know now.
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