IMO: What wamuequity is going to do is file an amicus curiae brief that basically states that we are asking the court to consider the plight of the shareholders of the Washington Mutual and request that the court join us in support of the EC’s motions to have the shareholders meeting in Seattle and support the EC’s request for the SJ decision to be handed down by the court. A joinder will join us in the claims and litigation. An amicus curiae brief will justify and clarify to the court that we have basically joined in the fight of request for decision. We will be clarifying ourselves in one group “ad hoc” that has authorized (by the electronic signature on the shared doc) wamuequity to submit a brief as “a friend of the court” this will solidify our base and notify the court that the actions arising out of the BK court will have an effect on all of us. We may end up actually being a true party to the case and litigation. In NW Airlines (link provided) certain shareholders were designated as an “ad hoc” committee and therefore were subject to Rule 2019.. Remember that one, it’s the one in Sept that required the noteholders to disclose their positions, when they got them and how much. The downside to a joinder, is that we can unknowingly be designated an “ad hoc” group, which could subject all of us to disclosures of stocks and trading patterns. When you become a litigant (especially in a case like this) you are playing hard ball with the “big boys” and don’t believe for one second Weil is not going to use the Vultures mentality when they come in the courtroom fighting.
I think the wamuequity people should have disclosed the legal ramifications of becoming a true party to the suit, including the claims. We filled out the info and now we will be what we are. If a party request Rule 2019 disclosure, the court is going to grant the motion, because it will deem us an “ad hoc” committee of shareholders. Joinder is not always a good thing, it has its benefits, but it also has its drawbacks. It’s like the wamuequity guys took our advice and pushed forward with the “power in numbers” but failed to let us know that ever action has a consequence. Not to worry now, it is a good thing if we get to be a party in the case, because it will be another representation that will need to be satisfied.
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