Replies to post #1710 on Dime Bancorp Inc (fka DIMEQ)

[jmbell42]

Hey Scott,

From my understanding, they are contesting the treatment of the LTWs as an impaired party in the bankruptcy proceedings.

Thus, if you own LTWs, then you are part of that impaired class.

Hence, if they prevail and they successfully assert that the LTWs are, in fact, unsecured claims senior to all forms of equity, then we as LTW holders stand to benefit as a group.

The alternative, if only a subset of a class were to be given equitable treatment, would be tantamount to the equity holders of WAMUQ negotiating a settlement that included a payout for equity, but only for those shareholders who happened to file a claim against the estate.

I'm not sure that such an arrangement would even be tenable. I suppose that anything is possible, but I think that the Broadbill group is asserting LTW rights as a group, not as individuals who happen to own LTWs and filed individual claims against WMI.

This is my understanding. For what it's worth, I did not file an independent claim on the WMI estate.

Jared

[Bluzie2]

If memory serves, they have filed a motion for declaratory judgment that is general (e.g., it applies to all the LTWs, not just those held by Broadbill). They did not indicate how many LTWs Broadbill has, nor did they plead that they submitted a claim prior to the bar date.

So unless there's something I'm missing, any court ruling would apply to all the LTWs, regardless of whether a claim was submitted prior to the bar date.