Scot, one more item of interest,
The POR that was filed in court in the WAMU Bankruptcy proceedings, cancels the LTWs completely.
According to that filing, the Bankruptcy court believes that the LTWs represent only claims on the WAMUQ common stock (i.e. they mistakingly treat them like stock warrants). They are not currently treating the warrants as a separate claim on the LTW proceeds. Hence, if that Plan of Reorg goes through then we are traversing a proverbial river of excrement in a primitive naval vessel with no mechanism for propulsion.
This issue is at the heart of the recent Broadbill adversary filing in the bankruptcy court, which seeks to reclassify the LTWs as unsecured claims against WMI. This would put DIMEQ ahead of the preferred stocks in the bankruptcy proceeding and would make us whole if and when the award is made to JPM. ( Funny that JPM gets the cash and WMI would have to pay).
Why no one has pursued the clear claim against JPM is not clear as of yet. Many of us on the board feel that the transfer of assets from WMI to JPM is clearly handled in Article IV, meaning that we would all receive JPM stock. We were hoping that someone like Broadbill would file something to that effect.
However, they have taken a different approach, perhaps because they thought that this would be a cleaner more readily plausible fight in the bankruptcy proceedings.
Perhaps if they try to cancel the LTWs, and the POR succeeds, then someone will file against JPM.
Best,
Jared
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