The various motions filed on our behalf hammer home the very points that the warrants have nothing in common with true warrants.
Realistically, at the time of the WaMu seizure, whether that was corruptly orchestrated or not, nobody involved ever gave a nanosecond of attention to DIMEZ, and probably not until long afterward did anybody attend to them or what they meant. I don't believe this neglect was malicious (yet, at that point), but rather not material to the issues going on both with WaMu and the financial system at large.
No doubt actions were taken in ignorance (which doesn't make those actions right, defensible or final), and only when the dust settled did anybody notice DIMEZ. Probably at first there really were those who with a superficial glance actually did think they were like traditional stock purchase warrants.
There is no excuse for that sort of view now, but the hired legal guns have to make the best of whatever stinky messes their clients dump on the desk. So they cook up a disingenuous story and stick to it until somebody gavels their bogus legal confection into oblivion.
For a long time nobody was willing to speak up in defense of DIMEZ, by then DIMEQ, rights, so no doubt it looked like a slam dunk to brush the LTW's under the rug, and if the situation had continued unchallenged, no doubt they could have gotten away with it.
What I don't understand even now is why those who had large blocks of DIMEZ and are now so active in protecting their rights, did nothing at all for so long. It wasn't cost effective for any of US to pursue, so I understand why we could only watch in frustration.
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