Replies to post #2448 on Dime Bancorp Inc (fka DIMEQ)

[bkshadow]

What an awful way to make a first post, but here goes.

DIME counsel has indicated that there is no scheduled date at this time. I believe the uncertainty of inter-related WMI bankruptcy with the FDIC and JPM as parties has been a challenge to the normal scheduling procedures.

DIME counsel, when making comments at the recent BK hearing, have asked the court for the debtor to disclose to them the "calculation" of the amount the debtor has offered to move from class 21 to 12 if the litigation (not the BK, but the base Anchor) is sustained. Currently, the debtor offer is under $200M out of the $xM award.

The award was stated at $356M and was sent back to the lower court for (1)(gross up for tax effect), (2) additional damages, and (3) interest calculation. It can be estimated that the recovery is significant.

Complicating the settlement to DIMEQ LTW's is that JPM is moving as the purported owner, setting off a net of tax argument to reduce the payout to the DIMEQ LTW holder's {46+-% per the conversion agreement, not a non-conversion definition}.

DIME counsel will argue that the BK estate is the beneficial owner and, in light of the $B of NOLs, there is no federal tax at all. If the debtor and JPM work with DIME counsel, the LTW will pay out in a calculated range with the estate allocating JPM the tax difference "in another color."

Trying not to pump, but I have held DIMEs very early, and have added since the Appeals affirmation. It seems to me to be a better hedge against all colors of WMI than the Hs once were.

Thanks.