Replies to post #30634 on Washington Mutual Preferred fka WAMPQ

[Joshfm]

S/G is known for taking cases on a contingency basis, so that is good, but I still don't know how badly the FDIC and JPM want to pay for those releases.

[jackfburns]

Jim, this is the real danger of our current position. Most people take for granted that JPM and FDIC will pay for the releases. Instead, JPM/FDIC may say "We're not paying for squat. Take your best shot in court." We'd have to find a good firm that would take the case on contingency, and then you can expect they'll collect 40% of what's recovered.

That's why I'll repeat what I've said on the U board: we have to hope that Susman has something related to a huge claim like bid-rigging, as it carries treble damages. Only under a threat of a massive penalty will JPM throw some scratch our way now and wrap this whole thing up.

Time will tell.

Jack