Wouldn't we also have a lawsuit against WAMU, FDIC and JP for the miss-handing of their fiduciary responsibilities to the LTW's...even after we are classified as equity or class 12? Or, is their liability ended with completion of these proceedings. If we have a suit against WAMU...how could they validly distribute to creditors without putting aside funds for their potential loss. Appreciate your opinions!
Again, I am much obligated to you for your generosity in providing your cogent summary.
The development of the case as you outlined does present the prospect of a 90%+ probability of success in the current proceeding. Let's consider the unpleasant prospect that JMW might decide in favor of the debtors although this seems unlikely. It seems that our case turns on a point of law: are the LTW's debt or equity? If so, would any ruling depriving us of our rights as creditors not be appealed and almost certainly be heard by the appeals court? Is it reasonable that such an appeal should not be taken up? Under what circumstances might an appeals court decline to hear such an appeal?
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