The lady in the black dress did deny the request, but only because she believes that we (as a Class), remain adequately represented by Arthur Steinberg (who is being funded by holders of about 4% of the LTWs). She also justified her decision by saying we were too late in asking for it, and that additionally, there is no reason to believe (at the moment), that Steinberg's clients will walk away right now, etc.
She stated that trial is a month away, as far as the LTW's are concerned. She further noted that there is a $335 million dollar reserve that's been set aside (or carved out of the Estate), in the event that we do win.
She also noted that in the event that we win the adversary hearing, that Steinberg could submit a request for payment from the WMI Estate to compensate Steinberg's clients for for having represented the entire class of LTW's in the prosecution of this case.
And she bought into Strochak's LIES that any appeals will be really cheap. Well, they will for WGM, since they continue to RAPE the Estate each. Or "Milk the Estate," as Rosie so delicately put it (over a year ago), millions and millions of dollars ago in seemingly padded hours. Dollars that should be going to the very people that he accused of trying to "milk the Estate." I have a hunch that Rosen likes a special like of "milk", but that is a whole other issue. Perhaps his "bodyguard" can explain it to him when they're alone.
If Arthur can prove that Rosen/WGM is wrong, WMI will pay from the Estate. So, whoever is at the fulcrum right now will be the one footing the bill because of Rosen's arrogance in thinking that he can bully his way into our money and gifting it away to JPM, free and clear, by "cleansing" it under §363. Rosen gave away our money from from the Anchor proceeds because they used a "holistic approach in coming up with the GSA.
Ironically, the "holistic approach" was NOT used to gift away the American Savings litigation (another Winstar case), to JPM, because WMI owned ALL of the proceeds from THAT particular litigation, and holistically speaking, it was much easier to give away OUR money, our 85% interest in Anchor, than it was for WMI to give away its ENTIRE 100% interest in their American Savings litigation. Holitically speaking, of course. Because it is easier to give away other people's money than it is to give away your own.
In other words, Rosen STOLE our money and gave it away to JPM because he thought that he could get away with it.
Hope that helps. Best of luck. Looking forward to September 2011.
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