Replies to post #5076 on Dime Bancorp Inc (fka DIMEQ)

[wall_street61]

However, the silver lining is that now we have a lower bound value on the LTWs, which I think wall_street and others pulled up.

If we share 50/50 the 30% of Newco, then our shares are worth ~0.25 (maybe a tad more). This at least gives me a lower value to work from.

Just last Friday, the lower value was 0.0/share, which is much lower than 0.25/share!

Granted, I'm not saying that 0.25/LTW is fair... only that it is more palatable than 0.0/LTW.

What has my knickers most in a twist is this Class 18 business that has 0.0% recovery... that makes no sense to me. I keep thinking of Star Wars' Admiral Akbar, "It's a Trap!" I just hope that we can avoid it.

I don't disagree with a valuation range in the .25 area. But for you conspiracy theorist out there, I believe that Rosen and Co and Willingham and Co have come to the conclusion that the LTW's will more than likely land in Class 18. At first glance, one would say "oh, good, a floor value". I don't buy that. Class 18 is ahead of priority than Class 21, but yet 21 gets paid and 18 gets screwed. Furthermore, the plan doesn't allow for the LTW's to appeal, if i read correctly, and you don't get to vote either.

So just what happens if the LTW's land in 18? Big zilch with no appellate option? Looks that way.

The D&O option continues to be eroded also. http://finance.yahoo.com/news/FDIC-settles-former-WaMu-rb-334203217.html?x=0

I personally think it is highly more likely the LTW's will wind up in 18, than 21. And I also think 18 is a more likely classification than 12. So throw stones at me.

Walrath made a fatal assumption when she sent those fools into mediation. She thought they'd adhere to the APR, or at least put a mechanism in the plan in case the LTW's were in Class 18, and they did not.

I think it would be kinda funny if Walrath put DIME in 18 and then turned around and decided that the preferreds and commons got a different percentage recovery of the NEWCO, like ZERO. After all, that option, which may or may not translate into discretion to add it to 18, is in the language for treatment to commons and preferrreds..."provided, however, that, in the event at the Confirmation Hearing and in the Confirmation Order, the Bankruptcy Court determines that a different percentage should apply"

[MrchntDeth]

Gotta go with Jared on this one.

What we're getting right now (from POR 7), is a lot of Mental Mas.turbation (but not much more), from none other than Rosenturd. The thing that amazes me is that people are shocked by the antics of this assc.lown.

Think of the fable of the Scorpion and the Frog . . .

Scorpion asks Frog to to carry it across the river. Frog is reluctant, knowing that the Scorpion, being a Scorpion, will sting Frog to death.

Scorpion convinces Frog that it would not be in Scorpion's interest to sting Frog, for they would both surely die, with Frog being poisoned, and Scorpion drowning in the River.

Sounding like a fairly reasonable explantion/proposition, Frog agrees to carry Scorpion across the river. Midway, Scorpion stings Frog.

Frog is shocked, wondering why Scorpion would have done such a thing. And Scorpion, being the Scorpion that it is, tells Frog that "I stung you, because I am a Scorpion, and it is in my nature."

It is in Rosen's nature to be a d.ick, and his job it to "F" us royally. He just cannot help it, no matter how much his side (JPMC, SHnIT's, WMI, A&M, et al.), may get screwed in the process.

Continued . . .