"When it comes to disclosure statements, this one has got to be the most pathetic thing I've ever laid eyes on. PIERS are predicted @ 9% (74mil). First off, DIMEQ will end up dragging the court's opinion and order out a couple of months, most likely. I doubt their treatment in class 21 will go smoothly at confirmation (if it happens, which that is what the plan assumes). So in reality, you're looking at approximately 44 million/23 = $1.91 (subtracting 30mil for 2 months delay). BUT, as the disclosure statement said 'max 250'. Sure. What they are essentially saying is that about half of the claims in class 12 won't get anything, therefore that value will flow over to the piers and add to the 74 million. Really? The debtors missed the 'tranquility claim' that was just approved for vetting by the judge. That's another 49.6 million that stands in the way of the 'max 250'. Then you still have to account for DIME in class 12. DIME in class 12 is zero for piers, no ifs, not buts, and there's a good chance that may happen."
This is yet another reason why I agree with your decision to pull the rip-cord on this flaming, toxic, radioactive piece o' ca-ca, that we have learned to know and hate as PIERS or H's.
The Trustee turned down the free advice your were giving them to get FJR to go back to CR (or at least go down swinging, kicking, fighting. And how did that turn out for the PIERS. Hey, at least you salvaged some of your investment, by dumping earlier in the month. Speaking of radioactive, the half-life (on the PIERS price) is about 3 to 4 days of late.
It's getting bad, and Mr. Market is telling the remaining PIERS to jump and dump. Let it go. Abandon ship.
And as an aside, the Debtors COMPLETELY misread Tranquility's claim, thinking that they could simply go by their S.O.P., call something a §510(b) security (or, rather one that needs to be subordinated under §510(b).
And we all saw this morning what Judge Walrath's thoughts were regarding §510(b), as it applies in THIS PARTICULAR CASE.
"The law of the case" (at least as it relates to §510(b) claims by the Debtor will, in THIS court, and in THIS case, will require proof that the securities that the Debtor is attempting to screw-over (I mean, "subordinate" via §510(b)), will require as an element that the Debtor, that WMI was the actual SELLER of the Security in question.
Given that this is an order signed within the past 24 hours, §510(b) is an issue that is fresh in her mind, and again, I don't think that WG&M did WMI any favors by fighting Tranquility (over a relatively small $49 million), wherein , "the Law of the Case" now requires proof that the Debtor was the Issuer of the Security. Facts that are clearly at issue by WG&M against DIMEQ.
Except that DIMEQ was NOT issued by WMI. They were issued by Dime Savings Bank as a DISTRIBUTION/DIVIDEND to some of its shareholders, in an attempt to remain independent back in December 2000, before WMI ever laid its eyes on buying Dime. And where Dime went out of its way to tell recipients of Ltw's what they were, and just as importantly, what they weren't.
Based on today's Tranquility decision, the possibility that Dime is found to be Class 18 (due to §510(b) subordination), is about slim to none. With none starting to look better and better each hour.
Now, do they try to pull the same BS with Steinberg and §510(b) subordination to save a MAXIMUM of $337 million dollars, in an attempt to screw over the Ltw's, or do they say "¡No Mas!" and beg Arthur to take $337 million and get as far away from WMI as possible. And, oh yeah, have WMI pay Art his legal fees for representing the ENTIRE CLASS of Dime Ltw's (as was suggested by Strochak). He's definitely earned what WMI owes him and his firm.
Kudos, Art, for a job well done!
JMVHO
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