Replies to post #5449 on Dime Bancorp Inc (fka DIMEQ)

[Bluzie2]

Well, if you're right, the POR is junked. Look for POR 07.02.

I think we'll end up as Class 12. Legally and factually, the LTW class has the stronger case. That being said, there are other factors here that I can't fully understand.

Thanks for the response.

[linda1]

" it also applies to every other security that may try to inch up the priority ladder for the reasons set forth (ambiguously) in the language contained in the statute. "



While 510(b) may be applied to all types of securities that arise from the purchase or sale of a security of the debtor or its affiliates, it does not apply to all Securities' Claims.


Tranquility is an example.

[TWACOWFCA]

Is DIMEQ a security? If the fiduciaries, the DIME BOD, the Warrant Agent, the WMI BOD and their lawyers had done their jobs properly, they would have perfected a security interest in the claim that was spun off to the passive DIME shareholders who depended on them to protect their interest as shareholders receiving the contingent claim. If these fiduciaries had done their job properly, the WMI BOD would not have been able to turn over that 85% interest in the proceeds of the Anchor Litigation to JPM.

Instead, we have had a situation where the Warrant Agent has been unable to protect the interests of the shareholders who received the contingent interests as would be the case if a secured interest in the claim had been perfected. The fiduciary responsibility now rests on the shoulders of the WMI BOD as successors to the DIME BOD