Washington Mutual demanda a la FDIC por 17 billones US$ + daños

Necesitamos una buena señal para que todas esas espectativas se sustancien en algo factible,a ver esta semana si el ec actua con contundencia a poder ser el lunes.

Just to provide a little background of disclosure requirements for those who are unaware of the process. No need to get concerned with where we are in the process...

requirement of disclosure statement

A disclosure statement must contain adequate information for creditors and shareholders to make an informed judgment about a plan of reorganization. See In re Scioto Valley Mortgage Co., 88 B.R. 168, 170 (Bankr. S.D. Oh. 1988). Section 1125(b) of the Bankruptcy Code provides the threshold level of information that must be included in a disclosure statement:

Factors Considered by the Court

Bankruptcy courts exercise broad discretion when deciding whether to approve or reject a disclosure statement. In making a determination, courts often look at whether the disclosure statement contains the following types of information:

1.the circumstances that gave rise to the filing of the bankruptcy petition;
2.a discussion of assets available and their value;
3.a summary of what the debtor anticipates to do going forward;
4.where the information used in the disclosure statement came from;
5.a disclaimer stating that no statements or information regarding the debtor, its assets or securities are authorized, other than those included in the disclosure statement;
6.the debtor's condition during its bankruptcy proceeding;
7.claim information;
8.an analysis showing what creditors would receive from the debtor were it liquidated under chapter 7;
9.the accounting and valuation methods used in the disclosure statement;
10.information regarding the debtor's management going forward;
11.a summary of the plan of liquidation or reorganization;
12.a summary of the administrative expenses, including bankruptcy professional fees;
13.a review of the debtor's accounts receivables;
14.financial information necessary to allow a creditor to decide whether to approve or reject the plan;
15.information regarding the risks being taken by the creditors;
16.the amount expected for recovery through avoidance actions;
17.a discussion of nonbankruptcy litigation;
18.tax consequences of the plan; and,
19.the debtor's relationship with any affiliates.
See In re Scioto Valley Mortgage Co. supra., 88 B.R. at 170-71.

Look how many pieces of the puzzle have been omitted. I don't see any way the Court can accept this plan. They are hiding the true value of WMI. The Judge is not going to like this.

http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_W/threadview?m=te&bn=86316&tid=410420&mid=410420&tof=7&frt=2#410420

Aclara muchas cosas sobre los próximos 59 dias que faltan hasta que se decida sobre el POR. Deja muy clara la posición del EC y los graves fallos del POR

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We are all sensing something going on behind the scenes. My strongest feeling has to do with the use of the terms "Global Settlement" as opposed to "Settlement". There are civil *and* criminal matters occurring here, and my feeling is, it's ALL about keeping the hush-hush on the criminal stuff so that when the dust settles, JPM settles with as little negative publicity as possible.

Second, did anyone else research who the gentleman was whom we sent donations to? I did, and you might also discover that it's likely to be a gentleman with years of data mining and data analysis, and several patents for computer security and cryptography. It was strongly debated not too long ago that much data crunching was being done, and with a certain GDenke (call me crazy but its making sense now) hinting at the NSA's benevolent involvement in this...I think our volcano is close to exploding in favor of equity. Of course, true longs will watch this as lava flowing over a chess board in the upcoming weeks.

The fact that Rosen filed a bogus POR was the final white flag of a sinking ship. As an attorney, he had to do what he needed to do in order to get that time. More freakin' smoke and mirrors, while deals are still being done behind the scenes, if you ask me.

We've done our DD. Sit back, relax, and support our representation. I strongly feel that the ball has been in our favor for the last 18 months, and will continue to do so.

An empty accounting sheet? No 3.1a? Are they freakin' kidding us?

Posted by: mordicai Date: Saturday, March 27, 2010 2:52:31 PM

I think what people need to focus on here is the fact that despite 18 months of time and millions of dollars in accounting fees, the required financials have not been released with the POR. Why? Is it because the tax refunds have all been collected and assets are clearly in excess of liabilities? Would the financials lead the ec to hidden or undervalued assets? Obviously, if Weil thought this POR had a snowballs chance in hell of surviving, the financials would have been submitted simultaneously. Yet the financials were not. Does WMI expect EC to negotiate blindfolded? This is not going to make Walrath a happy camper.

Then we have the fact that Weil openly admits that the FDIC has not agreed to the settlement. Huh? It was my understanding that the fdic lawyer was in court on 3/12. Settlement agreements announced in open court are binding on the parties. Clearly enforceable. So did Rosen lie in open court? Did he make a misleading statement in violation of securities law? Is he letting the FDIC out of their agreement? Why can a por be submitted now based on a contingency i.e. the fdic agreeing at a future date, but it could not be submitted way back when? If the fdic isn't on board there is no agreement, and with no agreement in place, the por is not a plan but a wish. Big difference.

My thought is this POR was presented to preserve exclusivity knowing it was doa. There is recent case law where the board of directors of a company can be sued if they keep incurring loses at the expense of creditors. I think this por is nothing more than an effort to protect the directors, wmi, and weil from such suits in the future in the event the litigation does not pan out. This is not to say that I think Weil will fight or ever intended to fight for equity. It will be up to the EC lawyers to take charge.

Bottom line is this POR is an act of futility other than to protect the backsides of a few. JMHO.

Now that we are in the 4th quarter there is almost no chance of OT.

There is 60 days until the voting.
The POR will be confirmed
The EC and UST have been outflanked. Given the “freeze” on the lawsuits, that means there will be no more discovery and the Cards in your hand are what you have to play. No more new facts.

Commons will be cancelled. Sell now or you may not ever see more than .08 or .10 ever again. I will leave open a VERY SLIM to NONE chance of being higher than that. WAMUQ will trade like a commodity with no intrinsic value, and price will be dictated by number of buyers vs number of sellers.

I too believe that the takedown of WAMU was a travesty. Hank Paulson decided what Financial Institutions would live and which ones would die. While JPM got a gift and desired WAMU for many years, the maestro of this Orchestra was Hank. The OTS and FDIC including Sheila were just pawns being moved on the board by Hank.

Bopfan and the ducks spent way too much time as wannabe lawyers and were myopic in their views.

Always follow the CASH Waterfall.

When I look back I see one HUGE MISTAKE that could have changed the outcome. This mistake was made by WAMU and relates to the $4 billion deposit.

Even after 9-25-08, bopfan spoke that this unequivocally was WAMU’s. I disagreed as there were too many holes surrounding the deposit. (if it was so simple, why did not Walrath Rule on the $4 billion deposit immediately, I repeated again and again)
-No signature Card
-bookkeeping transfer by mistake
-Clerks transferred without TREAUSRER approval
-The best evidence that WMI could come up with was a deposition of Medium level treasury person who’s description indicated a complete lack of rigid procedure regarding cash transfers of this Magnitude. Really, $4 billion gets transferred and you have some mid level person described what appeared to be some chummy co-workers saying “that’s OK, complete the transfer today, I will get you signatures later”.
In my view, any WAMU clerk who could transfer $4 billion without proper approval should have been fired and prosecuted. Along with the clerks boss, the clerks boss’s boss and the auditor who did not catch it within a day.

This sloppy Treasury management prevented WMI from winning the Deposit early in the BK process. Bopfan had you believe that the deposition was good as GOLD, and that there was some other reason that WMI would leave the $4 billion deposit with their adversary. The Reason that Walrath could no rule quickly, was simple, the evidence was not compelling and complete. Weil spent way too much time and as a consequence, time was diverted away from other issues that could not be fully flushed out.

Had the $4 billion deposit been ruled early on, say by 12-08, this would have provided the Financial Muscle and absolute ownership by WMI that would have allowed Weil to chase a few “claims” prior to the 18 month exclusivity period. Instead, the $4 billion become a “token” in good old fashion horse trading that now we know as the “Global Settlement”.

I played 36 holes today, and will play 36 tomorrow. So, I will post on Sunday what I think that the preferred may get. But upon my first scan, it will not be much. Of course, the COMMONS will get ZERO and have no hope of anything else but ZERO.

Bopfan, wamurocks, Gibson, sgt, ghost, nlu, dollhairs, marybob, frozen,waves, altini(especially you), you all deserve to lose your entire investment.

The above are bopfan and his ducks. For the rest of you, do not believe what “SPIN” bopfan puts on it now. Ven will not gain control of the POR. And the Claims have no value in BK court, even if you are right or unless a smoking gun is found (which is unlikely since discovery is over)

Mark this Post
(just like you should have on my others)
Sandiegodave1976

http://seekingalpha.com/article/195908-wamu-jp-morgan-keeps-turning-lead-into-gold

Personalmente creo y soy totalmente imparcial (porque estoy fuera y en liquidez y esperando movimientos del valor) que el precio y el volumen no refleja sus intenciones de hundir a WM, es muy extraño no haber visto movimientos antes de una noticia, ya que los MM trabajan con esa informacion de antemano y anticipan los aconteciminetos ¿por qué?, pues entiendo, que el poder real de controlar el devenir de WM pasa por la juez, y no por los demandantes y los demandados, ya que una postura en ambos sentidos ahora, podria mandarlo todo al traste segun la posicion adoptada. Sigo diciendo que está manipulado por MM secuaces de JPM, y mientras no vuelvan a caer como la otra ocasion y observe acumulacion a precios bajos, NO ENTRO, y entiendo que si lo mantienen a este precio, es seguir ellos acumulando porque no lo ven todas a su favor, todo lo demas es HUMO y cada cual hace su trabajo con argumentos judiciales por conveniencia y adoptan una posición extrema antes de negociar y empezar ha establecer un punto de salida, el cual lo dejara establecer la juez (aceptando argumentos de unos y otros) para una posible negociación y en su defecto a juicio, juasss tiempo al tiempo, jejejje. Suerte a todos.

Faltaba confirmar datos que se expusieron en la audiencia del 12 de marzo. Las preferentes Ps se valoraban entonces a 200 USD, luego a 50 USD.
Ahora con el POR presentado quedan todas las acciones sin valor, preferentes incluidas serían canceladas.
Esta semana es la prueba de fuego de cuales son los precios de soporte de unas y otras.
Los que estan dentro al 100% mejor no seguir las cotizaciones hasta que entre la moción del EC.
Comprar muy barato puede ser una buena opción.