My Two-Stage War Room Strategy
Remember what Mr.Bienenstock said about the Enron case (to paraphrase): There are lots of value for the recovery. But they are under a cloud of wrongdoing. This observation can be readily applied to the wmi case here.
Stage One: Uncover the true value of wmi estate and wrongdings by wmi BOD and its legal consel Weil & Co. (We have Solomon standing by, motion for the Examiner to be filed soon, also procedure 2019 in order for bondholder disclosure); elect a new board of directors and change the direction of the case soon after; pay off creditors/bondholders and return the estate to its rightful owner - wmi shareholders.
Statge Two. Uncover the value from the "fraudulent transfer", and wrongdoings by jpm and fdic through an uninterupted 2004 discovery process; be prepared to go all the way to jury trial.
In between, the current wmi bod/weil, jpm and fdic may or may not come to the realization that the threat from the EC, a new BOD, and Susman team is credible, real, and serious. If they do, they'd better cooperate with the EC to work out an acceptable recovery plan. And it must be on our terms.
I don't know how many people on this board had watched a video interviewing Mr. Stephen Susman for his role in representing Alaska tribal villagers in a legal case against ExxonMobile, Chevron, BP, ConocoPhilips and other oil giants. In the interview, Mr.Susman recalled years ago in tobacco cases, he was approached by the States of MA and TX to represent the plaintiffs. But he declined because he thought at that time the plaintiffs' "Conspiracy Theory" was ridiculous that the tobacco companies could sponsor foully researches or bribe doctors to deny relations between cancer and smoking. Instead, he accepted Philip Morris' invitation to represent the tobacco giant. Later, as the case progressed, the plaintiffs' lawyers successfully proved their "conspiracy theory" was correct through discovery of the tobacco companies' internal documents, communications including emails. The rest is history. Mr.Susman readily acknowledged his mistake in the tobacco case and became more open-minded such is the case in representing remote villagers against Big Oils for environmental damages. (see the video link provided by hizwizbiz, thanks. http://messages.finance.yahoo.com/Busine... )
Some non-sayers thought we shareholders are a bounch of "conspirarists". I think Mr.Susman is very used to this kind of attacking tactics and doubts as doemonstrated in both Tobacco and Oil cases. He is open minded and know how to get to the truth. It was highly likely that Mr. Bienenstock of D&L had already briefed Mr.Susman about the merit of our case when Mr.B tried to help the EC to recruit Susman Godfrey. It's also very likely Mr.Susman and his team had already read some of the 2004 discovery materials before taking this case. They might know Reich's emails and other internal docs. from Senator PSI files too. As some people on this board said, Mr.Susman is an eagal and a pitbull. I think he has got the eagal's sharp eyes and the pitbull's sharp nose. Better yet, he has got no fear, and is agressive as the eagal and the pitbull. Most importantly, he is willing to represent the almost forgotten underdogs such as small Alaskan villigers and us commoners for the justice. Mr. Bienenstock, or whoever helped the EC procure Stephen Susman and his team, did us a huge favor.
We have the ammunition. But for a long time since the formation of the EC, we have no weapon and a leader. While Mr. Bienenstock Team could be an excellent leader for the shareholders, their representation was sabotaged by our adversaries. Fortunately, here comes a new leader. MR.Susman is not only "a litigation assault weapon" as described in the respected ABA journal (see http://www.susmangodfrey.com/newsflash/n... ), I also firmly believe that we have found a superb legal mind, briliant strategist, and field general in him and his firm