http://www.kccllc.net/documents/0812229/0812229100511000000000004.pdf
Mañana tendremos el de Susman...esto se pone interesante :)
The conflict of interest:
33. At the May 5, 2010 omnibus hearing, in arguing against the Equity Committee’s
request for appointment of an examiner, both lead counsel for the Debtors and lead counsel for
the Creditors Committee (a party to the Global Settlement Agreement) each stated that an
examiner was unnecessary because they had, collectively, expended many thousands of hours
reviewing the minimal documents produced by JPMC and analyzing issues related to the Global
Settlement (including the release of claims against JPMC and others). But, lead counsel for the
Debtors and the Creditors Committee have each disclosed significant conflicts of interest with
respect to JPMC based on those firms’ past, current and/or expected future representations of
JPMC and/or affiliates of JPMC in other matters. See Affidavit of Brian Rosen, pp. 7-8 [Docket
No. 64]; Affidavit of Fred Hodara, Schedule 2, p. 11 [Docket No. 260]. The Debtors’ lead
counsel was so conflicted with respect to JPMC that the estates were compelled to retain a
second law firm, Quinn Emanuel Urquhart & Sullivan, LLP (“Quinn Emanuel”), to represent
them in connection with potential litigation against JPMC. But, it is not clear from the
Disclosure Statement that Quinn Emanuel played any substantive role in the negotiations that led
to the Global Settlement agreement, including negotiations to resolve claims associated with the
Trust Preferred Securities.
34. It also appears that lead counsel for the Debtors may have ongoing client
relationships with the OTS and FDIC, each of whom would also be given broad releases from
liability under the Plan. See Affidavit of Brian Rosen, p. 7 [Docket No. 64]. And, lead counsel
for the Creditors Committee appears to represent the FDIC in other matters as well. See
Affidavit of Fred Hodara, Schedule 2, p. 11 [Docket No. 260].
36. It would appear that no estate fiduciary was represented by unconflicted counsel
in the negotiations resulting in the Global Settlement (including resolution of claims regarding
the Trust Preferred Securities), from which JPMC and others emerged with significant additional
value and/or valuable releases – with JPMC slated to walk away with ownership of the Trust
Preferred Securities.