In another post, Spunky was virulent about Walrath dragging her feet and musing about the political crooks...and I understand his perspective, with all the rat sh1t politicians and lawyers around these days. But (big but)the WMI situation has now hit another level and the exposure for WMI's board, some execs, JPM and in some respect the FDIC is about to make light of the expression, "where were you when the sh1t hit the fan". IMHO, this is about to explode..
Didn't you get th drift from some of the recent filing in "denial" on all the investigations and if you the read between the lines the FDIC's filing, there reluctance to get further tainted with this mess. Bair already admitted to stupity..but she's drawing the line on criminal". JPM is going to be the biggest bagholder in town ..and who knows what poor saps are going down with him, (without a parachute).
After reading all of the filings I would think Walrath's eyes are wide open to what's coming and she will now set up Rosen for the big slide to oblivion...he's been not only witholding documents, but also witholding evidence of "criminal behavior" and shielding the guilty parties, via orders from the BOD and possibly JPM..after all, isn't Rosen "JPM's lawyer"..I would think so from all the progress he's made on their behalf.
Over 18 months ago, in dialog with other posters I said, "that this is one of the most incredible BK's I have ever witnessed" and I think in the coming months it will excede my expectations. Walrath and the Trustee will soon have to refer this mess to the DOJ by there duty to the Court
and a civil case will eventually become a criminal case, as well.
I think with the latest filing's from the various parties, which include the WMB, FDIC, Reit trust and Susman you will see the "Show of Show's, as the matter will now slide into the hands of the EC and discovery and depostions will proceed when the shareholders clobber the current BOD in a shareholder vote. Some BOD members must have diarhea tonite...
Don't expect this situation to end, Walrath will make sure it is extended past the POR/POS/DOA and provide the EC/Susman with unfettered discovery to really nail them all.
It may be too late for Jamie to save his ass, unless the price my friends brings is in an abundance to the common. He may no longer have the opportunity to "do his thing"..his MOJO wears thin..almost as thin as the pinstripes he could be wearing. And Rosen, for violating Walrath's common sense of decency..maybe sanctions besides losing control because of "serious conflicts".
Sit back, it may take 8 to 9 months more to resolve this mess, but the only way is JPM buying all the assets of WMI and then getting down on his knees and praying (dress rehersal for his meeting with Bubba)that they don't pursue him further for "criminal" in the sham he perpertrated on FDIC/WMB. You can bet your ass, Bair is no friend of Dimon and will testify that it was his numbers that convinced her to move quickly.
Tomorrow's comments should be interesting....