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

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Washington Mutual demanda a la FDIC por 17 billones US$ + daños
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Washington Mutual demanda a la FDIC por 17 billones US$ + daños
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#13145

Re: Mi visión de los acontecimientos

No one knows what went goes on behind closed doors but there sure is a lot of speculating going on. I ask myself why Susman agreed to the delay and I think he did it because he sees this as a last chance to reach a settlement before an examiner is appointed. I think Susman has evidence that requires an examiner be appointed, maybe even a trustee. He meets with Rosen and THJMW and she basically gives them until the next hearing to get something worked out or she will go ahead and appoint the examiner. Rosen knows his DS is not going to fly and he needs the time to confer with his JPM counterparts to see what he can get out of them to reach a settlement before the examiner is appointed. Susman also sees this as a last chance opportunity to begin meaningful negotiations. He realizes that if Rosen doesn’t produce a compromise settlement acceptable to equity, then he is going to get the examiner anyway but getting the examiner is going to add at least 5 more months to the time line and if JPM and the FDIC really don’t want the examiner, he may have as much negotiating power now as he would have later. I think Susman thinks of this as an opportunity. If nothing else he may get some hint from Rosen that will help in the future negotiations.

I think THJMW told them to try and work out something so she would not need to appoint the examiner. What they work out could take several forms. If BR truly gives Susman the key to the vault, and agrees to join forces in trying to obtain something for equity, that might be enough for Susman. If BR wants to talk a comprehensive settlement where funds flow through to equity, that might be enough. If BR wants to have lunch and make promises, that would probably close the meeting and we will hear Susman asking for the examiner.

#13146

Re: Mi visión de los acontecimientos

Menos mal que no soy el único que piensa así.
12 días para la gloria o para el examiner.

#13147

Sucedio ayer durante el Hearing (Crónica WAMU)

Hi all--sorry that it has taken me this long to post, but I needed to head to work, and no posting from there!

Interesting day to day, to be sure. First, thanks to Leb and to ABIG, both of whom kept me company texting...not sure how much from both of them made it on here, but it was nice to have their companionship during the long recess.

By 9:30, the courtroom was filling up, by 10 it was to capacity. Susman and Nelson walked in just before 10. Rosen on their heels. Lots of scurrying around by Rosen's team with what I overheard was the new DS. I am assuming, since none was filed, that they were referring to #5. Apparently, they had made some changes that some of the noteholders were not happy with. Convos in courtroom and hall. Susman went and said something to Rosen, fairly terse from their body language. After Susman walked away, Rosen turned to his co-counsel (toward me) and he was making a mocking face to them, referring to Susman.

After the Judge called for a meeting in chambers, there was talk it was to be only two people from each "delegation". Scuttlebutt about conference on a "ceiling". Then more attorneys called into chambers. Pretty soon it was a fairly empty courtroom.

Had the opportunity to meet several other shareholders, not from iHub. Was seated next to local council for the debtors. He was very forthcoming with information. Fist, he received a text from someone in chambers saying they were working on the examiner. That would have taken care of a number of docket items that could be dispensed with with the appointment. Then, more texts and from another source, information that one of the parties was disappointed, saying they "should have held out for more

I was both in the courtroom and out in the hall, depending on which conversation I was having, and unlike other times where there may have been people milling around chatting casually, this time, every attorney was texting or large convos taking place. Highly charged atmosphere.

At one point, McMahon walked in, picked up a reference book, flipped to the section he was looking for, and he left. Maybe looking for case law on their powers...who outranked and outflanked whom?? Just guessing here.

Saw Susman in the hall and he looked much more relaxed. He does not smile much, but walked differently than when he first strode into court.

Rosen made some comment about the judge ordering someone to bring something up. Not sure what he was referring to. He was far less jovial at the end than he was in the beginning.

Interesting note, the attorney I was sitting next to, acknowledged the impact of all the letters we sent...saying we would be happy to know he didn't bill for reviewing all of the, once he saw that they were essentially the same, but acknowledging that the sheer number of them made an impact on them and on the court.

Certainly disappointed in the ending, but something is afoot. If it were just a delay, it wouldn't have been 1 1/2 hours in her chambers. If it were just a motion, she would've heard it during the hearing. IMHO

Funny side note, I mentioned to my seatmate that I didn't care for counsel. He asked if it was specific or in general to debtor's counsel. I told him Brian, and after he finished laughing, he said I was not alone in my opinions. He particularly liked the "liar" comment from the previous hearing!

#13148

Susman dice a los accionistas ... Votad NO al POR

Notice of Filing of Proposed Letter Attachments to Disclosure Statement for the Fifth Amended Joint Plan of Affiliated Debtors Pursuant to Chapter 11 of the United States Bankruptcy Code

http://www.kccllc.net/documents/0812229/0812229100708000000000005.pdf (4MB)

Everyone should read this - last letter/page is from Summan to Preferred share holders. He is asking P/K holders to vote "NO" on the POS POR and telling us/letting us know he/EC will get us what is fair to all classes(P/K/U).

IMO this is the first letter/public notice/court file from EC to telling us they can/will get the job done!!!

do or die wamu!!!

The TPS' letter is a good one as well. Check out page 13 of the pdf. Lays out the consortium's beliefs that:
a) the discovery conducted by the debtors was minimal at best and arguably nonexistent in some cases;
b) quote: "Moreover, it appears the Debtors’ attorney responsible for negotiating the “global settlement” had potentially disabling conflicts of interest with certain parties who, under the settlement, would receive significant additional benefits, including, without limitation, JPMC."

#13149

Si se aprueba el Examiner.... GAME OVER

An Examiner Cannot Be Approved

Susman filed their last motion under seal. Today’s ‘court hearing’ turned into one big negotiation session. Whatever Susman filed got someone’s attention.

Susman could have an examiner approved now if he wanted. In his appeal of the first ruling against an examiner, he pointed out 4 instances in BK law in which an examiner must be appointed, any 1 of which would necessitate that approval. Susman convincingly argued that ALL 4 conditions had been met, and it was no longer a matter of the judge’s discretion. Hence, the judge later hinted in court for the E.C. to re-apply for an examiner, which they did.

If an examiner is approved, it is ‘GAME OVER.’

Weil, the BOD, JPM & the FDIC will all have lost control of the process.

The examiner will uncover untold amounts of documents and if that would not be sufficient unto itself, it would provide more than enough ammunition for Susman to get full Rule 2004 discovery on all the above parties plus rating agencies, hedge funds, the SEC, and maybe even the Fed, among others. They cannot allow this to happen with all the potential civil and criminal damages. This would be the opening of a ‘Pandora’s Box’ and nothing could close it, especially with the US Trustee & the DOJ breathing down their necks.

The ‘bad guys’ are truly cornered with no way out.

The threat to JPM, the ‘government’s bank’ could possibly destabilize the entire financial system. Plus, simply put, it is a lost cause. It seems now that it is all a matter of what settlement the parties can agree to and who would pay how much between JPM & the FDIC, since both would be on the hook for the entire amount when the E.C. inevitably wins in court. The FDIC may have to cough up some serious dough to protect the whole mess, even though I think JPM was the real culprit and Sheila was just a dupe.

Even though I can't believe it, that there must be some weasel options still out there for the evil doers, it all points to a settlement before an examiner is approved. They just can’t let that happen.

#13150

11 días para próximo Capitulo

Sussman must have had something decent in that envelope, besides the portent of an Examiner, shareholder meeting, US Trustee and a revised complaint to include a TORT...

The only way to put this scam to bed, is for JPM to acquire WMI lock, stock and barrel..and in doing so saves, WMI BOD, FDIC, JPM (Jamie), OTS, Quinn Emanuel, A&M, et al)as they would never go to "full discovery or depositions" on this case

All in all, the entire adversarial position (EC, TPS, etc goes away overnight). If JPM has already have been buying up shares etc, (as some investors think)than they will even get a sweeter deal.

IMHO, I think this is now about entering into a new stage, a true evaluation...Sussman & Willingham gave a few inches more of rope yesterday to Rosen (WMI, FDIC, JPM) when they agreed to a Monday pow wow..and remember, Willingham only holds (1 mil) common..so it's in your best interest too.

#13151

Re: 11 días para próximo Capitulo

perdon, puedo hacerles una consulta
si es tan claro que susman tiene a PJM, a Rosen y a todos contra las cuerdas, porque la accion baja y el volumen en minimo???
pero parece que cada vez mas hay expresiones de deseos que realidades en muchos foreros de rankia. y la bosa no se maneja por deseos amigos, lamentablemente.

#13152

Re: 11 días para próximo Capitulo

Yo te diria que el comportamiento de WAMU es irracional y lo será hasta el final.
La reunión de trabajo es el lunes entre Susman y Rosen así que no se puede esperar nada de momento.