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

"Mr Viv" has weighed in this issue in the past. Once a Judge discovered a Lawyer has lied to them, the trust is shattered. This happened most poignantly to THJMW during the FDIC claim of "taking" the $4b if THJMW awarded it to WMI.

Then again, when the Watchel case was thrown out (remember, that never came up again).

And of course the heated argument - THJMW shouting even - between her and Rosen about whether or not Rosen represented equity when he failed to turn over the work product to "his clients" (EC).

And, most obviously, the whole attempt on 1/28 for Rosen to claim there was no need for an EC, because he was representing Equity.

I haven't written up my observations from court on 9/7 yet, but one of the key notes I took was how THJMW smiled at Rosen about the Disclosure Statement -- smiled, as in "yea, right, OK Rosen..." (eg, not supportive at all).

...Catz

http://www.reuters.com/article/idUSSGE68D0IS20100914

Sept 14 (Reuters) - Creditors of Washington Mutual Inc (WAMUQ.PK) were cleared to try to recover payments the company made just before its bankruptcy, including $20 million paid to its last CEO, court papers show.

Judge Mary Walrath on Monday approved a deal between WaMu and its official unsecured creditor's committee which allows the creditors to take avoidance actions against more than 200 individuals and entities.

These names include Alan Fishman, WaMu's last chief executive, who held the position for 17 days before the company went bankrupt.

Reuters could not reach Fishman to comment on the development.

Fishman, who replaced Kerry Killinger on Sept. 8, 2008, was paid $20 million, including severance.

The thrift was closed by federal regulators and its banking assets sold to JPMorgan Chase & Co (JPM.N).

The case is In re Washington Mutual Inc, U.S. Bankruptcy Court, District of Delaware (Wilmington), No. 08-12229. (Reporting by Santosh Nadgir in Bangalore; Editing by Maju

We’ve beat the FDIC and JPM bones till there splinters and we will likely learn little more, but confirm much when the Examiner’s report is issued in Nov., with possibly some cautionary notes..like a Trustee is necessary.

However, we should consider that although the FDIC has some defense to flipping WaMu and still holds an ACE card against the instigator (JPM)..there exists another major component to the rape of WaMu and that is the Triad that made it all possible ..the insidious relationship between Wile, Gotcha and Mangle, Kostorus and A&M.

This dark Triad has truly greased the skids to elbowing out equity and with malicious intent, which eventually will be the conspiratorial aspect that will send a few slobs to jail, despite MyDad’s feeble viewpoint about “incarceration”.

Do you think, in any manner possible, that the last POR and DS with all its favors and protective covenants was created in some haphazard manner. Nope, pure evil,.. As the benefits to the Triad are rich and plentiful and this is the part of the plot that could only be generated by the Triad themselves, as follows;

In an ironic sense the “original” complaint was pretty much on target and if pursued strongly by Quinn, Emanuel (and if it wasn’t for JPM’s bid to intercede) the guns would have been pointed distinctly to the FDIC, but as greed and avarice would have it, JPM in trying to secure its bounty, is now involved on the front line and would have been forced to settle..but, whatever opportunity was missed then will be picked up by an Examiner now, with a higher cost.

I believe that Sheila will escape the worst, and that JPM will acquire WMI, with Jamie the personal bag holder as well, facing years of legal problems for his misdoing‘s. However, there remains the Triad and when the entire situation is investigated they will be revealed as the scum of the earth, parasites with no moral compass and I firmly believe that they are in for one of the worst criminal and civil complaints of the lot.

What they did together was deliberate and smacks of greed and avarice. In real terms they “threw the fight” and took a dive in the middle rounds while they were ahead. Reflect on the payoff; Weil walking away with huge, padded billings and a favorite son of JPM with plenty of paybacks due in the future, A&M, the scourge of the industry walks away with absolutely “obscene” billings and a PERCENTAGE of what they save in assets for bondholders and Kostorus, an A&M appointed flunky with no conscience, who will sign away his soul for wooden nickels to run the “newly organized company, with big time salary and perks”.

This Triad, assisted by Rosen, who “orchestrated” the legal means to exploit the situation will not escape justice, as one can see that the tide has turned, and they no longer control the situation and little by little, the defenses of each group are whittled away at each court room hearing.

I expect that Hochberg can see the Triad for what they are, a bunch of collective thieves driven by the smell of profit…This saga is far from over, I expect a settlement favorable to Equity, which may come a few months later than we anticipate, but I also expect a Trustee to be appointed to protect the assets, perform a claw-back on unconceivable fees, as well as the DOJ investigation based on the November report, followed by criminal complaints and years of legal procedings..which they well deserve.

I also predict that Kristen’s book, which will have an incredible ending, will be a seller and probably a learning tool for the legal and financial industry. IMHO, The best is yet to come, get comfy, fill the fridge with six packs, this is a “court-room drama” you’ll never forget !

Jejejeje algunos ya mirabais al infierno y dabais todo por perdido (he llegado a leer que volveriamos a 0.10 y de repente zassssss nos damos la vuelta. Habrá que estar atentos al 24-Sept pero cada vez esto tiene más forma de Vendetta !!!

Ojalá se retrase el DS del Demonio y eso de vía libre al informe del Examiner que cambiará todo este proceso corrupto por parte de Weil, A & M, JPM-FDIC...

Si el 24-S se retrasa el DS no me demoraré en comprar mi penultimo paquete antes del 1 de noviembre y esperar el informe con ganas de que todo cambie.

Si tambien vi el articulo de Reuters pero no alcanzo a comprender bien a bien si nos beneficia o es una linea paralela mas de nuestro caso.! :(

HOLA HOLA MAXI: Andas por estos rumbos? Como ves esto el dia de hoy, te mantienes en tu dicho anterior?

"This is simply a bankruptcy case," but it is not a "simple" bankruptcy case, thereby keeping the threat of subsequent consequences (civil, criminal, professional sanction, court sanction and fine) open; especially if the immunity provisions of the GSA-based POR/DS 5th do not survive.

1. It is the largest bank/thrift bankruptcy in history.

2. It includes a government arranged seizure, with disputes between two regulators, OTS and FDIC as to basis of the need for such seizure.

3. It includes a sale {objectionable language} of assets that it did not identify as seized.

4. It includes the sale to the largest institutional bank, with a long-term relationship with the U.S. government; and the assets sold are not identified.

5. It includes allegations that the U.S. Treasury, with influence from the FED, made the call to seize in order to spur the passage of legislation by Congress, TARP; for political purposes.

6. It includes representation {objectionable language} of the debtor by the largest and most prominent NY bankruptcy law firm, that in precedent setting open court admission, conducts actions and states that the interest of the debtor "does not include creditors *and any residual interest to equity."

7. It includes representation by such debtor counsel, even though such counsel openly admitted conflict of interest with the acquiring bank, the largest private adversarial {in name only} party.

8. It includes representation by other counsel of the bank adversary, while such other counsel represented the largest US investment bank in structuring $4B worth of hybrid TPS for the debtor; without open admission of conflict of interest.

9. It includes representation by other counsel of the bank adversary in consultation on the purchase of the debtor’s assets, while such other counsel represented the debtor in a successor lawsuit and had been awarded under $400M several months prior to such advice to bank adversary and while the award was on appeal.

10. It includes conflicts counsel with regard to the debtor counsel, with an openly admitted court previous bankruptcy case reference to unwillingness to take action against the same debtor counsel for conflict violations.

11. It includes counsel at various positions with a reported record of inappropriate fees of substantive amounts in previous bankruptcy cases.

12. It includes actions conducted for the debtor undertaken via various positions of financial, risk and market management senior positions, by employees that, within recent years, previously were employed by the bank adversary.

13. It includes documents discovered that indicated that the bank adversary intended for months to acquire the debtor by means of and via government seizure.

14. It includes a former member of the Board of Directors, a Mayor of a major US city, receiving for the benefit of the city a $3M contribution from the bank adversary shortly after resigning from the debtor’s Board of Directors while in bankruptcy. Of note, the Mayor’s campaign manager was the regional director for the bank adversary.

15. It includes government attorneys from the Department of Justice leaving public service and joining the debtor counsel.

16. It includes government officials with proximity to the seizure and sale joining the bank adversary.

17. It includes the debtors top risk manager, the risk operation referred to by a Senate panel as generally fatal, subsequently joins the FHLB, as the risk manager.

18. It includes the debtor’s long-term top sub-prime manager; see risk reference by Senate panel, subsequently joining the bank adversary.

19. It includes assets sold valuations seized without compensation from the debtor to be sold to the bank adversary which, despite attempts to write down the loan portfolio by $29B, still recognizes over $10B of original negative goodwill on its SEC filed annual report.

20. It includes NOL carryback and open year adjustment refunds of $6B and tax benefit carryforwards of at least $6B {not discounted} belonging to the debtor as assets of the estate but not recorded by contract management based upon an unapproved GSA.

21. It includes a DS that is silent the disclosure of all tax assets of the estate available from the tax benefit carryforwards.

22. It includes a DS that is silent the disclosure of a $550M final settlement from the US government accruing to the debtor’s estate via a previously acquired bank and subject to certain warrant claims.

23. It includes an overheard statement by the conflicts counsel to the debtor with regard to the bank adversary, prior to the surprise announcement {to such conflicts counsel also} of the GSA, after returning to his seat with his firm members “we gave up,” while the lead debtor counsel and the bank adversary counsel broadly smiled.

24. It includes the redistribution of $40-$100B of direct and indirect wealth from the Pacific Northwest to NY.

25. It includes the redistribution of untold billions of wealth from retail investors to large investment banks, hedge funds and the bank adversary “club.”

26. It, the entire bankruptcy, appears to at least one casual observer, to be merely a game to the debtor and debtor counsel, the bank adversary and the government agency.

27. It is not a game when someone died.

28. Hundreds, possibly thousands of retail investors band together with one voice, shining one light.

29. They have won the formation of an Equity Committee (EC Counsel and financial advisors) and it has resulted in the appointment of an Examiner, a brighter light.

30. The consequences, referred to at the beginning, haven’t even begun to feel the burn of the disinfectant from the true and full sunlight.

comprar mas pero si compraste 300 000 comunes y eran solo el 30% respecto a las preferentes???guardatelo por si se va todo a la mierda