Re: ***Officical 12/2 Hearing Discussion Thread Pt.2*** 12 minutes ago Justin just threw in a major league big time curveball.
He's walking him up the NOL money line, feeling really good, then pointing out that JPM paid nothing.
Kosturos says it was all part a complex allocation of give and take on the taxes.
Nelson says, "you filed for ownership of them in fact."
Then he drops the TPS BOMB. Nelson is forcing him to explain why, if WMI thinks it has rights to the TPS assets, were is it in the settlement ananlysis?
It isn't in there BTW.
The analysis, at the direction of counsel, did not include the $4B TPS.
This is a CURVEBALL.
Nelson will go back to the NOL tax refunds. What did JPM give up, we know it was not money over $25M; Kosturos says "JPM gave up other claims."
The $4B TPS asset claim valuation is NOT in the analysis worksheet.
Nelson is higlighting that
the debtor DID NOT complete the claim analysis {$4B potential claim X 25% = $1B, for example}.
And, regarding the TPS, it is not in the analysis.
So, when Kosturos says JPM gave up a lot, Nelson is making him state that they in fact did not. And Kosturos has no valuation other {than counsel avice - i.e., down the road here, WGM or even Q&E}.
Really simple. Slow. Incredible. Effective.