All the insiders, crooks, etc., that have been hoping/expecting to get paid on this thing since last June.
Time is money - DENIAL means a new POR is needed. You can't just go in there and make "a few minor adjustments." The POS has been DENIED.
As far as equity is concerned, we have nothing but time. Since we were/are getting nothing according to WMI/JPig/FDick/Insider-Trading-Crooks, etc., we can wait 'til the cows come home.
And guess what else? Remember Rosie's comment about milking the estate? I have no problem milking what they are telling me is not mine. Who cares if this costs the Estate $30 Million per month. Not my money (according to them).
The farther out that you take a Zero Coupon Bond (which is essential what the WMI bonds are (assuming that they're getting FJR, the less that their investment/theft is worth today.
And worst of all for them, there are A LOT of people/entities that are left holding the bag and left hanging out to dry without their much sought-after RELEASES.
I'll bet that a lot of the hedge funds folks have their a$$-0H0LE$ puckered up (worrying about getting the $#!t sued out of them.
When all is said and done, I have a pretty good feeling that Rosie the Rodent is going to magically "find" some missing money that will waterfall down to equity.
Remember, we have relatively little to lose:
1. we're not the ones that need RELEASES to sleep easier at not over not getting sued; they, on the other hand, NEED them.
2. we're down to 0-1% in expectation of payment. H's are looking at going from $23/share on Friday down to #5 or $6 on Monday. Bondholders are looking at getting 1% or 2% PER YEAR (not per month), WAITING while we drag this out.
So, NO, I do not think that they are going to be as hard-nosed as they have been - I have a hunch that SS has been getting a lot of calls made to him this weekend, and he knows that EQUITY is the one that will be running this show from here on out.
He who laughs last, laughs loudest (as well as last).