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

Ojo con los Cisnes Negros (eventos inesperados teóricamente tomados como improbables hasta que ocurren).

Es lamentable que los que se han dejado un buen dinero por seguir los consejos interesados de Mr-Simpson en impulsar las valoraciones tengan que jugarse ahora los restos de Wamu o incluso mas dinero en futuros para intentar recuperar las pérdidas incurridas.

Gracias por compartirlo, Maxi.

Bopfan dice:

While I have been disappointed in the fact that but for some feisty and enterprising shareholders like Thoma equity would be in real trouble I trust Willingham. If he could I think he'd say shareholders have been of immeasurable help.

I'm sure he's been planning for what to do when equity takes over the case, and at that point it will really be about re-igniting litigation in D.C., and shareholders reservoir of knowledge about the seizure will come in handy of course.

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Buen fin de semana a todos, para mi ha sido una buena semana le pese a quien le pese escucharlo y estamos más cerca del punto de inflexión en el que la equidad controle este caso de una dichosa vez.

Conduct by a fiduciary may be deemed constructive fraud when it is based on acts, omissions or concealments considered fraudulent and that gives one an advantage against the other because such conduct—though not actually fraudulent, dishonest or deceitful—demands redress for reasons of public policy.[32] Breach of fiduciary duty may occur in insider trading, when an insider or a related party makes trades in a corporation's securities based on material non-public information obtained during the performance of the insider's duties at the corporation. Breach of fiduciary duty by a lawyer with regard to a client, if negligent, may be a form of legal malpractice; if intentional, it may be remedied in equity. Clark v Rowe, 428 Mass. 339, 345 (1998) (dicta).

Where a principal can establish both a fiduciary duty and a breach of that duty, through violation of the above rules, the court will find that the benefit gained by the fiduciary should be returned to the principal because it would be unconscionable to allow the fiduciary to retain the benefit by employing his strict common law legal rights. This will be the case, unless the fiduciary can show there was full disclosure of the conflict of interest or profit and that the principal fully accepted and freely consented to the fiduciary's course of action.

Remedies will differ according to the type of damage or benefit. They are usually distinguished between proprietary remedies, dealing with property, and personal remedies, dealing with pecuniary (monetary) compensation.
[edit] C

"estamos más cerca del punto de inflexión en el que la equidad controle este caso de una dichosa vez"

Dejate de boberias que a bastantes usuarios y pobres inversores has cargado de problemas quitandoles su dinero con tus consejos pumperianos para llenar tus bolsillos, las unicas acciones que rascaran algo son las H´s y dimeq, todas las demas seran para tirar a la basura. Que vengas con estos comentarios sobre la equidad a estas alturas hay que tener mas cara que espalda para exponerlo sin sentir rubor, pero de ti ya se te conoce que no tienes pudor para hacerlo y quedarte tan pancho.

http://messages.finance.yahoo.com/Business_%26_Finance/Investments/Stocks_%28A_to_Z%29/Stocks_W/threadview?bn=86316&tid=709692&mid=710154

The true valuation of WMMRC resides in its potential, which is all speculative. The $160MM or so is really just seed value, an option. In reality the value will be what will the SNs do with about $5B cash and $32B in tax benefits. Answer: they'd do what Warren Buffett did with Goldman 2.5 years ago, but they'd have more to offer.

As I've said before, $5B in cash in the hands of a bank is worth more than it would be to just about anyone else because of the power to borrow at the Fed window. At the Fed window $5B magically becomes $50B for the bank-acquirer to use to fund its investments. Even a modest return of say 20% would be about $10B. With that the old WMI debt could be serviced and the holders of that debt (senior noteholders and the hedge funds) would have an equity stake in the new concern that's generating $10B ANNUALLY. Oh, and we didn't even discuss the power of the tax benefits to reduce the taxes on these fantastic gains.

The SNs are very sophisticated, so something like the foregoing is afoot though I doubt very strongly it has been finalized because that would create a paper trail which the EC would be all too happy to provide to the court.

All the SNs need to do is get Walrath's signature on a confirmation order and they will put something like the aforementioned scheme in motion. As of now, Rosen is telling the absolute truth (his law license depends on this) when he says WMMRC has a market value of $160MM because nothing's finalized it is very difficult for the EC to prove value beyond the $160MM in seed value.

However, and again, I think the court will determine that the waterfall reaches preferreds (we are exceedingly fortunate that we are only about $300MM away from A>L) even by a nose. If I'm correct about the real value of WMMRC, and the court rules the waterfall reaches preferreds, you can see that common is not only in the $, but the big $, even without going after the FDIC and JPM.

You can also see why I suggested the fallback position of of treating the SNs/Hs as creditors, with preferreds owning WMMRC and common having a residual power to depose preferreds if WMMRC's value exceeds a certain threshold.

Case # 11-124 in US District Court, assigned to Judge Sleet. Docket current as of today.

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Docket # 1 02/09/2011 Notice of APPEAL FROM BANKRUPTCY COURT appealing the Order entered on 1/7/11 by Judge Walrath in Bankruptcy case number ADV 10-51387. Fee Status Paid.- filed by Greywolf Capital Partners II, Guggenheim Portfolio Company VII LLC, Pandora Select Partners LP, Scoggin Worldwide Fund Ltd., HFR RVA Combined Master Trust, Whitebox Hedged High Yield Partners LP, Black Horse Capital LP, Whitebox Convertible Arbitrage Partners LP, Whitebox Asymmetric Partners LP, Nisswa Convertibles Master Fund Ltd., Greywolf Overseas Fund, Visium Global Fund Ltd., Whitebox Special Opportunities LP Series B, Black Horse Capital Master Fund Ltd., LMA SPC, Paige Opportunity Partners LP, Whitebox Combined Partners LP, Nisswa Fixed Income Master Fund Ltd., Lonestar Partners LP, Scoggin Capital Management II LLC, Nisswa Master Fund Ltd., VR Global Partners LP, Paige Opportunity Partners Master Fund, Scoggin International Fund Ltd., Pines Edge Value Investors Ltd., IAM Mini-Fund 14 Limited. (Attachments: # 1 BK Order, # 2 BK Opinion, # 3 Bankruptcy Court Transmittal)(dzs, ) (asw). Modified on 3/15/2011 (dzs, ). (Main Document 1 replaced on 3/16/2011) (dzs, ). Modified on 3/16/2011 (dzs, ). (Entered: 02/10/2011)

Docket # 2 02/09/2011 DESIGNATION OF RECORD AND STATEMENT OF ISSUES on Appeal filed by Black Horse Capital LP, Black Horse Capital Master Fund Ltd., Greywolf Capital Partners II, Greywolf Overseas Fund, Guggenheim Portfolio Company VII LLC, HFR RVA Combined Master Trust, IAM Mini-Fund 14 Limited, LMA SPC, Lonestar Partners LP, Nisswa Convertibles Master Fund Ltd., Nisswa Fixed Income Master Fund Ltd., Nisswa Master Fund Ltd., Paige Opportunity Partners LP, Paige Opportunity Partners Master Fund, Pandora Select Partners LP, Pines Edge Value Investors Ltd., Scoggin Capital Management II LLC, Scoggin International Fund Ltd., Scoggin Worldwide Fund Ltd., VR Global Partners LP, Visium Global Fund Ltd., Whitebox Asymmetric Partners LP, Whitebox Combined Partners LP, Whitebox Convertible Arbitrage Partners LP, Whitebox Hedged High Yield Partners LP, Whitebox Special Opportunities LP Series B (dzs, ) (Entered: 02/10/2011)

Docket # -- 02/09/2011 DESIGNATED RECORD on Appeal is available electronically from the docket sheet on file in the Bankruptcy Court in case number ADV 10-51387. (dzs, ) (Entered: 02/10/2011)

Docket # 3 02/09/2011 DESIGNATION OF RECORD on Appeal filed by JPMorgan Chase Bank N.A., Washington Mutual Inc. (dzs, ) (Entered: 02/10/2011)

Docket # -- 02/10/2011 DESIGNATED RECORD on Appeal is available electronically from the docket sheet on file in the Bankruptcy Court in case number ADV 10-51387. (dzs, ) (Entered: 02/10/2011)

Docket # 4 02/10/2011 NOTICE of Docketing Bankruptcy Appeal. (dzs, ) (Entered: 02/10/2011)

Docket # -- 02/16/2011 Case Assigned to Judge Gregory M. Sleet. Please include the initials of the Judge (GMS) after the case number on all documents filed. (bkb) (Entered: 02/16/2011)

Docket # 5 02/17/2011 Emergency MOTION for Leave to File Excess Pages -- Appellants' Emergency Motion: (A) for Relief from Requirement to Mediate Appeal; and (B) for Leave to Exceed Briefing Page Limits - filed by Black Horse Capital LP. (Attachments: # 1 Exhibit A - Proposed Order, # 2 Certificate of Compliance Certificate of Service)(Davis, Kathleen) (Entered: 02/17/2011)

Docket # 6 02/17/2011 Emergency MOTION to Seal Document: 1 Bankruptcy Appeal,,,, -- Emergency Motion for Entry of an order Authorizing Appellants to File, in Connection with the Appellants' Opening Memorandum of Law: (A) Certain Documents Under Seal; and (B) Redacted Versions of Certain Other Documents - filed by Black Horse Capital LP. (Attachments: # 1 Exhibit A, # 2 Exhibit B - Proposed Order, # 3 Certificate of Compliance Certificate of Service)(Davis, Kathleen) (Entered: 02/17/2011)

Docket # 7 02/18/2011 Letter to The Honorable Gregory M. Sleet from Kathleen Campbell Davis regarding Emergency Motions filed by the Appellants - re 5 Emergency MOTION for Leave to File Excess Pages -- Appellants' Emergency Motion: (A) for Relief from Requirement to Mediate Appeal; and (B) for Leave to Exceed Briefing Page Limits Emergency MOTION for Leave to File Excess Pages -- Appellants' Emergency Motion: (A) for Relief from Requirement to Mediate Appeal; and (B) for Leave to Exceed Briefing Page Limits , 6 Emergency MOTION to Seal Document: 1 Bankruptcy Appeal,,,, -- Emergency Motion for Entry of an order Authorizing Appellants to File, in Connection with the Appellants' Opening Memorandum of Law: (A) Certain Documents Under Seal; and (B) ReEmergency MOTION to Seal Document: 1 Bankruptcy Appeal,,,, -- Emergency Motion for Entry of an order Authorizing Appellants to File, in Connection with the Appellants' Opening Memorandum of Law: (A) Certain Documents Under Seal; and (B) Re. (Davis, Kathleen) (Entered: 02/18/2011)

Docket # 8 02/18/2011 RESPONSE to Motion re 5 Emergency MOTION for Leave to File Excess Pages -- Appellants' Emergency Motion: (A) for Relief from Requirement to Mediate Appeal; and (B) for Leave to Exceed Briefing Page Limits Emergency MOTION for Leave to File Excess Pages -- Appellants' Emergency Motion: (A) for Relief from Requirement to Mediate Appeal; and (B) for Leave to Exceed Briefing Page Limits , 6 Emergency MOTION to Seal Document: 1 Bankruptcy Appeal,,,, -- Emergency Motion for Entry of an order Authorizing Appellants to File, in Connection with the Appellants' Opening Memorandum of Law: (A) Certain Documents Under Seal; and (B) ReEmergency MOTION to Seal Document: 1 Bankruptcy Appeal,,,, -- Emergency Motion for Entry of an order Authorizing Appellants to File, in Connection with the Appellants' Opening Memorandum of Law: (A) Certain Documents Under Seal; and (B) Re filed by Washington Mutual Inc.. (Attachments: # 1 Certificate of Service)(McRoberts, Travis) (Entered: 02/18/2011)

Docket # 9 02/22/2011 Letter to The Honorable Gregory M. Sleet from Kathleen Campbell Davis regarding Two Emergency Motions filed by Appellants - re 5 Emergency MOTION for Leave to File Excess Pages -- Appellants' Emergency Motion: (A) for Relief from Requirement to Mediate Appeal; and (B) for Leave to Exceed Briefing Page Limits Emergency MOTION for Leave to File Excess Pages -- Appellants' Emergency Motion: (A) for Relief from Requirement to Mediate Appeal; and (B) for Leave to Exceed Briefing Page Limits , 7 Letter,,,, 8 Response to Motion,,,, 6 Emergency MOTION to Seal Document: 1 Bankruptcy Appeal,,,, -- Emergency Motion for Entry of an order Authorizing Appellants to File, in Connection with the Appellants' Opening Memorandum of Law: (A) Certain Documents Under Seal; and (B) ReEmergency MOTION to Seal Document: 1 Bankruptcy Appeal,,,, -- Emergency Motion for Entry of an order Authorizing Appellants to File, in Connection with the Appellants' Opening Memorandum of Law: (A) Certain Documents Under Seal; and (B) Re. (Davis, Kathleen) (Entered: 02/22/2011)

Docket # -- 03/10/2011 ORAL ORDER denying 5 Motion for Leave to File Excess Pages. The parties shall adhere to the Standing Order governing mediation of bankruptcy appeals and the local rules governing page limits. Ordered by Chief Judge Gregory M. Sleet on 3/10/2011. (asw) (Entered: 03/10/2011)

Docket # -- 03/10/2011 ORAL ORDER granting 6 Motion to Seal Document. Ordered by Chief Judge Gregory M. Sleet on 3/10/2011. (asw) (Entered: 03/10/2011)

Docket # 10 03/10/2011 MOTION for Pro Hac Vice Appearance of Attorney Sigmund S. Wissner-Gross - filed by Black Horse Capital Master Fund Ltd.. (Davis, Kathleen) (Entered: 03/10/2011)

Docket # 11 03/10/2011 MOTION for Pro Hac Vice Appearance of Attorney Jeremy B. Coffey - filed by Black Horse Capital Master Fund Ltd.. (Davis, Kathleen) (Entered: 03/10/2011)

Docket # -- 03/10/2011 SO ORDERED, re 11 MOTION for Pro Hac Vice Appearance of Attorney Jeremy B. Coffey filed by Black Horse Capital Master Fund Ltd., 10 MOTION for Pro Hac Vice Appearance of Attorney Sigmund S. Wissner-Gross filed by Black Horse Capital Master Fund Ltd. Ordered by Chief Judge Gregory M. Sleet on 3/10/2011. (asw) (Entered: 03/10/2011)

Docket # -- 03/16/2011 CORRECTING ENTRY: Upon review with counsel, D.I. 1 previously sealed has been corrected and is now public. (dzs, ) (Entered: 03/16/2011)
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2 apelaciones para tumbar el POR 6 por si la Juez Walrath decidiera aprobarlo.