Leaving the Board (1)
It’s not worthy it for me to continue to post on this board or any other board. I’ve never feared of JPMC, FDIC, the debtors/WMG, and hedgies during this fight. But I have found out I was often fed up with our own panics, endless blame games, and our own stupidity.
This is a monumental fight. No one expects it easy. Since the formation of EC in early 2010, six out of seven original EC members have resigned for various reasons. We’ve got one member (the Chair) hanging there throughout all this time, now we blame him for our difficulties or “misrepresentation”. By this logic, this lone member should resigned long ago too so he can avoid the witch hunt but to let shareholders see their cause get crashed many months ago (I think Rosen would be overjoyed if Mr. Willingham resigned several months ago or even earlier). I don’t follow this kind of logic.
It’s the court-appointed examiner claimed the debtors’ GSA “fair and reasonable”. It’s also the court’s opinion that GSA is “fair and reasonable”. Unfortunately, we lay blame on those who fought hard for us. I think recent declining prices of Hs and prfs. (especially Hs since many longs hold it as safety insurance) rattled a lot of nerves. People need scapegoats. EC and its counsel are the easy targets. It’s both disturbing and disheartening. I thought the purpose of adding new EC members is to strengthen not to divide EC. I also consider it a good thing to have checks and balances on the inner workings of EC. However, I hear people have already started trying to ignite in-fighting within EC, and talked about removing EC Chair and its counsel. To do this at this stage, it’s not just ungrateful but suicidal. I will not associate myself with such acts, and without certain amount of unity, I don’t think I want to be a contributor to the board any more.
Just remember, it’s EC who stopped the POR. It’s also EC who forced the Debtors’ expert witness to recognize there are substantially higher amount of NOLs available to the estate at December hearings, which opened another door to keep us in the fight. EC’s motions for Appeal and Insider trading investigations filed shortly after this January are nothing but stellar. I’ve great respect to Nate Thoma, whom I consider smart, articulate, highly-focused and organized, and professional. Don’t forget EC picked up his fight promptly and its presentation on 2/8 was brilliant too. It’s a common effort to get us this far.
I have many people to thank for, including bopfan, sgt, madhawn, lawrence, larry888, to name just a few. After the seizure, I was at complete loss. Without those people’s efforts, I could have given up long ago. It took me more than a year to study and learn the case from the board (I didn’t register on the board until 11/2009). Like I said, I'm a grateful person, and will be forever grateful to each and every EC member, past and present, M. Willingham included, and to Susman team no matter what the final outcome will be. I am also thankful to many people who appreciated my posts and encouraged my effort on this and (very recently) on ghost board. I have strong conviction that we will win in the end with some forms of compensation, but not without a united fighting front. Throughout my adult life, I have seen enough self-destructions ranging from personal matters, professional sports, to international affairs, and domestic disasters.
I’m usually able to separate emotions from analysis of events, and good at it (I had proven that long ago during the last years of the Cold War). That’s not to say I’m feeling-less. During the past two and half years, I found myself in tears at least three times. The first time was when I learned that Joyce, with a few helpers, almost single-handedly made the EC a reality. Considering my background of coming from a communist totalitarian regime, I was deeply touched and impacted by the force and fighting spirits of common people for justice and their rights. I shed tears over it. It was around that moment I decided to join the fight (I registered on yahoo board right around the time of that “exigent circumstances” ). The second time was after one of earlier court hearing in which Mr. Susman personally attended. I remember govinsider posted the attendance sheet. I read the sheet, sawing all lawyers except Susman firm representing big and powerful: JPMC, FDIC, the debtors, the hedge funds, even TPS and Black Horses. For Susman’s reputation, he’s not lacking any big money clients. But, his firm chose to represent us common equity holders just like the firm chose to represent small villagers in Alaska to fight against big oils in the past. I admire that. The last time my eyes were misty was when I heard Ilene of Ihub standing up and speaking for us at the last day of December hearings. She is courageous and beautiful.
I have defended the Judge in the past, now EC and its counsel. I’m tired of blame games and want no part in it. I’m not the loudest and the most exciting voices on this board so I rest my case here. I shall keep my own eyes on EC, my own patience and thoughts to myself, and finally, continue to pray for EC and shareholders
I will continue to hold my shares (all 4 flavors) unless Mr. Willingham resigns (I hope he won’t and I think he shouldn’t).
look forward to EC filings of objections to Plan confirmation in mid-May and confirmation fight in early June.
(by the way, for those who attacked me personally, do what you want to do. The good thing is, I’m comfortable with myself and fiercely independent in my thinking. More good news is, I was spending the whole day yesterday at New York’s Met. Museum of Art with my son. I will continue to do so to enjoy masters’ works and ignore noises.)
