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

Maximo 1% ya lo calificaron los debtors, esto es casi una eliminacion.

Pues ponte corto que le sacas mínimo 20$ por acción...

Estás perdiendo la oportunidad de tu vida.

Muy interesante Ptolo!

Mañana se animará esto un poco más previo al fin de semana.

Esperemos que si.! Cómo estaís viendo el desarrollo?

Nada preocupante...los fuegos artificiales se van a dejar para el final.

Never in my life I have any interest in tax laws. This post is purely a layperson’s view.

As we know, the key for section 382 is the change of ownership. I think we learned this via Tracadia motion quite some time ago. The key for section 269, is “the tax-benefit motives behind the transactions” (Ginsberg & Martin on Bankruptcy, 4th ed. By Robert E. Ginsberg and Robert D. Martin, Supplement 2007). It is my understanding, based on another source, “If the primary purpose of obtaining the company (or a controlling interest in the company) was to obtain a tax deduction, credit or allowance with the person or company would not otherwise enjoy, the deduction, credit, or allowance may be disallowed.” There is another component implied in Section 269, which is, per Ginsberg & Martin, “If IRS Section 269 is to be avoided, you must have a substantial business purpose, other than tax considerations, as a reason for the acquisition.”

I think what Mr. Zelin was trying to do yesterday was to demonstrate the reorganized debtor is a static, run-off business with no resources, no employees, etc, waiting to die at a certain point. Therefore, it echoes Mr. Reinhold’s view, any attempts to raise money via mergers & acquisitions for NewCo to utilize its NOLs will likely trigger Section 269. I think at today’s hearing, if Mr. Maxwell of PJS goes to testify, he will prove exactly the opposite. Just like EC motion (Docket#8201) indicated, Mr. Maxwell will demonstrate “opportunities that the Settlement Note Holders could realize in Reorganized WMI beyond run-off scenario”, and the “possibility that Reorganized WMI will be operated as a going concern, raising additional equity and arranging financial leverage.” So Section 269 will not be applied to the Reorganized WMI.

In fact, at yesterday’s hearing, the testimonies of both Mr. Anderson (EC expert witness) and Mr. Reinhold (Debtors expert witness) demonstrated that Section 269 are rarely used. Besides hypothetics, neither of them (both with 30+ years tax experience) have ever encountered a single incident involving transactions challenged by IRS or controversies regarding the application of Section 269 (Anderson and Reinhold testimonies, docket #8201). Mr. Anderson further stated “Section 269 has really taken the back burner, if you will, in terms of analysis of acquired tax benefits.”

Well, the tax experts (Anderson and Reinhold) have theorized on applicability or non-applicability of Section 269. I view our valuation expert Maxwell’s testimony as more critical. I expect it will show the practical side or scenario of Reorganized WMI as a going concern, and how to raise funds while taking NOL tax benefits.

Hope the Judge will by persuaded by both Mr. Anderson and Mr. Maxwell that Reorganized WMI has far greater value to benefit not just the estate, but the current equity shareholders.

Hoy viernes con las presentaciones de PJSolomon y BDO mas todos los temas de IT aun pendientes se reescribira la nueva historia de este caso.

La prensa ya publica noticias sobre posible Insider Trading y muchos ojos apuntan a WAMU y las implicaciones derivadas del comportamiento de los Hedge Funds.

Los Hedges ya no juegan con el valor por si alguien no se ha dado cuenta. Susman quiere que salgamos de BK y espero que lo consigan en estos 3 dias (viernes, lunes y martes) tras presentar las pruebas que tumben el GSA y nos ayuden a presentar nuestro propio POR 7.

Mucha suerte a todos menos a los desgraciados miserables de turno que ya han perdido hasta la decencia estos ultimos dias con sus mensajes ruines. Maxi no te incluyo en este grupo porque se que tu deseas una feliz resolucion y no te alegras de la desgracia ajena. Es la gran diferencia aparte de tus aportaciones que te distingue del resto.