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

Qué casualidad, justo cuando ya está cerrada la bolsa!

Estos abogados fueron conseguidos Pro Bono por el Ad-Hoc group encabezado por Joyce Pressnal(nuestra abanderada)

http://www.venable.com/gregory-a-cross/

http://www.beneschlaw.com/professionals/xprProfessionalDetailBFCA.aspx?xpST=ProfessionalDetail&professional=829

Gregory A. Cross

Partner (Creo que él es Hammr6 de GOW)

Greg Cross is the partner in charge of Venable's bankruptcy group. Mr. Cross also leads Venable's Commercial Real Estate Servicing practice and is a member of Venable's management board.

During the past twenty years Mr. Cross has established himself as a nationally recognized leader in his practice areas. Mr. Cross has confirmed the only successful bankruptcy restructuring of a financial services firm, served as 'lead lenders' counsel in the nation's largest real estate bankruptcy case, served as debtors' counsel in some of the largest bankruptcy cases ever filed in the Mid-Atlantic, and has successfully litigated numerous cases of first impression throughout the country.

Long before the recent economic downturn, Mr. Cross assembled a team of more than 20 lawyers who focus the majority of their time on commercial real estate workouts. For more than a decade now, Mr. Cross has advised some of the nation's largest special servicers of CMBS assets on all aspects of commercial real estate loan workouts. Mr. Cross routinely develops training programs for these clients, is asked to lecture on commercial real estate and develops cutting edge approaches to structuring workouts.

Clients who hire Mr. Cross get far more than an experienced professional. Mr. Cross is an aggressive results-oriented practitioner with a strong business background. Mr. Cross' unique blend of business and litigation experience allows him to effectively immerse himself in all aspects of a business workout. Mr. Cross' in-depth understanding of complex financial structures and commercial real estate makes him an invaluable counsel to both creditors and debtors in today's economic environment. Mr. Cross can handle matters of any size anywhere in the United States. He has led Venable teams of twenty or more lawyers and has had cases in more than 40 states during the past five years. Mr. Cross' clients benefit from having an adviser who understands their business needs as they navigate a complex negotiation or dispute.

Representative Clients
Mr. Cross’ clients include Allied Capital Corporation, American Capital Strategies, CWCapital Asset Management, Celsion Corporation, J.E. Robert Company, Inc., Midland Loan Services, ORIX Capital Markets, LLC, Promark Technologies, New Horizons Diagnostics and enterprises throughout diverse industries.

Significant Matters
Coordinating counsel for all secured creditors in the General Growth Properties bankruptcy case. Represented entertainer Michael Jackson in the out-of-court restructuring of his assets. Represented the State of Maryland in the bankruptcy involving the Preakness Stakes. Debtors’ counsel in the Thornburg Mortgage bankruptcy case. Successfully restructured $2.0 billion of debt and confirmed Maryland’s largest plan of reorganization in the CRIIMI MAE bankruptcy case. Creditor's Committee counsel to the first committee of tenant in common investors in the Carolina 7 bankruptcy case initiated by Sunwest Senior Living. Successfully litigated some of the country's leading CMBS "repurchase" claims, where Mr. Cross has defined the rights of CMBS Trusts and mortgage loan sellers. Has led several fraud investigations and conducted trials involving complex international transfers of assets. Created denial of discharge and fraudulent conveyance records which have led to criminal convictions for bankruptcy crimes.

Activities
Mr. Cross has wide ranging interests and is an active member of his community. He was a member of former Maryland Governor Robert Ehrlich's transition team. He has served as Trustee for the Maryland Affordable Housing Trust. Mr. Cross currently serves on the Board of Directors for the YMCA of Central Maryland, his community association and church. Mr. Cross is a graduate of the 2002 Baltimore City LEADERship class. Mr. Cross is a member of the American, Federal, Maryland State, and Baltimore City Bar Associations. He also belongs to the Defense Research Institute and Maryland Association of Defense Trial Counsel.

Bradford J. Sandler

Partner

Mr. Sandler is a partner with the firm's Business Reorganization Practice Group and a member of its China Group and Energy Group. He also serves on the firm's Professional Personnel Committee, Client Services Committee and Diversity Committee.

Mr. Sandler has substantial experience in the representation of businesses in out of court reorganizations, and of debtors, creditors’ committees, secured and unsecured creditors, purchasers, landlords, trustees and post-confirmation plan administrators in business bankruptcies. He also focuses on, and has substantial experience in, representing international and national businesses as well as entrepreneurs in corporate and commercial transactions.

Mr. Sandler is an active member of his community, has published numerous articles, and has been a frequent speaker on corporate law and business reorganization topics. He is an Adjunct Professor of Law at Temple University School of Law in Philadelphia, and is admitted to practice in Delaware, Pennsylvania, New Jersey and New York.

In addition to his practice, Mr. Sandler maintains a blog on business and commercial bankruptcy law, available at http://absolutepriorityblog.com/.
Memberships/Affiliations

* Appointed Member, Mediation Panel for the United States Bankruptcy Court for the Southern District of New York
* Member, American Bankruptcy Institute (Co-Chair of the Special Projects Task Force of the Asset Sales Committee)
* Member, Delaware Bankruptcy American Inn of Court
* Member, International Federation of Insolvency Practitioners (INSOL)
* Member, Turnaround Management Association
* Member, Association for Corporate Growth
* Ambassador, Select Greater Philadelphia
* Member, The Union League of Philadelphia
* Director, Temple Adath Israel Preschool
* Director, The Philadelphia Art Alliance

Other Distinctions

* Listed, "Philadelphia’s 101 Top Connectors" by Leadership Philadelphia (2008)

Mr_Simpson, ¿me puedes aclarar una cosa? (esto va para nota)

Dices:
Esperamos los $4Billones + 5.2 Billones de (NOL´s) + Settlement (os puedo garantizar que en Weil deben tener un cabreo de pelotas pues el control ahora lo lleva el EC desde el momento que sea aprobado. Eso es lo que la mayoría de la gente no sabe y no es consciente. Este caso sentará un precedente en la historia y vamos a ser parte de ella. Paciencia muchachos... mirad la rentabilidad de 2009 y esperad "treble damages" para 2010 :)

Yo tengo aquí:
WAHUQ 50$ x 10M = 500$ Millones
WAMKQ 25$ x 20M = 500$ Millones
WAMPQ 1000$ x 3M = 3$ Billones
-----------------------------------
Hasta aquí llevamos 4 billones. Llegados a este punto, ¿falta alguien por cobrar?¿qué papeles pintan los 'bonistas' en todo esto?

¿A partir de aquí no es cuando le empieza a 'tocar' a las comunes? El NOL + settlement, a 1$ por acción por cada 1.71 billones que entren... Supongo que habrá que quitar gastos, pero será una cantidad despreciable frente a 5 billones... sin contar el settlement me salen 3$ por acción WAMUQ...

¿van por ahí los tiros?

Las WAMUQ aun no estan "in the money". Voy a seguir el rollo de los abogados de Weil.

Estamos luchando por un caso en el que estabamos valorados en $29 Billones antes de la salvajada y un juicio de $50 Billones en el que como haya treble damages la cantidad sería multiplicada x 3.

No empieces aun a hacer números sin tener la EC aprobada. A lo que me refiero es que la EC ha fastidiado la jugada de Weil y JPM que pretendía solo pagar a Bonistas y Preferentes y dejar sin nada a comunes. Se les ha envenenado el tiro (por eso la urgencia ayer de la mocion que ya estaba escrita como bien han dicho). Ayer salieron de allí por patas en cuanto supieron lo que se cocia.

Ahora intentaran manipular el valor de las comunes para hacer aparentar que no valen nada... recordad "el truco final del ilusionista"

Y cuándo se decidirá si las comunes están "in the money" ó no. El 28 de enero también?
Puede darse la resolución favorable de la jueza acerca del EC y aún no decidirse sobre las comunes?

47 cents per share?
"The holding company’s latest operating report shows liabilities in excess of $1.3 billion over its assets, and preferred stockholders — who are paid before common stockholders in a bankruptcy case — are owed about $3.4 billion."

Oops, Joey, you forgot about the $5.5 billion in federal tax refunds that is also in that same MOR.

Take away the remaining liabilities of $1.3 billion and that leaves $4.2 billion for equity.

Hmmm.. there are $3.4 billion of preferred shares. Can you say "full face value"?

Take away the $3.4 billion for preferred and that leaves, right now, $0.8 billion for commons.

$0.8 billion divided by 1.7 billion shares... 47 cents per share. That's where commons should be right now, according to the latest operating report.

Almost forgot... tens of billions of dollars of lawsuit claims against JPM/FDIC. That'll add some value to commons, won't it?

Mr_simpson a mi juicio, hay una parte de todos estos numeros que falla y es precisamente el "settlement" al que Weil a llegado con JPM, según ellos con ese acuerdo las comunes no estan IN THE MONEY.
Entonces con Weil encontra de los accionistas, quien es el que va a negociar por mas dinero con JPM?

Hay algo que no me cuadra en todo esto sinceramente, no veo que a WMI le resulte aceptable un acuerdo en el que cobran casi de milagro las preferentes, cuando todos sabemos que tiene un caso billonario practicamente ganado, que como bien indicas pueda en un jucio llegar a los 150 Billones.
Que me estoy perdiendo que no le veo ningún sentido a la propia actuación de la empresa con ella misma.?

Buen comentario. Creo que el Trust ha hecho sus propios números, ha visto la realidad de la situación, vio hacia donde estaban convergiendo las partes y como resultado se apuró con el EC justamente para proteger los intereses de quienes a su criterio no estaban adecuadamente representados.