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

Tenemos cotizaciones mucho más modestas de lo esperado y querido. Alguien tiene alguna noticia de la audiencia de hoy?

La prensa le da mas importancia al Discovery que al EC

http://www.businessinsider.com/wamu-cant-get-its-hands-on-fdic-papers-2010-1

Al final terminaran en rojo las preferentes??, esta claro que aqui lo que sube la cotizacion de forma sostenida, es cuando entran bill como una actualizacion de la mor por la devolucion de impuestos nol o los 4 bill

Efectivamente dinero que entra o que va a entrar es lo que refleja el precio de la accion, menos en la comun que ahora el precio es meramente especulativo.
Mamma mia, si estamos asi con el EC, no quiero saber como estariamos si lo hubiesen tumbado ayer.

Creo que se han atascado los Twitters porque no veo noticias.

There were a group of investors who converged on the courtroom yesterday to see for ourselves how justice is served in this great country. We arrived early since the whole question of what would happen to the EC was such an important issue, I was concerned if there would be enough room in the courtroom for all the visitors. I figured if I was coming all the way from Seattle, I wanted a seat. I got a prime place right behind the Quinn Emanuel team and the courtroom filled up quickly until they had to bring in extra seats. I would guess there were probably at least a hundred in the gallery, lot of suits, probably attorneys, at least three reporters and maybe 30 or more shareholders. Some of us wore badges saying “shareholder” and we were noticed by both the attorneys and the judge.

Rosen changed the order of the agenda saying he knew there was shareholder interest in the EC motion so he made that first instead of sixteenth. Then everyone representing all parties spoke at length. I really believe this was largely theater as the judge appeared that while she listened, she had already made up her mind and when she gave her ruling , it appeared she was reading from some pre prepared statement. Judging body language, nobody seemed too upset on Rosen’s team so I think they expected just what they got.
Rosen then asked for a recess and he made some remark like the rest of the hearing was of interest to the attorneys and it seemed like he expected the shareholders would leave.

We all came back after the break and listened to the arguments concerning the motion to limit discovery against the FDIC. I think this was a case where Quinn Emanuel had gotten a little too aggressive and wanted to issue subpoenas that were too broad in scope. You could tell very quickly by THJMW’s questioning that she was skeptical of Quinn Emanual’s position so it wasn’t a surprise when she ruled against them. She basically doesn’t want a fishing expedition but is willing to allow specific discovery. I am not a legal expert but I expect this will lead to more delays.

After about 3 hours, there was still more on the agenda but the judge and everyone else were tired and the continued the rest forward. We as shareholders left in a pretty good mood feeling we won on the EC issue and went out , a group of us together and had dinner. Today I get another long flight home, but I leave pretty happy with what I saw.

Gear up for next Friday's hearing...This was the BIG item on yesterday's agenda that was put off for next Friday. This potential ruling is what everyone should care about next...

GLTA longs!

Read below:

BANKRUPTCY WEEK AHEAD:WaMu, FDIC Face Off Over $4B In DepositsLast update: 1/29/2010 12:01:34 PM

By Marie Beaudette
Of DOW JONES DAILY BANKRUPTCY REVIEW
Next Friday, the Federal Deposit Insurance Corp. will battle with Washington Mutual Inc. (WAMUQ) in bankruptcy court over $4 billion in deposits that were in the company's bank accounts at its failed thrift, Washington Mutual Bank, when it was seized by regulators in 2008. The cash is now in the hands of J.P. Morgan Chase & Co. (JPM), which bought the thrift in September 2008. Washington Mutual Inc. has laid claim to the deposits. The FDIC says that, as long as the cash is in J.P. Morgan's possession, it will be available to cover claims by the agency, which is administering the receivership of the bank. Washington Mutual Inc. sought Chapter 11 protection in Wilmington, Del., after WaMu was seized and sold off in 2008. The court is still pondering the question of who really owns the cash. At Friday's hearing, the FDIC will ask Judge Mary Walrath to lift the automatic stay that shields companies in Chapter 11 from legal action so it can assert its contractual rights under the WaMu sale agreement. The FDIC says a clause in the sale agreement allows it to order J.P. Morgan not to release deposit funds under certain circumstances.

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At Friday's hearing, the FDIC will ask Judge Mary Walrath to lift the automatic stay that shields companies in Chapter 11 from legal action so it can assert its contractual rights under the WaMu sale agreement. The FDIC says a clause in the sale agreement allows it to order J.P. Morgan not to release deposit funds under certain circumstances
And all this becouse of the weak and bad work that WEIL did to take back from the sumary judgment.I do not trust any more them so i do supose that the best thing would be to just give the whole case to the Venable or Beneschi so they could fight for that money.I say that j Walrath is a position to take the decision after the evidence provided in the SJ hearing.We need our money your Honor.

Donde se fueron todos?