http://www.ghostofwamu.com/documents/08-12229/08-12229-4438.pdf
Total of 583 Objections received on the DS ...
Does anyone think it will be approved by the Judge without even considering the details behind the objections????
Se ha aprobado para tratar el 3 de junio también el tema del discovery 2004 solicitado por el EC para investigar al FDIC y otros.
Pinta bien...
Desde luego que este día 3 sí que es un día clave.
Pero yo creo que me mantendré fuera por lo siguiente: hay mucho más que perder que de ganar, me explico: si las resoluciones no nos son favorables y se aprueba el DS el precio debería caer sin lugar a dudas (y mucho); pero si las resoluciones sí nos son favorables el precio subirá pero no creo que rebase la barrera de los 0,20$ (ya que aunque las resoluciones nos sean positivas, ninguna de ellas tiene porqué hacer mención a que a las comunes se les va a pagar algo, aunque sí podría abrir muchas puertas interesantes, pero no dejan de seguir siendo expectativas en el aire aún).
Lo que quiero decir es que si se producen "noticias malas", generarán resultados negativos contundentes y difíciles de superar en el corto plazo (supondrá litigios y apelaciones a largo plazo, mientras cae el precio de las comunes), pero si se producen "noticias buenas" (resoluciones favorables para las comunes por parte de la juez) generarán sólo buenas expectativas y abrirá puertas de investigación para que las comunes puedan pillar cacho, pero faltarían muchos pasos por dar.
Por ello, cada vez estoy más seguro de mantenerme aún fuera, ya que prefiero entrar a 0,03$ (p.ej. en caso de resoluciones desfavorables) una vez pasada la tormenta, ya que sólo cabrían por venir buenas noticias; o bien entrar a 0,20$ (p.ej. en caso de resoluciones favorables), más caro, pero ante unas expectativas firmes y más sólidas de revalorización de las comunes.
Creo que este es el planteamiento que más me convence en estos momentos.
Un saludo.
Los bonistas no estan de acuerdo con el POR ya que si lo estuviesen se daría publicidad de ello por el interés de todos los implicados, por lo que el DS no debería aprobarse pasado mañana, lo que suban o bajen las acciones después de ese día no lo sabemos.
Hombre estaremos de acuerdo que sino se aprueba subir subiran poco diria yo pero ya seria la hostia que bajaran despues de rechazar el DS.
http://www.americanbanker.com/syndication/wamu-1020156-1.html
Washington Mutual Challenged Over Chapter 11 Grants of Immunity
Dow Jones | Tuesday, June 1, 2010
By Peg Brickley
Print Email Reprints Feedback
Federal bankruptcy watchdogs have challenged Washington Mutual Inc. over tactics designed to force angry creditors to abandon the pursuit of those they blame for the collapse of Washington Mutual Bank, or Wamu.
Washington Mutual's Chapter 11 plan is based on a settlement of legal claims the company had against JPMorgan Chase & Co., which bought Wamu, and the Federal Deposit Insurance Corp., which brokered the sale of the distressed thrift, from lawsuits over the deal.
A "trap door" built into the Chapter 11 plan punishes those who don't want to let potentially responsible parties off the hook, U.S. trustee Roberta A. DeAngelis said in a court filing, and that's not fair or legal.
Washington Mutual is urging creditors to support a Chapter 11 plan that means an end to a storm of legal trouble that erupted when regulators seized Wamu and sold it to JPMorgan in September 2008. Creditors who "opt out" will be stripped of legal rights, and some won't get anything out of the bankruptcy proceeding, the U.S. trustee warned.
The forced releases mean Washington Mutual's plan won't qualify for confirmation, so there's no point in sending it out for votes, Wamu bondholders say.
DeAngelis added her voice to a rising chorus of protest over Washington Mutual's Chapter 11 plan, which sets out how the company plans to distribute an estimated $7 billion, mostly cash. Hers is one of more than 580 objections Washington Mutual will face Thursday, when its plan comes up for preliminary review Thursday in the U.S. Bankruptcy Court in Wilmington, Del.
Efforts to force creditors to abandon legal claims against outsiders they blame for their financial distress are a controversial topic in bankruptcy circles that has divided the courts.
Plaintiffs in a securities class action that targets Washington Mutual's top leaders and underwriters have also challenged the releases in the plan as unjustified.
"A settlement implies that somebody is getting something to give up rights," said plaintiff attorney Michael Etkin, attorney, who's with of Lowenstein Sandler. "In situations like this, in Wamu in particular, I see these releases as being gratuitous to the extent that they extend to the defendants in the securities litigation."
While they're a common element of Chapter 11 plans, grants of legal immunity are suspect, Etkin said. Troubled companies courting consent from creditors are "all wolves in sheep's clothing."
DeAngelis said Washington Mutual's "unduly coercive" Chapter 11 plan effectively guts the concept of consent. If the company thinks it can force creditors to give up rights, it should make out a case of necessity in open court, she said.
In the meantime, however, Washington Mutual should not be permitted to approach creditors seeking consent "based on the false premise that their choice matters."
Plan objectors range from stock speculators who bought Washington Mutual shares for pennies in hopes of a big lawsuit payout to major institutions that backed Wamu and paid full price for the debt of the once-thriving thrift.
A spokesman for Washington Mutual did not respond to an invitation to reply to the U.S. trustee's criticism. Lawyers for the parent company say lawsuits against JPMorgan, the FDIC and others are chancy, and the settlement that forms the basis for the Chapter 11 plan is the best route to a sure, fast recovery.
The U.S. trustee in Washington Mutual's case is siding with bondholders of Wamu, the failed thrift. In their objection, they said the former parent company has no legal right to force them to walk away from valid legal claims.
If they're correct, they say, Washington Mutual's plan won't even clear the first hurdle at Thursday's court hearing, which is a bid for permission to start the voting process.
Parece que con todo esto no debería aprobarse mañana el DS.
¿Qué está pasando aquí que pocos postean? Se perdió interés, se vendió o será que está todo dicho
la gente se habra hartado de tantos disgustos,no creo que la mayoria de la gente este vendida
