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

Yo creo que hasta ahora la jueza ha propiciado un acuerdo, pero se está acabando el tiempo y creo que no le está gustando lo que está viendo; no es tonta ni creo que esté sobornada.

Con la caña que le ha estado dando a Rosen lo dudo mucho; si hubiera tongo simplemente se habría callado. Además Rosen (o quien fuera) ha sido listo porque desde el principio ha sacado el tema de la jurisprudencia de otros casos, y claro, la jueza sin conocerlo de memoria no podía decir ni mú, y como allí se basa todo en la mierda de la jurisprudencia en vez de tener un código civil, pues claro, yo creo que es normal que estas cosas pasen.

https://www.fis.dowjones.com/WebBlogs.aspx?aid=DJFDBR0020100603e6630008d&ProductIDFromApplication=&r=wsjblog&s=djfdbr

Esto ya no lo para nadie...

11 de Junio se vera donde se celebra la audiencia para el Shareholders Meeting
http://www.ghostofwamu.com/documents/10-04136/10-04136-0020.pdf

El 17 o hay entendimiento o la Juez terminará con las concesiones a Rosen...

Feliz fin de semana a todos... Ten Shin "ten" paciencia... la guerra no se gano en 2 batallas sino en unas cuantas, ya estamos 1 más cerca.

Gracias simpson seguro que el bebe no da tanta tension como wamu jaja.ya me voy un abrazo buen finde

Simpson, esta nota es muuuuy buenaaaaaa !!!

Feliz Domingo para todos !

We were all cheering when Weil and Quinn were submitting their discovery requests a few months back which resulted in the production of a few documents. Then Quinn came back with a second extremely broad discovery request in January which the court denied as being too broad. We were all nodding along while completely unaware that Weil and Quinn were about to reverse course and throw equity under the bus. That tiny investigative effort by Quinn and Weil in this multi-billion dollar case is now being called "The Investigation" and is being characterized as 'complete' as justification to preclude a 'new' investigation. Weil in now successfully arguing that any 'new' investigation is unwarranted and any further discovery should be focused only on what is needed to evaluate the POR for the confirmation hearings. It seems likely now that that earlier 'investigation' was almost entirely a 'sham' investigation conducted solely to close the door on any future investigation and that we and the court were all suckered into biting on while being reeled in by Weil. The 'meet and confer' stuff that came out of the hearing will probably not lead to much further so that battle for information on the estate assets and their value has now moved to the appeal of the examiner decision or, possibly, a new motion for an examiner.

Por cierto, acabo de ver que Citadel acaba de presentar el plan de reorganizacion para salir del Chapter 11. Segun parece, los shareholders se quedan sin nada, no? Qué miedo me da que se extrapole esto (no es la primera empresa que actua asi), a Wamu y Lehman, sobre todo porque estoy dentro de las segundas...

The abrupt switch by Weil from being our friend to being our adversary had to have happened for a reason. I think there was more than just greedy bondholders behind the change in strategy. In January they were going after JPM and the FDIC but that stopped suddenly and they became buddies putting together the POS POR that basically gave away billions in exchange for paying off the bondholders and gifting them the shell company with the tax benefits and giving the BOD immunity from lawsuits.

I think the sudden switch was a result of some strong arm tactics on behalf of the Government who sees the economic health of JPM and the FDIC as vital to our country’s economic system. JPM needs the 4 billion just to remain strong. Paying WAMU a fair settlement was just too dangerous to the nations economy to be allowed to happen. Somehow the word was sent out to Weil that they could get a settlement from the tax refunds that would be large enough to pay off the bondholders but that the 4 Billion would have to stay with JPM. They could shuffle money around to make it look like JPM was returning the money but that would be replaced by tax refund money so in the end JPM would be better off than when they started. In return the Feds would promise not to prosecute the BOD for fraud (as was revealed in the congressional hearings) and the bondholders would be able to benefit from tax losses that would stay with the reorganized company.

The screwing over of equity was no big deal because that “always” happens in bankruptcy cases. The monkey wrench to the plan was our friend Joyce and her belief in the need for an EC and the fact that we had a UST who was honorable. Weil embarked on his equity has no value crusade and succeeded in driving down the share price and has lowered expectations to the point where most equity holders would now be willing to settle for a reduced amount.

I am still waiting to see where this is going. The EC and Susman are disrupting the plan. This may lead to a change of strategy on the part of Weil where we see something for equity in a revised POR. If that happens, then we will be left with a choice of accepting something that is less than fair but getting paid something quickly, or fighting on for more money but with a delay that could last years.