Ptolomeo: Susman tiene para presentar objeciones desde 17 Junio hasta el 4 de Julio si se caen las negociaciones del POR 7 segun se traduce de la transcripción del ultimo Hearing.
Las cotizaciones estan estables dentro de lo normal.
A lot has been said, pros and cons, concerning the implied settlement negotiations and a possible V7.0 DS/POR. There have been unbelievable attacks and counter attacks against one another to the point I see a reluctance in many to share thoughts, ideas and speculations.
Bu,t the truth is we are now in a waiting game to see what transpires with the negotiations. We need to be patient and be prepared for further fights since we all know whatever happens the debtors will not make it easy no matter what.
Now for some fun speculation: IMHO we will not hear anything by Friday(6/17) and this implies, of course, an agreement has not been reached. It also means that the debtors want to reach an agreement. If the move forward with V6 the depositions will return and V6 will be shot down on multiple fronts (IT, WWMRC valuation and possibly more). If it's V7 there will be more coming to equity that the term sheet outline.
Super WAG: In an ideal settlement, now that WWMRC is on the table, I would like to see a settlement that pays preferred's (including TPS) and gives WWMRC to common share holders with a high valuation of the NOLs and more (possibly buyout waiting and pays $$ to common shareholders). That's my "current" wishful thinking for all. However, we are not close to this scenario based upon the outline. Again, it's a waiting game now.
No releases if Q is not included. This is supported by the NOL's ($5.8B) the cash at JPM ($4B) missing assets + damages put P's 100% ($3.4B) and the remaining to Q.
Why would SG not file a motion objecting to Rosen's POR V6? I can only predict it is because of ongoing discussion to resolve the issues. I do think if nothing is resolved, SG will do what is necessary to follow through in civil court using the $25 M fund.
However, SG should get the $25M if they negotiate a deal putting Q / P in control of the Newco. Q would be $4-6 by my math, and everyone would be happy except of course the bondholders who traded on inside information- which get nothing in exchange for jail time...
Remember this, because its factual, and most likely going to be used:
NOL + Cash + Missing Assets + Punitive Damages Value / Release - P = Q valuation
It doesn't make any sense to refute it, I am not disagreeing with anyone who supports less or even nothing. There is no information other than "equity will get $160M and a stake in Newco" which was printed two weeks ago. For those who continue to say we are being sold out definitively makes absolutely no sense. It also is far more likely common get some form of payout considering the complexity of TPS and the insider trading charges.
We do know the $4B belongs to WMI, the NOL's belong to WMI, and some of the SNH's participated in insider trading which 'hurt' Washington Mutual shareholders significantly which triggers damages and or releases.
Believe me, I have been on the fence from day one. I hate lawyers lawsuits and delays. I was pessimistic about this case because of the sheer power of the US Government, and its collusive relationship with JPM. The two are practically family, with Jamie Dimon and Henry Paulson college friends, colleagues of the two most powerful IBanks in the world, JPM and GS.
But, but, but, we have insider trading allegations. The day and age of prosecuting the 'bad guy' is in. If our allegations are worthy of SNH already offering something, it only makes sense Q is paid out.
JPM & FDIC will have to find a way to compensate equity holders to end this BK amicably. Hedgies seem to have viable option to partner with equity holders thru WMMRC.
The fact is, Rosen won't be able to get POR V6 confirmed with current GSA intact, no chance in hell.
So, JPM/FDIC will have to give in to get EC on board with a revised GSA. Otherwise, the fight continues and Bair/Paulson/Dimon/Roen/BOD will become our targets for collusion/fraud/crime, may be in another court.
WAMPQ: 3036
WAMKQ: 1835
No suelta nadie... :)
Venga ya, tampoco compra nadie, porque si pones una orden de compra por encima te las sueltan. Cuando salga la informacion que desvela la situacion actual de los accionistas veras si las sueltan.
De fraude se viene hablando desde el comienzo del caso, veremos si la proxima noticia es que no hay acuerdo y que los accionistas tienen que continuar litigando, esta sería la noticia inesperada pero siempre aparecen estas y no las que espera el vecindario.
Predator: A mi no me hace falta comprar más.
