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Rank: Member
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Joined: 10/29/2008
Posts: 1,180
Location: Ca
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Don't let the crooks get away . They want to settle with $7 B from the $300 B they robbed ..... nothing has been signed, and department of justice
knew nothing of settlement.SMOKE AND MIRRORS.ust is
department of justice and rosen and wiel are gettin
in over their heads.final say to our great judge and
ec must be on board.bad really bad weekend not to be holding.
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Rank: Member
Groups: Member
Joined: 10/29/2008
Posts: 1,180
Location: Ca
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This is NOT a "SETTLEMENT"...IT IS A "PROPOSED" settlement. ( from Yahoo board )
SOOOO...We see now that not All the parties have reached agreement..(Bank bondholders-EC committee ect)...Plus, we know that "ANY" deal "MUST" receive the approval of the court.
This "IS" a high pressure play (risky) by Rosen for WMI in concert with JPM & FDIC attorneys who want to move quickly to settle.
The problem for them now, is that they have exposed their hand.
WMI execs are in bed with JPM to cover their own failures (perhaps criminal)...and they don't mind shafting their own shareholders in the process.
Attorneys for the Bank bondholders aren't carrots..and neither are the lawyers for the EC.
...and I doubt the judge in this case is thrilled to see this kind of duplicitous (deceptive) activity in concert by supposed adversaries, now holding hands to rush the quarterback (the court) with this kind of high stakes brinksmanship in the final moments of the game.
The good news for WMI shareholders and creditors is that the nearly $7 BILLION now on the table is not only a good sign...but, now there's no doubt the $7 billion represents a fraction of what Rosen's client and FDIC will eventually have to cough up.
I would expect this third rate power play will come back quickly to haunt WMI execs at the upcoming shareholders meeting (Yep.."upcoming")..no doubt the court will favor the EC request for the meeting and the EC will be guided by legal minds who know how to play this game as well as anyone else that WMI execs place at the table.
...and bank bondholders and creditors' attorneys didn't just drop off the turnip truck this morning..No doubt they know their clients will do far better with a new board at WMI who may be more inclined to use their settlement resources to re-enter the market and earn real value..thus repaying restructured debts more fully, more quickly and establishing more longterm, mutually beneficial relationships that profit everyone...not just a few selfish executuives at WMI and JPM.
This game is about to become very interesting.
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Rank: Member
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Joined: 10/29/2008
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Location: Ca
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From Bop. Yahoo Board : Nothing I heard today made me pessimistic about the commons.
The EC's counsel said nothing as he was totally blindsided, but I fully expect that the EC will launch an aggressive opposition to the settlement. All that really happened is JPM is assured of holding WMI's $4 billion a few more weeks, and so what that the debtors' exclusivity period will expire without a confirmed plan? Nothing that happened today means any plan WMI proposes will be confirmed. Indeed, any plan that deprives equity of a recovery it certainly can't because I believe the EC's bankers will show that equity is in the money now (Rosen didn't say how much WMI had received in tax refunds, but we can estimate it's about $3 billion, and that $ is and will remain in WMI's hands unless Judge Walrath says part of it can be given to JPM, and part of the second refund to the FDIC).
The foregoing just makes today's panic selling even more sorrowful.
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Rank: Member
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Joined: 10/29/2008
Posts: 1,180
Location: Ca
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Why do we settle with what Judge may already make the ruling. FDIC / JPM want to settle with The money belongs to WaMu Inc. Crooks is crooks
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