1. investorshub.advfn.com/boards/read_msg.aspx?message_id=54644412
Zitat:
popcorn202 Share Tuesday, September 21, 2010 11:44:02 AM
Re: WithCatz post# 236925 Post # of 236969
Catz: I read all of your referenced material and I had the impression that he could not find a letter from the FDIC requesting that WAMU sell itself. Am I wrong?
"So, under this hypothetical. If the FDIC had reason to believe that they may seize WaMu, and told WMI to either sell yourself or the Bank off, or find an investor (TPG) to provide more funding..."
--------------------------------------------------
2. investorshub.advfn.com/boards/read_msg.aspx?message_id=54648076
Zitat:
WithCatz Share Tuesday, September 21, 2010 12:41:39 PM
Re: popcorn202 post# 236950 Post # of 236969
Popcorn, I'm not sure there was a "letter" to sell itself, but even the media has written about Goldman Sachs assisting to sell WaMu. And other allusions have been made that this was with regulatory arm twisting, recommendations, etc. There is a whole palette available to a regulator to make suggestions, all the way to formal letters, etc.
That said, there specifically WAS NOT (to anyone's knowledge) a demand letter, under the FIRREA statutes, for WaMu to raise capital. And this is key to some of the FC possibilities open to us now.
...Catz
--------------------------------------------------
3. investorshub.advfn.com/boards/read_msg.aspx?message_id=54655321
Zitat:
fsshon Share Tuesday, September 21, 2010 2:34:35 PM
Re: WithCatz post# 236959 Post # of 236969
Catz.. We've got to get the Bank Bondholders and Marta out of the way, before we make headway. If the USCC has been given permission to go for the Avoidance Actions and try to recover money, then where will the recovered money go? What the debtors have failed to do is request the court to nullify the 13.5 Billion claims from the bank bondholders. What has been made clear by THJMW is that "I don't want to get into any VEIL issues" that is clear, but what has not been done by the DIP is to separate the two.
Corp Claims vs Bank claims.
On Sept 26th WMI lost its rights to the banks, so in essence the bondholders lost their rights to recover any money from WMI (basically a Shell Post-BK). But what the debtors have been doing is playing roulette with the court in this matter. The FDIC and JPM should be entirely responsible for the Bank Bondholders, because JPM and the FDIC received the assets that were tied to the bondholders claims of equity. Now as per the DS, the bondholders are still in the mix.
Debtors are doing this to make sure A<L and is hoping the court agrees.. This and Marta is where things get real sticky. Debtors have probably asked Marta Counsel to keep extending their claims, so they can remain on the liability side.. A game of chicken is being played with this balance sheet and A&M is working to make sure the money does not get to Equities..Shame Shame !!
TPS is working to expose the undercover work of the WGM and A&M is in this BK, the COI is apparent and TPS knows it. Negotiating in bad faith is illegal and does not necessarily represent your parties interests, but IT is hard to prove, because WGM is doing what they were hired to do.. Shed Debt/Equity. THJMW knows they are doing this, so she locked them into their contract (DS/POR) with the court. It is going to be one hell of a hearing after the Examiner report comes to light. THE GSA will be declared invalid and we will move toward a recommendation by the Examiner of a "case trustee" being needed to rectify the situation the DIP has placed the estate in.
A clawback of fees will be right after that, you can not charge the estate for fees, if you did not properly do the work. Examiner should show that GSA was not negotiated with knowledge of committee's and in "good faith" because WGM (sole negotiator) has a COI with JPM parties and the releases of liabilty will prove as such. TPS is pushing for discovery of 2 things.
1. JPM to submit to the court an Asset list of the Assets that are supposed to be securing the TPS securities. 13 Billion in High-Value low risk mortgages set aside by WAMU are supposed to secure the securities, JPM has said "they do not exist."
2. Worksheets for the negotiation and conclusion of the parties for the GSA. TPS is going to argue the GSA legality.
TPS is working to help us all. Equity has a "friend of the court" in TPS. Because "riding their coattails" is exactly what EC wants to do. Bring it on TPS! We will hitch up soon.
I'm going to go read the TPS docs/requests again to get a better handle on their "game plan."
~Don~
--------------------------------------------------
4. investorshub.advfn.com/boards/read_msg.aspx?message_id=54655968
Zitat:
WithCatz Share Tuesday, September 21, 2010 2:44:31 PM
Re: fsshon post# 236965 Post # of 236969
fsshon - "JPM has said "they do not exist." in relation to the TPS request.
What JPM said "didn't exist" is what TPS asked for. "A Report" (in so many words). JPM didn't say the assets don't exist. They said what TPS asked for didn't exist.
JPM is wonderful about parsing, "we don't have what you asked for."
Like the million page database that was given to the PSI but not initially turned over during discovery, because the wording in the discovery request was just a hair off, per JPM, of course.
...Catz
--------------------------------------------------
5. investorshub.advfn.com/boards/read_msg.aspx?message_id=54656863
Zitat:
fsshon Share Tuesday, September 21, 2010 2:57:49 PM
Re: WithCatz post# 236966 Post # of 236969
It pays to have the best attorneys "money can buy." They will be able to miscontrue any request, but the Attorney's rep TPS are also some of the best and know how the game is played. They will eventually trap JPM attorneys. They remind me alot of Susman Godfrey in how they are playing the game.
JPM is about to get a Safety and have to punt the ball back to TPS. TPS Attorneys are alot smarter than we think and eventually will wrestle the info out of JPM per the WAMU banks disclosure to them at time of purchase. In the prospectus I remember it saying how the Mortgages were Grade A, low-risk.
Am I right?
Here's a good question..
Can JPM purchase the TPS securities from the TPS clients and eventually discard that part of the lawsuit? Is this really what TPS wants? Because TPS has basically been granted a trial and we all know how JPM feels about trials, would JPM try and pull a fast one and settle the TPS claims for "an undisclosed amount" and nullify that discovery request?
I have a feeling there is some "under the table" negotiations with TPS and S&C going on right now. TPS is chipping away at the JPM armour and eventually will bring something public that is both damning and could hurt the JPM side of the case.
Am I "on point" as THJMW likes to say.. Does anyone on this board have anything they would like to add that can help in this part of the case?
TIA
~Don~
--------------------------------------------------
6. investorshub.advfn.com/boards/read_msg.aspx?message_id=54657937
Zitat:
WithCatz Share Tuesday, September 21, 2010 3:14:12 PM
Re: fsshon post# 236968 Post # of 236969
fsshon - "Am I right?" -- I agree with your football analogy. I think the TPS guys are good, and are learning very quickly what they have to ask for. Even THJMW said about their asking for disclosure on who (Weil or Quinn) advised them on what, that she couldn't allow it that way, but they would have to get it "the harder way" -- and the TPS guys understood.
Regarding the TPS securities and could JPM buy-them-off. That's iffy. You have to first decide whether the conversion to preferreds happened. If so, then TPS holdings became equity, then JPM would run afoul, I believe, of the ownership % issues. If the TPS securities stay as they are, then I believe ownership % doesn't matter (because at that point, they aren't equity).
Sometimes I stick to Occam's Razor. The simplest makes more sense usually to me. I think TPS is out for what they say they are out for. To get their securities matched with their assets. And they don't care whether both end up under JPM or both end up under WMI, either way they get paid. And either way, they are matched up.
We care, for two reasons, until they are matched up, it is an additional financial load on WMI without any compensation, and we care, slightly less so, that we'd prefer that the matching up happens within WMI so WMI reaps any benefits of the assets being worth more (I've seen Yahoo estimates of the asset pool being now {I think, don't quote me} about $13b) than the securities.
...Catz
--------------------------------------------------
7. schreibt noch ;)
MfG.L:)
"Ein jeder gibt den Wert sich selbst"
"Der Schein regiert die Welt, und die Gerechtigkeit ist nur auf der Bühne".(Parasit)
Und es herrscht der Erde Gott, das Geld.(An die Freude)