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Zitat Ilenes:
I am learning to respond to the tweet questions...but a couple of times I tried and needed to get back to tweeting information...a work in progress! (will probably stop responding from court and answer all afterwards)
Art Steinberg, the DIMEQ attorney and very sharp wit and generally relaxed persona in court...always make us laugh!
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Zitat Hurlserv :
Re: "...$20/share at one point to try and get a read...and he said, that's not happening. Again, FWIW!"
NUTZ! :(
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Zitat ilenes:
yeah, I know...
but that was a direct payment...not that the reorg co wouldn't be worth that at some point... :)
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ZItat Shomidamoni:
Who was the lawyer you were speaking to when you said this? Here's a great tidbit...atty says to me "how ironic, the ones who had 'no value' will be setting the value for this whole thing"
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Zitat ilenes:
That was Art Steinberg. When I first got to court, there were three other people, including the two attorneys who had settlement info for BR (did you include specific numbers). They were sitting in "my spot" in the front row. They moved to sit in front of the bar, but I was busy reading or texting...so missed the opportunity to move up a row. When I looked up, Chas Smith was in front of me, and Art had sat down next to me. Remember, these guys all know me now, so we often chat, although usually about nothing in particular. Today, Art and I had a conversation where we talked about settlement in general, the boards and then his hard won right to continue the proceeding in september.
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Zitat hotstock19 :
So this is one of the things that confuses me. Everyone keeps saying settlement and we are "Getting paid". So is everyone hoping for the estate to pay commons a few dollars to go away or do we want the shares in the emerging company plus the operating losses which I think I would rather, our shares in the the new co would be worth much more than a settlement would probably bring.
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Zitat ilenes:
you're right...the shares in the new reorg will likely be worth way more than anything we might be paid initially. then it becomes a question of patience...
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Zitat Bizreader:
That's what I want! KUMBAY F'n YA Yesterday!
But next Friday will have to do !
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Zitat ilenes:
I was almost ready to hold hands and start singing...but there are some attorneys there who didn't seem like they were quite ready to do that...
its funny, before confirmation hearings in Dec, I was seen as an oddity...coming to court everytime, but ultimately harmless. now I get the cold shoulder from some who used to always speak to me, as though I'm the enemy :) I really should bring a big mirror to court!
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Zitat soufeast :
7) Art's comment to me about the irony of those who everyone said were worthless now being in control of the whole thing was interesting...fwiw, we talked very generally about settlement and I through out $20/share at one point to try and get a read...and he said, that's not happening. Again, FWIW!
Ilene do u think Art was referring to not getting an answer or not getting 20/ps
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Zitat ilenes:
$20.
I very purposely through out that number to watch the reaction and try and gauge what he knew...not certain whether he knows anything or not, but his instant reaction was, no...I don't see that happening!!
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Zitat XOM:
You know, a picture is worth a thousand words... when you threw out $20 PPS how did Steinberg's body language and tone of voice, from light conversational to a serious frown, or to incredulity ("what the F are you smoking, Ilene!?")... I will use "The many moods of Homer Simpson" as a reference:
It is THRILLING to hear that the Equity Committee is setting the value of POR 7 (which for all intents and purposes is what will be finalized).
GLTA
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Zitat ilenes:
I took his reaction to be borderline bemusement with that number, as much as what have you been smoking, Ilene?? He actually asked whether shareholders were happy with the deal to get ownership in the new reorg...so as I answered, I said I thought some were good, some would prefer to receive a cash payment of $20...
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Zitat joe513 :
Ilenes,
Did the judge seem at all sympathetic to Ms. Martin's predicament and her argument? It seems she is one person fighting Goliath.
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ZItat ilenes:
That was an interesting situation. Martin had been portrayed as a highly qualified attorney, who was highly paid while at WMI. The fact that she was unfamiliar with local laws regarding BK, probably confused JMW, and so I thought the outcome was fair. I would say JMW was less sympathetic than she was surprised and tolerant of a poorly prepared attorney in her courtroom
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Zitat xoom :
"...set expectations low...then its easier to be pleasantly surprised :)"
Exactly.
So where do you think we should set our expectations ?
We now know < 20 based on the conversation you had with AS :)
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Zitat ilenes:
well, I suppose I need to revise my former guesstimate of between .16 and a bazillion to
between $.16 and $19 :)
really, probably some payout now and mostly shares...that's as far as I will guess!!
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Zitat Bluzie2:
On Steinberg -
Ilene, do you think he's pushing for the September trial because DIMEQ is excluded from the settlement, or because the settlement hasn't been finalized yet? Or maybe he's positioning within the final settlement that's being haggled.
I've long thought there's no settlement without DIMEQ, because of the absolute priority rule, but I guess if the common get cash rather than stock in the reorganized company, it's possible DIMEQ could be paid out of the claims reserves with any remaining funds reverting to common.
Anyway, any thoughts or impressions would be much appreciated!
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Zitat ilenes:
the September date has been on the docket for quite some time, but I did feel more of a sense of urgency today...not so much from Art, who always argues passionately, but from Adam, who is more bland in court. he was the most passionate I'd seen today.
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Zitat BK1505:
so did our crossed fingers and toes help or not lol? Reaction on the hearing was like always, that panic sellers gave their shares into other hands...but this is not important for us longs.
Important is what feeling do you have about the delay to the 17th and what can we expect on that day!!! Will it be the final deadline for POR 6.5 or 7 or whatever?
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Zitat ilenes:
in response, there was a question posted to me on FB which I haven't had time yet to answer, but it brings up a good point...the deadline for the EC to object to POR 6ish is this Friday, 6/10 but the deadline for filing the POR 7 is not until the following week. No one from the EC addressed this potential issue...that of extending the deadline to the 17th, so that it would concurrent with the filing of the POR 7...
I do think that JMW is growing weary and will exert some pressure here to keep things moving.
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Zitatende
MfG.L:)
Alles nur meine pers. Meinung, kein Kauf- oder Verkaufs-Empfehlung!