Wie dem auch sei, wichtig ist, dass wir im Falle einer Confirmation weiter vom EC vertreten werden. Und das muss natürlich auch bezahlt werden. :-)
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Wie dem auch sei, wichtig ist, dass wir im Falle einer Confirmation weiter vom EC vertreten werden. Und das muss natürlich auch bezahlt werden. :-)
Du überschätzt die Bedeutung der releases maßlos. Bezüglich dem bopfan-Unfug darf ich daran erinnern, dass während des confirmation hearings von seiten der debtors und der debtors-Zeugen(!) ungefähr 100 Mal betont wurde, dass jeder, der keine Ausschüttung erhält, auch kein release erteilt. Es geht also überhaupt nicht um releases seitens der Shareholder. Es ist längst anerkannt, dass die keine Releases geben. Das Problem ist, dass die Formulierungen im Plan unverständlich und in vielen Fällen überzogen sind. Mit denjenigen, die unter dem Plan leer ausgehen, hat all das nichts zu tun. Rosen hat auch im confirmation hearing bereits in Aussicht gestellt, dass die releases nochmals angepasst werden müssen. Er hatte wohl gehofft, dass er das via confirmation order machen könnte, aber da hat Walrath halt nicht mitgespielt.
Wenn ich die Bedeutung der Releases unterschätze, warum wollte Rosen sie dann mit aller Macht durchdrücken, obwohl er Deiner Meinung nach sicher sein konnte, dass er damit nicht durchkommen würde? Sorry, aber das ist unlogisch.
Zitat: "...dass jeder, der keine Ausschüttung erhält, auch kein release erteilt. Es geht also überhaupt nicht um releases seitens der Shareholder. Es ist längst anerkannt, dass die keine Releases geben."
Wo bitte steht das? Quelle? Zitate?
Ich sehe nach der Opinion auch deutlich mehr Chancen für die Vorzüge. Allerdings dürften diese am Montag nicht mehr zum heutigen Kurs zu haben sein, oder? Natürlich nur meine Meinung. ;-)
* Judge rejects Washington Mutual reorganization plan
* Judge finds some legal releases too broad
* Judge requests some portions of plan to be rewritten (Adds comment from Washington Mutual, FDIC, JPMorgan and shareholders in paragraphs 4, 12-14, 15; details from opinion in paragraphs 19-24)
By Tom Hals
WILMINGTON, Del, Jan 7 (Reuters) - A bankruptcy judge rejected Washington Mutual Inc's reorganization plan on Friday but said the company's $10 billion settlement with JPMorgan Chase & Co and a bank regulator was fair and reasonable.
The judge found that some legal releases from liability in the reorganization plan were too broad, among other issues.
"The court finds that the debtors' plan is not confirmable unless the deficiencies explained herein are corrected," Delaware judge Mary Walrath wrote in an 109-page opinion.
Washington Mutual welcomed approval of the settlement and said it expected to modify the reorganization plan and seek approval as soon as it can.
The settlement ends most of the legal battles that began when the company filed for Chapter 11 in September 2008, the day after regulators seized its WaMu savings and loan in the biggest bank failure in U.S. history.
The Seattle-based bank was immediately sold by the FDIC to JPMorgan for $1.88 billion.
The settlement divides disputed cash and tax refunds and provides most of the $7 billion that Washington Mutual plans to distribute to hedge funds and other bondholders under its plan of reorganization. Most creditors will be repaid in full.
JPMorgan will receive about $2.5 billion in tax refunds under the deal, and the FDIC will get about $800 million.
The reorganization is likely to wipe out the common stock, and shareholders argued the settlement should be rejected because it ended potential lawsuits against JPMorgan and the Federal Deposit Insurance Corp with little in return.
They said that Washington Mutual could end up with $33 billion if it scored major legal victories and if its assets were more fairly valued.
The company welcomed Walrath's rulings.
"WMI is also pleased that the court suggested that the plan of reorganization is confirmable subject to limited modifications," Washington Mutual Inc, or WMI, said in a statement.
JPMorgan and the FDIC declined to comment.
Justin Nelson, an attorney with Susman Godfrey which represents the official equity committee, said "we are gratified the court denied confirmation and we're evaluating the opinion and our options going forward."
Walrath also ruled against a group of hedge funds that claimed ownership of billions of dollars in securities that also were claimed by JPMorgan, a key victory for the Wall Street bank.
An attorney for the hedge funds did not immediately return a call for comment.
Walrath focused many of her criticisms on the company's releases of liability granted to directors, officers and others including some hedge funds, who she said did not contribute anything to the settlement.
She noted for example that shareholders, who will likely get nothing, should not have to release the company's board from the threat of being sued by them.
Walrath's opinion could alter the company's plans to reorganize around a mortgage reinsurance business, mostly for the purpose of preserving tax credits.
The company planned to sell shares in the reorganized company to large investors. The offering supported by investment companies associated with Appaloosa Management LP, Centerbridge Partners LP, Owl Creek Asset Management LP and Aurelius Capital Management.
An individual investor, Nate Thoma, fought against that provision of the reorganization plan and Walrath accepted his argument and said the plan must allow small investors such as Thoma to participate.
Thoma also claimed in a court hearing that those hedge funds engaged in insider trading, which prompted Walrath to reject the part of the reorganization plan that granted the funds, known as the settlement noteholders, protection from lawsuits.
"The court is reluctant to approve any releases of the settlement noteholders in light of those allegations," wrote Walrath.
Shares in Washington Mutual ended Friday down 4.8 percent at 5.7 cents in pink sheet trading.
The case is In re Washington Mutual Inc, U.S. Bankruptcy Court, District of Delaware, No. 08-12229. (Editing by Carol Bishopric"
Quelle: www.forexyard.com/en/news/...ization-plan-2011-01-08T013044Z-UPDATE-3
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