Section 7.3: "This Agreement may be terminated by any Party, at their sole option and discretion, in the event that...or (c) the Confirmation Order is not entered by the Bankruptcy Court and the effective date of the Plan does not occur on or prior to December 31, 2010; provided, however, that, upon the joint instruction and notice provided by WMI and JPMC, and the consent of the Creditor's Committee, the date set forth in subsection (c) above shall be extended up to and including January 31, 2011."
Section 7.4 "Effect of Termination. Except as otherwise provided herein, in the event of the termination of this Agreement, this Agreement shall become null and void and be deemed of no force and effect, with no liability on the part of any Party hereto (or of any of its directors, officers, employees, consultants, contractors, agents, legal and financial advisors or other representatives), and no Party shall have any obligations to any other Party arising out of this Agreement, including, without limitation, the contribution of all or any portion of the Plan Contribution Assets, the allowance, disallowance, expungement or withdrawal of the WMI Claims, the JPMC Claims or the FDIC Claim as provided herein, except for the obligations and or provisions set forth in Sections 2.6(a), 2.7 and 2.14(b) hereof, which provisions are intended to survive the expiration or termination of the Agreement."
Section 2.6(a) maintains the stay of litigation until the first business day following the termination of the Agreement. Section 2.7 is a 'best efforts' clause re: the Texas Litigation. Section 2.14 is an agreement by the Debtors to pay vendor claims for services potentially provided to WMB.
Bottom line: unless the GSA has been renegotiated, it has expired and is no longer in effect. Moreover, the litigation is no longer stayed by the Parties to the Agreement.
"Mit der Dummheit kämpfen Götter selbst vergebens"