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Re: Why Bop Is Right About JPM and FDIC Exiting The GSA 5 minutes ago
If I were JPM my master plan would have went as follows:
1.Plan the takeover of WaMu with the help of a witless FDIC chairman and a WaMu insider(Bonderman).
2. Arrange or encourage some greedy hedgefunds to take over as the debtors-in-possession by telling them to buy the distressed debt.
3.Step
#2 has now effectively killed the litigation against JPM that seemed to be going strong before the hedge funds entered the picture. They also stopped any fruadulent conveyance charges dead in their track with the assistance of their hedge fund allies. This prevents any possiblity of the deal being reversed, albeit that possibility was low in the first place.
So now JPM gives the appearance of cooperating with the hedge funds in order to get litigation releases knowing all along that the POR would never be approved with the releases it offered thus killing off exclusivity nce the POR was denied. This could have even been done with Weil's assistance behind the debtors' backs.
4.Once exclusivity was over negotiate a settlement with equity and jettison the debtors and noteholders by paying them off with WMI's own funds that they would have ended up with since JPM probably knew about the NOL assets before anybody else.
5.Get the releases and allow a very upset group of retail equity holders to focus their fury on the debtors for their betrayal thus getting JPM out of the spotlight.
6.Walk off with 300 billion in assets with legal releases and having not spent a dime of your own money understanding that the entire operation would be carried out with smoke and mirrors, a few crooked attorneys and accountants and the advantage of understanding how the bankruptcy system in this country makes it easy to sweep major injustices under the rug if you can control the debtors and creditors.
This was the perfect crime. And it is obvious JPM had been planning it a very long time.
At first I thought it was very amateurish the way they allowed Project West to become public and allowed themselves to get sued. But that was just a ploy to appear they had genuine motives to get involved with the lawsuit they knew would be filed against their useful idiot friends at the FDIC.
This way they could remain directly involved with the bankruptcy case and wouldn't have to leave the bumbling morons at the FDIC in charge of defending the seizure. In other words, JPM WANTED to be sued so they could be an active participant in this whole scam in order to continue pulling the strings. Their worst fear was leaving the FDIC to defend the charges of improper seizure to agency staff attorneys.
By controlling the bankruptcy process and getting rid of the debtors and creditors and by NOT allowing the FDIC to screw it up, JPM knew they would arrive at the point we now find the case at.....equity just a few hundred million from being in control and the end of exclusivity.
This is a situation JPM knew they could control. After more than 2 long years of a nauseating rollercoaster ride in bankruptcy court they know that equity will probably accept an offer they can easily pay off by giving up their claims to hte NOLS and throwing in a few more incentives from their WaMu treasure trove.
Then let equity go after the debtors for the way they handled the bankruptcy case. Heck, they even have the debtors on record syaing they didn't use counsel advice to come up with the POR...this even allows Weil to walk off scott free.
Meanwhile, JPM and the FDIC simply walk off center stage largely unnoticed by the remaing participants.
einfach schön.......
Stay long. John
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