Wamu WKN 893906 News !

The judge on Wednesday agreed to postpone a hearing from June 29 to July 5 on the company's existing reorganization plan so it can work on a revised plan to satisfy shareholders.

"satisfy shareholders"!!!!!!

DONE DEAL!!!!



abcnews.go.com/Business/wireStory?id=13792051

Du kleiner Schlingel ;-), hast du doch in deinem Post #140668 folgendes geschrieben:

"Das Problem ist, dass JPM eben nicht 2x TARP bekommen hat, also das ganze Argument hinfällig war. Nur darauf habe ich (im Gegensatz zu vielen hier übrigens ganz freundlich) aufmersam gemacht - was ist daran Dein Problem"?

 

Nun meine Antwort auf dein Post, das es doch 2x TARP Gelder waren:

Aus dem Capital Purchase Program ($25 Milliarden): www.treasury.gov/initiatives/...p;PageNumber=29&Direction=

Aus dem Home Affordable Modification Program ($2.7 Milliarden): www.treasury.gov/initiatives/...mp;PageNumber=4&Direction=

 

Jetzt wieder deine Antwort in Post #140741:

"Ich habe nur darauf aufmerksam gemacht, dass Deine vermeintliche "Kuriosotät" keine ist, weil JPM nicht 2x TARP bekommen hat, ergo auch keine Sonderbehandlung für JPM gemacht worden ist etc."

(Wie jetzt ???, immer noch nicht überzeugt, trotz offizieller Nachweise, das es 2x TARP Gelder gegeben hat?)

Jetzt aber schnell die Ausweichtaktik anwenden, um wieder vom Kernpunkt abzulenken:

"Oder gibt's irgenwo in den TARP Richtlinien eine Regelung, dass niemand TARP Gelder bekommen durfte, der schon mal Fed-Garantien bei der übernahme einer Bank (wie eben JPM bei BS)bekommen hat"?

War das meine Antwort auf deine Aussage zu Post #140668 @informierter???

Also irgendwie kommt mir diese Masche bekannt vor, ich weiß nur nicht wem ich die zu ordnen soll, aber ich komme bestimmt noch drauf ;-). Wie dem auch sei, für mich ist hiermit die Angelegenheit erledigt. Es gibt wichtigere Themen, als das TARP Programm, wo man jetzt so wie so weiß, dass JPMC, egal wie schlecht diese Bank ist, oder dar gestanden hat, JPMC wird durch alles was Rang und Namen hat gedeckt.

 

Ich kann nur hoffen, wie ich es in meinem Post #138739 schon einmal geschrieben habe, das Edgar G. Sargent dem Rosen so die Daumenschrauben anlegen kann, das der höher danach Singen kann, wie ein Knabenchor, wenn er denkt uns hier jetzt noch mal mit der Kamelle PoR 6 zu kommen. Ich persönlich halte es ebenfalls nur für eine Drohgebärde, denn nach dem Status der Verhandlungen, hätte schon längst ein Einspruch vorgelegen, wenn irgendwie etwas nicht im Sinne unserer EC-Anwälte gelaufen wäre. 

Jedenfalls bewerte ich die weitere Verschiebung für das DS nicht unbedingt als negativ.Ich denke hier kommt jetzt irgendwie das Zusammenspiel aus Solomon und BDO als Steuerexperten zum Tragen, wo Rosen nicht weiß, wie er die errechneten Gelder stemmen soll, wenn JPMC da nicht mitspielt ;-). Sollte das Confirmation Hearing hierzu am 05.07.2011 stattfinden, falls das DS genehmigt werden sollte, dann denke ich auch, werden wir uns aller Wahrscheinlichkeit um die noch offenen Fragen zum PoR 7 wiederfinden. Denn sollte Rosen mit seinem PoR 6 Qautsch nicht aufhören, dann glaube ich, dass unsere EC-Anwälte schon gut vorbereitet für diese Situation parat stehen und auch wissen was dann als nächster Schritt zu tun ist.

Ich vermute dann wird das GSA dran sein, was ohnehin schon durch die Hedgefond Beteiligung, als fair und reasonable Partei, mehr als ein Hohn ist. Warten wir in Ruhe auf die Dinge die uns da noch vorgesetzt werden, aber die Behauptung  "ausbuchen" die immer noch prognostiziert wird, halte ich persönlich hier für überholt und ausgedient. Ich denke wir können mit dem heutigen Ausgang mehr als zufrieden sein, wenn selbst Rosen schon gesagt hat und frohen mutes war, das alle Parteien so rege an der Sache mitgearbeitet haben, dass gilt natürlich auch für unsere EC-Anwälte, die sich so schön mit eingebracht haben ;-).

Wünsche noch allen einen schönen Abend und bleibt guten mutes, die Situation hat sich durch das heitige Hearing überhaupt nicht verändert ;-).

Gruss Qash

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Zitat hotstock19:

Definitely not a negative today except for the fact that it wasn't the billion dollar news we were hoping for. If it was negative this would have dropped alot further instead it's holding up decent. This will run once again as we get closer to next date and the whole WAMU cycle may start over again. Does anyone view the news as negative? They are now working with us so apparently 160 million value of new company is not acceptable to SG...NICE!!! I thought the stock might pop when I heard the news. Go figure!
----------------
zitat   william48:

To hotstock19: The $160m is quite acceptable to SG, as long as the EC takes control of the NOLs which can be monetized at a subsequent date in time. The hold-up is getting JPM to assume the TPS securities, as well as the preferreds. In doing so, a $7.5B obstacle will have been removed from the path of common. I believe them to be very close to resolving this issue, as Rosen only asked for a mere extension of 9 days, when he could have requested much more. Also, the TPS attorney seemed a tad too relaxed ... almost as if he himself believed that his client's interests were being addressed by the other parties.
------------------
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Zitat leandro213:

Last I checked today was June 8th and the hearing for the plan is July 5th. That's a little more than 9 days. The 17th one is not the "set in stone" hearing
------------------
ZItat William48:

To leandro213: It will, however, be that way THIS time. Rosen termed July 17th be be the "closure date"; and he certainly sounded as if he means to make it so. Look for the PPS of common to meander along for the better part of the next 4 to 5 days, when SUDDENDLY, Rosen files the long-awaited document which will contain the terms of the settlement. You'll be able to verify the accuracy of this prediction on Friday of this week, which is SG's final day to file an objection to the current DS (or, in the alternative, to file SOMETHING which will protect its right to lodge objections in the near term).

Rosen was at his very best today. A weasel without peer; cranking out a stream of confusing dates and whether or not each such date pertained to a the current POR, or a revised DS, or a revised POR. Indeed, there was such confusion that the DIMEQ attorney had to ask the judge for clarity. In this regard, I thought it telling that SG did not have the need to do so. Obviously, if you were having a tough time in your negotiations with JPM, and you might just have to file objections in order to protect your rights going forward, you'd would have focused, like a laser today, on establishing clear dates, as what exactly was to take place on those dates. We didn't hear any such concern from SG ... and I felt REAL good about that!

IMO, of course.
--------------------------------------------------
ZItatende

MfG.L:)

Umsatz heute ist auch O.K. Könnte aber noch besser werden.

Faster verzeihe mir bitte, das ich mir erlaubt habe einen Link beizufügen, der dich beinahe an dem Rande des Wahnsinns gebracht hat.;-) Es sind immer wieder die seltsamen visuellen Vorstellungen aus der anderen Welt, die nach jedem Hearing dort herumschwirren. Trink heute Abend einen Roten und schreibe ihn bei mir an.

Was das Hering angeht, kann ich nur für mich sagen, das das, was Ilene dort aufgeschnappt hat, mich sehr beruhigt und zuversichtlich für die Zukunft bin.

@Noenough > Wer ist Ilene?

Ilene ist die liebenswerteste Frau in ganz Delaware. Ihr gebührt langsam aber sicher einen dicken Kuss. Oder ein bisschen diskreter, halt einen dicken Blumenstrauß.
Ihre Dienste sind fantastisch.
Danke Ilene!

endlich - Befriedigung der Aktionäre ;-))

ist ja jetzt gut - beruhig dich etwas :-)) hat dein dumm-Gebashe nicht für einen günstigen Einstieg gereicht? tz, tz, tz

Markt sich Ordentlich einzudecken, bevor die Rakete richtig durchstartet.

Kursziel nach wie vor Norden.

Verschieben und Canceln der Verrhoere. Hmmm, da haben unsere ein wenig mit dem Gun rumgewedelt.

Wichtig, die Verhoere sind zwar gecancelt, aber die Untersuchungen sind noch nicht abgeschlossen.

Fuer ne popelige Mediation wird ein Doc eingerreicht , das die Mediation abgeschlossen ist.

Hat jemand so ein Doc ueber die Hedgie Depos gesehen?  Ich nicht.
Auch ueber das OTS Verhoer kam , meines Wissens , nichts mehr.  Nur ein Doc wann es begann.


Ich gehe mal davon aus das Ilene vertrauenswuerdig ist.

Ilene Slatko4 17:20#140723
Ed Sargent on line confirming that the discovery EC will do is only if POR7 does not move forward
Ed Sargent hat am Telefon bestaetigt das die Untersuchung die das EC machen will ,ist  nur wenn das mit dem POR7 nicht vorwaertsgeht.

He, He mit der Rule 2004 im Ruecken und den Hedgies im Visier.

Rosen,s leise Andeutung PORSIX weiterzuverfolgen , ohne zu Wissen was in der EC OBJECTION steht plus die schon eingegangenen Objections.

Rosen redet von Uebereinkuenften, und relativiert sich gleich wieder
und "Unsere" Seite glaenzt...mal wieder..... durch Abwesenheit , lediglich durchs Telefon
"macht mal hinne mit PORSEVEN, sonst unersuche mer weider."

Das Wort Drohung , hmmm, falls man es benutzen kann...........welche Drohung erscheint mir da wohl bedrohlicher ???????

Klar, nur meine Interpretation

lg

angebot angenommen, mit linguini, grins.

und zu ilene kann ich dir nur zustimmen. bester lieferservice der usa, grins.

steh gerade etwas auf dem Schlauch - muss jetzt das EC bis 10.6. Einspruch gegen POR6 einlegen? oder hat sich das erledigt?!

von marymbobh aus yahoo finance:
messages.finance.yahoo.com/...p;mid=764823&tof=2&frt=2

We tend to identify Rosen as the personification of the 'Debtors' but Rosen is just a lawyer hired by the debtors. Who are the 'debtors?' The debtors are a corporate entity in bankruptcy responsible first and foremost to their unsecured creditors and second to their equity owners (i.e. us). When Rosen is speaking for the 'debtors' he is speaking for those unsecured creditors. Who are the unsecured creditors? Anyone that has a valid claim for money owed them against the debtor's estate. Primarily, those unsecured creditors are the big hedge funds who purchased the WMI senior debt. The debtor's (and Rosen's) duty to those creditors is to work to the best of their abilities to see that they get paid. Once those creditors are paid, they have no further interest in the estates and the debtors have no further duty towards them...which leaves equity. The EC has reached an agreement with the hedge funds by which the hedge funds made certain concessions to the EC in exchange for the EC forgoing their investigation of alleged insider trading by the hedge funds while they were participating in negotiations that led to the GSA incorporated in POR v6 (and earlier PORs). Those concessions would
be expected to include support by the hedge funds for EC initiatives to direct the debtors towards goals that would lead to recovery by equity. Rosen can put a brave face on things and talk all that he wants to about moving forward with POR v6 but there will be no POR v6 confirmation hearings without the hedge funds supporting them...and the not-so-subtle reminders in court today were that, if the hedge funds do that, the EC will reschedule their depositons and move ahead with those. Everyone was trotting out their stuff to see what the good judge would say or do...and the court didn't...which is good for the EC and bad for the hedge funds. The EC is tightening the screws on the hedge funds and they are going to now be forced themselves to push the debtors (i.e. Rosen and the Alvarez and Marsal bunch of hired hands) to lay it on the line for JPM Chase...which will lead to the GSA-7 for POR v7. The court gave everyone more time...which was a very good outcome for equity...probably the best we have had thus far in bankruptcy court.

wenn man die Beiträge liest, sind doch alle positiv gestimmt und zuversichtlich, allerdings merkt man das nicht am Kurs. Jetzt kommt mir nicht mit, der Kurs ist egal....
Der ist entscheident bei jedem Invest.
Also, wenn die breite Öffentlichkeit auch in den U.S. die Entwicklung als positiv betrachten würde, würde der Kurs auch erheblich steigen...tut er aber nicht.
Ich bin jedenfalls ratlos warum das so ist und denke schon mal kurz über einen Ausstieg nach. Kann mich auch verrechnet habgen.

Ist vielleicht nicht richtig, oder :-)

und was ist mit "POR objection deadline for EC only" am Freitag wenn aktuell POR 6 und 7 noch im Raum stehen??

... Ilene wird zufrieden sein...


Gruss, St. JCF

Art was interesting today, as usual. He absolutely feels as though commons have the upper hand here and as I tweeted, Adam Strochak brought us into the testimony for the first time today with a little mention...but that's more than has happened in the past.

http://www.ariva.de/...KN_893906_News_t364286?page=5633#jumppos140832

bei einer Aktie, die jederzeit 2-300% Plus machen kann in 2 Tagen, relativieren sich mal 20% minus

@alwin212 - die Frage hatte ich gerade gestellt

hab ich gesehen nachdem ich abgeschickt habe. besser 2 mal gefragt...sorry

Auch ich bin via Link von Pinot bei Wo gelandet und hab dort eine Weile weiter gelesen. Unter anderem auch Einen, der bei mir auf grau steht. Zurück bei ariva lese ich dann das Dublikat oder das Original oder die Kopie!
Nun, ich hab das für mich mal so geordnet:

Original:
http://www.ariva.de/...KN_893906_News_t364286?page=5632#jumppos140801

Kopie:
http://www.wallstreet-online.de/diskussion/...der-usa-chancen-risiken
Beitrag Nr.314878

Das erinnert mich doch an so einen Politiker, der heute auch grau ist, weil weg vom Fenster

www.kccllc.net/documents/0812229/0812229110608000000000003.pdf

Objection of Colleen M. Martin to Debtors' Emergency Motion Requesting Adjournment of the Hearing to Consider the Motion of Colleen M. Martin for Allowance and Payment of Administrative Expense Claim Under 11 U.S.C. § 503(b)(1)(A)(i) and Allowance of an Allowed General Unsecured Claim

MfG.L:)

Den hält Rosen noch am Leben, da er eh weis dass der Geschichte ist. Solange dieser aber noch Formell am leben ist muss er nicht POr 7 zücken und der ist noch nicht fertig und wird warscheinlich nie so richtig fertig.
Mit dem Einreichen des POR 7 könnte Rosen ( natürlich sein Auftraggeber) die Kontrolle verlieren und das ist der Ritt auf Messers Schneide.

Ist der POR 7 den gleiche Mist wie der 6 er, dann könnte es Einspruch mit echten Zahlen bzw. Vergehen geben und die Sache kann für den auftraggeber ausser Kontrolle geraten. Ist der POR 7 aber so wie wir "zum Anfang " erstmal denken, wird das gleiche passieren, wobei dann der Kurs schon eine Rolle spielen könnte.

Rosen find ich langsam leicht sympatisch, da er echt ein guter Anwalt ist und es hinbekommt auf diesen Eieren rumzulaufen ohne dass die zerbrechen.

Bin mir aber sicher, dass einer aus der fam. Rosen eine ganze Menge Aktien von WAMU hat.

Gruss und war ein guter Tag

WaMu Delays Bankruptcy Hearing to Complete Shareholder Deal

Washington Mutual Inc. (WAMUQ) rescheduled a hearing on its reorganization plan to gain time to negotiate a settlement with shareholders of the bankrupt former owner of the biggest U.S. bank to fail.

Brian Rosen, a WaMu attorney, today told U.S. Bankruptcy Judge Mary Walrath that the company seeks to reach a final agreement with shareholders by June 17.

Last month, WaMu creditors approved the outline of a settlement that would end their fight with shareholders who accused the creditors of using confidential information to trade in the company’s debt. That settlement hasn’t yet been documented and signed, Rosen said.

“It is taking slightly longer than anticipated,” Rosen told Walrath in Wilmington, Delaware.

WaMu, based in Seattle, filed for bankruptcy on Sept. 26, 2008, the day after its banking unit was taken over by regulators and sold to JPMorgan Chase & Co. (JPM) for $1.9 billion. Washington Mutual Bank was the biggest bank to fail in U.S. history, with more than 2,200 branches and $188 billion in deposits.

Walrath has given shareholders permission to question hedge funds that hold WaMu notes under oath and collect documents about their WaMu trades. Depositions of the hedge funds were scheduled to begin last month.

Nothing for Shareholders

Should the tentative deal among WaMu, the hedge funds and shareholders fall apart, WaMu would go ahead with its current reorganization plan on July 5, Rosen said. Under that plan, shareholders would get nothing.

Under the settlement, shareholders would drop their investigation of the hedge funds in exchange for common equity in the new company and funding for a litigation trust that would try to raise money through lawsuits. The trust would be funded initially with $5 million and later have access to as much as $25 million more, WaMu said.

http://www.bloomberg.com/news/2011-06-08/...r-deal-1-.html?cmpid=yhoo

Gruß

Dude44

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8 June 2011 Hearing Transcript [00:03:39-00:13:28]
Thanks to DanBB as always for the audio: www.viewip.net/WMI/Hearing/

Quote:3:39 COURT: DO YOU WANT TO PROVIDE A STATUS OF THE PLAN PROCESS?

3:42 ROSEN: EXACTLY WHERE I WAS HEADING, YOUR HONOR, THANK YOU. UH, YOUR HONOR, WHEN I STOOD BEFORE YOU, I BELIEVE IT WAS ON MAY 24TH, I WAS THERE TO ANNOUNCE THAT WE HAD, UH WE WERE ANNOUNCING A TENTATIVE SETTLEMENT THAT HAD BEEN REACHED AMONG THE EQUITY COMMITTEE, THE CREDITORS COMMITTEE, THE DEBTORS, AND WHAT WAS REFERRED TO AS AAOC, OR SOMETIMES IN OLDEN DAYS, KNOWN AS THE SETTLEMENT NOTEHOLDERS. UH, YOUR HONOR, I AM PLEASED TO REPORT THAT ALL OF THE PARTIES HAVE BEEN DILIGENTLY WORKING TOWARDS GETTING THIS DOCUMENTED; HOWEVER, IN SOMETHING AS COMPLEX AS IT IS, UH UNFORTUNATELY IT HAS TAKEN SLIGHTLY LONGER THAN WE HAD ANTICIPATED, AND WE HAD HOPED TO BE BEFORE YOU TODAY WITH THE 7TH AMENDED PLAN ON FILE [4:25].

AS THE COURT IS AWARE, WE HAVE CURRENTLY SCHEDULED FOR JUNE 29TH AND 30TH A HEARING FOR CONFIRMATION OF THE MODIFIED 6TH AMENDED PLAN, AND WE THINK THAT A LITTLE BIT LONGER IS NECESSARY TO SEE IF WE CAN REACH CLOSURE ON THE DEFINITIVE DOCUMENTATION FOR THE 7TH AMENDED PLAN, AND SO WHAT WE WOULD LIKE TO DO, YOUR HONOR, IS INDULGE THE COURT AND SEE WHAT IS AVAILABLE IN THE COURT FOR SOMETIME JUST AFTER THE JULY 4TH HOLIDAY.

WE HAVE SPOKEN TO COUNSEL FOR THE EQUITY COMMITTEE AND SPECIFICALLY WITH RESPECT TO THE DISCOVERY THAT THE EQUITY COMMITTEE HAD BEEN UNDERTAKING PRIOR TO REACHING THIS TENTATIVE SETTLEMENT, AND THE NEED FOR THE EQUITY COMMITTEE TO CONTINUE TO FINISH THAT DISCOVERY, AND LAST NIGHT I SPOKE TO MR. SARGENT ON BEHALF OF THE EQUITY COMMITTEE AND HE INDICATED THAT HE THOUGHT IT WOULD TAKE ABOUT 7 DAYS TO 10 DAYS TO COMPLETE THAT DISCOVERY, AND WE WOULD PUSH BACK THE HEARING IN ORDER TO ACCOMODATE THAT DISCOVERY TIMEFRAME.

OF COURSE, YOUR HONOR, IF WE'RE SUCCESSFUL IN DOCUMENTING WHAT NEEDS TO BE DOCUMENTED WITH RESPECT TO THE 7TH AMENDED PLAN, WE WOULD COME BACK AND REVISIT THAT TIMEFRAME YET AGAIN LIKE WE WERE GOING TO TODAY. SO, WHAT WE'RE ASKING YOUR HONOR AT THIS POINT IS, IN ORDER TO ALLOW THE PARTIES TO CONTINUE, NUMBER 1 IN ORDER TO ALLOW THE EQUITY COMMITTEE TO DO WHAT THEY NEED TO DO TO COMPLETE THEIR PROCESS; NUMBER 2, AND THEN FILE IF IN FACT THEY DECIDE TO DO SO A COMPREHENSIVE OBJECTION TO THE MODIFIED 6TH AMENDED PLAN, THAT WE PUSH BACK THE 29TH AND 30TH TO RIGHT AFTER THE JULY 4TH WEEKEND. I KNOW THAT THAT WORKED, UH FROM MR. SARGENT'S PERSPECTIVE; IN FACT HE HAD A CONFLICT LATER MID-MONTH, AND HE WAS HOPING THAT WE COULD GET IT DONE BEFORE THAT PERIOD.

[6:48] COURT: ARE YOU SUGGESTING JULY 5TH?

ROSEN: I'M OKAY WITH THAT. IF IT WORKS FOR THE COURT. I MEAN, OUR GOAL, YOUR HONOR, IS TO NOT LET TIME DRAG ON. AS MR. HODARA HAS SAID, ON SEVERAL OCCASIONS, IT'S VERY IMPORTANT FOR THE CREDITORS COMMITTEE AND FOR SOME OF THE INDENTURED TRUSTEES NOT HAVE THE ONGOING OCCURRENCE OF FEES AND EXPENSES, SO WE WANT TO KEEP THIS ON A STEADY AND FORWARD LOOKING TRACK. SO, IF THAT'S THE DATE, YOUR HONOR, WE'LL WORK WITH THAT - IF IT ACCOMMODATES OTHER PEOPLE'S VACATIONS, IF IT WAS A DAY OR TWO LATER, THAT WOULD BE FINE WITH ME AS WELL.

   ...

[9:26] COFFEY: GOOD MORNING, YOUR HONOR, JEREMY COFFEY, WITH BROWN RUDNICK, ON BEHALF OF THE TRUST PREFERRED GROUP. JUST A COUPLE OF QUICK POINTS - ONE, I UNDERSTAND THERE HAVE BEEN ONGOING NEGOTIATIONS BETWEEN THE PARTIES - WE HAVE NOT BEEN PART OF THAT. WE'D LIKE TO BE. WE HAD A MEETING YESTERDAY WITH THE SETTLEMENT NOTEHOLDERS - I'LL CALL IT PRELIMINARY BUT CONSTRUCTIVE - BUT TO DATE, WE DON'T KNOW WHAT THIS NEW PLAN WILL LOOK LIKE, IF THERE IS GOING TO BE A NEW PLAN.

SO I JUST WANT TO CLARIFY, THAT IF WE'RE TALKING ABOUT SETTING A NEW CONFIRMATION HEARING DATE, THAT'S ONLY WITH RESPECT TO - OR IF THERE IS NOT A NEW PLAN AND WE'RE GOING FORWARD WITH THE OLD PLAN, AND TO THE EXTENT THAT THERE IS A NEW PLAN TO BE PUT OUT THERE, THAT WE'RE GOING TO HAVE AN ADEQUATE OPPORTUNITY ONE TO LOOK AT A DISCLOSURE STATEMENT, TWO TO LOOK AT CONFIRMATION ISSUES.

UM, WHILE WE DON'T HAVE THE DETAILS OF IT, MY UNDERSTANDING IS THAT WHAT IS BEING DISCUSSED IS FAIRLY SIGNIFICANTLY DIFFERENT THAN WHAT IS ON THE TABLE CURRENTLY. I JUST WANT TO UNDERSTAND WHAT WE'RE TALKING ABOUT IF WE'RE SETTING A DATE FOR JULY 5TH.

[10:14] ROSEN: YOUR HONOR I THINK WE'RE IN VIOLENT AGREEMENT. THAT'S EXACTLY WHAT I SAID.

COFFEY: IF THAT'S THE CASE, I -

COURT: - SO THE 5TH WILL BE ONLY IF WE'RE GOING AHEAD WITH THE SIXTH MODIFIED PLAN?

ROSEN: YES, YOUR HONOR. I MEAN, IF WE ARE FORTUNATE TO FINISH THE DOCUMENTATION ASSOCIATED WITH A SEVENTH, WE WOULD BE FILING A DISCLOSURE STATEMENT, IF THE COURT THOUGHT IT WAS APPROPRIATE TO DO IT ON THAT DATE, WE WOULD CONSIDER THAT, BUT OTHERWISE, IT'S ONLY THE SIXTH ON THAT DATE, YOUR HONOR.

COFFEY: AGAIN, PENDING ANY UNDERSTANDING OF WHAT THE DETAILS OF THE DEAL ARE, WE MAY HAVE VIOLENT DISAGREEMENTS WHETHER OR NOT THE 5TH AND/OR 7TH IS AN APPROPRIATE DATE TO GO FORWARD ON WHAT IS EFFECTIVELY A NEW PLAN.

COURT: WELL, IT WON'T BE FOR THE PLAN. IT WILL BE FOR - PERHAPS FOR THE DISCLOSURE STATEMENT OR SCHEDULING -

ROSEN: YES, YOUR HONOR. AND YOUR HONOR, I JUST WANT TO SAY THAT, UH, WE HAD BEEN TRYING TO ENGAGE THE TRUST PREFERRED FOR SEVERAL WEEKS AND HAVE BEEN UNSUCCESSFUL. UH, YESTERDAY, WE ARE HAPPY THAT SOMEONE WAS ABLE TO HAVE A PRELIMINARY MEETING WITH THEM, BUT WE HAVE BEEN TRYING FOR SEVERAL WEEKS.

COFFEY: OBVIOUSLY THERE ARE TWO SIDES TO A COIN, YOUR HONOR -

COURT: I DON'T NEED TO HEAR BOTH.

   ...

[12:06] HODARA: ... GET THE IMPRESSION THAT WE DON'T EVER GET THESE IMPORTANT MATTERS FINISHED OR SUCCESSFULLY CONCLUDED IN OUR IMPORTANT CASES, BECAUSE OF COURSE TODAY WAS SCHEDULED FOR CONFIRMATION OF THE SIXTH PLAN, AND SO I'LL BE QUITE BRIEF BECAUSE MR. ROSEN NOT ONLY SAID IT CORRECTLY THAT MR. HODARA AND THE COMMITTEE HAVE BEEN RIVETED ON THE CONCEPT OF MAKING SURE THAT *A* PLAN SATISFACTORY TO CREDITORS GETS CONFIRMED AS PROMPTLY AS POSSIBLE, AND OF COURSE WE HAVE, AS MR. ROSEN REPORTED TO THE COURT AT THE LAST STATUS CONFERENCE, OVERWHELMING SUPPORT IN THE VOTES THAT CAME IN ON THE SIXTH PLAN, SO WE ARE VERY PLEASED THAT THAT PLAN HAS NOT ONLY REMAINED VIABLE, BUT THAT MR. ROSEN HAS ARRANGED WITH THE COURT FOR A DATE THAT IS AS CLOSE NOW AS JULY 5TH, AND THAT IS I THINK AS EARLY A DATE AS WE COULD HAVE HOPED FOR GIVEN THE CIRCUMSTANCES THAT HAVE DEVELOPED. WE ALSO APPRECIATE THE REPORT THAT THE EQUITY COMMITTEE HAS SAID THAT THEY CAN GET THEIR DISCOVERY DONE, IF WE NEED TO GO BACK DOWN THAT ROUTE, IN A PERIOD OF TIME THAT ENABLES A HEARING TO GO FORWARD ON JULY 5TH. SO, AGAIN, TO BE BRIEF, BUT IT IS THE ONE POINT WE WANT TO CONTINUE TO MAKE, WE BELIEVE THAT THE SIXTH PLAN IS FULLY READY TO GO, HAS THE VOTES THAT ARE NEEDED, AND IF THAT'S THE ROUTE THAT NEEDS TO BE TAKEN, WE WILL LOOK FORWARD TO THE CONFIRMATION OF THAT PLAN.

COURT: ALL RIGHT, THANK YOU.

abcnews.go.com/Business/wireStory?id=13792051

WaMu Still Working on Revised Reorganization Plan

ZItat:

A Delaware bankruptcy judge is giving Washington Mutual Inc. more time to try to nail down an agreement with shareholders to resolve their long-standing objections to the bank holding company's proposed reorganization plan.


The judge on Wednesday agreed to postpone a hearing from June 29 to July 5 on the company's existing reorganization plan so it can work on a revised plan to satisfy shareholders.

A WaMu attorney told the judge that reaching agreement on a new plan is taking more time than anticipated.

The judge could use the July hearing to consider the new plan.

When Seattle-based Washington Mutual Bank collapsed in 2008, it was the largest bank failure in U.S. history. The federal government seized the bank and sold its assets to JPMorgan for $1.9 billion.

Zitatende

MfG.L:)