Bamberger69: sie gehen ein comliance manual von 2009 durch
lander: ilenes: Q: does owl creek have a restricted list? A: y. Q: what is that? A: list prepared by gen counsel re "do not trade" securities
Bamberger69: er wird gefragt ob oc jemals in insidertrading untersucht worden ist
Bamberger69: hat oc jemals entscheidungen getroffen die ausserhalb der oeffentlichkeit waren?
Bamberger69: nein
Wamu-Hearing-Chat: 'Gast5512' ändert den Nicknamen auf 'Staylongstaycool2'.
Ice-bein: er fragt ob Wamu auch auf der liste war
Ice-bein: er sagt sie haben Wamu gekauft weil ihnen der preis als günstig erschien, aber sie hätten keinen zugang vertaulichen informationen gehabt
Ice-bein: er fragt ob Wamu auch auf der liste war
lander: Looking at compliance manual now for Owl Creek
lander: Kr: Owl creek invests in event driven securities. Seven distinct legal funds. two fund families. first is flagship. vast majority of assets. second is asia fund. both invest in wmi.
lander: 60 on staff investment pros. My duties are to work with analysts, refine analyses.
lander: Gl: who is portfolio mgr?
lander: [zu kryostat] Jeff Altman (sp?)
lander: GL: Does oc take precautions they do not trade on non public info?
lander: [zu kryostat] yes
lander: Showing a compliance manual now.
lander: [zu kryostat] shows code of ethics, vacation days, empl. handbook. issues they want to prevent, etc
lander: Portions have been redacted. Jan 11 is on cover...date these were to be in affect. Now looking at compliance manual dated sept. 2009
lander: Asking about restricted list. List shows which securities are limited in trading. Is it updated and he says yes all the time.
lander: Once a year have meetings on insider trading. We also have compliance meeting yearly. Has OC ever been investigated in Insider trading. No that I know of
lander: ilenes: Looking at a term sheet now, from the March, 2009 meeting
Bamberger69: er hatte nie face to face verhandlungen mit jpm
Bamberger69: oc hatte dies term sheet nicht gemacht
Bamberger69: parker: wie kommen denn die zahlen auf das ts?
Bamberger69: er weiss nicht genau wie die zahlen darauf kommen
ornos: lol also man merkt doch schon alleine an seinem übelstn stottern und dem i dont know das der kerl was zu verbergen hat
Bamberger69: genau
Ice-bein: er machts doch zum ersten mal
ornos: hehe
Bamberger69: hat jpm auf das termsheet geantwortet..ja
Ice-bein: er sagt dass die absicht von jpm wahr nie an den verhandlungstisch zu kommen
lander: ilenes: Kruger: seemed clear that JPM was not really interested in a realsettlement
Bamberger69: er erinnert sich halbwegs daran, das das gesetz geaendert wurde wegen den tax refunds...
lander: Emails now, from weil to Sull. & crom. with an attached draft term sheet. admitted.
lander: G: did oc prepare this term sheet? K: No G: how did numbers get into sheet?
lander: K: stutter. draft had blanks...dialog back and forth, i dont know how exactly numbers got in here
lander: G: was this provide to counsel for jpm
lander: K: stutter...it appears that way, ya G: jpm responded? K: i do recall that.
Bamberger69: nun das 3 mal das parker eine aussage in die evidence will
lander: ilenes: Why wouldn't wamu just come off restricted list at 60 days!
lander: G: did oc prepare this term sheet? K: No G: how did numbers get into sheet?
lander: K: stutter. draft had blanks...dialog back and forth, i dont know how exactly numbers got in here
lander: G: was this provide to counsel for jpm
lander: K: stutter...it appears that way, ya G: jpm responded? K: i do recall that.
Bamberger69: nun das 3 mal das parker eine aussage in die evidence will
lander: ilenes: Why wouldn't wamu just come off restricted list at 60 days!
lander: What was your reaction. He said that he felt that JPM would not come to the bargain table. They wanted all the tax refunds.
kryostat: sorry, hat einer mal den link zum stream ?
lander: In Nov. the law had passed and tax refund from two year to five years. So we knew there would be a good time to get people back to bargain table.
lander: March Con agree end ,WM was taken off our restricted list
lander: G: what did you understand the term sheet to be?
lander: K: my reaction was that it seemed clear to me that jpm did not have any intention of approaching bargaining table. there idea of a settlement was to take all of the tax refunds..which was a non-starter for us.
lander: this period of time ended shortly after when conf. period expired and i dont remember much happening over the summer, and then in nov or so, one
lander: thing that happened was that the law was passed for look back on refunds. anyone who knew anything about this company knew it would bring a large amount of money in. good time to get peop bargaining table.
lander: G: did oc take wmi off restricted list when period expired? before answering, exclude any part of answer if you consulted with counsel in making determination.
lander: K: we talked about it internally. the facts as we knew at that time. we came to conclusion that wmi should be taken off res. list.
Bamberger69: naechste evidence
lander: Talks that the debtors needs to make public information before they trade.
lander: Talking about the Nov. discussions. Meeting at Weils office, term sheets handed out. Told us about the extra tax refund
Bamberger69: sie gehen nun das trading and reboucing record durch
Bamberger69: parker laesst sich erklaeren was das rebouncing ist
lander: On March 12 do you recall the settlement. Yes I was sitting in this room when Rosen announced it.
lander: Did OC restrict yourself from trading. Yes. We removed restriction when information was released to public.
Bamberger69: naechste evidence
lander: ilenes: Verifying the procedures and follow through in dealing w confies and trade restrictions
Bamberger69: geht weiter
Ice-bein: der Kruger ist zwar nervös und windet sich , aber ich glaube nicht dass die ihn indireckt dazu kriegen einen insiderhandel zuzugeben
Bamberger69: nun ein anderer ec anwalt, hab den namen nicht verstanden
Bamberger69: haben sie wmi schon vor dem sizure beobachtet? ja ein paar wochen
Bamberger69: sie haben mit den 4mrd gerechnet? ja
Bamberger69: und sie kamen zu dem schluss das die bonds eine gute investition waren?
Bamberger69: wir dachten das die senior bonds eine sehr gute recovery haben wurden
lander: ilenes: Dan asking re analysis on wamu and which class of securities to own
lander: ilenes: Owl creek's assumption was that 4B would ultimately go back to WMI
Bamberger69: nun ein brief vom januar 2009 zur vorlage
lander: D: question motives for investing in WMI, referring to the $4b dep.
lander: K: we thought the argument was very good for WMI, in lititgation, wmi would prevail over jpm. Sr. bonds would have very good recovery. we thought the deposit was a true asset.
lander: K: the broad marketplace had figured out that the holding co would get dep. back. sr. bonds traded up substantially to reflect that view.
lander: D: you believed investors were worried that jpm would latch on to that cash?
lander: K: the worry you describe existed more toward beginning of case.
Bamberger69: koennen sie ihre unterschrift sehen.ja
Bamberger69: haben sie diesen abschnitt geschrieben? ja
ornos: jerttr wirds interessant die kron juweln
ornos: 4 mrd dollar bei wamu bank
Wamu-Hearing-Chat: <<< 'Gast8268' verläßt diesen Raum und den Chat.
ornos: viele investors haben es nicht realized das die kohle da ist
lander: ilenes: Interesting that GliBamberger69: ist das das was sie meinen was der markt wusste in 2009?
ornos: er ist sehr familiar mit dem paragraphen
ckman objected to this letter...
ornos: er bestätigt das many investors es nicht realiezed haben das der wert existiert
ornos: ja
ornos: so verstehe ich das gerade
ornos: er hat irgend einen paragrpahen geschreiben
ornos: der sich anscheinend auf 2009 bezieht
lander: Jan 30 letter from OC. update.
lander: Letter is being objected to at this time. She will allow him to use it to refresh his memory.
lander: Saying the crown jewel is roughly four billion being held by WM. Saying that some were worried that JPM would find a way to latch on the cash.
Bamberger69: mary fragt ihn ...tztztzt
Bamberger69: wegen der pause
Bamberger69: der ist wohl besser zu knacken als Gropper...