oder :aa...e..ehm..ich hab die frage vergessen könnten sie dies wiederholen
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Krueger sagt dass sich die Werteinschätzung der NOLs durch Owl Creek verändert hätte. Man hätte anfangs große Hoffnungen bezüglich des NOL-Wertes gehabt, aber über die Zeit sei diese Hoffnung immer kleiner geworden (vgl. Entwicklung hier im Thread!).
Nach der 2. O-Hearing-Geduldsprobe habe auch ich mir ein Bild gemalt. Mich stinkt das langweilige Court-Geplänkel auch an, weil ich in dieser Zeit auch ganz gemütlich 5 Mass Maxlrainer trinken oder aber einer anderen sinnvolleren Beschäftigung nachgehen könnte...
Ich bin der Meinung, dass diese permanten Gedächtnislücken erst im Plädoyer in Form von Beweisen wieder aufgefrischt werden - und das wird denen dann richtig um die Ohren gehauen. Warum sollte die S&G-Fraktion auch schon vorher ihr Pulver verschießen? Nur meine Meinung...
Danke an alle Live-Berichterstatter!
So, hab noch was zu tun: lucky wife - good life ;-)
WENN TPSler in neu WMI investiren....können sie NOLs auch nutzen? Die haben schon prefs....und können auch eigentumer von neu WMI sein ....oder...bin ich falsch....?
observer4101:
"11/25/08 Hearing Transcript
20 Mr. Wells would again testify that if WMRC can
21 sustain its current runoff status for all trusts, including the
22 Genworth trust, it is anticipated that it would have a net
23 present aggregate value of between 330 and 395 million dollars.
8 THE COURT: Well, let me hear from the U.S. Trustee.
9 Do you have a continuing objection?
10 MR. BERZ: And I was going to say, and include the
11 U.S. Trustee in that process.
12 MR. MCMAHON: Your Honor, good morning. We filed an
13 objection. It was directed at the open-ended blank check
14 aspect of the proposed form of order that was appended to the
15 original motion. Consistent with the discussions I had with
16 counsel immediately prior to the hearing, provided that the
17 Court acts as a backstop as is contemplated under 363, i.e., to
18 the extent that there was a noticed procedure, notice would go
19 out to the 2002 list. The notice would be detailed and explain
20 both the amount and the reason why an additional -- additional
21 monies would have to be used for the purpose described in the
22 motion, then -- and also, Your Honor, that the allowance of the
23 authority would be subject to court order. Those three
24 concerns, as put into a revised form of order, if not the one
25 Your Honor has, would address our concerns going forward with
1 respect to the few days of notice procedures.
**********
2 Our point is, simply, that while we certainly
3 contemplated that the committee and the ad hoc committee of
4 noteholders will have input on these subjects, they shouldn't
5 be the only entities that get to weigh in on it.
**********
10 THE COURT: Okay. Well, I'm inclined, based on the
11 proffered testimony, to approve the incident request, but I'm
12 not happy to approve future -- even with the notice procedures
13 articulated, I think a separate motion needs to be filed any
14 time you want additional funds and put you to your proof and
15 each time.
16 MR. BERZ: I'm not sure we really have a problem with
17 that, Your Honor. I mean, I think the process that we
18 outlined, although compressed in time, was really not intended
19 to take away anyone's rights or this Court's opportunity to
20 review things on an ongoing basis.
21 THE COURT: All right.
22 MR. BERZ: We'll just deal with that burden and we'll
23 put together an order, then I guess that we should probably
24 circ -- we'll need a little time because I want to make sure we
25 get it right, that we'll circulate.
THE COURT: All right.
2 MR. BERZ: Is that right? All right. And thank you
3 for your consideration, Your Honor.
4 THE COURT: All right.
**********
**********
5 MR. STARNER: Your Honor, if I may?
6 THE COURT: Yes.
7 MR. STARNER: It's Greg Starner of White & Case on
8 behalf of the WMI noteholders' group.
9 THE COURT: Yes.
**********
**********
10 MR. STARNER: We just wanted to note, with respect to
11 the relief sought in this motion, that the noteholders' group
12 has been engaged with Weil Gotshal in the very open discussions
13 ########## with respect to the material issues in this case##########, and respect
14 to the motion, and I expect to continue in that dialogue.
**********
**********
15 I just wanted to note that they do support the relief
16 sought in the motion but do expect to continue to play a very
17 active and constructive role in reviewing any additional
18 funding that's required or requested by Weil Gotshal with
19 respect to the trusts. But with respect to the modifications
20 requested by the trustee, the creditors' committee and now the
21 Court, we do support the relief sought in the motion.
22 THE COURT: All right. Thank you.
23 MR. BERZ: Thank you, Your Honor, and thank you for
24 your patience.
25 THE COURT: All right."
stoxrlife:
"Could someone with direct access to SG/EC send this transcript section to them so that they can refresh the Witnesses 'memories' and 'opinions' about WHAT is MATERIAL, during testimony tomorrow."
messages.finance.yahoo.com/...;mid=802832&tof=18&frt=2
The Delaware bankruptcy court hearings this week in Washington Mutual Inc's endless Chapter 11 have been quite a mudfest. As OTC's crackerjack colleague Tom Hals reported yesterday for Reuters, Susman Godfrey, which represents the out-of-the-money WMI shareholders, is trying to blow up WMI's latest reorganization plan. Their ammo: accusations that four hedge funds holding about $2 billion in WMI bonds dominated the negotiations that led to WMI's plan. At the same time, the shareholders claim, the hedge funds engaged in insider trading in WMI debt, based on what they knew of settlement talks.
On Tuesday, with Aurelius managing director Dan Gropper on the stand, Parker Folse III of Susman tried to throw some of that mud at Fried, Frank, Harris, Shriver & Jacobson. Fried Frank represented four WaMu hedge fund bondholders until February 2011, when it withdrew from representing Aurelius. (The withdrawal came not long after Delaware bankruptcy judge Mary Walrath authorized the WMI shareholders to investigate their claims that the hedge funds profited from inside information about reorganization talks.)
Folse asked Gropper of Aurelius whether Fried Frank had leaked inside information about the talks to the hedge fund. Folse asserted that the law firm told Aurelius that negotiations were proceeding the way the hedge fund wanted.
Gropper, however, proved as adept at deflecting the Fried Frank mudball as he has been at dodging dirt throughout the hearing, according to Hals. The Aurelius managing director testified that he received no improper information about settlement talks from the law firm. He said Aurelius knew talks were underway in 2010-negotiations were publicly known-but the hedge fund learned nothing about the details of settlement proposals from their lawyers at Fried Frank.
"What you are suggesting would not be appropriate," Gropper reportedly told shareholders' counsel Folse of Susman Godfrey.
OTC tried hard to find out what the folks at Fried Frank thought of Folse's questions. I called and e-mail firm chairwoman Valerie Jacob and two of the partners who represented Aurelius, Shannon Nagle and Brad Scheler. Alas, none of them responded.
newsandinsight.thomsonreuters.com/Legal/News/ViewNews.aspx
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