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From WaMu’s Archive : Susman’s email to Quinn, Weil
by Zagros on June 1, 2010
Quote:From: Steve Susman [SSusman@SusmanGodfrey.com]
Sent: Friday, May 07, 201 0 5:12 PM
To: Peter Calamari; brian.rosen@weil.com
Cc: David Elsberg; Benjamin Finestone; Jeffrey Benner; Andrew Sole; Dorthea Barr; Edgar G.
Sargent; GTaylor; Joe Criscione; Justin A. Nelson; Kenneth I. Feldman; Lauren Krueger;
Michael Willingham; Parker Folse; Robert Ajiashvili; Rose Dolan; Saul Sutton; Seth Ard; Steve
Susman
Importance: High
Sensitivity: Confidential
Peter, thanks for returning my call from Asia this morning. As I mentioned over the phone, we don’t think it’s a prudent use of the estate’s resources to try to re-create the wheel, e.g., reviewing voluminous documents that your firm has already reviewed and analyzed. We also need to know precisely what you did not do.
We request your help in allowing us access to the work product and claim analysis of your firm, the Debtors’ other firms, the Debtors themselves or your various experts. Specifically, your brief mentions the work you’ve performed in going through these documents and analyzing the claims. It would be a great help to our getting up to speed on these issues in a compressed time frame to have access to those. You mentioned some concern about whether you can keep these materials privileged if you provide them to us, but it seems to me clear that since you represent the debtor and we represent its shareholders, our interests are aligned and we would enjoy a common interest privilege. We have already signed the NDA and will execute whatever other agreement you think necessary to preserve the privilege. If necessary, I bet the Judge would enter an order to such effect also. In any event, we expect that you can start producing some of these items immediately, and please produce the rest on a rolling basis.
Here’s what we’d like to see, and if you don’t have it, just tell us so:
– any analysis you’ve performed (including analysis on the relative merits) of any of the claims or assets at issue in the Turnover Action, the JPM Adversary Proceeding, the authorized Rule 2004 examination and the D.C. Action. These would include the “larger” elements in dispute such as the turnover action, the trust preferred securities, the tax refunds, and the NOLs, along with some of the “smaller” items such as the dime warrant litigation, the Visa shares, the wind farm, the planes, etc.
– any analysis you’ve performed on claims against officers and directors of WMI or WMB
– any analysis you’ve performed on a business tort or other claim against JP Morgan
– any analysis you’ve performed on claims against other third parties, including but not limited to Goldman Sachs, Santander, or the accounting firms
– any summaries and transcripts of witness interviews or depositions conducted by the Debtors or their retained professionals in connection with this bankruptcy.
– any transcripts and summaries from any depositions you’ve taken related to this matter
– any analysis of the Senate Investigation, any federal or state civil or criminal investigation, or any investigation you’ve performed
– any material you’ve received from these investigations and any analysis you’ve performed of these materials
– a copy of any cast of characters, hot document chronology, any analysis of the documents you’ve reviewed, or other work product you’ve done in keeping track of the documents or their relative importance, the dates, or persons in the lawsuit
– access to the work product of your experts
– a copy of all analyses performed by the Debtors’ tax advisors
– a copy of any other analyses you have received or performed related to this case
There are also some specific items that you mention in your brief:
– A copy of all factual and legal analyses and investigations performed by the Debtors, its conflicts counsel, and its retained professionals in connection with this bankruptcy.
– A copy of all formal or informal document requests served by the Debtors on any entity in connection with this bankruptcy, including, but not limited to:
o All Freedom of Information requests made to the FDIC, OTS, the SEC, the DOT, the Federal Reserve and the OCC, as referenced in Paragraph 24 of the Debtors’ Objection to Motion and Supporting Memorandum of the Official Committee of Equity Security Holders for the Appointment of an Examiner Pursuant to Section 1 104(c) of the Bankruptcy Code (“Debt. Obj.”), and any analysis of those documents;
o All formal and informal requests made to JPM and the FDIC in connection with the Turnover Action, the JPMC Adversary Action, the DC Action, the American National Action, the authorized Rule 2004 examination and the denied Rule 2004 motion, any analysis of what to ask for, what to expect, or what they actually produced; and o All formal or informal requests to third parties discussed in Paragraph 24 of the Debtors Obj., and any analysis of what to ask for, what to expect, or what they actually produced.
– Any analysis, coding, or other work product generated from the review of the “over 40,274 pages of documents produced by JPMC” referenced in Paragraph 24 of the Debt. Obj.
– Any analysis, coding, or other work product generated from the review of the 7.6 million documents that the Debtors and their advisors have collected in this matter referenced in Paragraph 22 of the Debt. Obj. We’d also appreciate your written consent to allow the Venable firm to transfer to us the documents that the debtors obtained from JPM and gave to Venable.
Finally we would appreciate the opportunity to meet with you and your team in NY next Friday afternoon, say at 2pm, to get the same type of tutorial you gave to Venable.
Thanks in advance for your help. Please let us know when we can expect to receive the first of these.
Re: what is total wamkq shares ? 27-May-10 11:58 pm
Common Stock (WAMUQ)
WAMUQ is the symbol for common stock of the holding company, Washington Mutual, Inc.’s. It trades over the counter on the Pink Sheets. There are 1.7 billion shares outstanding at this time.
Preferred Stock (WAMKQ, WAMPQ)
The first of Washington Mutual’s preferred stocks trades under the symbol WAMKQ, also on the Pink Sheets. It has a liquidation preference of $25 and yields a variable rate, currently 4%. Dividends are suspended while in Chapter 11 bankruptcy. There are 20 million shares outstanding.
The IPO Prospectus for WAMKQ
WAMPQ is the Series R Preferred Stock, also traded on the Pink Sheets. It has a liquidation preference of $1000 and yields 7.75%. Dividends are suspended while in Chapter 11 bankruptcy; there are 3 million shares outstanding.
The IPO Prospectus for WAMPQ
Trust Preferred (WAHUQ)
WAHUQ is the Washington Mutual Capital Trust 2001, also traded on the Pink Sheets. They were issued initially at $50 and yield 5.375%. Each unit consists of a preferred security and a warrant to purchase 1.2081 shares of common stock. The accreted value of the preferred security was approximately $35.50 at the time of seizure. Dividends are suspended while in Chapter 11 bankruptcy, and there are 23 million shares outstanding.
The IPO Prospectus for WAHUQ
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ZItat juicyjuice1...:
The EC knows everything we know. The Susman team must have read about what the shareholders have been asking and demanding. It is good to see in the writing.We are on the same page.Thanks.
Did Susman file in JULY 2010 the informnation he received as a reply to his E mail under seal in the court? This may have led to the in chamber hearings and appointment of examiner.
A year later we are in control and SNHs are shaking in their pants.This time the EC has been authorized to accept or decline any offers made. If EC is not satisfied, the litigation will start.
It is very likely that several other hedgies may want to control the shares and thereby demand a very high settlement once the litigation starts.That will be JPM's nightmare.JPM has very few friends after they were gifted WAMU.
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MfG.L:)
Alles nur meine pers. Meinung, kein Kauf- oder Verkaufs-Empfehlung!
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