WMI starts the APb Turnover Action. Complaint for Turnover of Estate Property.
Because JPMC cannot seriously contest the nature of the funds on deposit, JPM has stated it has the right to set-off as a basis for continuing to withhold the funds. However any purported right of set-off against the deposits is meaningless without a claim to offset (ruled on by THJMW). Any such claims do not belong to JPMC, because the express and unambiguous terms of the P&A agreement, JPMC did not acquire any claims against the debtors from the banks. HELL YEAH! We could win right here on Friday!
That JPMC claims it purchased in excess of 4 billon dollars in cash deposits and that such cash deposits have somehow come to represent equity in WMB or WMBfsb is both absurd and not surprisingly finds no support in the P&A or the UNDISPUTED facts , which clearly demonstrates that the funds are in fact deposit liabilities. Here is a great point that will be raised in court on Friday!
This complaint seeks the more than 4 billion in debtor funds on deposit with JPMC in demand deposit accounts that are the property of the estates and restitution in connection with JPMC’s “unjust enrichment”. Interest garnered from holding money.
JPMC is still sending account holder statement s under the name JP Morgan Chase. JPMC has no ownership interest in the deposits. . As discussed herein the deposits are matured debts owed and payable on demand to the debtors that JPMC assumed pursuant to the P&A transaction subsequent to and in connection therewith.
JPMC cannot claim any right to the deposits, because it assumed all deposit liabilities in the P&A. JPM also can not have any set-off claims against the deposits, because it stated in its 10Q statement that the firm would have unjust enrichment of 1.8Billion. They also state this is rarity in any merger or buyout deal. Debtors have on a many occasions demanded that JPMC classify accounts as deposit accounts and are property of the debtors.. JPMC has refused to do so, or has imposed unreasonable conditions for doing so. *They are extorting WMI* JPMC finally agreed to let the deposits accumulate interest, thus everyday that JPMC continues to withhold the deposits, realizing an economic advantage while enjoying increased liquidity (higher cap ratios). The debtors estate suffers further damage because the deposits are earning interest at a significant discount to a market rate and the estates assets are not being maximized. Hence THJMW give us back our money, we can manage it much better than those JPMC pukes!
JPMC does not possess any valid claims against the debtors arising prior to or after the petition date. Thus even if JPMC had a legitimate basis for claiming set-off rights (which it does not) it holds no claim against the debtors to apply such rights, leaving no conceivable basis for JPMC ‘s refusal to pay the deposits to the debtors. You see they have no right to the deposits, so therefore they can’t keep them. Once THJMW is sure they were real money transferred, she can believe Logan and work with that gavel in our favor.
ON Friday!
An der Börse sind 2 mal 2 niemals 4, sondern 5 minus 1.
Man muß nur die Nerven haben, das minus 1 auszuhalten.
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