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Frank63: gemeint war aber der Council wohl
Frank63: K is admitting he used advice of counsel to evaluate legal claims for the POR. Debtor stated that the POR would not be justified using advice of counsel. I guess that's why JMW was amazed on how they would support the POR without advice of counsel. K i
Frank63: K is trapped!
Tokatci: [zu Frank63] stark hat vorher WEIL gesagt
WILMINGTON, Del. (AP) -- The judge in Washington Mutual Inc.'s bankruptcy case began a hearing Thursday on whether she should confirm the bank holding company's reorganization plan by excluding a favorable report from a court-appointed independent examiner.
Shareholders who oppose WaMu's plan requested the appointment of the examiner earlier this year, complaining that they been stymied in their efforts to obtain information about a proposed legal settlement among Washington Mutual, JPMorgan Chase & Co. and the Federal Deposit Insurance Corp. that is the basis for WaMu's reorganization plan.
But attorneys for the shareholders argued Thursday that the report, which concludes that the legal settlement is reasonable, should not be admitted as evidence.
Justin Nelson, an attorney for the shareholders, said the report was based on unsworn interviews, and on confidential attorney-client work the shareholders have not seen and which WaMu has said it will not rely upon in defending its plan.
"We have not had the ability to test the validity of the examiner's assertions," Nelson told Judge Mary Walrath, noting that one witness interviewed by the examiner was a paid consultant for Washington Mutual.
James Stoll, an attorney for investors who purchased WaMu trust securities and also are challenging the reorganization plan, said the company was trying to use the examiner's findings in a "back-door" manner to try to get favorable information into the record while not allowing scrutiny of the confidential information the examiner used.
David Elsberg, an attorney for Washington Mutual, said opponents were trying to block admission of the examiner's report because they don't like its conclusions.
"They didn't get what they had hoped for... This is based on sour grapes," Elsberg said.
But Walrath rejected Washington Mutual's arguments, saying the examiner's report can't be considered expert testimony or submitted as evidence unless it is subject to questioning to determine the basis of its conclusions.
"I don't think it's a futile gesture to appoint the examiner and not use the report," the judge added, suggesting that such third-party reviews sometimes can result in opposing parties reaching a consensual resolution of their differences.
That was not the case for Washington Mutual, however.
The shareholders contend that JPMorgan would receive billions of dollars in disputed assets under the plan while contributing virtually nothing out of pocket to the bankruptcy estate and being released from potential legal liabilities of billions more stemming from the FDIC's seizure of WaMu's flagship bank in 2008 and the sale of its assets to JPMorgan for $1.9 billion.
Meanwhile, investors who purchased $1 billion in WaMu securities that could now be worthless are trying to prevent their investment from being transferred to JPMorgan Chase as part of Washington Mutual's reorganization plan. They are challenging the purported exchange of $4 billion in trust securities into WaMu preferred stock when Washington Mutual Bank was placed into receivership in the largest bank failure in U.S. history. JPMorgan claims ownership of the trust securities by virtue of its purchase of Washington Mutual Bank assets.
Some Washington Mutual stakeholders have argued that JPMorgan engineered a plan to damage Washington Mutual Bank so it could buy it on the cheap, engaging in sham negotiations to gain confidential information from Washington Mutual that it then misused and leaked to gain an unfair advantage in obtaining the bank assets at a fire sale price.
The examiner said he did not find facts likely to support viable claims against JPMorgan that would generate significant benefits for the bankruptcy estate, and that it would be difficult to prove that JPMorgan's actions caused the demise of Washington Mutual Bank.
WaMu's reorganizatin plan is based upon the proposed settlement of lawsuits that WaMu, JPMorgan and the FDIC filed against one another after the collapse of Seattle-based Washington Mutual Bank.
Under the settlement, JPMorgan would turn over some $4 billion in disputed deposit accounts to WaMu for distribution to holders of allowed claims against the bankruptcy estate. JPMorgan in return would get 80 percent of expected tax refunds resulting from Washington Mutual's prior operating losses, which are valued at between $2.7 billion and $3 billion. Washington Mutual would get 20 percent.
WaMu also would get about 70 percent of a second round of operating-loss tax refunds valued at about $2.8 billion, with roughly 30 percent going to the FDIC. WaMu would give $335 million of its shares to holders of senior Washington Mutual Bank notes who are owed billions of dollars in return for their support of the reorganization plan.
http://finance.yahoo.com/news/...ers-apf-1324365585.html?x=0&.v=4
Gruß
Dude44
Brandon: die zeugen
Brandon: Kostorus Goulding Carrion Charles Smith Simms Zelen Clamzer David Sharp
paketix: ist K: unfähig oder klingt der nur so (?)
jenwo: sei froh das er so ist paketix, schimmer wäre es wenn es ein fuchs wäre
lgdfli: Der Anwalt fragt, ob man die Wahrscheinlichkeiten, dass man bestimmte litigations gewinnen würde, z.B. die turnover action, beachtet hätten. Der Befragte antwortet stereotyp, dass sie ihr business judgement eingesetzt hätten. Es wird darauf eingegangen
lgdfli: dass es einen Konflikt zwischen den fraudulent conveyence und den business tort claims gab. Bei den einen musste man nachweisen insolvent gewesen zu sein, bei den anderen musste man nachweisen gut dazustehen. Man hätte sich also zwischen den Claims entscheiden müssen
paketix: kenne solche verhöre nur auch filmen - aber wow die realität übertrifft hier die filmindustrie bei weitem, da wird mächtig druck erzeugt (...unter eid)
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