The judge wanted the GSA to be extended.
Rosen said everyone singed on except the FDIC.
As of now... err 10/15 anyone can walk away from the GSA. It was not officially extended.
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The judge wanted the GSA to be extended.
Rosen said everyone singed on except the FDIC.
As of now... err 10/15 anyone can walk away from the GSA. It was not officially extended.
...wer haette was anderes erwartet...?!
dieses hin-/und hergeschiebe und taktieren.. ist nur noch lachhaft...na ja...aber mit mrs. walrath lässts sich ja machen...
hier müssen endlich mal fakten auf den tisch...eine richtung...wir tippen weiter im dunklen...
"wir sind guter dinge, eine einigung herbeizuführen"...
...aber vielleicht auch nicht....
mal schauen, was in 2 wochen kommt..."sooorryyyyyy....wir haben uns vertan...evtl. einigung dauert noch etwas...liebe mary...wir brauchen nochmal 3 wochen....ist ja schließlich noch was im töpfchen..."
sorry für meinen sarkasmus...aber dieses schmierentheater ist für mich nur noch so zu ertragen...
lasst euch nicht die laune verderben...
www.bloomberg.com/news/2011-11-07/...uptcy-exit-two-weeks.html
Washington Mutual Inc. (WAMUQ)’s bankruptcy judge ordered creditors and shareholders to remain in mediation for the next two weeks to try to resolve disputes that have kept the former bank holding company from exiting bankruptcy.
U.S. Bankruptcy Judge Mary Walrath in Wilmington, Delaware, told the parties to keep working to resolve a dispute about insider trading allegations that shareholders made against hedge funds that hold WaMu debt. Walrath asked the company to report back Nov. 22.
The talks “have been fruitful,” Brian Rosen, an attorney for WaMu, said in court today in Wilmington. “The discussions have been positive.”
Walrath has twice rejected WaMu’s reorganization proposal, which is built on a settlement splitting billions of dollars in cash and tax refunds among the company’s creditors, JPMorgan Chase & Co. (JPM) and the Federal Deposit Insurance Corp. Walrath approved the settlement and rejected the reorganization plan.
WaMu, based in Seattle, filed for bankruptcy on Sept. 26, 2008, the day after its banking unit was taken over by regulators and sold to JPMorgan for $1.9 billion. Washington Mutual Bank had more than 2,200 branches and $188 billion in deposits.
The parties in the mediation include four hedge funds that helped negotiate the plan and shareholders who oppose it. The shareholders accuse the hedge funds of using nonpublic information that they gained while helping to negotiate the plan to trade WaMu securities.
U.S. Bankruptcy Judge Raymond T. Lyons has been leading sessions among creditors and shareholders, who have been fighting over the $7 billion payment plan.
The hedge funds deny the insider-trading allegations. Walrath gave shareholders permission to sue the funds.
The case is In re Washington Mutual Inc., 08-12229, U.S. Bankruptcy Court, District of Delaware (Wilmington).
To contact the reporter on this story: Steven Church in Wilmington, Delaware, at schurch3@bloomberg.net.
To contact the editor responsible for this story: John Pickering at jpickering@bloomberg.net
http://www.bloomberg.com/news/2011-11-07/washington-mututal-judge-extends-mediation-on-bankruptcy-exit-two-weeks.html
das Papier entwickelt sich heute wieder einmal praechtig ! lol
lassinruh:
"what we focused on your honor there, was not an extension of the GSA but an extension of the termination date within the GSA and ah all parties but the FDIC have agreed to that amendment your honor so as currently written the GSA is terminable by any party to the GSA it has not been terminated however, but in as much as we do not have an executed amendment by the FDIC it is terminable as of today, well as of October 15th your honor, and that is it I believe your honor on the agenda."
sorry about the punctuation and typos
bopfan:
My guess is the FDIC wants the releases and for $800MM, that's cheap as all claims against it would be settled. JPM wants the $2.4B, but if the FDIC says it will leave the GSA unless the tax money is handed over it may be enough to induced JPM to acquiesce. The FDIC does not need the $800MM, and knows JPM is simply being greedy. JPM's greed will cost the FDIC the releases and expose it to liability if the appeals become viable, so this issue is probably why the FDIC didn't extend the termination date for over three weeks.
The problem is JPM knows the FDIC wants the GSA as much as it does. If I'm correct about the FDIC's stance, it'll be interesting to see how it works out.
messages.finance.yahoo.com/Stocks_(A_to_Z)/...;frt=2&off=1
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