perspektive lese doch mal !
My name is Brian Rosen. I am a partner with the law firm of Weil et al. We are counsel to WMI and WMI Investment Corp in these chapter 11 cases. To those, obviously you all know, this a case that's been filed since Sept. 26, 2008, the day following the seizure of Washington Mutual Bank by the Receivership. So we been here approximately for 16 months. During that period of time there has been a lot of litigation that has gone back and forth between WM, on the one hand, the FDIC and JPMChase. The Creditors' Committee has also become involved, as well as a group known as the Bank Bondholders - it's an ad hoc group. There are three major litigations, one in Washington DC, two in the Delaware bankruptcy court. Last week the judge in Washington, deferred, stayed all proceedings there with respect to that litigation so that the bankruptcy court here - Judge Walrath - could decide all of the issues among JPM, the FDIC, and WM. Currently in that regard there is a motion that the judge has heard which would require the turnover of about four billion dollars of deposits that are in the possession of JPM. That is what's referred to as the summary judgment motion and we hope that the judge will rule on that as soon as January 20th, which is our next hearing date [Editor's note: the hearing has been moved to 1/28] and hopefully those funds will be turned over to the Debtors. At the same time we negotiate with JPM, the FDIC, and other creditor groups to reach a resolution of all outstanding issues. Those negotiations, while they've been long and hard, they've actually been somewhat fruitful and issues have been narrowed between the two groups. Unclear as to whether we will ever reach an accord and the litigation will proceed, but I think all parties are hoping that there will be a resolution among the groups in short order. In that regard, we would propose a chapter 11 plan that we would anticipate filing in the next month or so. The Debtors' do enjoy the benefit of an exclusive period during only which the Debtor can file a proposed plan but that currently expires in several weeks but the Debtor will be filing a another motion to extend that period of time.
Trustee: Are you willing to entertain questions?
Rosen: Ummm, sure, but they will be extremely limited answers only because of the confidential nature of a lot of the information that I'm sure you're going to be asking about.
6:27
Q1: Once the Debtors are paid in full you will come into the common shares, right?
Rosen: Once the creditors of the Debtors..
Q1: Right they're all paid off.
Rosen: If that were to occur, yes, money would flow down to the preferred before the common ? and currently there is approximately 3.5 billion dollars worth of preferred stock and, if in fact as pled in the JPM litigation, a transaction occurred called the Trust Preferred Securities, if that were to have occurred there would be 7.5 billion dollars of value before the common stock. As we have said on the record in front of the court, unfortunately we don't see any way that value will flow down to the commons.
Q2: What is the reason that you have been so negative against the Trustee ??
Rosen: Why am I negative?
Q2: In that the counsel didn't want the Trustee to step in, why is that?
Rosen: Well the way the process normally unfolds is that if you were to ask the Trustee to form an equity committee and the Trustee would say no...
Q2: ?? they're in your pocket...
Rosen: No it has nothing to do with that sir.
Q2: Oh really..
-- Trustee cuts off the discussion here - "we have to move things along" --
Rosen: Any other status type questions?
Robert___: I'm a shareholder, I was just wondering...
Rosen: Common or preferred?
Robert___: Common, pre-seizure as well. Just wanted to know if the Debtors have a position on the formation of an equity committee?
Rosen: Well as we indicated to the court and as I just said to this gentleman, based on what we perceive to be the assets and liabilities of the company, we don't think that value will trickle down to the equity holders. So therefore we think it would be an expense that should not be justified. That doesn't stop any like yourself, sir, from doing anything individually and of course asking for reimbursement from the estate to the extent that you provide a substantial contribution.
-- Someone's comment about filing procedures - if Trustee appoints committee, WMI can challenge, judge will decide --
9:15
Q3: At this point it doesn't make sense...
??
Q4: It's the same thing as why would there be any apprehension of forming a committee?
10:00 Roll call of questionnaires received
und JCJF zeige mir bitte eine verurteilung von JPM !???? diese szenarien endeten im vergleich !
gruß!
An der Börse sind 2 mal 2 niemals 4, sondern 5 minus 1.
Man muß nur die Nerven haben, das minus 1 auszuhalten.