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Hi all,
 
An interesting day in court today, somewhat less so for what was said than for how, and why.
 
The how I can answer, the why is still a mystery, although I have my theories.
 
 OK, so we got confirmation of a deal that is being inked as we speak.  ETA to the court is 7 to 10 days, reiterated by several.  Some details  that are nice to know but not need to know (hedgies funding 100 million  so the reorg co can go buy other money making businesses)...for  instance; no real details of how, what & when...further complicated  by several previous parties to all the discussions standing up and  preserving, on the record, their rights to refuse this settlement if  they don't like the numbers, since they weren't involved this time...
 
 OK, so how?  Well, Rosen was more demonstrative than usual, and much  more obtuse...to the point that I was relieved to see and hear I wasn't  the only one confused...even JMW admitted to that.  Rosen is very  obvious in his setting the stage...a whole speech at the beginning about  how every class approved the current POR (except Visa), and then a  reminder at the end that if we didn't play nice all those classes had  already said they'd support that deal.  He is stressed and ready to exit  this.  All these months have gone by and I hadn't seen him walk out of  the courtroom...but today I did, and realized that a tall, strapping  handsome man that has been in the back of the courtroom for a number of  months is his bodyguard.  He is ready to get the heck out of Wamu  Dodge!!
 
Why? This is the real mystery...but of course, we can  only guess.  I believe that Jaime gave the word to do this soon, before  any more blood was spilled (of his) or anything was discovered by the  EC re IT.  For this to be done rather quickly, and several parties not  be party to the talks tells me that this was a mandate from someone.  
 
 I would expect to see something sooner rather than later on this, and  JMW has already stated that she would accommodate a hurried schedule.

 

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Hi all,

An interesting day in court today, somewhat less so for what was said than for how, and why.

The how I can answer, the why is still a mystery, although I have my theories.

OK, so we got confirmation of a deal that is being inked as we speak. ETA to the court is 7 to 10 days, reiterated by several. Some details that are nice to know but not need to know (hedgies funding 100 million so the reorg co can go buy other money making businesses)...for instance; no real details of how, what & when...further complicated by several previous parties to all the discussions standing up and preserving, on the record, their rights to refuse this settlement if they don't like the numbers, since they weren't involved this time...

OK, so how? Well, Rosen was more demonstrative than usual, and much more obtuse...to the point that I was relieved to see and hear I wasn't the only one confused...even JMW admitted to that. Rosen is very obvious in his setting the stage...a whole speech at the beginning about how every class approved the current POR (except Visa), and then a reminder at the end that if we didn't play nice all those classes had already said they'd support that deal. He is stressed and ready to exit this. All these months have gone by and I hadn't seen him walk out of the courtroom...but today I did, and realized that a tall, strapping handsome man that has been in the back of the courtroom for a number of months is his bodyguard. He is ready to get the heck out of Wamu Dodge!!

Why? This is the real mystery...but of course, we can only guess. I believe that Jaime gave the word to do this soon, before any more blood was spilled (of his) or anything was discovered by the EC re IT. For this to be done rather quickly, and several parties not be party to the talks tells me that this was a mandate from someone.

I would expect to see something sooner rather than later on this, and JMW has already stated that she would accommodate a hurried schedule.

Ok.  PORSIX ist vom Tisch.
Von 0 Ausbuchung keine Rede mehr.
Rosen weiss das die Hedgie  Depositions, die noch nicht einmal stattgefunden haben, nichts gebracht haben.
Rosen :
"Ich muss noch hinzufügen, dass die Untersuchung keine Schlüsse auf  kriminellen Insiderhandel der 4 Hedgies finden konnte."
Und bei der , die stattgefunden hat , ist sich der AureliosAnwalt selbst  nicht sicher ob Sie was gebracht hat.
Mr.Nice: Ilene Slatko318:19#135785
Aurelius: we want to see this work, but we're not yet completely on board. We want to be exonerated (my words)

Nun TOP 26, die Sullivan Bestellung durch das EC. Walrath sagt dass das erledigt sei, weil sie die Order schon am Morgen eingegeben hat.

Sind das nicht die Steuerexperten die Susi rueckwirkend mit ins  Boot haben wollte ?

Frage wegen den Steuern. Da war doch mal ein (zweifelhaftes) IRS Settlement  (5,6 Mrd. Steuerrueckzahlung)) Die sollten aufgeteilt werden unter FDIC, JPM und a bisserl an WMI. Die hatten aber nix mit den Nols zu tun.  Bleibt diese Aufteilung bestehen.?

Irgendwie hat Rosen den Eindruck gemacht das alles geklaert waere, aber nienand hat das  wirklich bestaetigt.

Man kann zwar den Eindruck bekommen das das EC mitspielt, aber bestaetigt ist noch nichts.

Momentan sieht es so aus das JPM und die FDIC absolut unbehelligt  aus der Sache rauskommen. Die ganzen Objections gegen PORSIX waeren vom Tisch.

Ich weiss momentan echt nicht was Ich davon halten soll.

Ich gehe aber trotzdem davon aus das unser EC weiss was es tut und nicht bestochen ist.

Mal sehen wie genau PORSEVEN aussieht.

Mein Fazit. Durchwachsen mit vielen Fragezeichen , aber positiv.

lg

Entweder habt Ihr an die Kurse euren Verstand verloren, oder die haben mir heute im Krankenhaus (da war ich wirklich) mein Gehirn amputiert.

1. Wer sagt denn, dass die Ausbuchung vom Tisch ist?
Antwort: Die Unwissenden!!
Rosen hat doch heute wieder einmal eine Filmreife Inszenierung hingelegt. Und wer hier an ein Settlement MIT dem EC glaubt, dem sei das letzte GROSSE Settlement nahegelegt, bei dem alle Parteien beteiligt waren...ich hoffe, Ihr erinnert euch noch an das Desaster?

2. Und wie groß soll denn hier der "low-ball offer" sein?
Antwort: Die Klassen 18 bis 22 können sich ja um die Brotkrumen (evtl. dreistellige Mio) streiten!!!

Leute. Das war "Verars.he" aller erster Güte. Es gibt kein Settlement in dieser Form MIT dem EC, wo equity so gut wie leer ausgeht. Es sei denn, Willingham wurde gekauft!  :-((

Das Heute war nur ein Ausweichmanöver, aufgrund der massiven Widerstände gegen den Mülltonnenpor Nummer 6. Und jetzt will Rosen, dank dem Super-Settlement den PoR7 hinterher schieben. Bis zum 6.06. hätte Mary den gerne im Hearing!

Also über diese PoR7 Brücke gehe ich nicht. Keinen Millimeter!

Rosen geht so weit, so dass JPM aus der Schusslinie bleibt.
Mensch Leute. Hier (für uns) geht es nicht um eine Reorganisation in welcher Form auch immer. Für uns sollte es darum gehen, JPM und die FDIC so hoch an den Pranger zu hängen, dass selbst den Eskimos schlecht wird!

...hab noch richtig Bauchschmerzen, wenn ich an Rosens Geschmiere denke...aalglatt...verlogen...hinterlistig und jetzt auch noch vordergründig heroisch.

Das schlägt jetzt für mich den Boden aus. Ab sofort gehen die Planungen nicht nur gegen JPM und FDIC sondern auch gegen Rosen. Für mich ist das höchst kriminell, was diese "Oberratte" hier abliefert.

Muss erst mal ne Nacht drüber schlafen, sonst bekomme ich noch ein Magengeschwür.

Bis denne,
union

The tentative pact gives shareholders the benefit of a $30 million litigation trust and equity in the reorganized Washington Mutual, a company that may be positioned to take advantage of $5 billion worth of tax breaks. Appaloosa Management LP, Centerbridge Partners LP, Owl Creek Asset Management LP and Aurelius Capital Management LP, hedge funds that invested in Washington Mutual’s debt, took the initiative in reviving talks with shareholders that stalled in the spring, Rosen said.

Aurelius attorney Kenneth Eckstein, who’s with Kramer Levin Naftalis & Frankel LLP, said Tuesday that Aurelius has not yet signed on to the deal but “will endeavor to try to achieve a successful resolution” of remaining reservations about terms of the shareholder settlement. According to Rosen, the four hedge funds will offer $100 million worth of financing to the reorganized Washington Mutual. The company will run a fading insurance operation but could buy other businesses to take advantage of the tax breaks. The breaks grow out of the massive losses rung up by WaMu, a thrift that gorged on subprime home loans before the housing market collapsed.

Creditors who were promised value in the reorganized Washington Mutual will still get it, Rosen said, in the form of another type of security. The key deal at the heart of Washington Mutual’s plan was reached last year, and survived attack at confirmation. It’s a settlement with WaMu’s new owner, J.P. Morgan Chase and federal regulators, and provides the bulk of the cash to be distributed under the plan. Judge Mary Walrath refused to confirm Washington Mutual’s plan, however, handing shareholders an opening to launch an investigation of suspected wrongdoing by big creditors involved in the case.

The insider-trading investigation threatened to trouble Washington Mutual’s renewed effort to get out of bankruptcy. The probe grew out of suspicions the hedge funds bought and sold securities taking advantage of material inside information gained at the bargaining table where Washington Mutual negotiated its Chapter 11 plan. The big investors have denied wrongdoing and complained that the hearsay-based allegations were burning up $30 million worth of value each month Washington Mutual’s Chapter 11 exit was delayed.

Fred Hodara of Akin Gump Strauss Hauer & Feld said Tuesday the case delay cost could be closer to $40 million per month. He represents the official committee of unsecured creditors, which joined in the settlement talks as they neared success. “Getting to confirmation is of paramount importance,” Rosen said. “This has lingered…cost a lot of people a lot of money and a lot of value.”

Attorneys for shareholders will set out their statement on their findings on the insider trading claims as part of the pact, Rosen said. “It is our understanding, the debtors’, that the equity committees investigation has not established” any wrongdoing by the hedge funds, Rosen said

http://blogs.wsj.com/deals/2011/05/24/...loser-to-exiting-bankruptcy/