hacke es ab. bush führte kriege auf basis von falschen behauptungen und ist heute noch auf freien fuß. die usa erkennt nicht mal den internationalen gerichtshof für menschenrechte in den haag an.
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hacke es ab. bush führte kriege auf basis von falschen behauptungen und ist heute noch auf freien fuß. die usa erkennt nicht mal den internationalen gerichtshof für menschenrechte in den haag an.
patience-han:
"Our goal is to seek/obtain the maximum recovery for the equity.
Our objectives at the forthcoming hearings, in my view, could look like this: (1) take control of the NewCo (WMMRC). We have (a) IT arguments, and (b) NOLs/WMMRC valuations from PJS and BDO to help us achieve this objective. (We can now see more clearly EC’s foresight of acquiring BDO on 4/18. Even though at that time the debtors/SNHs had already engaged with EC on settlement talks, EC never relaxed but stay focused on NOLs and confirmation battle. (2) Apply FJR across the board; and (3) even better, make equitable disallowance happen. Both (2) and (3) are relied upon IT charges too. And of course, the decisions will be the Judge’s.
As we know, per settlement talks, the debtors/SNHs were “willing” to give up the NewCo in exchange for dropping IT charges. For EC to walk away from the talk, I’m thinking not just because of TPS roadblock, but also possibly EC has certain degree of confidence in taking over WMMRC via court battles based IT (and possibly valuations too). To me, the control of WMMRC is a life and death issue for the equity. It’s our bottom line. For SNHs, their life and death issue is the equitable disallowance. I expect both sides, EC/TPS and debtors/SNHs, will fight tooth and nail on those two issues.
(4) A higher objective is to defeat GSA itself using “good faith/bad faith” argument, which is, of course, a big part of IT charge implication. As I explained recently in another post, it will be a steep, uphill battle. The recent ruling on ANICO by appeal court and the Stern Decision by the Supreme Court may offer us some hope, especially the Stern Decision. Since I am not a lawyer, I don’t think I can make a truly reliable or legal explanation of the decision. But, in a layman’s eye, I see three major contention points regarding Stern Decision: (a) the scope of the decision. Is it “narrow” (as JPM argued), or does it have wider applications (The decision by the Supreme Court is the law of the land)? (b) Is the “consent” relevant or not? The debtors/JPM would argue that as long as parties are consent to the compromise, so the BK Judge can make a decision within her/his jurisdiction on both core and non-core bk claims (non-core claims “disappeared” as parties compromised), while others may contend the “consent” is irrelevant. (c) Can the bk judge’s decision be final or not on a case with so many, and so significant non-core issues like business torts? I leave these questions for lawyers and the Judge to sort out.
Another variable is Aurelius’ argument about accrued interests ($1.36B). I’m not sure how this issue can shake up the GSA. It will certainly help add up the distribution waterfall to benefit the equity if acknowledged by the court. It’s also a useful argument for pointing out the one-sidedness of GSA/POR, and mistreatment of the debtors’ assets (so the mistreatment of equities too, who might have received some recovery if the debtors demanded the full interest payments).
In sum, I think controlling NewCo is our bottom line, plus holding up the Releases. With both, we have hope for some meaningful recoveries if not at this time, but will in the future. Others (objectives) will be gravy if we can achieve them. Of course, the more we can we achieve right now, the better.
I still hope that parties will come to their senses to reach a truly global compromise at the doorsteps of the court house. I’m in full fighting mode too, meanwhile.
Good Luck Everyone."messages.finance.yahoo.com/...p;mid=793763&tof=7&frt=2
WILMINGTON, Delaware (Reuters) - It's Washington Mutual Inc (Other OTC:WAMUQ.PK - News) vs. shareholders, round II.
The company begins its second attempt on Wednesday to end its bankruptcy and get court approval for a plan to distribute around $7 billion to its creditors, and again it is facing its stiffest objections from equity holders.
But there are also big differences between now and January, when U.S. Bankruptcy Judge Mary Walrath in Delaware rejected an earlier version of the same plan.
While Walrath sent the plan back for modifications, she also approved a deal at the heart of the plan. The "global settlement agreement" that she approved parceled out the company's assets to the major parties to the Chapter 11. In return, those parties threw their support behind the plan.
Her approval, along with various plan changes, leaves shareholders and other opponents with fewer targets to take aim at during hearings that begin Wednesday.
In addition, the potential pot of money for shareholders is shrinking.
Creditors must be paid in full before shareholders, and creditors' claims are accruing interest, reducing the amount left over for shareholders with every delay -- delays that are in part caused by shareholders battling for more money.
"That's the profound irony of it," said Kevin Starke, an analyst at CRT Capital Group, a Stamford, Connecticut-based broker-dealer that focuses on distressed securities. If Washington Mutual "got out sooner there would have been a recovery at the preferred equity level."
This time around, lowest-ranking creditors appear unlikely to be paid in full and even preferred shareholders may get nothing, Starke said. Common shareholders are still farther back in the line and the company has consistently said they will get nothing.
Washington Mutual filed for bankruptcy in September 2008, a day after its savings and loan was seized by regulators in the biggest bank failure in U.S. history. The savings and loan was sold immediately by the Federal Deposit Insurance Corp to JPMorgan Chase & Co (NYSE:JPM - News) for $1.88 billion.
The first 18 months of the bankruptcy was spent fighting over ownership of about $10 billion of assets, which mostly consisted of cash and tax refunds. The global settlement ended those fights and provided most of the $7 billion that Washington Mutual plans to distribute to creditors, which are mostly investors such as hedge funds that hold its securities.
JPMorgan and the FDIC divided the rest of the assets and in return dropped their legal fights with Washington Mutual.
PLAN OF ATTACK
Unable to attack the global settlement agreement, the shareholders may be pinning their hopes on making accusations of insider trading stick against a group of hedge funds that helped negotiate that deal.
The four funds -- Owl Creek Asset Management LP, Appaloosa Management LP, Centerbridge Partners LP and Aurelius Capital Management LP -- were accused by individual investor Nate Thoma of gleaning information from settlement talks to profit on Washington Mutual securities.
If that accusation sticks, the funds will not be able to collect all the interest they claim they are due, which would free some value that could flow to shareholders.
Most of the documents relating to the insider-trading accusations have been sealed, and attorneys for the official committee of equity holders did not return a call for comment.
A company spokesman declined to comment.
Shareholders will also likely try to prove Washington Mutual is giving away valuable tax breaks and legal claims. The company plans to reorganize around a small mortgage reinsurance company that will have little value except tax breaks it could use to offset future income.
Just last month, it seemed that shareholders had a deal to take a significant stake in that reorganized company, which shareholders had argued was worth billions more than the $160 million estimated by Washington Mutual. However, that deal eventually collapsed.
http://finance.yahoo.com/news/...gain-rb-2167224497.html?x=0&.v=1
Gruß
Dude44
die sollen endlich den Kaufpreis anpassen und uns entschädigen mit paar Dollars und gut ist...ich erzähl auch keinem denen Ihre Gaunerei im deutschen Lande weiter !!!!!!!!
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