Washington Mutual demanda a la FDIC por 17 billones US$ + daños

Está claro que el POR1 moría y se quedaban sin nada si no presentaban otro. Por lo tanto la presentación fue lógica. Ahora si están todos de acuerdo con el POR2 Susman deberá argumentar muy bien para contenerlo. Las valoraciones presentadas tienen que tener respaldo y ese es otro aspecto a aclarar.
En fin, que el agua está turbia nadie lo puede negar, pero esperemos porque la Jueza dijo en su momento que sería inesperado que WMI fuera insolvente.Lo de los 4 billones está claro que es de WMI y cosas como esas dan alguna esperanza.

Está claro que si aprueban el POR... sin comentarios. Pero si la Jueza lo rechaza tampoco veo muy claro que la acción tenga que tener un subidón puesto que, como dice Maximun, pueden presentar otros POR hasta el 26 de Mayo

“Judge Mary F. Walrath of the U.S. Bankruptcy Court in Wilmington, Del., indicated she would sign off on the reorganization proposal, provided Magna tweaks some liability releases included in the plan.

She affirmed that a settlement between Magna's unsecured creditors and its largest shareholder and lender, MI Developments Inc. (MIM, MIM.A.T) was appropriate, despite claims by a group of minority equity holders that MI Developments was scoring a windfall at the expense of creditors.

"I don't think [MI Developments] is getting any trophies here, any more than what it's giving up," Walrath said, estimating that MI Developments is providing some $710 million to $750 million in value in exchange for assets worth far less in today's market.

Under the settlement, first introduced in January, the Stronach-controlled MI Developments will funnel enough cash into the bankruptcy estate to afford the unsecured creditors a 40% to 50% recovery on some $250 million in claims, in exchange for assets like Pimlico Race Course in Maryland and Santa Anita Park in California”.

The decision here was based on the wide gap between the A>L and the stretch of the imagination that would have to be employed to make the shareholders in the money. The only one willing to come to the table was MI Development.

In WMI BK, you have a completely different situation, the money line between A>L, L>A is slim to start and with any recognition of the manipulations carried on by Rosen since this case began (who by the way was involved in Magna) , begs to have the court look into the wood pile for everything juggled; Assets shifted back and forth to avoid A>L, WMI assets marked down excessively , assets not revealed, (notably JPM coveted assets), not to mention un-liquidated assets, (legal recourse against FDIC/JPM for damages) when Weil/Rosen abandoned “discovery” with glee in Dec 2009. In addition, to these insults to make all of Rosen’s “partners” happy, further conveys a blanket immunity to JPM, FDIC, and WMI execs (get out of jail card free) and for the FDIC (to bury a shameful mistake on destroying a 100+ year old banking company).

Now if Judge Walrath is true to her word, she will have to put her foot down (maybe with a blanket order for access to discovery), approve a shareholder vote, and in retrospect, can’t put her stamp of approval on the POR/POS as the “financials” do not warrant such a dismissive (action as in Magna), nor can she approve blanket immunity in the face of several lawsuits containing material evidence that shouts FRAUD!

In 24 hours you will have your answer.

Lo que nos dice el anterior post es muy importante en cuanto al hecho que NO tenemos unos estados financieros fiables. Si estan todos en el ajo va a dar igual pero siendo optimistas (que me diga el que sigue aquí que no lo es porque entonces el calificativo sería de masoquista) vamos a pensar en positivo y lo evidente se hará realidad y la Juez rechazará el POR.

Aun perdiendo mañana (y eso no lo espero ni en el peor de los casos) queda aun varios tiros que pegar ya que tras el 26 de mayo Susman (EC) podrá presentar nuestro POR y entonces la Juez lo valorará y dirá VAYA! este POR si da dinero a los accionistas, dinero que este POR de Rosen & Co ni decía que había ni está valorado como aparece en este... uhmmmmmmmm toc toc toc

Por la presente concedo los meritos al segundo POR presentado por el EC y las votaciones para aprobarse se realizaran a finales de Julio, eso sí antes habrá que revisar esa reunión de accionistas que Rosen está salvajemente intentando impedir a toda costa, aun habiendola habilitado yo hace unas semanas al igual que la entrega del Discovery.

Vendidas unas poquitas h's y compradas q's, a ver si mañana hay suerte.

Saludos

Hola,el asunto de vender yo no lo veo asi,deberiamos haber vendido antes ahora si se rechaza el POR,el escenario cambiaria

Mr. Simpson ojalá estés en lo cierto, pero en mi opinión a Susman y al EC, les resultará sumamente dificil hacer un POR sin información de los activos disponibles. No se si Solomon ha empezado a trabajar, la última vez que se habló no había podido hacer nada por la escasez de información existente.

The bottom line, walrath let the ec in the game for a reason and that reason was to allow for competing valuation determinations. that is what all bk's boil down to.

i would be long gone as i am with most bk's at this juncture because you usually have a good idea where the ec stands on valuation, or without an ec, the pump and dumps are all but over at this point. of course we know wamu is much different.

usually at this point some out of the money creditors are fighting hard for speculative monies and the courts hate that. such as, this building is worth this or how much future value of business is worth or how much equipment is worth in liquidation, usually with zero cash to run an ongoing business without debtor financing.

wamu is a much different animal, most know this but do you understand it. the difference is 10bil in cash and currently no idea what the assets are let alone who rightfully owns them or what they are worth. walrath would have to be the most corrupt judge in the history of DE or dumb, I doubt both. so what will she do, she will allow everyone in the por game and with that comes reliable numbers.

i know many of you are so frustrated with the process but be assured that 95% of the time in bk, equities goose is cooked.

in the wamu case, this has just started to get interesting. you have 10bil in cash, valuation yet to be determined and potential block buster litigation. i like our odds, but if you think the outcome will be quick, very unlikely, no settlement will be in play for months but watch what happens when competing por's come out, equity will be clearly in the money, and those will be conservative numbers to be assured, why, because the last thing the ec wants to happen is to have walrath question valuation based on speculation.

assets vs. liabilities is way to close for this to go away quietly.

claims against the estate sit at less than 350mil, a pittance in the scheme of things.

how much are carry forwards worth alone and visa shares, right there wamu is in the black. all imo