Vaya no soy el único... aquí también lo ven de la misma manera
We all were a little shocked and maybe disappointed from what came out in the leak and subsequent hearing that followed. Many, like myself, were concerned that Susman and team were dropping IT to get WMMRC and some other measely assets from concessions by SNHs. We were even more concerned that this deal would cause equity to provide releases to two very important parties that were the cause of this fiasco, namely JPM and FDIC.
When Rosethorn allowed his leaks and stated that equity would be worked into the deal even after IT was supposedly not found did not make much sense. Some may have even wondered if the concessions were actually related to PJS valuation.
Make no mistake about it. Susman team has contrived a brilliant plan leaving the SNHs in the direct line of fire. With only concessions by SNHs, he could allow equity to move forward. He did this in a few ways. First, he was willing to drop the IT, but hold it over the SNHs head if there was not full cooperation. Next, he made sure that NEWCO would have some capital to continue operations. The most important part was the Litigating Trust. Susman team made it clear to SNHs that equity would not give up any releases to JPM and FDIC as part of this deal and that the SNHs would even have to provide the funding for the LT.
TPS was not involved because, at this point, he had NOTHING to offer them other than some shares in NEWCO which would be a major disappointment to P and K holders as well.
Susman had a bigger plan that was not obvious to us and became more clear to many today. Susman was able to go to JPM and FDIC and tell them that equity and the SNHs would not give JPM and FDIC releases in the current plan and that equity will be coming after them hard after reorganization. So, either JPM and FDIC make whatever concessions are necessary to produce one final settlement or expect another battle in another court outside of BK. If JPM and FDIC do not play ball, Susman's team surely hinted that the IT will come back into play which will blow this whole case up and potentially destroy all the work done to this point and may even lead back to collusion between JPM and the SNHs. JPM has to play ball. They will likely negotiate a better deal now than what is surely going to cost them much more later when the whole GSA unravels after Susman exposes the IT against the SNHs.
This is how TPS comes into play. Their situation is a bigger unknown since they have additional cards at the table. Susman had to leave them out to get to this point. By now, I am sure they realize that Susman is putting major pressure on JPM to either take full responsibility for the TPS or pay them enough to satisfy them and potentially remove them from NEWCO in either case.
Today's hearing was a clear indication that JPM and FDIC are at the table trying to evaluate their next step. This is getting really good and I am very excited about equity's prospects.
