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

http://www.kccllc.net/documents/0812229/0812229110810000000000001.pdf

Vamos Simpson vete a la playa, que los pumpers de USA ya defienden tus intereses debidamente. Jajaja

Ya me voy a dar mi paseito matutino que sienta de miedo... hoy tenemos Hearing. Ya veremos que nueva sorpresa nos tiene Rosen guardada o si al final hay bandera blanca... estamos a viernes jajajaja todo es posible en fin de semana.

**Hearing 8/12/2011 10:30AM EST - Phone Dial-in and Audio Archive

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No esperes un acuerdo con Rosen, a este se le ha de ganar en los tribunales, es carne de juicio.

Que igual anuncia Rosen u otra parte... aquí ya todo es posible.

A estas alturas despues del falso acuerdo reciente que dejo otra ronda de pillados, nadie se cree nada de estas acciones. Lo unico viable es que la Juez rechaze el POR y entonces busquen una formula para que cobren los preferentes porque con la cantidad de acciones que hay en comunes no hay dinero suficiente en las arcas.

Bopfan dice:

Well, we finally got to see what TPS and WMI would make of Stern and ANICO.

I was especially curious to see how WMI would deal with the Stern decision. WMI points out that: "All of the claims and counterclaims asserted in these actions arise from the same operative facts—the seizure of WMB and the FDIC’s sale of its assets to JPMC. The Global Settlement Agreement resolves the claims and counterclaims among these parties."

Precisely, and Walrath has already said that she has no jurisdiction over issues pertaining to the seizure; she knows that's Collyer's territory.

The debtor goes on to enumerate on p. 95 disputes lying at the heart of the case. You'll notice that each commences with the word 'ownership'. This is clever because the Bankruptcy Code gives a bankruptcy court jurisdiction over estate assets, so, naturally a court has to be able to determine a debtor's interest in property, be it ownership or some other type of interest like a lien.

However, in the case of the TPS securities ownership IS the question, and that question must be determined by adjudication of state and common law contracts principles.

While Walrath has jurisdiction to determine whether the estate has an interest in the TPS, that is a different question whether she has the power to adjudicate ownership among JPM, WMI, and the TPS holders. Certainly JPM and TPS have filed proof of claim asserting ownership, but Stern makes it plain that this isn't enough to convey jurisdiction on the TPS owners' assertion of ownership. They shouldn't be bound by Walrath's authority merely because they filed a proof of claim in the coercive (i.e., required for a distribution) bankruptcy process. WMI owned intellectual property, real property, stock in WMB, etc., and someone could file a proof of claim alleging ownership of those things, and WMI could dispute the claim or could counterclaim relating to them, but there's a big question mark about whether WMI ever 'owned' the TPS such that Walrath could administer them, or whether WMI merely had an interest in them such that their ownership (arising from contracts law), should per Stern, be administered by an Article III court. Again, the mere filing of proofs of claims by TPS and JPM are insufficient to convey subject matter jurisdiction over the TPS securities if Walrath does not have such jurisdiction.

Walrath recently decided a case that mentions Stern and both WMI and TPS refer to it: http://scholar.google.com/scholar_case?case=16203170736899544194&q=%22american+business+financial+services%22&hl=en&as_sdt=2,33

Her ruling does not help WMI because she asserted jurisdiction over a post-petition DIP financing dispute. Nothing could be more core as the facts AROSE solely because of her administration of her case (including her authorization of the DIP financing) and she notes that "[i]f not for the bankruptcy, these claims would never exist." The TPS did not come into being because of WMI's Chapter 11 case.

TPS' summation ably deals with all issues, and is an outstanding piece of work. In my opinion the law favors TPS' positions, but that was evident before these pleadings were filed.

Very informative post Bop. I'm not a lawyer but for a while even I have known that the TPS holders case was very strong. Ever since Walrath made a remark about the EC riding TPS's coat tails over a year ago.

Even without the ANICO and Stern rulings they have always been in a position of strength and the debtor has used every trick in the book to keep it hidden and suppressed. At this point they've used up all their smoke and they're all out of mirrors.

Those 2 perfectly timed rulings were a godsend and should help to expedite the matter to DC for Collyer to deal with. But as anyone who's paying attention knows, JPM is not going to allow it to go that far. They may talk a good game but with the amount of exposure of their criminality at stake, they simply can't and won't allow matters to make it to the DC court. Especially not with scrutinizing the seizure itself back on the table and the early work that was done by the debtor before they made a deal with the devil.

JPM is not on sound footing however they continue to enjoy the catbird seat all the way up until Collyer's court is back in session. This is why they have been so quiet and non participatory. They know that at any given time prior to the first hearing in DC, they could pay everybody off without breaking a sweat without having to own up to anything.

This is what they will have to do unless their partner in crime the FDIC sees the writing on the wall and taps into that $500 billion line of credit that they've been sitting on. Either way, all they are doing is delaying the inevitable.