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

Seguimos para BINGO. Hagan juego señores.

The Court is required, however, to balance the probability
of success on the claim against the burden on the estate that
would result from its prosecution. Judging from the vigor with
which the Settlement Noteholders have opposed the Equity
Committee’s standing motion, the Court is concerned that the case
will devolve into a litigation morass. In addition, the Court
notes that as the case continues, the potential recoveries for
all parties in the case dwindles. Regardless of which parties
prevail, they may be disappointed to find their recovery
significantly less than expected.
Therefore, before the Equity Committee proceeds with its
claim any further, the Court will direct that the parties go to
mediation on this issue, as well as the issues that remain an
impediment to confirmation of any plan of reorganization in this
case. A status hearing to discuss this will be held at the
omnibus hearing currently scheduled for October 7, 2011, 11:30
am.
IV. CONCLUSION
For the foregoing reasons, the Court will deny confirmation
of the Plan, grant but stay the Equity Committee’s standing
motion, and direct the parties to proceed to mediation.
An appropriate Order is attached.

7 de Octubre continua el juego. Mediacion.

IN THE UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF DELAWARE
In re: ) Chapter 11
)
WASHINGTON MUTUAL, INC., et al., ) Case No. 08-12229 (MFW)
)
Debtors. ) Jointly Administered
O R D E R
AND NOW this 13th day of SEPTEMBER, 2011, upon consideration
of the Modified Sixth Amended Joint Plan of Affiliated Debtors
Pursuant to Chapter 11 of the United States Bankruptcy Code,
filed on March 16, 2011, as modified on March 25, 2011 (the
“Modified Plan”), for the reasons articulated in the accompanying
Opinion, it is hereby
ORDERED that confirmation of the Modified Plan is DENIED;
and it is further
ORDERED that the motion of the Equity Committee for standing
to prosecute claim for equitable disallowance is GRANTED but
STAYED PENDING MEDIATION; and it is further
ORDERED that a status hearing will be held on October 7,
2011, at 11:30 a.m. to consider the issues to be referred to a
mediator in this case.

Veremos si hay POR 7 donde siguen ofreciendo mas migajas a la equidad

Por lo pronto ya no hay más POR 6.5... lo cual es un buen reinicio...

http://customwire.ap.org/dynamic/stories/U/US_WASHINGTON_MUTUAL_BANKRUPTCY?SITE=NDBIS&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2011-09-13-18-50-08

La jueza busca que lleguen a un settlement. De momento POR KO!! :)

I must say I was very surprised by the court giving the finger to the U.S. Supreme Court and the D.C. Circuit. However, the final chapter hasn't been written on that. If the Third Circuit issues a decision interpreting Stern before our case is finalized, then Walrath may have to eat her words. Dealing with the here and now, however, unless Judge Sleet hears the appeal and reviews it in light of Stern and ANICO, JPM is off the hook.

Some may recall that a couple of weeks ago I said that the court would address the issue of whether, notwithstanding the SNs' and WMI's actions, the court would ask whether anyone could have negotiated a better deal. Well, the court made it clear she considered that question, and ruled in favor of keeping the GSA alive. Again, this case has had many surprises, so don't be surprised if somehow a higher court within the Third Circuit forces a reversal of her ruling and/or interpretation of the two superior court decisions.

I expected the FJR and was pleased. I was also very pleased about the court dealt with the SNs. By finding them to have committed IT and forcing them into mediation, she's essentially tied their hands behind their backs and locked them in a room with the EC. The IT portion of the opinion was as nasty as I anticipated. I knew she was determined to stick it to those guys, and I still can't believe they were crazy enough to think she wouldn't write something akin to what she wrote. She made cases for the DoJ and SEC, and the SNs' lawyers are to blame for letting their clients brazen this out. Naftalis (of Kramer Levin, Aurelius' counsel) must have been smoking a crack pipe. Incredible -- just incredible.

So where does this leave us? Well, if the SNs don't come up with a disgorgement offer the EC is willing to accept, the matter will be tried, and the decision a foregone conclusion based on Walrath's opinion. The EC will demand as much as is necessary to put equity squarely in the $ -- which it already is in all but a formal sense. If the SNs force Walrath to make a decision on disgorgement, it would probably be the full amount, which, if JPM is correct (it said in its accusation against the SNs that they insider traded about $2B in securities), which would all flow to equity. In addition, once the SNs are out their silent partners (i.e., future investors in WMMRC) -- if any -- will switch allegiance to equity and then we'll see some real changes in share prices.

I don't know what the MMs will do tomorrow, but I'd anticipate some scare tactics and an increase that isn't likely to be too dramatic.

I believed at ANICO would require prosecution of the business torts but she wasn't bound by it (different circuit) and it threatened JPM, so she waved it away. As far as Stern is concerned, she was just plain wrong about its limitation on her jurisdiction but, again, the final chapter may not have been written about ANICO's and Stern's influence.

All in all, a good result that could have been better but compared to where we were after the Examiner's report and on 1/8/11, and considering her neutering of the SNs, we're on much safer ground.

I expect the EC to appeal her ruling on the business torts and TPS to appeal her interpretation of Stern vis a vis her jurisdiction to approve the GSA.
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Ahora es cuando las apelaciones van a echar fuego... las preferentes van a subir de eso no me cabe la menor duda. Seguimos vivitos y coleando. No hemos ganado por goleada solo llegamos a la prorroga.

Esta es la clave y lo que yo haría si fuera Susman.

So just what demands does the EC/Susman go to the mediation negotiating table with??

Seriously ... JMW .... what can the Debtors and SNHs offer the EC at this forced mediation that they couldn't offer in May to keep the IT allegations/evidence out of the hearings?

Can Rosen now bring JPM to the table to make them give back OUR ... WMI's assets??? That's where OUR money should rightfully come from and JPM and FDIC should not be allowed to take it!!

So I'm hoping Parker tells Rosen unless you get my $30B back from JPM, I'm prosecuting the claims and I'm taking another appeal on the Judge's opinion based on Stern to the next higher court ... see ya' there!! That's the one and only option I'm hoping gets put on the table!!!