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

Hace 5 años que empezó todo... se dice pronto. Que no tengamos que estar 5 más para ver esto llegar a su fin :)

Por un lado tenemos los Golden Parachutes y por otro el ofrecimiento de los abogados de WMILT que han ofrecido de un 1 a 3% a los Claims por llegar acuerdo.

$27 Millones es la cantidad de "bonus" que está en disputa --> 1 to 3% serian $270.000 a $810.000 para ser distribuidos entre acreedores por salirse de un negocio en quiebra !!!
De locos.

Muy buena Due Dilligence sobre sección 502 (b) (07)

JMW asked Brian Rosen to file a motion by October 31, 2013. Allowing for 10 days of response time by opposing parties, the hearing would be held on November 12, 2013.

So what is 502 (b) (7) ?

Here is a blog published published by John A. Gallagher of the Gallagher Law Group discussing 502(b) (7)

http://employmentlaw101.blogspot.com/2011/03/executive-severance-payments-in.html

Philadelphia Area Employment Lawyer

Gallagher Law Group, P.C. 171 W. Lancaster Ave.,Paoli, PA 19301 (610) 647-5027
Friday, March 4, 2011
EXECUTIVE SEVERANCE PAYMENTS IN BANKRUPTCY CASES

Talk about complicated! Recently, I did a search on Google to find some easy information on this issue - and came up completely empty! Thus, I had to drill down myself. Now that I have, I thought I would pass it along to my brethren and sithren (is that a word? should be!). Let me see if I can simplify.

Many times incoming executives are offered lucrative severance packages in the event they are terminated, or the company goes bankrupt. Little do they know....

Here is how it works. Executive severance payments for bankrupt companies are limited by 11 U.S.C. Section 502(b)(7), which in essence says the following:

Executives can receive no more than 1 year of pay from either the date they are terminated (if before the bankruptcy is started) or from the date of the bankruptcy (if they are fired on or after the bankruptcy filing).

In the bankruptcy context, such severance payments are deemed to be accelerated for purposes of filing a Proof of Claim. In other words, assume that Executive earning $200,000 has a 3 year severance package, payable beginning 30 days after he/she is fired, over 36 equal monthly payments. The executive in question is then fired on the day the bankruptcy filing is made.

When the Executive goes to file a Proof of Claim, he/she is asked to set forth the amount he/she was owed on the date the bankruptcy was filed. How to answer?

The answer should be $600,000 - i.e. the full value of the severance package, plus: 1) any compensation or any other benefits that was/were due but unpaid as of the date the bankruptcy filing; 2) any earned but unused vacation time; and, 3) the value of any benefits in addition to severance offered as part of the severance package.

In such a scenario, the severance will under Section 502(b)(7) be limited to $200,000; the cap will not apply to the value of any pre-bankruptcy obligations, nor will it limit the value of any claims relating to post-bankruptcy benefits due in accord with the severance agreement.

Perhaps the best discussion I have seen on the principles discussed herein is found in the attached case, In re Dornier Aviation, out of the Virgina Federal District Court.

Bankruptcy's are really complex, so under no circumstances should you rely on this article as the Gospel. If you are an executive owed severance from a bankrupt former employer, by all means hire an attorney!

John A. Gallagher, Executive Severance Attorney, Paoli, PA 610-647-5027
- See more at: http://employmentlaw101.blogspot.com/2011/03/executive-severance-payments-in.html#sthash.9DwJRSDX.dpuf

Como van esas previsiones de octubre noviembre? 3ct por dia hasta 3$ era?? jajajaja vaya unos pumpers estaus hechosdespues de 5 años pumpeando con wamuq que al final terminaron a casi 0 despues de varias montañas rusas no os cansais.

Saludos

http://www.cnbc.com/id/101064492

Yo ya lo he dejado por imposible, Mr Simpson el se lo cocina y el se lo come, este es el único hilo donde el autor se escribe así mismo casi a diario con posts en ingles inclusive . Si así es feliz es mejor dejarlo, a estas alturas ya lo conoce hasta el apuntador.
Sus obras has quedado registradas para la posteridad, "Arruinados S.A."
Las acciones aun tienen que multiplicarse x 3 sobre el precio actual solo para que los desdichados que compraron en su día recuperen el capital invertido.

http://media.bloomberg.com/bb/avfile/Economics/On_Economy/vvzMdNfbIh8g.mp3

Regarding "Indemnification from Washington Mutual Estate"

4:55 Joshua Rosner Managing Director, Graham Fisher & Co

"JPM reach a settlement and then turn around and seek indemnification from Washingtion Mutual Estate so that it can recoup some of the money that it took/made

so the question is if the FDIC is not in the room and no one is representing their interest does JPM enter a settlement and then turn around after the settlement is reached and say we are putting the liability or recouping some of the expense from the estate of WM which is putting it on the FDIC receivership"

Many thanks Peter, must listen to this

9:50 JPM's own origination is about 460 billion issued securities upto the crises prior to BS and WM

Why are we still hearing that JPM is on the hook along with FDIC from WM Estate ;) :)

http://www.beursduivel.be/nieuws/2640057/jpmorgan-baas-praat-schikking-overheid.html

Dimon zou in de gesprekken over de schikking willen bepalen in hoeverre de bank verantwoordelijk is voor de toenmalige handelswijze van Bear Stearns en Washington Mutual, twee banken die JPMorgan tijdens de financiële crisis opkocht, met instemming van de overheid-Translation Below

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Dimon would determine and Compromise how far the bank is responsible for the Actions of former Bear Stearns and Washington Mutual, two banks JPMorgan bought up during the financial crisis, with the consent of the government (Judge your self)

http://www.huffingtonpost.com/2013/09/27/jpmorgan-guilty_n_4001956.html

CHICAGO (Reuters) - The head of JPMorgan Chase & Co's audit committee acknowledged on Thursday that the bank had made mistakes and said it has tried to learn from them.

"We've got these things that we actually are guilty of and we've got to fix them," said Laban Jackson, the head of the audit committee of JPMorgan's board of directors.

"It's embarrassing for the board," he added. Jackson spoke at a conference at a downtown Chicago hotel on Thursday.

The remarks could underscore the bank's eagerness to resolve the raft of regulatory investigations it now faces. Earlier on Thursday, JPMorgan Chief Executive Jamie Dimon met with U.S. Attorney General Eric Holder in Washington to discuss a settlement to end investigations into its sales of shoddy mortgage securities leading up to the financial crisis.