España
Gracias por tu opinión. Efectivamente como tu dices estos cabr-nes son muy listos. Ayer se constituye el EC y al momento presentan la moción para que se disuelva o limitar sus gastos. Como se nota que ya tenian el documento preparado. Lo unico que tuvieron que añadir fue el nombre de los 7 constituyentes del EC.
Y Jesus Mejias, ¿que es de el?Ya no se le ve por aqui apenas.
Saludos sevillano
I think its important for everyone to remember that we wouldn't be here right now if it wasn't for Weil (and Quinn) and the unbelievable work they have done so far. They have consistently outmaneuvered JPM and FDIC, setup the 2004 situation beautifully, and ensured over a year ago that the NOLs would be ours.
They are doing what they need to do now, which is make sure that A < L "officially" so that they can stay in BK as long as possible and pursue fraudulent conveyance. Do we need an EC to protect our interests? Absolutely. Should we be putting Weil on the same level as S&C? Heck no.
Just my 2 cents. Not many months ago Rosen was the second coming of Jesus Christ to us.
Estream: Unless the Attorneys have the will to go all the way, with this thing, it won't matter about the quality of their work to date.
This reminds me of Desert Storm when our Military pushed Sadam's armies back and we literally over ran Iraq. But then we suddenly stopped and went home.
From all that I've read, BK attorneys are used to settling, making the deal. We have touted all along how WAMU is not your ordinary BK, because it isn't. The WAMU BK has a component that I don't feel our current Attorneys are qualified to handle, and that is the criminality aspect.
We've all heard the saying "Don't pull your gun unless you are prepared to use it." Well right now our Attorneys have a pistol cocked and pointed at the heads of JPMC/FDIC/OTS, but instead of pulling the trigger, they still continue to negotiate. The criminality aspect of this is out, and it is time to pull the trigger!!!
I decided on Friday that I was going to take off work and attend the EC meeting. I thought it would be important for us to have at least a couple there to be our eyes and ears. After the positive responses I received from the DC hearing, I was determined to attend the EC meeting to provide valuable details to the people that weren't able to attend. Genuinebeachbum had contacted me on Saturday and wanted to meet up and discuss what was going on and talk about things to say if we got an opportunity to speak our mind.
Monday morning I met Genuinebeachbum at the Doubletree at 10am. We went for some coffee and discussed what had happened, what was going to happen, the EC meeting, etc... He knew how important it was for us to establish an EC for the shareholders, because he had also invested in K-Mart in the past and pretty much got screwed over. Thank you for taking the time to meet me and it was very nice to meet you in person.
We went back to the hotel at about 11:30am and the doors to the meeting rooms were open. The schedule posted in the lobby said:
1 - Washington Mutual Equity Committee formation 12:00 - 5:00pm
2 - Break-Out 12:00 - 5:00pm
At that time, we both didn't know what that meant, but assumed that the break-out room was for privacy meetings. There were about 6 people present at 12:50pm. It was Genuinebeachbum, two individuals that were also at the the DC hearing in Judge Collyer's court, the person from the small hedge fund, another retail investor, and I. Before the doors were closed, there were about 25 people total in the room. I would say about half were attorneys representing hedge funds, were there as a proxy, or representing Weil, Gotshal, and Manges. I had a couple of attorneys approach me asking if I was an attorney, who I was representing, and why I was there. I told them I was just a retail shareholder, observing the EC meeting, and reporting back to other shareholders. They told me I should apply to be on the equity committee, although I had no intention on being on the EC at first.
Before the meeting started, everyone there had to sign in and fill out a questionnaire / application for the equity committee. I filed one out and Genuinebeachbum asked Joyce if we should check the box for yes to be on the equity committee. Joyce responded that it couldn't hurt to say yes, but just write if necessary below it, if you really don't want to be on the EC unless needed. So I applied for the EC, but also wrote if necessary below my answer.
The meeting was very short. Joseph Mchanon from the US Trustee had a very short overview why we were there and called up Brian Rosen from Weil. (I have provided audio files and the files are hosted on ghostofwamu.com board). Mr. Mchanon had two government officials with him, that would assist him with the interview process of the applicants later on. I don't want to go in detail on what Mr. Rosen said, but basically he had his "commons are worthless" speech on repeat again. He answered some questions, but said he couldn't go into detail because of confidentiality issues.
During the meeting, people from the press were asked to leave. After the meeting was over, the US Trustee moved into the break-out room and had a brief discussion with Mr. Rosen and his associate. Not sure why they would have to meet, but hopefully it was Mr. Mchanon telling the debtors counsel that the EC was a go. After that meeting was over, Brian Rosen and Matthew Curro left. The US Trustee now was calling in individuals one-by-one for an interview process.
After the "important" people got called in, my name was called. I walked in the break-out room and was only asked one question. "What do you mean by: "yes, if necessary" I told them I would take the time to be on the equity committee if needed. They told they had enough applicants and wanted to have people that really wanted to be on the equity committee. In my opinion, I could've been on the EC if I had just checked yes, but I think everything worked better in the end. So my interview was less than a minute and shortly after the US Trustee came back into the main room. He made Peg Brickley leave the room or else he wouldn't announce the names on the EC. She told him that it was a public meeting and that she wouldn't leave unless it was stated somewhere that no press was allowed. After about 20 minutes of arguing, we all had to leave the room and moved into the break-out room to announce the EC members. I give her credit for putting her foot down and wanting stay, because within seconds of the meeting ending, she approached me and got all the names of the EC members.
What I meant earlier about me not being on the committee worked out for best is because I wouldn't have been able to talk to the press afterwards.
Bloomberg - Not sure who was there and I didn't get a chance to talk to them.
Reuters - Tom Hals(This is the reporter that wrote the article last week (http://www.reuters.com/article/idUSTRE5BU37N20091231) I talked to him for a little bit. He asked me questions why we were here, although it a huge case why he hasn't heard anything in the media about it. I straight up told him; "Isn't that your job?" We talked about Kirsten Grind and how slowly some light is being shed on Wamu. Although he wrote the additional tax refund article, he wasn't very knowledgeable about the Wamu seizure as a whole (Can someone help me put together a write-up in about 2 pages about what has happened, what has developed over the last 15 months, and what should happen or will happen). We exchange contact information and I told him I will send him some informative readings.
WSJ - Peg Brickley. After the EC members were chosen, people who weren't on the EC were excused. Peg Brickley, some other shareholders, and I kind of had a group interview afterwards. We talked about meeting (she arrived late) and she seemed very interested in the whole situation and was wondering if the truth will ever come out. We talked for about 30 minutes and I decided to go home before traffic. She thanked me for attending the meeting and reporting back to the shareholders that weren't able to make it today. While driving home Peg emails me 15 minutes later and tells me to keep in touch Re: wamu.
I really need to get ready for work.
I would like to take this opportunity to thank everyone that was able to make it out yesterday. I got to thank Joyce in person and told how much she has done for everyone. I would like to thank Opnshor, Abby_K, the two shareholders from MD that also attended the DC hearing(these two guys are very knowledgeable and know the case pretty much inside out), Larry (Genuinebeachbum), and everyone I forgot to mention but that has worked so hard to get this equity committee in place.
I agree with Genuinebeachbum. We NEED to have the courtroom packed with shareholders in every hearing from now on out.
We got what we came for. To form an equity committee with the people we wanted to be on it. We got an all-star caliber team on the EC and it couldn't have worked out better.
PM me if you would like to do a short write-up, so I can e-mail it to Tom Hals and Peg Brickley.
GLTA.
Muchas gracias Mr. Simpson. Aprecio mucho que copies aquí algunos de los post de Ghostofwamu. Intenté darme de alta hace semanas, pero ya no admitian nuevos miembros. Haces un trabajo impresionante.
(Y Rosen dale que te pego con worthless...)
Entonces os voy a dejar una perla. Archivos Audio de ayer y transcripción.
http://www.ghostofwamu.com/Audio/EC_Overview_and_Questions.mp3
{Overview / Q&A, etc...}
http://www.ghostofwamu.com/Audio/EC_Formation.mp3
{static/noise at the beginning, but has the trustee? reading out the names of the EC members... }
Transcripción de Rosen y preguntas:
My name is Brian Rosen. I am a partner with the law firm of Weil et al. We are counsel to WMI and WMI Investment Corp in these chapter 11 cases. To those, obviously you all know, this a case that's been filed since Sept. 26, 2008, the day following the seizure of Washington Mutual Bank by the Receivership. So we been here approximately for 16 months. During that period of time there has been a lot of litigation that has gone back and forth between WM, on the one hand, the FDIC and JPMChase. The Creditors' Committee has also become involved, as well as a group known as the Bank Bondholders - it's an ad hoc group. There are three major litigations, one in Washington DC, two in the Delaware bankruptcy court. Last week the judge in Washington, deferred, stayed all proceedings there with respect to that litigation so that the bankruptcy court here - Judge Walrath - could decide all of the issues among JPM, the FDIC, and WM. Currently in that regard there is a motion that the judge has heard which would require the turnover of about four billion dollars of deposits that are in the possession of JPM. That is what's referred to as the summary judgment motion and we hope that the judge will rule on that as soon as January 20th, which is our next hearing date [Editor's note: the hearing has been moved to 1/28] and hopefully those funds will be turned over to the Debtors. At the same time we negotiate with JPM, the FDIC, and other creditor groups to reach a resolution of all outstanding issues. Those negotiations, while they've been long and hard, they've actually been somewhat fruitful and issues have been narrowed between the two groups. Unclear as to whether we will ever reach an accord and the litigation will proceed, but I think all parties are hoping that there will be a resolution among the groups in short order. In that regard, we would propose a chapter 11 plan that we would anticipate filing in the next month or so. The Debtors' do enjoy the benefit of an exclusive period during only which the Debtor can file a proposed plan but that currently expires in several weeks but the Debtor will be filing a another motion to extend that period of time.
Trustee: Are you willing to entertain questions?
Rosen: Ummm, sure, but they will be extremely limited answers only because of the confidential nature of a lot of the information that I'm sure you're going to be asking about.
6:27
Q1: Once the Debtors are paid in full you will come into the common shares, right?
Rosen: Once the creditors of the Debtors..
Q1: Right they're all paid off.
Rosen: If that were to occur, yes, money would flow down to the preferred before the common ? and currently there is approximately 3.5 billion dollars worth of preferred stock and, if in fact as pled in the JPM litigation, a transaction occurred called the Trust Preferred Securities, if that were to have occurred there would be 7.5 billion dollars of value before the common stock. As we have said on the record in front of the court, unfortunately we don't see any way that value will flow down to the commons.
Q2: What is the reason that you have been so negative against the Trustee ??
Rosen: Why am I negative?
Q2: In that the counsel didn't want the Trustee to step in, why is that?
Rosen: Well the way the process normally unfolds is that if you were to ask the Trustee to form an equity committee and the Trustee would say no...
Q2: ?? they're in your pocket...
Rosen: No it has nothing to do with that sir.
Q2: Oh really..
-- Trustee cuts off the discussion here - "we have to move things along" --
Rosen: Any other status type questions?
Robert___: I'm a shareholder, I was just wondering...
Rosen: Common or preferred?
Robert___: Common, pre-seizure as well. Just wanted to know if the Debtors have a position on the formation of an equity committee?
Rosen: Well as we indicated to the court and as I just said to this gentleman, based on what we perceive to be the assets and liabilities of the company, we don't think that value will trickle down to the equity holders. So therefore we think it would be an expense that should not be justified. That doesn't stop any like yourself, sir, from doing anything individually and of course asking for reimbursement from the estate to the extent that you provide a substantial contribution.
-- Someone's comment about filing procedures - if Trustee appoints committee, WMI can challenge, judge will decide --
9:15
Q3: At this point it doesn't make sense...
??
Q4: It's the same thing as why would there be any apprehension of forming a committee?
10:00 Roll call of questionnaires received
Comentario en Exclusiva para Rankia Gang :)
Rosen is a piece of work. It almost sounds like they are close to a deal that makes all the "Good Ol Boys" happy and don't want the trickle down to equity. He claims, in earlier statements and the filing, that equity is well represented but then comes back with this garbage. Hard to figure out exactly what their objective is. If you want to be a hero take care of everyone and not just a chosen few.
The more I read the less I trust this guy and his intelligence is questionable.
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You're not reading too much into it, he is just positioning. Either he's being directed to do that, or he has to in order to support their plan of attack. Sad to say, we won't know this until things progress. In either case, having the EC in place does give us a foothold that we didn't have before, just in case his motives are not as they should be from an ethical perspective.
PD: No era tan importante jejeje
¿Cual es lo importante?lo que leo entiendo que son suposiciones ¿estoy en lo cierto?