Does the FDIC/JPM have a choice ?
Before, when WMI was represented by Weil and controlled by bondholders, they could play games forever. Now that there is an EC and there is a lawyer representing US (Veneble), JPM/FDIC doesn't have a choice. Our lawyer will file the actions required to move the case forward. The first step is to get the measly little 4B out of the thief's hands. (only bondholders would treat that like the big deal, for us this is just the beginning - there is no "settling" with JPM/FDIC for this measly crumb. It is ours and they should be spanked for even talking about "negotiating" for it).
The next step is to sue for $50billion for fraud, breach of contract, tort, conspiracy, abuse of public office, RICO, and if that's not enough also file criminal cases.
for 18 months we've been deceived by the bondholders pretending to represent us. Now for the first time we are alllowed by the judge to defend ourselves. Our best (and only ) defense:
A T T A C K !!!
And if Weil gets in the way - file to have their budget cut (symbolically: from 25 cents per xeroxed page to kinkos 2 cents
does this sound right for a reorganization layout...and would that 1-1 shares ratio also be for wamuq thanks Wamuvoodo,
Actions to occur soon.
JPM/FDIC/WMI releases terms of settlement.
WMI releases terms of Reorg.
EC votes and approves settlement and reorg plan.
BK court approves settlement and reorg.
BK court kicks out WMI of BK court.
WAMUQ becomes WAMU or WMI on NASDAQ.
JPM pays WMI for preferred stocks. 3.9b$
Preferreds move from Q's to NASDAQ.
WAMP
WAMK
Upon maturity. JPM Paids face value.
Back Dividends paid in full upon approval of settlement and negotitated date. NLT 5/26.
Share conversion: 1 for 1.
or
JPM buys out WMI and WAMUQ becomes JPM..
GO WAMU..