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Вашингтон Мучел Message Board

  • dancyquan dancyquan Mar 12, 2010 3:39 PM Flag

    This is NOT a "SETTLEMENT"...IT IS A "PROPOSED" settlement.

    SOOOO...We see now that not All the parties have reached agreement..(Bank bondholders-EC committee ect)...Plus, we know that "ANY" deal "MUST" receive the approval of the court.

    This "IS" a high pressure play (risky) by Rosen for WMI in concert with JPM & FDIC attorneys who want to move quickly to settle.

    The problem for them now, is that they have exposed their hand.

    WMI execs are in bed with JPM to cover their own failures (perhaps criminal)...and they don't mind shafting their own shareholders in the process.

    Attorneys for the Bank bondholders aren't carrots..and neither are the lawyers for the EC.

    ...and I doubt the judge in this case is thrilled to see this kind of duplicitous (deceptive) activity in concert by supposed adversaries, now holding hands to rush the quarterback (the court) with this kind of high stakes brinksmanship in the final moments of the game.

    The good news for WMI shareholders and creditors is that the nearly $7 BILLION now on the table is not only a good sign...but, now there's no doubt the $7 billion represents a fraction of what Rosen's client and FDIC will eventually have to cough up.

    I would expect this third rate power play will come back quickly to haunt WMI execs at the upcoming shareholders meeting (Yep.."upcoming") doubt the court will favor the EC request for the meeting and the EC will be guided by legal minds who know how to play this game as well as anyone else that WMI execs place at the table.

    ...and bank bondholders and creditors' attorneys didn't just drop off the turnip truck this morning..No doubt they know their clients will do far better with a new board at WMI who may be more inclined to use their settlement resources to re-enter the market and earn real value..thus repaying restructured debts more fully, more quickly and establishing more longterm, mutually beneficial relationships that profit everyone...not just a few selfish executuives at WMI and JPM.

    This game is about to become very interesting.

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