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  • jerry.grant555 jerry.grant555 Mar 12, 2010 11:29 PM Flag

    Don't waste your time analyzing the BS "deal"

    Analyzing this BS "deal" is a waste of time for 2 reasons:

    1. Without doing any math, you can bet the crooks planned it so equity gets zero, including preferreds. Remember, if BOnds are 100% then they lose control. Bonds have to be 99%, then they can say: "for that missing penny, we get to wipe out equity and we now own WMI" and that's their main intention. Otherwise equity is in control and the crooks lose power.

    2. This "deal" needs to be approved by the judge. I still think she is honest and won't bend. They are trying a media campaign to put pressure on her: "WMI strikes deal with FDIC and JPM to once and for all clean up the mess" and then blame her for "not letting them clean up the mess". They obviously have the media under their control. But I don't think they have the judge under their control.

    Remember in the Excide Battery company BK case, they tried the same scam, and THJMW caught their fraud and protected equity.


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