It was puzzling that Judge Walrath denied the EC Motion for an Examiner but now, in hindsight, there might have been an underlying reason that was not obvious. If the bankruptcy court had approved the Examiner Motion, the other side probably would have immediately appealed the decision to District Court where Judge Sleet already has other JPM items pending (currently stayed). However, if the bankruptcy court denied the motion (as it did), the EC could then appeal directly to the 3rd Circuit (as it did) and go around JPM. That may not have been the intended result but only a consequence but nevertheless, it's an interesting possibility.
Let me admit that my knowledge of USA laws is rudimentary;still I believe that I do understand quite a bit of it. In this context,denial of Examiner by THJMW has proved beneficial for my WMI friends' case,as granting the Examiner might have extended the time limit of POR exclusivity.Rosen would have filed for extension of POR and DS on the ground that since Examiner has been appointed,the Examiner's report be awaited as it might help them recast the POR and DS to benefit all parties.And as you know,once a case is being litigated in another court/forum,the Law of Limitation gets stayed.For this reason,THJMW denied the motion,knowing fully well that deadline for POR and DS would expire on 26th,and no court would grant Examiner in a hurry,come what may.I will stand corrected,but my judgment of THJMW's action in denial also sounds plausible.
What's a typical time frame for this to move forward and be heard by the 3rd Circut? The filing asked THJMW to schedule argument as early as the Court calendar permits so are we looking at possibly the next omnibus or can they schedule a special hearing?
Time is obviously of the essence on this one.
Thanks for your feedback.
Order Shortening Notice for Direct Appeal to Third Circuit GRANTED!
Before the whole thing is setteled, one thing is for sure, EC will get his hands on all the DD Rosen has done to date.
Question is, is their anything in their that shows that A>L.
Rosen/WMI dont think so, otherwise by now we would have seen some thing more than $4B plus tax rebate going to the share holders.
I know we all think that there is more money so does EC, we need fact to make the COMMON worth more than 10cents.. I hope we find that out soon for all the longs..
However, if the bankruptcy court denied the motion (as it did), the EC could then appeal directly to the 3rd Circuit (as it did) and go around JPM.
How do you mean that Mary.Isn't a Dc Court to go against them?Or you mean for the wrongfully seized asets?
not to speak for Mary but I think if the Judge approved it the bad folks could then file for reconsideration, followed by crying to Judge Sleet and then move to the 3rd circuit. These steps would have stayed the examiner and no doubt Hosen would have no interest in fast tracking any of it.
By Sussman going right to court of appeals he by passes a lot of legal/stall tactics Hosen could run with.
But what do I know.
It's possible that it was a strategic move. I posted a similar thought yesterday.
Thanks for your input mary. I've always enjoyed following your posts since day 1 of the seizure.
However it happened, Susman seized the opportunity to continue forward to get the Examiner. It's at least keeping the idea in the public's eye as still a possibility.
Thanks, Mary!! We will be seeing some very interesting happenings in the next few weeks ... and maybe on!!
yes mary.....dspencer brought this point up yesterday...and could be a valid point.... With Susman taking the issue direct to the 13thCourt of Appeals in light of the fact that Judge Walrath in denying the request did in fact state it was a difficult decision for her and if Rosen/Weil continues to not provide full discovery documentation...Susman may very well be successful in his appeal attempt which could have been the court's objective since as you state Judge Sleet already has an appeal on hold...
Looking forward to see what develops today and through next week...