The Judge is keenly aware....Objections to the 2nd Amended POR/DS are due in by upcoming Fri May 28th with a hearing set on the following week Thur June 3, 2010. After Wed, debtors will no longer be the only party to submit a reorganizational plan for court's consideration.
Meanwhile, EC/Susman has filed the Appeal with the 13thCir Court of Appeal in regards to obtaining an EXAMINER. EC/Susman has filed a motion in bankruptcy court for Judge Walrath to grant and ORDER to compell WMI/debtors to call an overdue shareholoders meeting (as requested relief sought by Rosen/Weil in the bankrupcty jurisdiction)...and exposes Rosen's scheme to intentionally delay on this matter. EC/Susman (and assuming other parties) will file their OBJECTION to the second amended POR/DS due on Fri May 28th. And I expect we should hear something in Susman's filings regarding the discovery attempt process obtaining records and documents from Rosen/Weil/debtors for PJSolomn whom was apptd behalf of EC to run valuation numbers of debtors' estate....and possibly could provide a hint to a reorganization plan that could be proposed by EC for submission to the court for consideration...
All in all, we have much more fight to go before any of this case is closed. WaMuers should be use to the media frenzy that plays the game on behalf of special interests and should try to focus on what is important AND THAT IS - what will transpire in the court room.
Furthermore, AINNCO(Texas insurance cos.) still has their petition for an amended complaint pending in the DC court, which we haven't heard much of lately.
The 2nd amended POR/DS (settlement between WMI/JPM/FDIC)filed by debtors cannot speak on behalf of AINNCO, nor Equity Committee who will shortly voice their own strong arguments before the court against the shameless act of debtors and JPM/FDIC to cover up misdeeds and hide assets from the EC while trying to shove their plan ahead.
Expect pps will go down Monday until the market can digest that this matter with all the issues has more leg......It's happened over and over...
I think that perhaps any group/committee (Not Including the EC as they are already a no vote) that wants to submit their own POR and feels that it would be better then Rosen's, will automatically vote against this POS POR, just to get the opportunity to submit it.
Rosen screwed himself by missing that date and everyone knows it. If I was an encumbered class (Not counting Class 21 & 22 already deemed to vote no), and thought I could do better, believe me, I would vote against it. At this point (With no more exclusivity) what would I have to loose by voting against it and seeing what comes up that is better from the others who want to submit one?
If this POS/POR Fails (As I suspect it will) watch for Rosen to be replace. He obviously mis calculated this case severely.
YES! ABSOLUTELY! LETS KEEP THIS AT THE TOP!!!
GET READY FOR THE MASSIVE PUMP THIS AFTERNOON!
Bopfan and her Flying Monkey's (Marymbobh, Gibson, Okieskm, Charliedude, Meicher, Altini_k and the rest) are hard at work right now, writing their long winded PUMPS. This will be the most well organized effort you have seen in 20 Months!!! This will be HUGE. They need those critical moments at the opening bell to "get the hell out" with the final DUMP. And they need the buyers lined up and waiting.
Just sit back and watch. This should really be fascinating.
in response to "justthafact..."
Yes exactly - keep it at the top. It is an informative post. Bumping posts like lawrences's helps separate it from hateful posts such as yours. You berate others and become overjoyed at their misery. Is it any wonder nobody wants to listen to you? I won't pretend to guess why you are so hurtful and full of spite, but most here have no interest in playing your game.
However, I bear no ill will and wish you the best of luck.
Hey DA!!! This thread was for informing WaMuers for focusing on a important point that the news media seems to not be aware of and/or paid not to publish along with their lame arse attempt to capture the public's attention with FDIC agreeing to a settlement with debtors/WMI......
furthermore, the EC Chair Mike Willingham who has already testified he owns a little over 1mil shares of common avg cost of .20 post bankruptcy is holding and would be unable to sell any since agreeing to serve on the EC...... True WaMuers that he and the EC represents would not have any alternate stratergy other than to hold or possibly ACCUMULATE additional shares when the market over reacts and/or mis-interpets the truthful status of the court process....
Many WaMuers already have their buy orders in place for opening on Monday should the prices dip sufficiently because WaMuers are confident that in the final outcome just recovery to equity will be the result......
And no bullshinola artist like yourself would be able to sway otherwise.....
Go back to your breeding grounds and tell your employer you tried in vain BUT are nothing more than a flunkie!!!!......
I agree, Not sure why everyone thinks world has come to an end.
We / EC has just started, we have a long fight ahead of us. WMI can not get their hands on this money until Judge approves, which she will not since EC / others who have filed objection have been heard. We will God willing prevail..
There i slot more money as we all know that is being puched under the carpet, just like the $4B, the tax, visa shares, wind farm, plus the rest.
SO all the longs, you have been here many a times in this situation, stay long and strong.
We will win and dont part with your shares, that is exactly what Rosen wants us to do.
Ask yourself, what do you have to lose, we have been holding these shares long before the seizure. LIttle more time needed to get through this Rosen made crises.
I ask all the longs, no selling on Monday.
I for one will not sell my 500k of common shares..
thanks to flow for providing link and page ref 52....
Debtors have EXCLUSIVE right to obtain Plan "ACCEPTANCE" through the solitictation period which EXPIRES May 26th, 2010..... Yet, just to repeat, Judge Walrath has set May 28th as date for Objections to debtor's POR/DS (two days after the EXCLUSIVITY PERIOD EXPIRES..) and a hearing for June 3rd, 2010..... Too bad for Rosen/Weil and all his efforts that will have been for IN VAIN...... To date the plan has only just been submitted to the court...THERE IS NO ACCEPTANCE that can take place before WED May 26, 2010....the expiration date.
For your own eyes:
" On March 26, 2010, the Debtors filed the Joint Plan of Affiliated Debtors Pursuant to
Chapter 11 of the Bankruptcy Code and accompanying Disclosure Statement, thereby preserving their
Solicitation Period, which will expire on May 26, 2010."
now with all SUSSMAN is doing - that yous describe as I understand it (Appeal - Meeting - DS fight)
Does it occurr on parrallel tracks time wise ?
Or can SUSSMAN say let us do in this court FIRST the shareholder issue and pend the POR in its tracks?
And the Judge can agree and the POR is suspended until the shareholder decision is reached or until the appeal process is completed
No judge,much less THJMW, is going to put this POR in motion without first taking valuations of EC and Soloman.Susman,as I read his earlier objections to DS,seems a brilliant,tactically strong,lawyer.So,here VALUATIONS are the crux of the case.Debtors say there is no value,I say there is value worth 50 billion dollars.THJMW has to reconcile the two opinions before she accepts one valuation or the other.It is not as simple for THJMW as it appears to us all.She being a judge has not only to do justice but do it in such a way that justice appears to have been done.I feel that the case is going to take another 6/9 months,because unless reasonable valuations are arrived at,no settlement/judgment can be pronounced by THJMW.And while no judge minds the litigants going in appeal against his/her orders,this WMI case is a landmark case in BK case annals and THJMW will not appreciate an aggrieved party going in appeal against her final orders. She too is a human being with emotions like all of us.So,have full trust in her,just as I have.