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WASHINGTON MUTUAL Message Board

  • corcor27 corcor27 May 27, 2010 4:38 AM Flag

    Summary of Our Position

    Would ask others to add to this thread..I am by no means a legal expert but have been following this closely since seizure and have thousands of pages read on anything related to this case. Oh yeah and I stayed at a holiday inn last night.
    1. Susman has requested an appeal to THJMW not approving an examiner from 3rd Circuit Court. He cites existing case law and legal precedent and has routed this through THJMW out of courtesy to allow her a chance to review her original decision.
    2. Susman has requested to act on the 2004 Discovery rights granted in lieu of an examiner by THJMW to include depositions and 65 key financial documents from JPM. This includes WMI financial status pre-seizure and JPM activities that may have aided or caused seizure.
    3. Susman has now filed an expedited document turnover motion to THJMW for document turnover from WMI (Rosen/Quinn) citing his difficulties in gaining access to court ordered document turnover.
    4. Susman has addressed the conflict of interest issue with Weil vs JPM discovery and has laid the ground work to counter Rosen's motion for consolidated discovery -- meaning Rosen gets to be the clearing house for this information.
    5. Susman has requested shareholder meeting be addressed by THJMW after Rosen requested from Washington State Court that this be referred back to Federal Bankruptcy Court in Delaware.

    Susman has requested time to be shortened for consideration and for them to be on the agenda for the 3 June hearing.

    Rosen has done the following:
    1. DS has been produced and POR has been ammended a second time still lacking concrete financial information.
    2. Rosen and WMI have failed to produce the court ordered information to Susman
    3. Rosen has filed with Washington State Court to move shareholder motion back to Federal Bankruptcy Court in Delaware.
    4. Rosen has filed a motion for consolidated discovery meaning he should be the point in all discovery.

    Analysis:
    1. Shareholder meeting will be approved. Already was by THJMW but was referred to Washington Court as they have jurisdiction. Rosen filing with Washington Court was a delay tactic and Susman immediately countered with an I am fine with that we will let THJMW make the decision and how about you make it on 3rd of June.
    2. Susman has asked for discovery of JPM which he states was not finished by Rosen. This will be an interesting argument and Rosen has countered with fine but I lead the discovery. As THJMW has granted Susman the right to "act as its own examiner" not exactly sure how THJMW does not grant some or all of this. IMO worst case is we get access to WMI financial status at time of seizure; might not get access to investigate JPM activities. Not a loss as WMB Bondholders will move that along in the Washington D.C. case.
    3. Susman has a better than average chance of getting an examiner. 3rd Circuit Court could overrule THJMW, THJMW could change her opinion on this. A major supporting factor is the fact that the debtors have not supplied the court ordered information and the UST is on our side as well as case law and precedents. Worst case is THJMW will either have to force document turnover or grant an examiner. If she does not grant an examiner 3rd Circuit Court may very well. Either way we will get the information.
    4. Consolidated Discovery motion is a tricky subject. In a fair world Rosen should be conflicted out of this but we all know how that has gone so far. I am going to reserve analysis on this only to say Rosen was conflicted out earlier so it would appear that should apply here as well.
    5. Exclusivity is ended. Competing PORs may be submitted.

    Longs assistance requested in ensuring I have captured all the major points.

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