Does ny one think that EC has the ability to stop the WMI/Rosen deal without the FDIC saying they dont approve..
If so then we may have a chance.
My feeling is that Judge will approve the deal on the 26th and the EQUITY will be left out..
What are our chances.
Right now any thing better than 70cents looks acceptable to me..
the Judge does not get to rule - not yet
21 is date for POR
28 is date for written objections
02 is date for POR fixes
03 is court date to decide if POR is mailed out for any kind of vote -
and then there are other steps I belive that happen late June
Meanwhile a different POR can be issued out - or facts can be discovered etc etc
by losing about two months here at the end - the POR for Rosen is now not going to exclusive (although how a competing POR can be written to include all the parties and subclaims etc --- these suckers are 500 pages --- will be interesting)
(I apologize for bumping this post)
I think you are confused about the timeline. The Judge doesn't make a decision on the settlement until they attempt to confirm the POR. Before they can even vote on confirmation of the POR the judge has to ok the disclosure statement (which is not the same as endorsing a deal). Before any of this can be done they will already have lost exclusivity and competing plans may be filed.
1.) May 26th Exclusivity ends
2.) June 3rd hearing on the disclosure statement
3.) BOD meeting TBD
4.) Confirmation of POR TBD
Your post deals mostly with #4 and we don't know when that will be. We don't even know if it will get that far.
Dspenser17, I am getting increasingly confused about this disclosure statement. I have not downloaded it because I have a rather slow modem, but I understand from a recent article that it is merely an outline of the POR. If so, apparently a DS for the court is different from the "plain English" business type. On the other hand, describing it as an outline may be an over-simplification. Given all this consternation about the current DS, will competing POR's have to submit a DS's of their own? If so, what would be the requirements of these DS's?
So as i read in other thread, in order for the EC to present a reasonable better POR than WMI, (given the fact they haven't got any documents from the debtors through turnover court order), all EC has to do is give the $4bill and the Tax returns NOL to WMI and that will bring A>L easily . Right??
Keep remembering - shareholders meeting coming soon.
BOD gone soon.
Rosey the weasel gone soon.
Dimon and Bair crapping pants soon.
Criminal indictments soon.
Bubba meets Jamie soon.
It ain't over yet. The fat lady is just warming up.
does it not seem crazy that after 18months of Rosens DD, all he can do is the 4bil plus the tax refund..
Where as we all think there is another 12bil hiding somewhere in his findinds..
if that was the case why has WMI not found..