This seems like such a side-show for chump change. JFC, if the Court spent half the time on valueing claims/counterclaims/litigations/assets as they spent on fvcking DIME, we'd have fair valutaion by now. 3 years after petition date we're looking at the possibility of DIME being DEBT and shoved into 12 in the waterfall?
It's been good to have Art's passion helping stop the confirmation scam, but JFC what a waste of time. WHY did the Debtor/JPM choose to fight so hard to screw DIME?
WAG, the original intent was to get DIME as Equities under H so it would be a win win situation where HFs will get paid and elect to get the whole new co. while JPM get the funds. Now the are still fighting because if DIME is Equities, JPM can use those funds to settle with us. It is really a great turnover. DIME is really worth 2x the $370 Millions (if paid at max reserve) to JPM.
Imagine if JPM does not get DIME's fund and has to pay $370 Mil (just a figure to show the 2x effect) than JPM will be -$370. Instead if JPM got the $370 Mil as a negotiating chip, than JPM will be at $0 outlay plus got $370 Mil worth of releases. Meaning that from -$370 to + $370 releases worth = +$740 Mil.
Of course if there will be settlement the figure is higher, and this $370 Mil will be part of the figure, but it does not affect the true worth to JPM, which is whatever goto JPM is worth 2x that amount to JPM. Same goes for our refund and deposits.
When you can buy something using other people's money, you double your money everytime.
UCC lawyer said Q shares are at 7 cents right now, so that has to be the divisor.
What happened to the POR DS that stated that the common share are (and will be), WORTHLESS.
If worthless means ZERO, "x over Zero" is a mathematical impossibility.
So they can simply issue one million billion trillion shares for EACH Ltw, and multiply by ZERO, and you still get $0.00.
They're going to have to issue A LOT more Q shares per Ltw, but the million billion trillion shares (per Ltw), might be a good start, if by "good start," you take that to mean that you count ZERO as the starting place.
I believe DIME wins ( and I am talking my book) based on the central purpose of the LTWs--to convey the value.
If the shares of equity are impossible divisors to convey that value (see todd's response in this thread) then they have to be creditors.
Because they do that for money. JPM does not want to give away 4 billion deposit as an economic value (although it will also reduce their deposit liability). In transferring cash of 4 billion, it wants anything/everything that it can have to offset that transfer and possibily a lot more that is stuck in the gordian knot.
This is independent of what overall value they got in the transfer of bank.
They fight tooth and nail to minimize the sanctions/fines they have to pay for very serious charges and in most cases they get away with their objective.
Fight for every penny is their moto... because acess to money does wonders...
Every dollar counts and future legal repercussions are to be avoided
Raven Darkhölme and John Paulson? Who knew.