on the smartboard. A voice of reason has surfaced on that board. Hopefully the judge sees the greed amongst the employees who are trying to milk the WMILT and dismiss their claims. There is a good chance the PIERS ger paid and then there is money for the equity. Rosen is feeling ashamed of his past and now trying to work for equity as per the WMILT.
"Personally, I congratulate Amanda Steele of Richards, Layton & Finger and Brian Rosen of WGM for their new filing today of their brief opposing the motion of this particular employee to add a new/"amended" grounds of recovery, four years after the bar date. This response is, in my opinion, a model of logical legal argument and well supported by relevant legal authority. It is very well done, worth reading, and I hope may provide a catalyst for the court to reconsider some of it's sloppy previous rulings allowing other "amendments".
Ms. Allison's original claim was for over $593,000 based on her WMB employment under the WMB Change in Control Agreement and the WMI Supplemental Executive Retirement Accumulation Plan. Like so many other non-settling WMB employees, she seems to sense the weakness of her initial positions and now seeks to enhance her "nuisance value" for settlement purposes by adding newly minted and imaginative claims, as some other claimants have recently successfully done, aided by the loose reasoning of Judge W. The new claim is for "only" $41,000, so it is logical to ask why our attorneys have expended so much time, effort and, yes, LT money, in opposing it.
My response is that the effort is strategically worth it because this motion provides a favorable fact pattern strongly supporting the LT's position that these multiple last-minute nuisance claims must be quashed as soon as possible before the court allows itself to be overwhelmed by minutia, with a consequence of
interminable litigation which will swamp the court and uselessly deplete the Trust's resources. Stated
another way, up until no
Sentiment: Strong Buy
who cares, joe? more importantly: does WMILT have anything to say about the court granting that amendment? maybe they should consider getting new counsel; seems the firm they have can't get anything done? and addendum: i hear they're experiencing fincancial difficulty. i would be concerned their own financial woes would encourage them to drag this out and overbill. oh, wait..
Employee claims are coming to an end. The Court now only conducts hearings by phone with them and gie an overnight deadline to produce some documents. So unless you are a big employee with a big case of lost benefits, you are not going to have time to fulfill those requirements. Basically the employees are knocking on the wrong door. They should band together to sue JPM and FDIC instead.
Stated another way, up until now Judge Walrath has vastly complicated the LT's task by being "nice" to claimants and allowing some belated claims to be brought forward. This particular claim, which is demonstrably wrong, gives her the opportunity to see the error of her ways, reverse course and set a precedent for denying future, similar claims. Thus, the effort here by the LT's attorneys holds future promise with regard to all the non-settling parties and enhances the prospects that PIERS shares will be paid off per the plan and equity shares may recover something. Every little bit helps.
Just my personal, unofficial opinion on what is already in the public domain, but I thought it worth sharing. No insider information involved."