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Posted by: fsshon Date: Saturday, March 27, 2010 3:28:19 PM
In reply to: warcton who wrote msg# 180983 Post # of 181090
Diamond:Don't forget the Backdoor action of this..
Merger/Dissolution/Consolidation: On or as of the Effective Date or as
soon as practicable thereafter, and without the need for any further action, the Reorganized
Debtors may (i) cause either or both of the Reorganized Debtors to be merged, dissolved, or
otherwise consolidated, (ii) cause the transfer of assets between or among the Reorganized
Debtors, or (iii) engage in any other transaction in furtherance of the Plan.
Weil is wanting to get everything approved, so they can merge the new WMI into another company, possibly JPM the next day after effective date. Then they put this in..
Dissolution of the Equity Committee: On the first (1st) Business Day
following the Effective Date, the Equity Committee shall be dissolved and the members thereof
shall be released and discharged of and from all further authority, duties, responsibilities, and
obligations related to and arising from and in connection with the Chapter 11 Cases, and the
retention or employment of the Equity Committee’s attorneys, financial advisors, and other
agents, if any, shall terminate other than for purposes of filing and prosecuting applications for
final allowances of compensation for professional services rendered and reimbursement of
expenses incurred in connection therewit.
Then to try and Seal the Deal, they add this.
Bar Order: Each and every Entity is permanently enjoined, barred and
restrained from instituting, prosecuting, pursuing or litigating in any manner any and all claims,
demands, rights, liabilities, or causes of action of any and every kind, character or nature
whatsoever, in law or in equity, known or unknown, direct or derivative, whether asserted or
unasserted, against any of the Released Parties, based upon, related to, or arising out of or in
connection with any of the Released Claims, the Debtors’ Claims, the JPMC Claims, the FDIC
Claim, the Purchase and Assumption Agreement (other than the JPMC Preserved
Indemnification Rights, as defined in the Global Settlement Agreement), confirmation and
consummation of the Plan, the negotiation and consummation of the Global Settlement
Agreement or any claim, act, fact, transaction, occurrence, statement or omission in connection
with or alleged or that could have been alleged in the Related Actions, including, without
limitation, any such claim, demand, right, liability, or cause of action for indemnification,
contribution, or any other basis in law or equity for damages, costs or fees incurred arising
directly or indirectly from or otherwise relating to the Related Actions, either directly or
indirectly by any Person for the direct or indirect benefit of any Released Party arising from or
related to the claims, acts, facts, transactions, occurrences, statements or omissions that are,
could have been or may be alleged in the Related Actions or any other action brought or that
might be brought by, through, on behalf of, or for the benefit of any of the Released Parties
(whether arising under federal, state or foreign law, and regardless of where asserted).
Weil has now done what Weil was hired to do and that is get the money for the creditors and control of new company. In their opinion WMI and WMI Investment was basically an insolvent corpse and they are going to push it into solvency with a new reorganized stock that can be purchased if there is any leftover for purchase. Dime shareholders got screwed also.
Next Up: VENABLE !! Solomon can produce valuations that allow A>L and therefore the control of WMI goes to EC. That would be bad for Weil, because they would be fired and litigation of case goes to Venable. It also would prove that Rosen kept A<L, so he could leave control of WMI in Secured Bondholders hands. I think there is an ethical clause in the bar contract that expressly forbids this type of behavior. We'll let Bop, Mordicai or whomever chime in on this one.
In reply to: warcton who wrote msg# 180983 Post # of 181090
Diamond:Don't forget the Backdoor action of this..
Merger/Dissolution/Consolidation: On or as of the Effective Date or as
soon as practicable thereafter, and without the need for any further action, the Reorganized
Debtors may (i) cause either or both of the Reorganized Debtors to be merged, dissolved, or
otherwise consolidated, (ii) cause the transfer of assets between or among the Reorganized
Debtors, or (iii) engage in any other transaction in furtherance of the Plan.
Weil is wanting to get everything approved, so they can merge the new WMI into another company, possibly JPM the next day after effective date. Then they put this in..
Dissolution of the Equity Committee: On the first (1st) Business Day
following the Effective Date, the Equity Committee shall be dissolved and the members thereof
shall be released and discharged of and from all further authority, duties, responsibilities, and
obligations related to and arising from and in connection with the Chapter 11 Cases, and the
retention or employment of the Equity Committee’s attorneys, financial advisors, and other
agents, if any, shall terminate other than for purposes of filing and prosecuting applications for
final allowances of compensation for professional services rendered and reimbursement of
expenses incurred in connection therewit.
Then to try and Seal the Deal, they add this.
Bar Order: Each and every Entity is permanently enjoined, barred and
restrained from instituting, prosecuting, pursuing or litigating in any manner any and all claims,
demands, rights, liabilities, or causes of action of any and every kind, character or nature
whatsoever, in law or in equity, known or unknown, direct or derivative, whether asserted or
unasserted, against any of the Released Parties, based upon, related to, or arising out of or in
connection with any of the Released Claims, the Debtors’ Claims, the JPMC Claims, the FDIC
Claim, the Purchase and Assumption Agreement (other than the JPMC Preserved
Indemnification Rights, as defined in the Global Settlement Agreement), confirmation and
consummation of the Plan, the negotiation and consummation of the Global Settlement
Agreement or any claim, act, fact, transaction, occurrence, statement or omission in connection
with or alleged or that could have been alleged in the Related Actions, including, without
limitation, any such claim, demand, right, liability, or cause of action for indemnification,
contribution, or any other basis in law or equity for damages, costs or fees incurred arising
directly or indirectly from or otherwise relating to the Related Actions, either directly or
indirectly by any Person for the direct or indirect benefit of any Released Party arising from or
related to the claims, acts, facts, transactions, occurrences, statements or omissions that are,
could have been or may be alleged in the Related Actions or any other action brought or that
might be brought by, through, on behalf of, or for the benefit of any of the Released Parties
(whether arising under federal, state or foreign law, and regardless of where asserted).
Weil has now done what Weil was hired to do and that is get the money for the creditors and control of new company. In their opinion WMI and WMI Investment was basically an insolvent corpse and they are going to push it into solvency with a new reorganized stock that can be purchased if there is any leftover for purchase. Dime shareholders got screwed also.
Next Up: VENABLE !! Solomon can produce valuations that allow A>L and therefore the control of WMI goes to EC. That would be bad for Weil, because they would be fired and litigation of case goes to Venable. It also would prove that Rosen kept A<L, so he could leave control of WMI in Secured Bondholders hands. I think there is an ethical clause in the bar contract that expressly forbids this type of behavior. We'll let Bop, Mordicai or whomever chime in on this one.
