Zeitpunkt: 03.12.10 16:47
Aktion: Löschung des Beitrages
Kommentar: Unterstellung
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December 2, 2010: At yesterday's hearing arguments were heard on a motion for summary judgement against the TPS group's lawsuit regarding the conversion of their holdings into WMI preferred shares. The judge did not appear sympathetic to the TPS arguments, although she delayed making a ruling. Arguments were also heard on a similar motion regarding litigation tracking warrants (LTW) . The judge appeared more sympathetic to the LTW arguments but similarly delayed making a ruling.
At this time, the confirmation hearing has begun, and first up is William Kosturos, the chief restructuring officer for WMI. He is being questioned by Justin Nelson of the Equity Committee. The aim of the questioning seems to be to compare a settlement offer WMI made to JPM in March, 2009, with the final settlement agreement that is now part of the Plan of Reorganization. Nelson appears to have gotten Kosturos to admit that the total value to WMI from its settlement proposal in March, 2009 would have been essentially the same as the value WMI would receive if the current settlement agreement is approved. There has been a very significant change over the period of time between the two settlement proposals, however, and that is the new tax refund law enacted in late 2009, which has allowed WMI to double the realized amount of tax refunds it will receive. In March, 2009, WMI was looking at receiving about $3.0 billion in tax refunds. After the passage of the new law, WMI's total tax refund increased to about $5.8 billion. Nelson appears to be aiming to show that, despite new value of almost $3 billion for the WMI estate, WMI has agreed to essentially the same terms and recovery it proposed in March, 2009, before it knew about the additional tax refunds. This may be presented as evidence of WMI's failure to adhere to its fiduciary duty to maximize the value of the WMI estate for the benefit of all interest holders, not just creditors (to the exclusion of shareholders), and to demonstrate that the current settlement is not reasonable. The confirmation hearing is now on lunch break.
http://wamuequityrights.org/news-and-updates.html
Gruß
Dude44
vorteile: die steuern müssen schon mal nicht geteilt werden
Das würde zumindest die prefs ins Geld bringen. Oder die Commons auch bereits?
Solange die Presse nicht über Absprachen, Angebote von anderen Bietern oder die zeitlichen Zusammenhänge des Seizure berichtet, ist der Druck auf die Beteiligten noch nicht groß genug. Erst dann wird eine (oder alle?) Partei anfangen zu versuchen, sich öffentlich reinzuwaschen -- das könnte schmutzig werden.
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