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Zitat ID Supermoney:
Question. As in LEH** stocks after today's announcement with $4 Billion returning back to them!
Will WAMU get their $4 billion back as well?? Or did the GSA say they will not now? And POR6+ also not give them back??
A little confused as if we get them now with this case or have we given them up in litigation??
TIA Much appreciated response from you or anyone else??
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Zitat With Catz:
One has to "follow the money". The $4b is in a "demand deposit" account that is now at JPM. It's just like a checking account. JPM continued to issue 'checking' statements to WMI, but refused - upon demand - to "let go" of the money.
WMI filed a seperate 'adversary proceeding' to get the money released. This adversary proceeding took several months to come to a head, "ripe for judgement" as the court calls it. And the court "took it under advisement" to ponder, and we presume, write an opinion on it.
Then, in several hearings, we saw the Debtors "not ask" for the ruling, or flat out tell the judge "uh, hold on to your ruling, it might not be necessary" (paraphrasing).
What we know now is that the Global Settlement Agreement was about to be put forward. That agreement uses the "$4b demand deposit" account as one of the Estate Assets being settled.
So, while there are many who fault the judge -- it is the Debtors role to file for a ruling (they did), argue for a ruling (they did), and then to receive the ruling (they asked the court to hold off).
So, at this time, for as long as the GSA (or a similar GSA) is active, _AND_ until the Debtors ask for a ruling, the $4b is tied up as a "settled asset"
One can't look at the $4b as an isolated item that one can say "oh, that's ours, that makes A>L" -- because it's claimed to be part of a GSA give/take -- if you "take it out", then other items then become "not settled" (say the specious JPM claims against the estate) that are larger than the $4b itself.
...Catz
P.S.
{Also, the FDIC has also said that even if the court ruled in favor of returning the $4b, that they would step in and intercept that monies under a specious clause of the P&A. Now, legal minds have said that just wouldn't be possible, but it's another complication here. But of course, if the debtors changed their mind, and asked for the ruling -- and if favorable, this is another complication that could happen. It's a moot point right now. But I note it.}
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Zitat ID Supermoney:
Did not FDIC lose in LEH** case with Barkley's?? So will we win in WAMU as well??
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ZItat With Catz:
I'm not following LEH*. It's quite a bit different. People want to compare them, but IMHO, there is little direct legal similarities.
All it takes is the smallest difference for the cases, and the underpinning legal arguments are comparably moot -- but the lay-person goes "oh, in Lehman it went like that, so in WMI it ought to go like this".
Doesn't work that way.
And, you also have to have a Debtor who's fighting tooth-and-nail for certain outcomes to be brought forward. And we know they aren't.
I recommend people stay focused on the WMI case, and which arguments the Debtors are bringing forward, and are not. That's what matters.
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Zitat ID Supermoney:
The ironic thing is that it is BR working that case as well for Debtors!
Thank you for your clarity!
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ZItat With Catz:
This case has given me, and others, a lifetime serving of irony.
There are plenty of other cases and history where WGM (BR's firm) has argued strenuously for certain things, and we are aghast that we don't see it happening here.
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ZItatende
MfG.L:)
"Mit der Dummheit kämpfen Götter selbst vergebens"