www.kccllc.net/documents/0812229/0812229111114000000000012.pdf
Gov, I was saving this for the Elliot 2019, but it's OK for here.
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EC Record #6 – Klee, Tuchin Retention
12. Importantly, KTBS's services are not duplicative of the services provided by other professionals presently retained in these chapter II cases.
*****see next post*****
KTBS does not represent any interest adverse to the Debtors' estates and does not have connections with the parties on the Potential Party List other than the following:
a. Both before and after the petition date, Mr. Pfister was one of the Simpson Thacher attorneys who represented WMI and certain of its officers and/or former officers and other employees andlor former employees in consolidated securities, shareholder derivative and ERISA litigation centralized in the U.S. District Court for the Western District of Washington under the caption In re Washington Mutual, Inc. Securities, Derivative & ERISA Litigation, MDL No. 1919, as well as in certain other securities, real estate and employment litigation, from 2007 until his departure from Simpson Thacher in April 2010. Mr. Pfister's involvement in cases concerning WMI or any of its former officers and employees terminated when he left Simpson Thacher in April 2010, and he has not been involved since that time. Mr. Pfister joined KTBS in May 2010, and became a partner in the finn effective January 1, 2011. In view of Mr. Pfister's past representation at Simpson Thacher of WMI and certain of its officers and employees, he will not be involved in this matter, and KTBS has established an "ethical wall" consisting of information-blocking policies and procedures to prevent the inadvertent exchange of information with Mr. Pfister regarding this engagement.
b. Whitman L. Holt, a partner in KTBS, previously was associated with Stutman, Treister & Glatt, P.C. ("Stutman"), which represents The Liverpool Limited Partnership, Elliott Associates, L.P., and Elliott International, L.P., investment funds associated with Elliott Management Corp. (collectively, "Elliott"), holders of certain debt securities, in these bankruptcy cases. While associated with Stutman, Mr. Holt provided services to Elliott in connection with the Bankruptcy Case and in connection with various unrelated matters. Upon joining KTBS as a partner in January 2011, Mr. Holt has represented Elliott in unrelated matters. Mr. Holt does not believe that his representations of Elliott create any conflict of interest, as Elliott's interests are be aligned with the Debtor's interests with respect to the subjects of KTBS' engagement. Nevertheless, in an abundance of caution, KTBS has obtained from Elliott a waiver that will permit Mr. Holt to provide services to the Debtors in connection with this engagement. Mr. Holt will provide services to WMI in connection with this engagement and will not be subject to the ethical wall described above with respect to Mr. Pfister, provided, however, that Mr. Holt will recuse himself with respect to any dispute or conflict should one arise between Elliott and the Debtors.
w. KIBS previously provided mediation services to Long, Aldridge & Norman, successor in interest to McKenna Long & Aldridge LLP, in a matter unrelated to the Debtors. KIBS is free to be adverse to those entities in this case.
y. KIBS previously represented Owl Creek Asset Management L.P. in a matter unrelated to the Debtors, and is free to be adverse to that entity in this case.
bb. KIBS previously provided legal services to Silverpoint Capital LLC and/or its affiliates in matters unrelated to the Debtors, and is free to be adverse to such entities in this case.
next post:
RELIEF REQUESTED
6. By this Application, WMI seeks entry of the proposed order, substantially In the form attached hereto as Exhibit B, pursuant to sections 327(a) and 328(a) of the Bankruptcy Code, Bankruptcy Rule 2014, and Rule 2014-1 of the Local Rules of Bankruptcy Practice and Procedure of the United States Bankruptcy Court for the District of Delaware (the "Local Rules"), authorizing the retention and employment of KTBS, as special litigation counsel for WMI nunc pro tunc to June 24, 20 II to investigate, assess, and, if requested, potentially prosecute claims of the WMl estate against former officers and directors and other third parties, including former auditors, investment banking advisors, rating agencies, and others that may be identified (the "Potential Claims").
12. Importantly, KTBS's services are not duplicative of the services provided by other professionals presently retained in these chapter II cases.
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12 means the debtor and all retained professionals never did 6. Rather clear EC objective here.
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"authorizing the retention and employment of KTBS, as special litigation counsel for WMI nunc pro tunc to June 24, 20 II to investigate, assess, and, if requested, potentially prosecute claims of the WMl estate against former officers and directors and other third parties, including former auditors, investment banking advisors, rating agencies, and others that may be identified (the "Potential Claims")."
Excellent move by EC/Susman team....let KTBS pursue those named above...while Susman team pursues directly against debtors/A_M/JPM/FDIC/HFs
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Recent Akin Bump filing indicates that the onus of avoidance action and tolling agreements extension has been taken up by OCC.
So for three years they did not do anything, tried to get third party releases for the some of the parties that are now shown to be the admitted targets of claims.
The GSA was not contingent upon not pursuing the third parties such as Former investment bankers for the claims. On what basis this extra source of maximizing the estate assets was neglected. And now such intensive action (akin gump billing more than 250 hours for pre-petion claims).
The answer is, it is an onion or a loose but interwoven thread.
Where is the application of entirity of strong circumstantial evidence that points to a rather robust conclusion.
Dramatization of "genuine" fidiciuary intent for a boiling issue that might overflow in the court in not so distant future.