Bin sehr froh, daß wir soweit schauen kommen und das Pandflaschen-Gerede verstummt dann endlich.
STAY LONG AND STRONG
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The official equity committee for Washington Mutual Inc. filed papers yesterday asking the bankruptcy judge in Delaware to allow a direct appeal to the U.S. Court of Appeals from part of her Jan. 7 opinion denying confirmation of WaMu’s Chapter 11 plan.
The equity committee only intends to appeal the portion of the opinion by U.S. Bankruptcy Judge Mary F. Walrath saying she would approve the global settlement compromising competing claims among WaMu, the Federal Deposit Insurance Corp. and JPMorgan Chase & Co.
The committee wants an immediate appeal given the narrow window of opportunity to appeal after a reorganization plan is eventually approved and confirmed.
The committee faces several obstacles. An order refusing confirmation is ordinarily viewed as a so-called interlocutory order. Appeals in federal court are only allowed from final orders, not interlocutory orders. In addition, the global settlement may change as a result of defects Walrath found in the proposed Chapter 11 plan. The appeals court in Philadelphia may not want to entertain a challenge to an agreement that could change.
There may not even be an order from which the committee can appeal. Although Walrath spent much of her 109-page opinion explaining why the global settlement could be approved, her only order denied confirmation of the plan. Appeals can be taken only from orders, not opinions.
The committee contends that the settlement agreement sold out WaMu’s claims too cheaply. As a result, the committee says, preferred shareholders will receive 1 percent at most while common shareholders get nothing.
The equity committee’s proposed appeal is the second from Walrath’s Jan. 7 rulings. Holders of trust-preferred securities have appealed from a separate 20-page opinion concluding they no longer have an interest in the securities because they were automatically converted into preferred stock of the holding company when the bank subsidiary was taken over by regulators.
For details on the Jan. 7 rulings, including the defects Walrath found in WaMu’s plan, click here for the Jan. 10 Bloomberg bankruptcy report. Assuming WaMu can remedy the defects, the plan calls for distributing $7.5 billion based on the global settlement.
Click here for May 18 Bloomberg bankruptcy report summarizing WaMu’s original plan. To read about the settlement before it was modified, click here for the May 24 bankruptcy report. For a summary of changes WaMu made to its plan in October, click here for the Oct. 7 report.
The WaMu holding company filed under Chapter 11 in September 2008, one day after the bank subsidiary was taken over. The bank, once the sixth-largest depository and credit- card issuer in the U.S., was the largest bank failure in the country’s history. The holding company filed formal lists of assets and debt showing property with a total value of $4.49 billion against liabilities of $7.83 billion.
The holding company Chapter 11 case is In re Washington Mutual Inc., 08-12229, U.S. Bankruptcy Court, District of Delaware (Wilmington).
http://www.bloomberg.com/news/2011-01-20/...ankruptcy.html?cmpid=yhoo
Gruß
Dude44
hier eine Einschätzung der Lage von Don (IHub) ...
Gandalf excellent analysis.. Keep in mind a few points.
THJMW was asked to decide certain rulings as per the different parties.
1. LTW known as Dimeq, she ruled "if" they have a claim they can be paid. "If" they win JPM loses nothing, because the debtors are going to be forced to pay them out of the estate, it was JPM that was getting the Anchor Litigation settlement as per the GSA.
2. TPS "exchange event?" Yes, it did occur and now you "WMI ESTATE" are responsible for it as a preferred certificate. You are now equity and JPM wins again.
3. Is the GSA "fair and reasonable" Yes it is and therefore fix the problems (releases) and I will approve it. JPM/FDIC win here.
4. Should the Plan be confirmed? NO, not at this time. Negotitate the releases, file the NOL's in estate assets adn then come back to me. JPM/FDIC/WMI win, all other parties lose.
So EC says.. We want to appeal the GSA ruling, not the plan being denied. WMI says EC is appealing Plan confirmation too soon. THJMW says GSA in the financial pact is "fair and reasonable" EC saus no it is not and therefore we want the 3rd Circuit Appeals to hear it.
THJMW has to settle everyone down tomorrow, so she can get handle on this problem. Her ruling was nothing but a bunch of hearsay on hearsay, so she may have a problem on her hands..
There is a chance she intentionally punted this thing to the Appeals court, because it is too much of a "hot potato" for her.
I believe this to be true. But to shut the objectors up, she has to let them properly and timely object, I believe she will do this tomorrow.
~Don~
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