Ptolomeo
12/03/11 11:50
Ha respondido al tema Washington Mutual demanda a la FDIC por 17 billones US$ + daños
Ir a respuesta
The recent filings (Objections to the Disclosure Statement) identify several things by several people/groups
* There have been offers for WMMRC far in excess of the $50b fire-sale liquidation stated by the Debtors for a Chapter 7 alternative
* The NOLs can be, and now demonstrated, used in a completely different way which brings much more money to the estate
* Various comments on FJR and that it may be applicable even in the absence of insider trading -- and that a Disclosure should demonstrate both versions -- with FJR being applied {for whatever reason} and without {as the debtors propose}
* The issues of the accusation that assets (like securities) being sold and nothing reported (SOFA/MOR) on it have been put on the table. And of course, without court approval and the questions of if that is a normal requirement.
* Several arguments on the "all or nothing" nature of the POR -- that is, there is no provision for approving it with the judge stipulating her own changes to it. Eg, it is proffered that once again the 'delay' is really the debtors putting forth another non-confirmable POR.
* Overall, the "lesson" of objections to the Disclosure Statement being "that is really an objection to the POR" has been learned by most parties. They are closely targeting the Disclosure Statement as not "Disclosing". The arguments against the POR structure have largely been left alone. Of course, we will see those later.
* And the Ben Mason latest objection really identifies exactly how a Mortgage Reinsurance business works and the HUGE amount of ongoing monies are involved. And how the Debtors are playing games saying it's in wind-down run-off for valuation, but that the real value is completely different.
If you read only two filings, read the Black Horse one:
http://www.kccllc.net/documents/0812229/0812229110309000000000018.pdf
And the Ben Mason one:
http://www.kccllc.net/documents/0812229/0812229110309000000000003.pdf
...Catz