Studentenregister

The Story of Rosen`s PoS-PoR -

Tags: Rosen, Wamu, PoS PoR, Summary
geschrieben von zetatauri am 01. Mai 2010 11:36 Uhr


I like this part.

Quote:The Joint Plan and Disclosure statement have unmistakenably been prepared in great haste. This is evident from deficiencies in the disclosure statement, from the fact that the global settlement agreement, the centerpiece of the joint plan, does not yet have the agreement of the FDIC, one of the key parties of that agreement and from debtors frank admission that the disclosure statement does not meet the "adequate infromation" of section 1125 of the code. Given the haste evident throughout this process, it appears highly unlikely that the financial analysis proposed here will adequately adress the info required for the disclosure statement to meet the requirements of the code.



This is a very good argument, one Susman should be making after he gets the examiner appointed.

I feel Rosen and Co. screwed up on this deal and got side-swipped by JPM. If you have had over 12 months to prepare the plan, don't you think that would have more than enough time to prepare the best plan and disclosure statement possible. It is known that Maciel and A&M are running our company, our board is AWOL and we have no voice in the boardroom. Now we are trying to milk JPM, after Rosen and all his professional buddies have been milking this estate for over 18 months now. Rosen did not prepare an "iron clad" plan, because he was sure JPM/FDIC would settle this case and JPM would buyout WMI, therefore negating the necessity of a plan. Weil//Quinn et al did such an excellent job on discovery, that they actually started making sense and winning the case. JPM did not like this, so they used their channels to deliver a message to Rosen and Co.

If you will back off, we will cooperate fully with you and make strides to finish this thing right. Rosen backs off, litigation and omnibuses are tame at best, there is no push to move forward on the other 14 claims in the case. JPM basically conceeded to WMI they would return their money as part of a settlement. WMI backed off, Rosen asked the Judge for a delay when she was threatening to render the decision. It was not Clarke of the FDIC, it was Rosen. Clarke wanted the decision, the FDIC had had just about enough of JPM and would take care of them in the future. It was not until Rosen pushed the idea that he would give JPM some of the tax refunds, that the FDIC jumped ship and left him hung out to dry. He had them when he was willing to give them the farm, but once he offered JPM some of the loot, the FDIC said no way no how. March 12th, Rosen is now in a pickle, he has a POR due in 14 days and needs to pull a rabiit out of his hat. If THJWM makes the decision on the SJ in WMI favor, then he will be in "dire straits" with the Assets and Liabilities. A new plan would need to be written and there was not any time. he had stated over and over to THJMW that a plan coul dnot be submitted until a decision on SJ was rendered. When she was going to render it, he said no. She was going to render it in Feb and they stopped her, WMI did not object to the FDIC requesting more time then. mar 12th He comes into the courtroom announces that ridiculous statement, someone controls the market and boom "all hell breaks loose!" Within days FDIC says NO. USCC says NO JPM of course says YES, BOD Yes. It was and never will be a "global understanding" that could have warranted the stopping of THJMW's decision, it was a back-door plan with JPM that did it.

Now March 26th is approaching, no more extensions. Time for the POR to be filed, disclosure statement needs to detail our plan. We don't know our plan, we don't have a plan. That is what the POR is,, NO PLAN! Shareholders want a meeting to remove the board, there is no board, they will remove us. Block that shareholders plan. Don't worry about JPM/FDIC, greedy grubby shareholders are now in our sights, we will deflect to them.

This little brief states it and I agree, that Rosen is an uncompetent lawyer and should never have been the lead here. Time for POR to be thrown out in lieu of a new one filed by EC.

~Fish~
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