WaMuhahahahaha, JP Morgan




What a pain in the ass this must be.

It makes you wonder what Jamie Dimon and/or JP Morgan could have done to deserve such a headache. WaMu wasn't that much of a steal, surely they knew as much? Due diligence, they might want to try it sometime.

WSJ:

In a filing with the Delaware court presiding over the Chapter 11 case of Washington Mutual Inc., WaMu’s bereaved and bankrupt parent, J.P. Morgan is demanding a list of the parent company bondholders that are chasing it, along with data on when they bought their bonds and how much they paid.

The group first appeared in October 2008, represented by Thomas Lauria of White & Case LLP. By November, David Rosner of Kasowitz Benson Torres & Friedman had chimed in. Fox Rothschild is also carrying the standard for the group.

There’s a bankruptcy rule that lawyers representing multiple clients have to disclose to the court the names and holdings of their clients. This rule is pretty much enforced only when one creditor, like J.P. Morgan, gets mad at the other creditors and decides to make an issue of it. Otherwise, everyone pretty much looks the other way while hedge funds stampede through bankruptcy court under cover of informal groupings. Similar fights have cropped up in other recent bankruptcy cases, including Chrysler’s Chapter 11 restructuring. Coincidentally, Lauria was representing lenders that were fighting to keep their identities secret in the auto maker’s bankruptcy.

On Friday, Rosner said in an email that his firm is, indeed, co-counsel with White & Case and will comply with the rule about disclosing who’s in the Washington Mutual Inc. bondholder group.

I guess it pays off to be the "convenient" banking choice for lazy people, right JP Morgan? Chase? Whatever the hell you're trying to masquerade as? It took about 2 weeks for the ads to start popping up here in San Francisco, I'm surprised Dallas is so far behind the curve.

Side note: here's how not to protest Chase. More details please.

Jr Deputy Accountant

Some say he’s half man half fish, others say he’s more of a seventy/thirty split. Either way he’s a fishy bastard.

1 comments:

Anonymous said...

I was a Sears cardholder for over 30 years. Bought a lot of stoves, fridges, garage doors, home improvements, air conditioners, vacuums etc etc. Always avoided paying the 28.99 APR.

Sears castrated their cash bull which was their store account business and sold it off. About a month ago I got notice that my Sears account was being replaced with a BRAND NEW Chase Mastercard.

I put it in the wife's heavy duty shredder and it became a thousand points of plastic.

We all have to start somewhere, don't we?