REPLY IN SUPPORT OF MOTION OF THE OFFICIAL COMMITTEE OF EQUITY SECURITY HOLDERS IN SUPPORT OF ORDER DIRECTING APPOINTMENT OF AN EXAMINER UNDER 11 U.S.C. § l104(C)
Bring on the Examiner is what the Equity Committee is requesting. Here is a couple of quotes from their most recent filing;
“With respect to the hard assets, the Debtors still have not produced an itemized inventory of what specifically JPMC obtained from WMB.”
“In fact, the JPMC documents reveal that JPMC and the FDIC were working hand-in-hand well before the FDIC revealed that it would take WMB into receivership or that it would auction WMB to the highest bidder. The FDIC agreed to indemnify JPMC up to $500 million for JPMC’s breach of its confidentiality agreement with WMI that was signed in March 2008. Soon after the acquisition, JPMC reported negative goodwill, virtually unheard of in an acquisition and indicating that JPMC paid well below the actual value of WMB. In January 2009, JPMC’s CEO announced that the WMB acquisition would generate more than $2 billion in profit annually for the company. Indeed, in the first quarter results for 2009, JPMC announced that the acquisition of WMB’s loans alone would result in a gain to income of $29.1 billion to the company.”
http://wmish.com/EC/examiner/response/Reply%20in%20Support%20of%20Motion.pdf
Examiner Support Motion United States Trustee to the EC Motion for an Order to appoint an examiner.
http://www.kccllc.net/documents/0812229/0812229100616000000000017.pdf
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