Today we had a good news from the court. we finally have the EC involved in talks, and that is obviously good news EC being “actually” involved in negotiations. because any settlement will not be happening without a green light from EC . In my judgment this was a first victory for Susman and EC, and more to come on July 8th, if not before. Stay tuned.
Todays hearing showed that the other parties are really scared about examination and shareholders’ so now they are welling to to talk with share holders Read this from (Reuters) - Bankrupt Washington Mutual Inc postponed a key hearing on Thursday, which the company’s attorney said would allow more time to discuss with shareholders changes to its planned reorganization.
The tide has totally turned on this case, EC now becoming a major player. Next hearing on the shareholders’ request for an independent examiner would be heard on July 8. ( Rosen said talks would continue with shareholders and the company would file an updated disclosure statement and plan of reorganization statement with the court by June 30.Reuters.. Reuters ). Which means We might reach some sort of settlement even before July 8th. Maybe right now we are engaged in some kind a of negotiation behind the scenes.The tough Susman agreeing quietly to today’s delay, did not happen for no reason, to me that was a good indication of some sort of understanding between Susman and Rosen, and the time will tell.
Overall, today EC had win the first round if you still have any doubt read this
Rosen speaking to Judge..
We filed a second amended agenda last evening which referred to the debtor’s request with respect to the adjournment of the disclosure statement hearing . As we indicated in the agenda, based on the good faith negotiations that are underway between the debtors and the equity committee, with respect to modifications of the Chapter 11 plan, we thought it was in everyones best interests to adjourn the disclosure statement hearing until July 8 so that these negotiations could continue and to see if a resolution could be reached that would result in a modification to the plan and a modification to the disclosure statement. As part of that the equity committee similarly agreed that it would adjourn its motion with respect to the appointment of an examiner and its corresponding discovery motions or applications.
So here you have it, We are closer than ever and may I say it again, good days are ahead of us.
(Please forgive my language English is not my mother language)
Zagros
June 18th 2010
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