As I read this communication, I don't find any answer to the question of "why?" What benefits will the proposed new trustee bring to STS beneficiaries? Why are they preferred over the other two alternative service providers? You are asking the beneficiaries to vote on a major decision without explaining the rationale for your selection. Until I understand more fully what the Bank of Texas/Bank of Oklahoma will do for me, I cannot support their selection.
Dave Rasmussen
I completely agree!
ReplyDeleteWe don't even know who the "secret committee" is
The communication could have been better. Part of the problem was timing. We needed to move quickly. Yesterday, September 27, JP Morgan scheduled another hearing. JPM wanted to re-argue its motion to join all beneficiaries in the ongoing damages litigation. (a motion that had been previously been denied multiple times). More importantly, JPM also wanted to re-argue to the court why it believes a sale, or some other ownership altering structure, is in the best interest of the STS Beneficiaries. This request was previously denied on July 9, 2013 when the court granted our summary judgment motion forcing the resignation of JP Morgan. The Judge agreed with our position that such a hearing would be a waste of time since JPM was no longer trustee and their views were irrelevant.
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