How Did You Vote?

Please vote one time for every ballot you received.

8 thoughts on “How Did You Vote?



  2. Since not everyone uses the internet or this web site can the direction of the yes or note vote be determined.?

  3. Looking at the dollars in recent posts from Robert Brower and trying to break this down to the most simple terms:

    Under the proposed plan, the plan proponents estimate that the net recovery in 2015 will between $36.4 million and $63.6 million. (Disclosure Statement, page 84.) Using $800 million as the total investment in R.E. Loans, this will give each investor a net future recovery between 4.6 cents and 8 cents on the dollar.

    Robert Brower also recently posted the burn rate in fees submitted to the court for the last four months at $1,319,670.00 per month, which averages to $15,836,046. per year. Give or take a bit since they bill by the hour, “as needed”, let’s just call it $16 million this year. We could speculate less in legal bills, but possibly more in the Mackinac Partners bill to liquidate slowly. Between now and the proposed 2015 completion of the plan, I’m guessing it’s going to cost over $10 million each year in assorted fees. That would mean around $30 million to James Weissenborn, his staff, and lawyers in the next 3 years to slowly liquidate if you adopt the plan. (Again, speculated $$ amounts based on billing history.)

    Regardless of whether one sues Wells Fargo, and all of the other tangential issues, does anyone think it’s worth paying those guys this kind of money to possibly recover $36–$63 million in the next three years? The term “throwing good money after bad money” comes to mind. What if they spend over $30 million and only get back $36 million?

    Those are very rough estimates, so correct them if I’m off base. Also, voting for chapter 7 liquidation isn’t free either, the trustee would be well paid. But anyone thinking of a yes vote should ask themselves if they believe that the land values Mackinac Partners could squeeze out over the next three years would be so much higher that it justifies the extra millions of dollar in fees paid to Mackinac every year.

    I don’t see where Mackinac Partners has much incentive to move those properties very fast, or for more money. It’s just some paperwork they have to move around. They get paid by the hour no matter how much or how little the property sells for, and it is in their best interest as a business to hold on as long as possible, because they keep getting paid.

    Does that seem like an accurate summation?

  4. This is all very reminiscent of General Collin Powell seeking the backing of the UN resolution to invade Iraq.
    He was misled by the people who manipulated the intelligence. Trust us.

  5. The voting ended this afternoon. And so we wait to see if the grass roots effort to have a stake in our own claim made a difference. Either way, the judge can override, so voting seems to be more of a symbolic gesture.

    Guess we’ll know which fork in the road we take on Wednesday.

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