Washington Mutual Preferred fka WAMPQ

[WithCatz]

Vodkadejour, there are cases within the main BK case. One of those is the situation of DIMEQ securities. The monies have been "set aside" in case WMI has to pay them.

Both DimeQ (through the attorney group called Broadbill) filed for a summary judgement in their favor, and WMI has filed a similar summary judgement in WMI's favor.

The court ruled that neither summary judgment was sufficient, and this item must go to "trial" (it's not Perry Mason trial stuff).

Basically that requires, per local rules, an attempt at mediation first. And that's what was filed. It's done, not resolved still.

The "settlement" being referred to is a settlement to the DimeQ issues (the only thing being mediated in this sub-case within the Bankruptcy case)

Yes, it's part of the overall Bankruptcy case, but it's minor in the big picture "to us" (of course, to a DimeQ holder it's major).

To get an idea -- go to http://www.kccllc.net/wamu -- and click on "Adversary Proceedings" -- every one of those is a "case within the bigger Bankruptcy case".

...Catz