WMI Holdings Corp and WMI Liquidating Trust iHub Message Board On September 26, 2008, Washington Mutual, Inc. filed a voluntary petition for relief under Chapter 11 of Title 11 of the United States Code in the Bankruptcy Court for the District of Delaware. After a 3 ½ year bankruptcy proceeding, we emerged from bankruptcy on March 19, 2012 with a new board of directors and certain new officers. At that time we also changed our corporate name to WMI Holdings Corp. and we are the successor to Washington Mutual, Inc. We currently operate a single business through our wholly owned subsidiary, WM Mortgage Reinsurance Company, Inc., a Hawaii corporation, whose sole activity is the reinsurance of mortgage insurance policies that is operated in runoff mode.
Home About Us Corporate Governance Policies Directors and Officers SEC Filings Contact Us About Washington Mutual Inc. As early as late 2006, WaMu would begin to become a victim of what would eventually become the worst recession in US history since the Great Depression of 1929. WaMu's aggressive business strategy would begin to unfold throughout the end of 2006 and become increasingly disastrous through 2007. As housing rates were at all time highs before the recession began, WaMu would use its considerable leverage and assets to make large amounts of loans in both subprime mortgages and subprime credit cards. The banking division of WaMu at one point before the end of 2007 had nearly 336 stand-alone branch buildings where various types of home loans were processed and approved. WaMu would eventually over leverage themselves due to the high number of Adjustable Rate Mortgages (ARMs). As the US economy slowed down, the number of home loan defaults began to rise in quick succession. This coupled with the falling home prices throughout most of the US meant that even with foreclosures and the properties back in the hands of the company, they were unable to sell them back into the market, or were not able to derive enough revenue from the sale to cover the loan that was made on them. In the mean time, the credit card division was also seeing a surge in the number of late and non payments being made.
By September of 2008, WaMu's stock price had fallen to $2 from its previous highs of around $50 just two years earlier. Amid strong voices from the shareholders, then company CEO Kerry Killinger was dismissed by the company board. In the meantime, the company went looking for a buyer for part of its banking division. WaMu had been unsuccessful in finding an appropriate buy until its seizure by the FDIC. Overnight the companies banking division was bought by JP Morgan Chase in a secret deal brokered by the FDIC for 1.9 billion dollars.
PURCHASE AND ASSUMPTION AGREEMENT
AMENDED PURCHASE AND ASSUMPTION AGREEMENT - Settlement Extension to September 30, 2010
A list of common acronyms:
| A/L = Assets / Liabilities | JPMC/JPIG = JP Morgan Chase |
| WMILT = WMI Liquidating Trust | JD = Jamie Dimon / Jack Daniels |
| ESC = Escrow | LBO = Leveraged Buyout |
| BOD = Board of Directors | GSA = Global Settlement Agreement |
| DD = Due Dilligence | NOL = Net Operating Loss - Appears to be AWOL |
| RON'S = Runoff Notes | DS = Disclosure Statement |
| EC = Equity Committee | PM = Pre-Market / Private Message |
| EOD = End of Day | SJ = Summary Judgement |
| EOM = End of Message | TIA = Thanks in Advance |
| EOW = End of Week | THJMFW = The Honorable Judge Mary F. Walrath |
| SPAC = Special Purpose Acquisition Company | M/A = Mergers & Acquisitions |
| GLTY = Good Luck to You | PS = Pink Sock |
| GLTA = Good Luck to All | PPS = Price Per Share |
| HOD = High of Day | BR = Brian Rosen |
| IMO = In My Opinion | SS = Steve Susman |
 = BR | WAG = Wild Ass Guess |
| SPAV = Special Acquisition Vehicle | MOR = Monthly Operating Report |
| KKR = Kohlberg Kravis Roberts | SIP =Strategic Investment Partner |
Washington Mutual Inc. has reorganized to Washington Mutual Holding Inc.
WITH SHAREHOLDERS INTACT
WMIH: Here's how old shares relate in value to the new shares.
1 WAMUQ = 0.03349842 WMIH
1 WAMKQ = 0.4950146 WMIH
1 WAMPQ = 19.8005825 WMIH
1 WMIH = 29.85215422 WAMUQ
1 WMIH = 2.020142436 WAMKQ
1 WMIH = 0.050503565 WAMPQ