Did you put this up on the Y yet?

Don't we have until May 9th to vote....?

Order Approving Appointment of Alan W. Kornberg as Mediator
http://www.kccllc.net/documents/0812229/0812229110412000000000004.pdf


Alan W. Kornberg
Partner
Chair of the Bankruptcy and Corporate Reorganization Department and a member of the firm’s Management Committee, Alan W. Kornberg handles chapter 11 cases, cross-border insolvency matters, out-of-court restructurings, bankruptcy-related acquisitions, bankruptcy-related litigation and insolvency-sensitive transactions.

Mr. Kornberg’s clients include debtors, official and unofficial creditors committees, lenders and other creditors, equity holders, court-appointed fiduciaries and investors that focus on distressed situations. His recent assignments include representing Houghton Mifflin Harcourt Publishing Company, the Charter Communications bondholder committee, Oaktree Capital in various matters including the Aleris International Chapter 11 case, the Stuyvesant Town – Peter Cooper Village Tenants Association Inc., the Marsico Senior Lenders group, an international shipping company, an automotive parts manufacturer, representing a state regulatory board in the reorganization of the New York Racing Association, and the U.K. Pensions Regulator. He also represented the California Public Utilities Commission in the Pacific Gas & Electric Company chapter 11 case. In connection with that matter, in 2003 The American Lawyer named Mr. Kornberg one of its Dealmakers of the Year. Mr. Kornberg has been selected as one of the leading lawyers in the area of Bankruptcy/Restructuring by Chambers USA, and is recognized as a leading lawyer in corporate restructuring by Legal 500, and was recently chosen by his peers for The Best Lawyers in America in bankruptcy and creditor-rights law.

Mr. Kornberg has served as the Second Circuit Regent of the American College of Bankruptcy and was the Chair of the Committee on Bankruptcy and Corporate Reorganization of the Association of the Bar of the City of New York from 2005 to 2008. He frequently mediates bankruptcy-related disputes and lectures on bankruptcy-related topics for local, national and international organizations.

Voting instructions:
What Has Occurred

Washington Mutual, Inc. and WMI Investment Corp. are soliciting votes with respect to the Modified Sixth Amended Joint Plan of Affiliated Debtors Pursuant to Chapter 11 of the United States Bankruptcy Code (the Modified Plan), dated as of February 7, 2011 from holders of certain allowed claims against the Debtors.

Voting Package: You should have received or will receive under separate cover, a voting package containing several items including, a Supplemental Disclosure Statement (CD), a Beneficial Holder Ballot and an IRS Form W-9 (attached to the Ballot).

The items in the Voting Package contain important information which should be read carefully before any decision is made with respect to your securities. If you have questions on how to complete the Ballot, or to obtain an additional voting package, please contact Kurtzman Carson Consultants LLC (the voting agent) at 888-830-4644.

If you wish to Vote on the Modified Plan and/or make the other applicable elections, you must complete, sign and return the Beneficial Holder Ballot and Form W-9 to Schwab for receipt no later than May 9, 2011.


Optional - Release Election: In addition to voting on the Modified Plan, holders may elect to grant the releases or not grant the releases contained in Section 43.6 of the Modified Plan. Holders that elect to Opt In will be eligible to receive a distribution. Holders that elect to Opt Out will not be entitled to a distribution under the Modified Plan.

PLEASE NOTE: In accordance with the voting procedures, if you Opt In or Opt Out of granting the releases, your securities will be tendered into a designated election account. Your election is irrevocable. Such securities may not be withdrawn from the election account and no further trading will be permitted on any securities held in an election account. If the Modified Plan is not confirmed, such securities will be returned to your account.

Holders that are unsure as to whether to grant the releases at this time may choose neither option. However, such holder's vote, if any, on the Modified Plan will not be counted. In addition, such holder will not be eligible to receive a distribution on the effective date and will be treated in accordance with Section 32.6(c) of the Modified Plan and will not be entitled to receive a distribution unless and until a third party release is executed and delivered by the holder within one year of the effective date of the Modified Plan. Holders that do not Opt In or Opt Out of granting the releases will be able to trade their preferred depositary shares.

Depends on whats written in the settlement agreement.

Strike,
Think I am beyond the "rage" point. Now, I am just sick of it...

Thanks Catz, finally a response that I can understand. :o)

Luck, has nothing to do with it. You are an angel in disguise.
Thank you Ilenes. :o)

FDIC suit against WaMu executives may be a step toward justice


http://seattletimes.nwsource.com/html/jontalton/2014528332_biztaltoncol18.html

What brought this run up?

Appaloosa going after Nate:
http://www.kccllc.net/documents/0812229/0812229110308000000000013.pdf

http://www.kccllc.net/documents/0812229/0812229110308000000000011.pdf

Tribune puts spotlight on hedge fund battler

http://www.reuters.com/article/2011/03/07/us-tribune-aurelius-idUSTRE7264XL20110307?pageNumber=2

The fund has suffered its share of losses and it is also defending itself against insider trading accusations in the Washington Mutual bankruptcy. An individual investor, Nate Thoma, said Aurelius traded the financial company's securities while negotiating its bankruptcy settlement plan.

Mr. Rosen is one of the lead partners representing Washington Mutual Inc., New York Racing Association (operator of Belmont, Saratoga and Aqueduct racetracks) and Enron Corp. in their Chapter 11 cases. Several other cases in which Mr. Rosen has been involved include United Companies Financial Corporation, Grove, Classic Cable, Chrysler Properties, Inc. (owner of The Chrysler Building), Olympia & York, The Leslie Fay Companies, Inc., Paracelsus Healthcare Corporation, Fine Host Corporation, Petrolane Incorporated (a prepackaged plan of reorganization), Eastern Airlines, Inc., Eagle-Picher Industries, Inc., and Frontier Airlines, Inc. Mr. Rosen has led the representation of a consortium of lenders in the Chapter 11 acquisition of the Philadelphia office buildings owned by 1600 Arch Street Corporation, Consumer News and Business Channel Partnership in its acquisition of Financial News Network, General Electric Capital Corporation in its acquisition of North American Car Corporation, Mark III Industries, Inc. in its acquisition of Tiara Motorcoach Corporation, Steinhardt Partners in its acquisition of Victoria Station restaurants, Toscorp, Inc. in its acquisition of the Sfuzzi restaurant chain and Meadowstar Holding Company, Inc. in its acquisition of American Property Investors, Inc., a subsidiary of Integrated Resources Inc.

“When the feds knock on your door, it’s game over,”
http://www.bloomberg.com/news/2011-03-04/insider-trading-probes-send-investors-scurrying-even-when-no-one-s-charged.html
Courtesy of bop on the Y

TAX SHARING AGREEMENT

THIS TAX SHARING AGREEMENT ("Agreement") is made as of August 31, 1999 by
and among Washington Mutual, Inc., a Washington corporation ("WMI"), Washington
Mutual Bank fsb, a federal savings bank ("WMBfsb"), Washington Mutual Bank, a
state chartered savings bank ("WMB"), New American Capital, Inc., a savings and
loan holding company whose principle subsidiary is Washington Mutual Bank, FA, a
federal savings association ("WMBFA") and Aristar, Inc., a Delaware corporation,
on behalf of themselves, each of their current subsidiaries and all subsidiaries
that any one or more of them may own in the future (together, the
"Subsidiaries"). This agreement supersedes the Tax Sharing Agreement dated March
30, 1998 among WMI and subsidiaries.

WHEREAS, WMI owns 100% of the issued and outstanding capital stock of
WMBfsb, WMB and NACI.

WHEREAS, WMI owns either directly or indirectly, 100% of the issued and
outstanding capital stock of the Subsidiaries;

WHEREAS, NACI owns 100% of the issued and outstanding capital stock of
WMBFA and Aristar, Inc.;

WHEREAS, WMI, WMBfsb, WMB, NACI, WMBFA, Aristar, Inc., and the
Subsidiaries join in the filing of a consolidated federal income tax return
and combined or consolidated tax returns in various states and other local
taxing jurisdictions; and

WHEREAS, it is the desire of the parties hereto to enter into a definitive
written Tax Sharing Agreement, which agreement describes the manner in which the
consolidated federal income tax liability is shared among the members of the
consolidated group and the manner in which the combined or consolidated state or
other local tax is shared among members of the combined or consolidated group;

NOW, THEREFORE, in consideration of the foregoing premises, the parties
agree as follows:

1. For all taxable years during which WMBfsb, WMB, NACI, WMBFA, Aristar,
Inc., or any Subsidiary is a member of an "affiliated group" of WMI as
defined in Section 1504 of the Internal Revenue Code and is required to
join in the filing of a consolidated federal income tax return of WMI and
its consolidated subsidiaries, the federal income tax liability of such
consolidated group shall be allocated and shared among WMBfsb, WMB, NACI,
Aristar, Inc., and each Subsidiary as if such entities filed a separate or
consolidated return, as the case may be.

2. The federal income tax accounts between WMI, WMBfsb, WMB, NACI, WMBFA,
Aristar, Inc., and each subsidiary shall be settled in the following
manner:
<PAGE> 2

(a) WMBfsb, WMB, NACI, WMBFA, Aristar, Inc., and each Subsidiary shall
make payments on account of their federal income tax liability to
WMI in the same manner and at the same time as if such entities were
filing separate returns or separate consolidated returns with, and
making payment of taxes (including estimated taxes) to the Internal
Revenue Service ("IRS").

(b) WMI shall pay to WMBFA, WMBfsb, WMB, NACI, Aristar, Inc., and each
Subsidiary amounts that may be due them on account of (i) any
overpayment of their said tax liability for a taxable year or (ii)
any credit that may result from the utilization of their net
operating loss for a taxable year, such credit being determined in
accordance with the provisions of item 1 above, within 30 days after
the consolidated return is filed for that taxable year or, to the
extent any such amount due must be recovered from the IRS, within 30
days after payment is received from the IRS, or, if the amount due
represents an overpayment of estimated tax which is in excess of
WMBFA's, WMBfsb's, WMB's, NACI's, Aristar, Inc.'s or a Subsidiary's
estimated allocable share of the consolidated federal income tax
liability for the year, then such excess shall be paid by WMI within
30 days of receipt from WMBFA, WMBfsb, WMB, NACI, Aristar, Inc., or
the Subsidiary of a written explanation of the overpayment.

3. For all taxable years during which WMBfsb, WMB, NACI, WMBFA, Aristar,
Inc., or any Subsidiary is included in a combined or consolidated tax
return with WMI or another of its subsidiaries, the state or other local
tax liability of such combined or consolidated group shall be allocated
to:

(a) WMBfsb, WMB, NACI, WMBFA, Aristar, Inc., and each Subsidiary as if
each of WMBfsb, WMB, NACI, WMBFA, and such other Subsidiary had
filed a separate, combined or consolidated tax return with each of
its respective subsidiaries and

(b) WMI to the extent the sum of the amounts determined pursuant to
clause (a) is different from the liability of the combined or
consolidated group.

In no event will the foregoing allocation result in treatment less
favorable to WMBfsb, WMB, WMBFA, and their subsidiaries than if they had
filed separate, combined or consolidated tax returns, as the case may be.

4. The state and other local tax accounts between WMI, WMBfsb, WMB, NACI,
WMBFA, Aristar, Inc., and each Subsidiary shall be settled in the
following manner:

(a) WMBfsb, WMBFA, NACI, Aristar, Inc., and each Subsidiary shall make
payments on account of their state and other local tax liability to
WMB in the same manner and at the same time as if such entities were
filing separate returns or separate combined returns with, and
making payments of taxes (including estimated taxes) to such state
or other local taxing authority. WMB shall compute its state and
other local tax liability in the same manner and at the same time as
if such it were filing a separate return with, and making payment of
taxes (including estimated taxes) to such state or other local
taxing authority.

(b) WMI shall make payments to WMB in an amount necessary to satisfy the
state and other local tax liability after considering the payments
computed in (a) above.

<PAGE> 3
(c) WMB shall pay to WMI, WMBfsb, WMBFA, NACI, Aristar, Inc., and each
Subsidiary amounts that may be due them on account of (i) any
overpayment of their said tax liability for a taxable year or (ii)
any credit that may result from the utilization of their net
operating loss for a taxable year, such credit being determined in
accordance with item 3 above, within 30 days after the combined or
consolidated return is filed for that taxable year or, to the extent
any such amount due must be recovered from any state or other local
taxing authority, within 30 days after payment is received from such
state or other local taxing authority, or, if the amount due
represents an overpayment of estimated tax which is in excess of
WMI's, WMBfsb's, WMBFA's, NACI's, Aristar, Inc.'s, or a Subsidiary's
estimated allocable share of the or combined State or local tax
liability for the year by more than 10%, then such excess shall be
paid by WMB within 30 days of receipt from WMI, WMBfsb, WMBFA, NACI,
Aristar, Inc., or the subsidiary of a written explanation of the
overpayment

5. Deferred tax assets and liabilities of WMI, WMBfsb, WMB, NACI, WMBFA,
Aristar, Inc., and each Subsidiary will be handled in a manner consistent
with Statement of Financial Accounting Standards No. 109 and, as it
relates to WMBfsb, WMB, and WMBFA, consistent with bank and thrift
regulatory guidelines. A copy of the current regulatory guidelines is
attached hereto as Exhibits A and B.

6. This agreement shall remain in full force and effect until modified or
amended by the mutual agreement of the parties hereto.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
this date first above written:

Washington Mutual, Inc. New American Capital, Inc.

By /s/ KERRY KILLINGER By /s/ KERRY KILLINGER
------------------------------------ --------------------------------
Kerry Killinger, Chairman, President Kerry Killinger, President
and Chief Executive Officer


Washington Mutual Bank fsb Aristar, Inc.

By /s/ KERRY KILLINGER By /s/ CRAIG CHAPMAN
------------------------------------ ----------------------------------
Kerry Killinger, President Craig J. Chapman, President

Schneider offer...
http://contracts.onecle.com/wamu/schneider-offer-2005-06-22.shtml
TPG contract:
http://contracts.onecle.com/wamu/tpg-investment-2008-04-07.shtml

Annual reports dating back to 1965 for Wamu.
Probably posted before...
http://content.lib.washington.edu/cdm4/results.php?CISORESTMP=results.php&CISOVIEWTMP=item_viewer.php&CISOMODE=thumb&CISOGRID=thumbnail,A,1;title,A,1;subjec,A,0;descri,200,0;none,A,0;20;title,none,none,none,none&CISOBIB=title,A,1,N;subjec,A,0,N;descri,200,0,N;none,A,0,N;none,A,0,N;20;title,none,none,none,none&CISOTHUMB=20%20(4x5);publis,title,none,none,none&CISOTITLE=20;title,none,none,none,none&CISOHIERA=20;subjec,title,none,none,none&CISOSUPPRESS=0&CISOTYPE=link&CISOOP1=all&CISOFIELD1=title&CISOBOX1=Washington+Mutual&CISOOP2=all&CISOFIELD2=subjec&CISOBOX2=&CISOOP3=all&CISOFIELD3=descri&CISOBOX3=&CISOOP4=all&CISOFIELD4=CISOSEARCHALL&CISOBOX4=&c=all&CISOROOT=%2Freports&CISOSTART=1,1

Debtors admit they have never employed auditors
The debtors are moving to retain Ernst and Young as accountants and auditors.

http://www.kccllc.net/documents/0812229/...

There is a huge black-and-white admission on page 8 at 18: "During the course of their chapter 11 cases, the Debtors did not employ or retain any accounting or auditing firms." This is a huge admission, even though they slip it in as a little background fact and imply they were being frugal with the estate's resources. Here is a multi-billion debtor with no employees, no offices, and a couple of hired guns from Alvarez and Marsal, and they have NEVER employed an outside accountant or auditor. Never. Unbelievable. That is gross negligence if not fraud and should be grounds for the appointment of a trustee and the rejection by the court of any POR prepared previously.
From maryandbobh...

Debtors object to docs:
http://www.kccllc.net/documents/0812229/0812229110224000000000017.pdf

They are all Q's....

This is fascinating, may be even huge for us?
http://business-finance-restructuring.weil.com/setoffs/step-off-colonial-bancgroup-bankruptcy-court-rejects-fdic-setoff-attempt/

Step Off! Colonial BancGroup Bankruptcy Court Rejects FDIC Setoff Attempt
By Andrea Saavedra and Kyle J. Ortiz
Published on February 23, 2011
Print This Post A recent decision in In re The Colonial BancGroup, Inc., Case No. 09-32303-(DHW) (Bankr.M.D. Ala. Jan. 24, 2011), addresses the complex tripartite relationship between a bank holding company in bankruptcy, the Federal Deposit Insurance Corporation as receiver for the failed bank subsidiary, and the successor bank which assumed liability for the failed bank’s deposit accounts. The decision limits the FDIC’s ability to exercise setoff rights with respect to deposit accounts of the holding company/debtor.

The financial crisis of 2008 and the collapse of the housing market precipitated a slew of consumer depository bank failures, the likes of which has not been seen since the savings and loan crisis of the 1980s. In most bank failures, the FDIC is appointed as receiver for the failed bank, and in many instances the FDIC immediately enters into a Purchase and Assumption (P&A) agreement with a healthy bank to acquire assets of the failed bank and assume its liabilities to depositors. These transactions, often negotiated quickly in the days before a bank failure, allow retail depositors immediate and seamless access to their money and protect the federal deposit insurance fund from depletion. One issue often not clearly addressed by the P&A agreement, however, is the treatment of intracompany deposit accounts. Many bank and thrift holding companies keep their cash in deposit accounts with their subsidiaries. When the holding company files for bankruptcy, as many have done, its deposit accounts often are a critical source of recovery for its creditors.

The FDIC often appears as a putative creditor in a HoldCo bankruptcy case, trying to recover any assets that it may claim title to on behalf of the failed bank and maximize the assets of the receivership. As a result, a HoldCo is often found in a face off with the FDIC as to whether certain assets, such as deposits of the HoldCo, are really assets of the HoldCo, assumed assets/liabilities of the bank purchaser, or somehow subject to claims of title by the FDIC. To that end, the FDIC has become a major player in our nation’s bankruptcy courts over the past few years.

The facts of Colonial are common in the current landscape of failed banks. On August 14, 2009, the Alabama State Banking Department closed Colonial Bank and appointed the FDIC as receiver. On the same day, the FDIC entered into a P&A agreement with BB&T Corp. As part of the P&A agreement, BB&T Corp. assumed liability for the vast majority of Colonial’s deposits. However, the P&A agreement had a clawback provision, Section 9.5, that entitled the FDIC to designate certain deposits for retention by the receivership. The clawback provision found in Section 9.5 of the P&A agreement (which contains language similar to that found in other failed bank sale agreements), permits the FDIC, in its capacity as receiver, to:

in its discretion, determine that all or any portion of any deposit balance assumed by the Assuming Bank pursuant to [the P&A agreement] does not constitute a “Deposit” (or otherwise, in its discretion, determine that it is the best interest of the Receiver or Corporation to withhold all or any portion of any deposit), and may direct the Assuming Bank to withhold payment of all or any portion of any such deposit balance.

In the hurried negotiations, the FDIC specifically carved out certain deposit accounts from the assumed liabilities of BB&T, but there was no carve-out for the deposit accounts of Colonial’s HoldCo. Shortly after the closure of the bank, the HoldCo filed for chapter 11 protection and a dispute arose between the FDIC, the HoldCo, and BB&T as to whether the HoldCo’s deposits were assumed by BB&T or remained subject to the FDIC’s clawback rights under Section 9.5. The FDIC filed a motion seeking relief from the automatic stay so that it could exercise alleged setoff rights against the deposits.

In simple terms, setoff is a creditor’s right to cancel mutual debts against the debtor, in full or in part. Bankruptcy preserves the right of setoff under applicable nonbankruptcy law if a creditor is able to show that the debt it seeks to setoff is both prepetition and mutual (same parties, same capacity). 11 U.S.C. § 553. The FDIC argued that it had a right of setoff because either (1) BB&T did not assume HoldCo’s accounts under the P&A agreement (because the FDIC did not intend for those accounts to be part and parcel of the sale), or (2) even if BB&T had assumed the accounts, the FDIC has the right to claw back the deposits under section 9.5 of the P&A agreement, thereby creating mutuality and a right of setoff.

The Bankruptcy Court rejected both of the FDIC’s arguments. First, the Bankruptcy Court found that, although the FDIC had the discretion to exclude the HoldCo’s deposits under the P&A agreements, there was no evidence that it did so – or intended to do so – before HoldCo filed its chapter 11 petition. In contrast, there was “overwhelming evidentiary support” that BB&T assumed liability for HoldCo’s accounts, including that: after the petition date, the accounts were designated as “debtor-in-possession” accounts by BB&T; since the closing of the sale, BB&T included the balances for the accounts in statistics included within its quarterly reports to the Securities & Exchange Commission; and, since the closing of the subsidiary bank, BB&T included the balances of the HoldCo’s accounts in calculating its deposit insurance premiums paid to the FDIC. While the court recognized that the FDIC did have the statutory right under 12 U.S.C. § 1822(d) to offset mutual debt, the debt in question was assumed by BB&T when the P&A agreement was signed, and at that time mutuality ceased to exist. Thus, the Bankruptcy Court held that the FDIC did not have a right to setoff because there was a lack of mutuality as between the FDIC and the HoldCo as BB&T, and not the FDIC, was liable on the accounts to the HoldCo.

Second, the Bankruptcy Court also rejected the FDIC’s attempt to utilize section 9.5 of the P&A agreement to allow for postpetition assumption of the deposits so as to create a prepetition setoff right. While not unsympathetic to the speed under which the FDIC must operate to ensure “seamless operation of the banking system and the confidence of the general public,” the court held that the optionality provided by the clawback provision ended when the bankruptcy of the HoldCo intervened. Once the HoldCo filed for chapter 11, “the FDIC could not, within this universe of time and space, transform its postpetition assumption of the accounts into a prepetition debt.” In other words, once HoldCo filed for chapter 11, the FDIC’s clawback rights under the P&A could not be used to create a right of setoff.

The FDIC wasted no time in filing an appeal the day after the Bankruptcy Court released its decision. The FDIC clearly recognizes that the effect of a HoldCo bankruptcy on clawback rights under a P&A agreement is an important precedent with implications for many other cases. The FDIC already is appealing an earlier decision in the case in which the bankruptcy court rejected its contention that section 365(o) of the Bankruptcy Code required the HoldCo to satisfy a capital maintenance requirement. Keep an eye on the Weil Bankruptcy Blog for updates as these appeals move forward.

FYI,

http://www.nytimes.com/2011/02/22/business/22wamu.html

The courtroom battle has also spilled onto Capitol Hill, where lawmakers have held hearings over whether Washington Mutual was prematurely shut. At a Senate subcommittee hearing last April, Mr. Killinger testified that his company had been treated unfairly and “should have been given a chance to survive.”

Insider-trading scandal costs 3 hedge funds a combined $9 billion



http://www.pionline.com/article/20110221/PRINTSUB/302219942

From Bop on y

H.F. Ahmanson & Company

Prior to 1998 the principal Subsidiaries were Home Savings of America; Savings of America; Ahmanson Mortgage Company; Ahmanson Marketing, Inc.; Griffin Financial Services.

In 1998, Seattle-based thrift Washington Mutual (WaMu) purchased HF Ahmanson and its Home Savings unit for $10 billion. As a result of this takeover and those of American Savings and Great Western Financial, Washington Mutual became California’s second largest bank. At the time, HF Ahmanson had $55 billion in assets. [8]

http://en.wikipedia.org/wiki/H._F._Ahmanson_%26_Co

Wonder where the 55 billion in assets went????

http://www.ahmanson.org/index.html

FDIC to seek $1B from former WaMu execs
Silicon Valley / San Jose Business Journal - by Kirsten Grind
Date: Monday, February 21, 2011, 5:17am PST

The Federal Deposit Insurance Corp. plans to file a civil suit against at least three former Washington Mutual executives, including former chief executive Kerry Killinger, seeking to collect more than $1 billion in damages, according to people familiar with the pending suit.

Killinger, former president and chief operating officer Steve Rotella and David Schneider, former president of the failed bank’s home loan division, all recently received legal notices informing them of the pending litigation, these people say.

The three executives were the highest-level officials in charge of WaMu’s mortgage operations. It’s unclear when or where the FDIC will file its suit.

Killinger and Rotella and their attorneys could not immediately be reached for comment. JPMorgan Chase & Co. (NYSE: JPM) declined comment on behalf of Schneider, who continues to work in the New York-based company’s retail banking division. A spokesman for the FDIC also declined to comment.

The amount of money the FDIC is seeking to collect from WaMu officers is huge, particularly because WaMu’s failure did not cost the federal agency’s deposit insurance fund any money.

Sources speculate that the FDIC may use the lawsuit to make a claim against WaMu’s directors and officers insurance in the bank’s complex bankruptcy case.

Last year, the FDIC said it had authorized lawsuits against about 50 former bank executives, trying to collect a total of $1 billion in losses.
http://www.bizjournals.com/seattle/news/2011/02/18/fdic-to-seek-1b-from-former-wamu-execs.html

JPMorgan Chase has sold the 18-acre SeaTac conference center it inherited from Washington Mutual for $9 million.

The Cedarbrook Conference Center was purchased this week by a corporation led by Wright Hotels, which developed the Seattle Sheraton and Seattle Waterfront Marriott.

Washington Mutual opened Cedarbrook as a high-tech meeting and training complex in 2002, when the bank was flying high.

The city of SeaTac originally restricted its use to conferences and corporate training to minimize the impact on nearby residential neighborhoods. But after WaMu's collapse the city liberalized its rules to allow more weddings and other nonbusiness events.

In a prepared statement, the new owners called the complex "a 14,000-square-foot conference facility and 110-room hotel." But Wright Hotels President Stuart Rolfe said he and his partners plan to operate the center generally as it has been operated since Chase took it over a year ago.

Cedarbrook's proximity to Seattle-Tacoma International Airport and the light-rail station that will open there later this year were major factors in the decision to buy, Rolfe said.

Chase acquired the property when it purchased WaMu's banking assets. It put the center up for sale in April.

Rolfe acknowledged he and his partners probably bought Cedarbrook for less than it cost WaMu to build. It has an assessed value of more than $25 million, according to county records.

Earlier this month Chase sold the building known until recently as the WaMu Center, Washington Mutual's former downtown Seattle headquarters, to Northwestern Mutual of Milwaukee for less than 40 percent of its assessed value. The high-rise will become the new global headquarters of Tacoma-based Russell Investments.

Washington Mutual Opens Leadership Center
at Cedarbrook; 18 Acres, 110 Rooms
http://www.hotel-online.com/News/PR2002_4th/Dec02_Cedarbrook.html

Is this the property?
Northwind's Maestro enterprise management suite to automate its 110-room Washington Mutual Leadership Center at Cedarbrook, owned by Seattle based Washington Mutual Inc. Cedarbrook is nestled within 18-acres of wooded and natural land offering extensive meeting space and wonderful guestrooms. With Sea-Tac International Airport only five minutes away, Cedarbrook is an exceptional conference and leadership center offering 30,000 square feet of meeting space. The warm architectural elements combined with the modern meeting and guest rooms create an environment that is focused on the guest experience. In addition to meeting, dining, and lodging accommodations, almost half of the Cedarbrook grounds are natural wetlands. Waterside walking paths and native wildlife add to Cedarbrook's inspirational ambience to create unforgettable events. Cedarbrook offers built-in T1 Internet connectivity, extensive in-house audiovisual services, its' own complete exercise room and an on-site culinary team to prepare custom menus and themed events.

I am glad you are able to think positive Spot :o)

This is kinda cool:
Managing Discovery of Electronic Information:
A Pocket Guide for Judges
http://www.fjc.gov/public/pdf.nsf/lookup/eldscpkt.pdf/$file/eldscpkt.pdf

JPM lied to regulators...
Probably been posted already.
http://webcache.googleusercontent.com/search?q=cache:1pflV9rz_w4J:brontecapital.blogspot.com/2009/05/jp-morgan-lied-to-regulators.html+washington+mutual+receivership+memo&cd=531&hl=en&ct=clnk&gl=us&source=www.google.com

Interesting...
http://www.fcic.gov/hearings/pdfs/2010-0921-William-Black.pdf
May be posted before?

JPMorgan Top Executives' Stock Payouts Jump 14%
http://finance.yahoo.com/news/JPMorgan-Top-Executives-Stock-bloomberg-4120734709.html?x=0&sec=topStories&pos=5&asset=&ccode=
JPMorgan Chase & Co., the second- largest U.S. bank by assets, boosted the stock awarded to Chief Executive Officer Jamie Dimon’s operating committee 14 percent last year as profit rose to a record.

Dimon’s top 15 executives collected more than $73 million in restricted shares, plus stock options, for their performance in 2010, according to Jan. 21 filings to the U.S. Securities and Exchange Commission. That compares with $64.2 million in stock awarded to the top 16 executives a year ago, filings at that time show.

The increases -- as some of Wall Street’s biggest firms cut compensation for investment bankers and traders -- demonstrate New York-based JPMorgan’s ability to reward top managers after navigating the credit crisis without a quarterly loss, said Frank Glassner, chief executive officer of Veritas Executive Compensation Consultants in San Francisco. It also reflects the industry’s shift to pay with “long-term incentives,” he said.

“JPMorgan has certainly outperformed its peer group of diversified financial institutions,” he said. “They were amongst the first of recovered financial institutions to break out” of federal support by repaying borrowings from the U.S. Treasury Department, he said.

Values for the committee’s stock grants are based on share prices on the award dates. The committee shrank this month when William Daley, 62, stepped down as Dimon’s head of corporate responsibility to replace Rahm Emanuel as the White House chief of staff. Daley received $1.7 million in restricted stock for 2009. He didn’t get a stock award for his performance in 2010, said Joseph Evangelisti, a company spokesman.

‘Big Shift’ in Pay

While JPMorgan’s board increased the number of restricted shares awarded to the committee by 5.1 percent to 1.67 million, it cut the number of options by 14 percent to 1.94 million, filings show. Options, which let an executive buy shares at a pre-set price, are a riskier form of compensation because they can lose all value if the stock falls too low.

Cool
can you post up a picture of the little fella?

WaMu eyes March bankruptcy exit -attorney
January 18, 2011 16:58 ET
Thomson Reuters News Washington Mutual Inc
WAMUQ
© Copyright 2011, Thomson Reuters
Page 1
* WaMu outlines changes for approval of bankruptcy plan
* WaMu plans to send releases to some creditors
* Shareholders want to probe insider-trading allegations
By Tom Hals
WILMINGTON, Del., Jan 18 (Reuters) - Washington Mutual Inc could be out of bankruptcy in March after reworking its
recently rejected plan of reorganization, the attorney overseeing the company's bankruptcy said on Tuesday.
"Our goal is to go effective in March," said Brian Rosen, an attorney from law firm Weil, Gotshal & Manges LLP representing
Washington Mutual.
Once the company's reorganization plan is approved and goes into effect, it will begin distributing more than $7 billion to
creditors. Those creditors range from hedge funds that hold the company's securities including Centerbridge Partners LP to
vendors such as phone companies and software providers.
Delaware Bankruptcy Judge Mary Walrath rejected Washington Mutual's plan of reorganization on Jan. 7. But at the same
time she did approve a legal settlement it had proposed, giving the company a major victory.
The company's settlement plan divided about $10 billion in disputed assets between Washington Mutual, the Federal
Deposit Insurance Corp and JPMorgan Chase & Co.
Seattle-based Washington Mutual has been in bankruptcy since September 2008 after its savings and loan was seized by
regulators in the biggest bank failure in U.S. history.
The seized bank was sold by the FDIC to JPMorgan for $1.88 billion, setting off 18 months of legal battles that were resolved
with the settlement plan.
Walrath rejected the reorganization in part because of various provisions that protected certain parties from being sued.
Washington Mutual filed a proposal on Tuesday to resolve Walrath's criticisms. Many proposed changes involved
amending the wording of the plan, but some proposals will be more time consuming, such as soliciting some creditors again
over the granting of releases from lawsuits.
"When we did the solicitation in the first instance it was about three weeks, so that's what we're looking at," said Rosen.
Washington Mutual would first need Walrath's approval before it could solicit creditors.
Shareholders, who will likely get very little from the company's reorganization plan that will pay nearly all creditors in full,
have been among the most vocal opponents of the company's effort to get out of bankruptcy.
The official committee of shareholders asked the court on Tuesday for permission to seek documents and take depositions
from a group of hedge funds which supported the company's reorganization plan.
The shareholders asked to investigate an allegation of insider trading made by an individual investor, Nate Thoma, during
the company's confirmation hearings. Thoma said that Owl Creek Asset Management LP, Appaloosa Management LP,
Centerbridge Partners LP and Aurelius Capital Management had used non-public information to trade Washington Mutual
securities.
An attorney for shareholders did not return a call for comment.

Sorry for your loss Rockie, I feel for you. Here is a poem for you. It helps me when I lose one of my dogs or cats.

Rainbow Bridge
Just this side of Heaven is a place called Rainbow Bridge. When an
animal dies that has been especially close to someone here, that pet
goes to Rainbow Bridge. There are meadows and hills for all of our
special friends so they can run and play together. There is plenty of
food, water and sunshine and our friends are warm and comfortable.

All the animals who had been ill and old are restored to health and
vigor; those who were hurt or maimed are made whole and strong
again, just as we remember them in our dreams of days and times
gone by. The animals are happy and content, except for one small
thing: they each miss someone very special, someone who was left
behind.

They all run and play together, but the day comes when one suddenly
stops and looks into the distance. His bright eyes are intent; his
eager body begins to quiver. Suddenly, he breaks from the group,
flying over the green grass, faster and faster. You have been
spotted, and when you and your special friend finally meet, you cling
together in joyous reunion, never to be parted again. The happy kisses
rain upon your face; your hands again caress the beloved head, and
you look once more into those trusting eyes, so long gone from your
life, but never absent from your heart.
Then you cross the Rainbow Bridge together...

"Author Unknown"

Here it is:
http://wmish.com/docs/DH/6499/dh_II-debtors_resp.pdf

Wamu sings the blues...
A humorus look,

The Chapter 11 plan for Washington Mutual Inc. (WaMu) took a page from Engelbert Humperdinck’s song book, with numerous third parties crooning Please Release Me, Let Me Go. On January 7, however, Judge Mary F. Walrath of the Delaware Bankruptcy Court denied confirmation of WaMu’s plan, demonstrating both Delaware’s long-standing view that third party releases should rarely be granted and a clear and laudable preference for the Psychedelic Furs’ No Release unless, like Buffalo Springfield, you Pay the Price.

WaMu filed for Chapter 11 bankruptcy protection in September 2008, Singin’ the Blueswith Eric Clapton as a result of the FDIC’s seizure of its primary subsidiary, Washington Mutual Bank. After a very contentious 2+ years reminiscent of Deep Purple’s The Battle Rages On, WaMu finally boarded Cat Stevens’ Peace Trainbased on the so-called Global Settlement with, among others, the FDIC and JPMorgan. However, while the three of them were In a Settlement Mood (Jens Winther), many others in the case were still dancing to Shakira’s Objection Tango. While the main focus of many of the objections was the Global Settlement, others including the United States Trustee were singing The Emotions’ It’s Not Fairwith respect to the broad releases granted to certain settling noteholders, WaMu’s directors and officers, the members of the Creditors’ Committee and various professionals.

Judge Walrath’s opinion on the plan was a Magnum Opus (Kansas) of 109 pages, including an exhaustive analysis of whether the proposed settlement could be hummed to the melody of Fats Waller’s Fair and Square. Finding that it could, the Court then turned to the releases. She belted out Kenny Chesney’s No Problemsin approving the releases granted to the FDIC and JPMorgan but cast NOFX’s Jaundiced Eye on most of the remaining releases, finding that they Fell Short(Alias) of the five-factor test articulated in an oldie but a goodie, In re Master Mortgage Inv. Fund, 168 B.R. 930, 937 (Bankr W.D. Mo. 1994), as applied in Delaware in In re Zenith Elecs. Corp., 241 B.R. 92 110 (Bankr. D. Del. 1999).

With respect to the Creditors’ Committee, the Court concluded that the Committee simply played Juicehead’s Nothing Unusual and could not demonstrate “that the Committee or its members have done anything other than fulfill their fiduciary duties.” And, as noted by The Kinks, Money Talksbut the Committee and its members “have not contributed cash or anything else of a tangible value to the Plan or to creditors nor provided an extraordinary service that would constitute a substantial contribution to the Plan or case.” Judge Walrath applied the same reasoning in rejecting the proposed releases for the noteholders who supported the Global Settlement, adding additionally that they had no fiduciary duties and “their only alleged contribution…was their participation in the settlement negotiations.”

WaMu’s directors, officers and professionals were Chopped (Justin Timberlake) with the Same Axe(John Scofield) for also having failed to provide any substantial contribution to the case, and the Committee’s professionals were hung with Etta James’ The Same Rope.

The FDIC’s seizure of Washington Mutual Bank comprised the largest savings and loan failure in history and, as noted above, the WaMu Chapter 11 plan was truly borne of several years of Goldenchild’s Blood Sweat & Tears. Nevertheless, even when presented with a Global Settlement that resolved billions of dollars in disputes and had almost all of WaMu’s creditors rapping along to Eric B. & Rakim’s Paid in Full, Judge Walrath was pitch perfect in singing Led Zeppelin’s The Song Remains the Same when it comes to third-party releases. If third parties want releases in Delaware, they need to be Hard Earned (Jet Black) with a substantial contribution. And that, as memorialized by Firehouse, is All She Wrote.

Bracewell & Giuliani LLP Evan D. Flaschen and Mark E. Dendinger

http://www.lexology.com/library/detail.aspx?g=43faa974-fd54-465a-b868-009d1adf1f5d

They are not getting any of my K's. I suspect that pretty much non of us "retailer's" are going to be selling in the immediate future...

Washington Mutual Inc Reorganizational Program Denied
January 9, 2011 By Ben Lacombe

http://www.planetinsane.com/washington-mutual-inc-reorganizational-program-denied/265629/

The reorganization plan of Washington Mutual Inc (PINK:WAMUQ) was denied by Judge Mary Walrath due to a number of issues including an extensive release from legal responsibility.

However, the settlement by Washington Mutual Inc, worth $10 billion, with a bank regulator and JPMorgan Chase (NYSE:JPM) was acceptable and just.

On the other hand, stockholders contended that settlement must be denied since it discontinued any possible legal claims against the Federal Deposit Insurance Corp and JP Morgan without anything to gain.

Washington Mutual Inc will have around $33 billion if the proceedings are continued and its assets were equitably assessed.

Under the reorganization plan, a good part of $7 billion, which Washington Mutual Inc will receive from tax refunds and cash, will be distributed to hedge funds while majority of the creditors will receive full payment.

Around $2.5 billion will be given to JPMorgan and $800 million to the FDIC

Majority of the court cases, which started after a Chapter 11 was filed by Washington Mutual Inc, will end with the settlement.

The legal team of Washington Mutual Inc accepted the decision sine the settlement was considered suitable.

Walrath also rejected the ownership claim of a number of hedge funds on securities worth billions, which JPMorgan also claimed.

The deal, which is the major component of the reorganization of Washington Mutual Inc, remained in place indicating that Washington Mutual Inc can promptly deal with the issues raised by the judge.

Most of the disapproval was directed at the release of liability of Washington Mutual Inc officials and some hedge funds which did not help in the settlement.

The board of Washington Mutual Inc should not be released from liability to the shareholders of the company.