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Wednesday, January 03, 2018 1:59:53 PM
Keys Dates Consolidated "get up to speed baby"
Excellent GAO review
Washington Mutual filed for bankruptcy to receive automatic stay
protection against the seizure or dissipation of the holding company's remaining assets. The holding company's representatives maintain that they did not know which assets were transferred to JPMC when the bank was sold because they did not have access to the purchase and
assumption agreement between FDIC and JPMC, so they wanted to maintain control over the remaining assets. The holding company's subsidiary WMI Investment Corp. also filed for Chapter 11 protection on September
26, and these cases were administratively consolidated into one case.
On May 29, 2009, Washington
Mutual, Inc. filed an answer and counterclaims to this adversary
proceeding asserting ownership of the disputed assets in the deposits
made to Washington Mutual Bank. Additional claims and counterclaims
were made during this period both in D.C. District Court and in the
Bankruptcy Court (District of Delaware).In the meantime, Washington
Mutual, Inc.; JPMC; and FDIC entered into discussions on a settlement to resolve the distribution of assets. [
Key date: Sept. 26, 2008;
Event or activity: Washington Mutual, Inc. files for bankruptcy
protection in the U.S. Bankruptcy Court in Delaware.
Key date: Oct. 3, 2008;
Event or activity: First day of bankruptcy court hearing.
Key date: Dec. 30, 2008;
Event or activity: Washington Mutual, Inc. files proof of claim with
FDIC related to the Washington Mutual Bank receivership.
Key date: Jan. 23, 2009.;
Event or activity: FDIC denies all of the debtors' claims.
Key date: Mar. 20, 2009;
Event or activity: Washington Mutual (debtor) files suit in the D.C.
District Court against FDIC regarding $4 billion in assets FDIC
transferred to JPMC.
Key date: Mar. 24, 2009;
Event or activity: JPMC files suit against Washington Mutual in U.S.
Bankruptcy Court in Delaware over disputed assets in an adversary
proceeding.
Key date: Nov. 6, 2009;
Event or activity: Enactment of the Worker Homeownership and Business
Assistance Act of 2009 permits businesses to use 2008 net operating
losses to receive refunds on taxes paid in prior years.[B]
Key date: Mar. 12, 2010;
Event or activity: Washington Mutual, FDIC, and JPMC announce that
they have reached a settlement regarding the disputed property and
claims (called the global settlement).
Key date: Apr. 12, 2010;
Event or activity: Parties displeased with the global settlement
(which included allocation of the tax refunds) file an adversary
proceeding in the U.S. Bankruptcy Court in Delaware.
Key date: May 21, 2010;
Event or activity: Washington Mutual, Inc. files amended plan of
reorganization and disclosure statement reflecting agreements reached
with FDIC and JPMC.
Key date: July 6, 2010;
Event or activity: Parties displeased with the global settlement file
a different adversary proceeding in the U.S. Bankruptcy Court in
Delaware (known as the Trust Preferred Securities adversary
proceeding).
Key date: July 28, 2010;
Event or activity: The U.S. Bankruptcy Court in Delaware approves the
U.S. Trustee's selection of an examiner to conduct an investigation
into the merits of the various claims of the estate, JPMC, and FDIC
which were being resolved by the global settlement. The examiner
completed his report on November 1, 2010.
Key date: Oct. 6, 2010;
Event or activity: Modification of global settlement plan.
Key date: Jan. 7, 2011;
Event or activity: Denial of summary motion April 12, 2009, adversary
proceeding.
Key date: Mar. 30, 2011;
Event or activity: Approval of disclosure statement and solicitation
procedures for revised plan.
Key date: July 13, 2011;
Event or activity: Scheduled date of confirmation hearing for plan.
Review regards,
B
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