.. The debtors filed the Chapter 11 petitions that are now before this Court approximately 24 hours later. As you can imagine, there were numerous complications created by that situation, but an immediate one certainly for the holding company is that it and the bank shared premises, e-mail,computer systems, and employees. .. Washington Mutual, Inc. as WMI, just for clarity. The Board of Directors1of WMI is fully functioning, it’s engaged on the issues that are confronting the holding company, and they are pursuing, as evidenced by the filing of this Chapter 11 case, the protection of the assets that would be available for the creditors and other stakeholders of WMI.
Just as another note, we do not have a motion for debtor in possession financing because this debtor has adequate cash available to it to cover the cost of administration and to cover the cost of managing the assets and any continuing operations in the subsidiaries.
Professionals to assist in this regard, and we hope to identify that firm and make a motion shortly. And that will be of great assistance in terms of identifying and preserving the parent company assets. In terms of cooperation, as I mentioned, we are working with JPMorgan to resolve that. At least at the moment,6we are not getting the access to the information that we need, but we are hopeful that that will be resolved in the short8term. In the short term, in addition to resolving the access to information with JPMorgan and, I’ll get to in a few moments, the FDIC, we will be putting in place a team greater than what we have right now to manage the process of running the remaining businesses, at least until they can be sold, and managing the assets. That will likely be a combination of former WMI employees, as well as the professional firm that we will bring on board to assist.
GOLDSTEIN: Longer term, Your Honor, we put that16as a -- perhaps our key short-term issue. Longer term, we17would with the assistance of the appropriate team that I18referenced earlier, that we would determine a course of action for WMI’s numerous subsidiaries. There are approximately 100 subsidiaries of the debtors. A number of them are inactive,21some of them may have ongoing operations, and some of them may become additional debtors in these proceedings. Obviously we23want to propose a course of action that will maximize their24value, and particularly if there is a sale process, an...
ultimately propose a plan that would provide for distributions1to the various classes of creditors here. A little bit more on these nondebtor subs. Obviously because of the limitations on accessing information, we don’t have complete information about them but, again, we hope to get that. But most of them are vestiges of prior acquisitions, some of them are real estate development subsidiaries. Some may have real estate, or may have mortgage portfolios. These are not the so-called toxic mortgages that may have been heard about.
