This is old news from 11/25. And I'm a little behind here.
Did the BK court accept the company's disposition procedures and has anyone heard if anyone has filed an objection yet? or is this now JPM's concern? Apparently there is a 5 day wait period counting from Dec, 16th to file an objection.
Sorry if this has already been beat to death here. [ok to delete if it has been covered]
WaMu to Sell Interests in 10 Venture Capital Funds
Washington Mutual Inc., the holding company whose thrift subsidiary was taken over by the Federal Deposit Insurance Corp. in September, intends to sell its interests in 10 venture capital funds that invested in technology and financial technology industries.
Because WaMu would likely not be in a position to satisfy cash calls made by the funds and thereby possibly suffer a loss of part of its investments, the bank holding company will be in U.S. Bankruptcy Court in Delaware on Dec. 16 for authority to sell the interests so long as no one objects.
WaMu already invested $27.8 million in the funds from commitments totaling $36.5 million.
If the bankruptcy court adopts the company’s disposition procedures, anyone who doesn’t like a sale WaMu proposes must file an objection within five days.
After the FDIC took over the savings-and-loan subsidiary, it was immediately given over to JPMorgan Chase & Co. The holding company sought Chapter 11 relief late the next day. The bank was the sixth-largest depository and credit-card issuer in the U.S. and the largest bank failure in the country’s history.
The case is Washington Mutual Inc., 08-12229, U.S. Bankruptcy Court, District of Delaware (Wilmington).
