Monday, November 23, 2009 1:12:13 PM
WMB has received confirmation from the Office of Thrift Supervision (the “OTS”) that the Company Preferred Securities are eligible for treatment as core capital of WMB under the OTS’ applicable regulatory capital regulations and intends to treat the Company Preferred Securities accordingly.
If the OTS so directs following the occurrence of an Exchange Event (defined below), each WaMu Cayman Preferred Security and each Trust Security will be automatically exchanged for a like amount of depositary shares representing a 1/1000th of a share of specified classes of preferred stock (the “WMI Preferred Stock”) of WMI. “Exchange Event” means (a) WMB becoming “undercapitalized” under the OTS’ “prompt corrective action” regulations, (b) WMB being placed into conservatorship or receivership or (c) the OTS, in its sole discretion, directing such exchange in anticipation of WMB becoming “undercapitalized” in the near term or taking supervisory action that limits the payment of dividends, as applicable, by WMB, and in connection therewith, directs such exchange.
In connection with the closing of the transactions described above, on March 7, 2006, WMI entered into a Replacement Capital Covenant (the “Covenant”) whereby WMI agreed for the benefit of specified debtholders that it would not repurchase or redeem the WaMu Cayman Preferred Securities, the Trust Securities, the Company Preferred Securities or the WMI Preferred Stock (including any depositary shares representing WMI Preferred Stock) unless such repurchase or redemption is made from proceeds of certain qualifying securities issuances and on other terms and conditions described in the Covenant. A copy of the Covenant is attached hereto as Exhibit 99.1 and is incorporated herein by reference. "
http://www.secinfo.com/dsvR3.v1Zg.htm
"Washington Mutual (WM) Reports Q4 EPS of $1.10; Accelerated Buyback, Raises Dividend"
http://www.streetinsider.com/Dividends/Washington+Mutual+(WM)+Reports+Q4+EPS+of+$1.10%3B+Accelerated+Buyback,+Raises+Dividend/1503942.html
The "issue" is accounting-related ("issue" usually really means "issues" andit could open up other cans of worms as well).
Numbers don't lie, people do.
Recent COOP News
- Mr. Cooper Group Announces Senior Leadership Updates to Drive Digital-First Strategy and AI-Powered Home Loan Experience • Business Wire • 10/09/2024 01:00:00 PM
- Mr. Cooper Group Inc. to Discuss Third Quarter 2024 Financial Results on October 23, 2024 • Business Wire • 10/08/2024 09:10:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 10/02/2024 08:04:29 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 10/01/2024 08:32:21 PM
- ZenaTech, Inc. (NASDAQ: ZENA) To Commence Trading Today • InvestorsHub NewsWire • 10/01/2024 11:00:00 AM
- Mr. Cooper Group Inc. to Present at the Barclays Global Financial Services Conference • Business Wire • 09/03/2024 09:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/30/2024 08:17:46 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/01/2024 08:31:53 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/30/2024 08:09:25 PM
- Mr. Cooper Group Inc. Announces Pricing of Offering of $750 Million of Senior Notes • Business Wire • 07/29/2024 08:30:00 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 07/29/2024 08:24:31 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 07/26/2024 08:20:36 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/25/2024 11:00:12 AM
- FLAGSTAR BANK, N.A. ANNOUNCES SALE OF ITS MORTGAGE SERVICING BUSINESS • PR Newswire (US) • 07/25/2024 11:00:00 AM
- Mr. Cooper Group Reports Second Quarter 2024 Results and Announces Acquisition of Mortgage Operations From Flagstar • Business Wire • 07/25/2024 11:00:00 AM
- Mr. Cooper Group Inc. to Discuss Second Quarter 2024 Financial Results on July 25, 2024 • Business Wire • 07/11/2024 08:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/30/2024 08:07:34 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/24/2024 08:36:48 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/24/2024 08:33:25 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/24/2024 08:28:46 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/24/2024 08:26:19 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/24/2024 08:24:11 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/24/2024 08:22:07 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/24/2024 08:19:44 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/24/2024 08:17:44 PM
ZenaTech, Inc. (NASDAQ: ZENA) Launchs IQ Nano Drone for Commercial Indoor Use • HALO • Oct 10, 2024 8:09 AM
CBD Life Sciences Inc. (CBDL) Targets Alibaba as the Next Retail Giant for Wholesale Expansion of Top-Selling CBD Products • CBDL • Oct 10, 2024 8:00 AM
Foremost Lithium Announces Option Agreement with Denison on 10 Uranium Projects Spanning over 330,000 Acres in the Athabasca Basin, Saskatchewan • FAT • Oct 10, 2024 5:51 AM
Element79 Gold Corp. Reports Significant Progress in Community Relations and Development Efforts in Chachas, Peru • ELEM • Oct 9, 2024 10:30 AM
Unitronix Corp Launches Share Buyback Initiative • UTRX • Oct 9, 2024 9:10 AM
BASANITE INDUSTRIES, LLC RECEIVES U.S. PATENT FOR ITS BASAFLEX™ BASALT FIBER COMPOSITE REBAR AND METHOD OF MANUFACTURING • BASA • Oct 9, 2024 7:30 AM