Washington Mutual Preferred fka WAMPQ

[radiumsoup]

Revised disclosure statement: new release deadline 2/29/2011. Includes modified POR7 after DIME ruling.

(I'm sure this was posted on other boards, but I don't read the WAMUQ one any more due to the sheer volume of clutter, and the format of Y! just annoys me.)

http://www.kccllc.net/documents/0812229/0812229120109000000000015.pdf

Drop-dead deadline for *delivering* releases will be no earlier than 8 PM Eastern Time on Feb. 29 2012.
(See p. 136 of the PDF, and also footnote at p. 734 of the PDF [new disclosure statement])

February 29 is also currently the tentative "Effective Date", notably - see pp. 191 and 393 of the PDF.

Interestingly, and of specific note, starting on page 681 of the PDF, we see a projection of what the debtors assume will happen to WMMRC. Their plan is now, and probably always has been, to wind down the company and end operations in 2019, since no new insurance policies have been written since 2008 and they don't plan on writing any new policies. Perhaps this is part of the bait-and-switch where they project no new insurance business but then pick it back up again with a vengeance on Day 1. (Let's hope so.)

If that's true, now we know that this bankruptcy proceeding really was an attempt at the second theft of the company, pure and simple... let's hope that it is true, and the new owners (that's TPS still, for the most part, we're just along for the ride) decides to vote in a board with the desire for a real long-term business and not just to wind it down as it's laid out for us here.

EDIT: Sorry, clawmann, I didn't see you had essentially said the same thing about release deadline update while I was typing this up