PAGE ONE OF THE LTW PROSPECTUS - the reasons for the Anchor Litigation corresponds with the actions of WMI/JPM/FDIC against the LTW Holders.
" This document relates to the shares of our common stock to be issued if and
when the LTWs are exercised. The LTWs are securities that represent the right
to purchase, upon the occurrence of a trigger, shares of our common stock equal
in total value to 85% of the net after-tax proceeds, if any, from the lawsuit
we have brought against the United States government. The first step of the
trigger is our receipt of damages in this litigation.
We are pursuing a lawsuit against the government for breach of contract and
unlawful taking of property without compensation in contravention of the United
States Constitution. Our legal claim arose as a result of changes imposed by
the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to the
rules for computing the regulatory capital of thrift institutions such as our
subsidiary, The Dime Savings Bank of New York, FSB. "
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