7TRANSCRIPTS PLUS - 215-862-1115MS. GOLDSTEIN: Yes. Thank you very much, Judge. I1think, as everybody here knows, Washington Mutual, Inc., the holding company for Washington Mutual Bank and Washington Mutual Bank FSB had a major change -- or the former holding company for those banks had a major change of circumstances late last week that led to this Chapter 11 filing.6Up until last Thursday evening, the company’s most important asset was its ownership interest in Washington Mutual Bank, which was the largest thrift in the United States. On Thursday evening, the Office of Thrift Supervision appointed the FDIC as receiver for the bank. And immediately, the FDIC sold the bank to JPMorgan Chase. 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.We initiated the filing as quickly as we did,frankly, because with FDIC and JPMorgan on the premises, the Board determined that the protection of Chapter 11 was important to protecting the remaining assets of the holding company.
On the voluntary petition filed late Friday, the company listed assets of $32.9 billion, and debts of $8.2 billion,
So IMHO 24 Billion plus interest Plus any damages or final payment form FDIC is a good baseline for JUST WMI.
Baseline regards,
B
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