News for 'WAMUQ' - (Shareholders of Washington Mutual Inc. Breath a Sigh of Relief)
PHOENIX, June 4, 2009 /PRNewswire via COMTEX/ -- For the last eight months, Washington Mutual Shareholders (WAHUQ, WAMPQ, WAMKQ, WAMUQ) have been hunched over their computers, trying to keep up with voluminous information about the Washington Mutual Inc.'s forced bankruptcy, when WAMU bank was seized and sold in what shareholders perceive to be a hostile takeover by JPMorgan Chase of the well capitalized WAMU bank.
The counterclaim filing in Federal Court in Washington D.C. on May 29, 2009 has shown their diligence is paying off. It appears more clearly now than ever they will recoup their phenomenal losses from the lawsuits filed regarding this case. Shareholders have seen the share price increase dramatically since the seizure of WAMU bank in September of 2008, when it dropped nearly to zero, and anticipate further upward movement due to the excellent attorney teams that are representing WMI. They are quite pleased with their attorney representation in this matter.
The 335 page filing in court by Elliott Greenleaf and Quinn Emanual Urquhart Oliver & Hedges, LLP is detailed and comprehensive, bringing up all the points shareholders have been discussing for months. A copy of the court counter claim filing is posted on www.wamustory.com. The prayer for relief which begins on page 132 has 18 specific counterclaims. They are demanding fair market value for the assets that were seized, restitution in an equal amount to JPM's unjust enrichment and multiple other significant monetary damages. Their demand for payment of patent and trademark infringement alone, are treble damages of $6 Billion. They have demanded a jury trial in this matter.
Shareholders have gathered at websites such as www.wamucoup.com (950 members) www.wamuequity.org (796 members) as well as yahoo and google financial sites, to share their "due diligence" with each other over the last eight months. Shareholders should register their shares at www.wamuequity.org to give more strength to their fight for an Equity Committee in this case. Shareholders feel an Equity Committee is their best protection.
Weil, Gotshal and Manges, under the leadership of Marcia Goldstein, have put together an excellent team of attorneys that read like a "who's who" list of the best and brightest firms in the country. Shareholders will continue to watch everything in this dramatic and complex case.
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