DIMEQ is a litigation tracking warrant that used to have the symbol DIMEZ.
" In connection with Washington Mutual’s acquisition of Dime Bancorp, Inc., Washington Mutual assumed the obligations under Litigation Tracking Warrants that Dime had issued to holders of its common stock. As a result of Washington Mutual’s acquisition of Dime, the Litigation Tracking Warrants are now convertible into shares of Washington Mutual common stock upon receipt by Washington Mutual of any damages upon the final adjudication or settlement of Anchor Savings Bank FSB v. United States , litigation that Washington Mutual assumed upon the acquisition of Dime. Upon receipt by Washington Mutual of any final damages from this lawsuit, holders of Litigation Tracking Warrants will, in the aggregate, be entitled to receive shares of Washington Mutual common stock whose aggregate value will be based on the amount actually recovered in the lawsuit, if any, net of litigation costs and any taxes. "
Related to:
"WaMu Prevails in Anchor Savings Goodwill Litigation.
Publication: Business Wire
Date: Monday, March 17 2008
$382 Million Award to Benefit WaMu and Holders of DIMEZ Litigation Tracking Warrants
SEATTLE -- Washington Mutual, Inc. (WaMu) (NYSE:WM) today announced that on March 14, 2008, the United States Court of Federal Claims published its written decision in the case of Anchor Savings Bank,
FSB v. The United States of America, awarding Washington Mutual Bank $382 million for damages, and an additional amount for taxes that will be determined by the court.
The plaintiff alleged the government breached its agreement to allow regulatory goodwill to be considered in Anchor's regulatory capital calculation, thereby forcing the sale of assets in order to meet regulatory capital requirements. The government is expected to appeal the decision, a lengthy process that could delay, reduce or negate the award.
WaMu's rights in this litigation against the government arose from WaMu's acquisition of Dime Bancorp in January 2002. Dime had previously acquired Anchor Savings. Prior to the WaMu acquisition of Dime, Dime had created litigation tracking warrants ("LTWs") and had distributed them to its shareholders. The LTWs originally permitted the holders to receive common stock of Dime Bancorp at a price based on the adjusted amount actually recovered in the Anchor Savings case. Upon WaMu's acquisition of Dime Bancorp, the LTWs became exercisable for Washington Mutual common stock. Additional information on the litigation and the LTWs related to the litigation is included in the WaMu Current Report on Form 8-K dated March 12, 2003 filed with the Securities and Exchange Commission.
The LTWs trade on the NASDAQ Global Market under the symbol "DIMEZ." No shares may be acquired under the LTWs until the litigation, including all appeals, is finally concluded and the proceeds of any judgment against the government have been collected. WaMu expects to provide additional information about the effects of the judgment on the LTWs in a Form 8-K to be filed later this week."
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