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ABOUT THE SEIZURE OF WASHINGTON MUTUAL:
Washington Mutual, the giant lender that came to symbolize the excesses of the mortgage boom, was seized by OTC on September 26, 2008, in what is by far the largest bank failure in American history, then it got sold to New York - JPMorgan Chase for $1.9 billion dollars by the FDIC, which JPMorgan Chase acquired substantially all of the assets, all of the deposits, and certain liabilities of Washington Mutual Bank. After Washington Mutual Bank got seized by the FDIC, the parent holding company of Washington Mutual, Inc. filled for Chapter 11 Bankruptcy, which it's still alive today. The WAMU Shareholders got wiped out and was left with nothing, then they currently, are fighting what they consider the illegal seizure of Washington Mutual through such websites as - http://www.wamurape.org claiming that the OTS acted in an arbitrary and capricious manner and seized the bank for political reasons or for the benefit of JPMorgan Chase, which acquired a large network of branches at what they claim to be an unfairly low price. For clarification, the stock trading under the WM symbol on the NYSE (WMI, the holding company) has changed it's symbol to WAMUQ, and is now trading on the OTC Exchange (Pink Sheets) - http://www.google.com/finan.... Chief executive Alan H. Fishman was flying from New York to Seattle on the day the bank was closed, and eventually received a $7.5 million sign-on bonus and cash severance of $11.6 million (which he declined) after being CEO for 17 days. Washington Mutual, Inc also sue Federal Deposit Insurance Corp for well over $13 billion dollars on March 21, 2009 in connection with the loss of its banking operations, which was acquired by New York JPMorgan Chase & Co., then 6 days later JPMorgan Chase & Co sued the bankrupt holding company (Washington Mutual, Inc.) in an effort to preserve its purchase of the banking operations of what was once the largest US savings and loan. On June 6, 2009 a bankruptcy judge has given
Washington Mutual Inc. the green light to examine the records of
JPMorgan Chase & Co. for evidence supporting allegations that the bank
sabotaged WaMu before its spectacular 2008 collapse.
Washington Mutual, the giant lender that came to symbolize the excesses of the mortgage boom, was seized by OTC on September 26, 2008, in what is by far the largest bank failure in American history, then it got sold to New York - JPMorgan Chase for $1.9 billion dollars by the FDIC, which JPMorgan Chase acquired substantially all of the assets, all of the deposits, and certain liabilities of Washington Mutual Bank. After Washington Mutual Bank got seized by the FDIC, the parent holding company of Washington Mutual, Inc. filled for Chapter 11 Bankruptcy, which it's still alive today. The WAMU Shareholders got wiped out and was left with nothing, then they currently, are fighting what they consider the illegal seizure of Washington Mutual through such websites as - http://www.wamurape.org claiming that the OTS acted in an arbitrary and capricious manner and seized the bank for political reasons or for the benefit of JPMorgan Chase, which acquired a large network of branches at what they claim to be an unfairly low price. For clarification, the stock trading under the WM symbol on the NYSE (WMI, the holding company) has changed it's symbol to WAMUQ, and is now trading on the OTC Exchange (Pink Sheets) - http://www.google.com/finan.... Chief executive Alan H. Fishman was flying from New York to Seattle on the day the bank was closed, and eventually received a $7.5 million sign-on bonus and cash severance of $11.6 million (which he declined) after being CEO for 17 days. Washington Mutual, Inc also sue Federal Deposit Insurance Corp for well over $13 billion dollars on March 21, 2009 in connection with the loss of its banking operations, which was acquired by New York JPMorgan Chase & Co., then 6 days later JPMorgan Chase & Co sued the bankrupt holding company (Washington Mutual, Inc.) in an effort to preserve its purchase of the banking operations of what was once the largest US savings and loan. On June 6, 2009 a bankruptcy judge has given
Washington Mutual Inc. the green light to examine the records of
JPMorgan Chase & Co. for evidence supporting allegations that the bank
sabotaged WaMu before its spectacular 2008 collapse.
About Me:
ABOUT ME AND WAMU:
I love WAMU very much and it was always my favorite bank. I had been banking with them since May 2003. I never want to bank with Chase because they charge people too much , they are very greedy and the Washington Mutual Bank was sold to them for $1.9 billion dollars ilegally by the FDIC, so then i closed my WAMU/CHASE Checking Account on July 27th, 2009. When Washington Mutual Bank got sold to JPMorgan Chase, i started to get very upsect about that because it was a very good bank, they dont never charge people too much and they was a very nice people. I love WaMu very much because i dont never have no problem with them, i never had no problem with my checking account, including my WAMU Gold Debit Card, they let me open my another checking account on March 22, 2007 after they closed my checking account on Nov 27, 2006 for multiple overdrafts, i liked the way they operate uniqully, the over the phone Customer Support was always opens 24 hours and i like the Washington Mutual's bank Occasio branch designs, including their WaMu logo. I kept on getting very sad after Washington Mutual got seized on September 26, 2008, then i started to get a funny feeling that something is not right between them, the FDIC and JPMorgan Chase. So then i started to do alot of internet researching about what happend to Washington Mutual and why it got seized. I felt bad, sorry that Kerry Killinger got fired because he was a very good man and he worked very hard on WAMU, trying to avoid it from clapsing. I also participated with the WAMU Shareholders about the bankrupt - parent holding company of Washington Mutual, Inc. Only thing that we hope for is Washington Mutual, Inc. wins the Chapter 11 battle against JPM/FDIC and Washington Mutual will come back ! :-)
Hometown:
Franklin Square, NY
Country:
United States
Books:
Bible
press release
Dec. 12, 2011, 11:00 p.m. EST
Washington Mutual, Inc. Announces Settlement With Significant Creditors and Equity Committee
Files New Plan of Reorganization
SEATTLE, Dec. 12, 2011 /PRNewswire via COMTEX/ -- Washington Mutual, Inc. ("WMI" or the "Company") today announced that the Company and certain significant parties in the Company's chapter 11 proceedings (including the Official Committee of Equity Security Holders (the "Equity Committee")) have reached a comprehensive settlement of the disputes that the Company and the settling parties believe facilitates the filing of, and confirmation of, the Company's Plan (as defined below).
"The comprehensive settlement announced today represents a fair and reasonable recovery for the thousands of equity holders of the Company who have been following this case closely for three years
As more fully described in the Disclosure Statement, the Plan largely mirrors the Company's Modified Sixth Amended Joint Plan of Reorganization (the "Modified Sixth Plan") and is premised upon and incorporates the terms of the Second Amended and Restated Global Settlement Agreement (as amended, modified or supplemented from time to time, the "GSA") previously entered into by parties including the Company, JPMorgan Chase Bank, N.A., the Federal Deposit Insurance Corporation (both in its individual capacity and as receiver for Washington Mutual Bank, the "FDIC").
In addition, under the terms of the comprehensive settlement announced today, which remains subject to approval by the Bankruptcy Court, the parties have agreed to the following:
Upon the effective date of the Plan, reorganized WMI's assets will consist of its equity interests in WMI Investment Corp. and WM Mortgage Reinsurance Company, Inc. ("WMMRC").
The reorganized Company will be funded by a $75 million contribution from certain creditors.
In addition, subject to execution of definitive documentation, the parties generally referred to as the "Settlement Noteholders" have committed to provide exit financing in the form of a $125 million senior secured, multi-draw credit facility to fund working capital, general corporate purposes and eligible originations and acquisitions.
As in the Modified Sixth Plan, the Plan provides for the establishment of a liquidating trust (the "Liquidating Trust") for the benefit of holders of allowed claims against the Debtors. The Plan contemplates that the Liquidating Trust will be capitalized with an initial budget of between $50 and $60 million, a significant portion of which will be available to pursue litigation as described in the Plan.
WMI issued the following statement:
The proposed settlement agreement represents a positive step toward completing the Chapter 11 process. WMI has worked closely with all significant creditor groups and the Equity Committee to achieve a plan that will result in the distribution of over $7 billion to the estate's parties-in-interest upon confirmation and approval by the Bankruptcy Court. WMI believes that the value of the estate and recoveries for its creditors will be maximized by the implementation of the Plan.
Additional details regarding the settlement agreement are available at www.kccllc.net/wamu .
SOURCE Washington Mutual, Inc.
Copyright (C) 2011 PR Newswire. All rights reserved
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