Washington Mutual demanda a la FDIC por 17 billones US$ + daños

Quedo yo Ten Shin. Me voy a quedar por aquí a ver si existe la Justicia

ROBO Y LATROCINIO

Yo también estoy adentro aún, pues hay muchas cosas que no cierran. Desde ya el proceso que siguó la Juez... Que se yo... Pero luego de haber visto caer la acción casi un 90% en pocos minutos, una caída del 13% por una noticia, la verdad que no me inquieta en lo más mínimo. Saludos,

Yo tambien sigo hasta el final

La putada es que no esta concebido la prevaricacion de los ec y portanto elemtnos alternativos para defender nuestros derechos,esos cabrones haran de comparse en el por y ya esta y aun les tendremos que dar las gracias por tan encomiable trabajo, hijos de puta,la justicia suprema deberia estar por encima de los mamporreros de rosen,la juez teniedno todas las piezas de puzzle deberia verlo,sino es una funcionaria extrema o una prevaricadora,o simplemente no se quiere mojar el culo

This one does not confirm the FDIC is on board. My guess is they don't want anyone to know if they are on board until the hearing. What a joke.

By Peg Brickley
Of DOW JONES DAILY BANKRUPTCY REVIEW

Washington Mutual Inc. (WAMUQ) revised its Chapter 11 distribution scheme,offering bondholders of the thrift that it lost to regulatory seizure $150 million to drop claims they contend are worth billions of dollars.

There's still nothing for shareholders of the Seattle bank holding company in the revised Chapter 11 plan sketched out in filings Sunday and Monday with the U.S. Bankruptcy Court in Wilmington, Del.

The former parent of Washington Mutual Bank, or WaMu, landed in bankruptcy in September 2008 after regulators seized the thrift that was its main operating unit and sold it to J.P. Morgan Chase & Co. (JPM).

A Chapter 11 plan filed earlier this year was premised on a "proposed" settlement involving Washington Mutual, J.P. Morgan and the Federal Deposit Insurance Corp.

As recently as Thursday of last week, the FDIC balked at signing off on the settlement and spoke out against approval of Washington Mutual's Chapter 11 plan.

In the new filings, Washington Mutual dropped the word "proposed" from the description of the settlement in the Chapter 11 plan documents. However, there is no signature from the FDIC or anyone else on settlement papers filed with
the court.

Spokesmen for the FDIC and Washington Mutual could not say Monday that there is a settlement that has the support of the agency.

Washington Mutual's Chapter 11 proposal is scheduled for preliminary court review Wednesday.

As in its original plan, Washington Mutual Inc. promised payment in full to most creditors, thanks to settlements that will bring more than $6.6 billion into the bankruptcy coffers.

Most of the money, $4 billion, is cash already in Washington Mutual bank accounts at WaMu.

Another $2.3 billion to $2.6 billion will come from tax refunds, once the losses from WaMu's collapse are counted against past taxes paid.

Washington Mutual's Chapter 11 plan has met stiff opposition from shareholders and from bondholders whose debts track to the lost thrift, rather than to the parent company.

Shareholders say the failed bank-holding company is trading away valuable legal claims for just enough to cover its own debts, instead of fighting for enough money to take care of all those hurt in WaMu's collapse.

They have filed suit in the state of Washington in a bid to oust Washington Mutual's board of directors and pull the rug out from beneath the settlement and Chapter 11 plan.

Friday, Washington Mutual asked a state judge in Washington to put the shareholder uprising under the control of Judge Mary Walrath, who is overseeing the bankruptcy case.

WaMu bondholders blame the former parent company, Washington Mutual, for allowing WaMu to be swept up in the panic that beset the financial markets in the fall of 2008.

They also blame the FDIC for brokering a bargain-basement sale of WaMu. J.P. Morgan paid only $1.9 billion for a thrift that it had been trying to buy for much more only six months earlier. Like the original Chapter 11 plan, Washington Mutual's new plan would block most of the legal action that erupted in the wake of the WaMu sale.

For former parent Washington Mutual, the biggest threat is from WaMu bondholders who are pressing a claim for billions of dollars in damages. If it succeeds, the WaMu bondholder claim could put a serious dent in the recoveries
promised to creditors under the parent company's Chapter 11 plan.

The revised Chapter 11 plan provides for a payment of $150 million to the bondholders, "in complete and full satisfaction of their claims," even if they win. An attorney for WaMu bondholders could not immediately be reached for
comment Monday.

Terms of Washington Mutual's new Chapter 11 plan allow those unhappy with the settlement the right to "opt out" of the deal and take their chances in court against those they hold responsible for WaMu's failure.

However, Washington Mutual says it will try to persuade the bankruptcy court to force those who opt out to be bound to terms of the settlement, anyway. The company says the releases from liability the plan contains for J.P. Morgan, the
FDIC and others are an essential part of its Chapter 11 plan.

The revised settlement gives the FDIC up to $850 million from the tax refunds that are coming in, which could total as much as $5.8 billion.

The FDIC is serving as receiver for WaMu's creditors, charged with finding a way to cover more than $13 billion in debt the thrift left behind.

J.P. Morgan gets from $2.1 billion to $2.4 billion of the tax refund cash,under the settlement spelled out in Washington Mutual's Chapter 11 plan.

(Dow Jones Daily Bankruptcy Review covers news about distressed companies and those under bankruptcy protection.)

-By Peg Brickley, Dow Jones Daily Bankruptcy Review; 302-521-2266;
[email protected]

Yo también sigo con mis preferentes. De momento NO vendo.