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

Si que nos paguen ya, lo demás son tonterías.

¿Alguien se anima a actualizar?

http://es.wikipedia.org/wiki/Washington_Mutual#Compra_por_J.P._Morgan

Quizás dentro de poco tengamos que escribir algo "histórico".

Saludos!! GO WAMU!!!

Que empiece el show!

http://www.finmire.com/WMI/Contested_Property

Contested Property
Deposit Accounts

•WMI is asking that JPM turn over estate property consisting of approximately 4.036 billion in cash placed into demand deposit accounts at WMB and WMBfsb and is asking for damages due to the lost use of the funds.

•JPM assumed all deposit liabilities subject to the P&A agreement with the FDIC, but is arguing that 3.67 billion was actually a capital contribution; if the money does represent valid account liabilities, that JPM should maintain control of the money as a setoff for debts owed to WMB by WMI; and that if the money was a deposit at WMBfsb, then it was immediately loaned back to WMB.

•JPM continues to issue account statements to WMI and treats the money as an account on its books and with regulatory agencies. The transfer was consistent with internal policies for transferring funds and inconsistent with policies for performing a capital contribution.

•The largest account, containing 3.67 billion, was held at WMBfsb, which was never placed into receivership. WMBfsb was merged into JPM following the sale of WMB to JPM.

•JPM claiming 234 million as tax refunds paid by the IRS into the accounts on behalf of WMB.

•JPM deposed Doreen Logan, who handled the transfer in question from WMB to WMBfsb, and who reiterated in her deposition that the account is a demand deposit account holding WMI funds [DL Testimony].

•WMI filed for summary judgement on the turnover of the deposits on 5/19/09. Judge Walrath stated that she would rule on the motion as soon as possible during the 10/22/09 hearing on the matter [10/22 hearing].

-----------------------------------------------
Capital Contributions

•WMI is making fraudulent transfer claims for 6.5 billion in capital contributions made to WMB from December 2007 to September 2008 [WMIvFDIC].
•WMI is suggesting that the FDIC/OTS induced WMI "to make one or more of the Capital Contributions at a time when such agencies knew or should have known that appointment of FDIC as receiver for WMB was imminent." [WMIvFDIC]
Trust Preferred Securities

•Qualified investors were sold preferred securities in trusts that were indirectly tied to a portfolio of home equity loans, with an original value of approximately 4 billion, held by Washington Mutual Preferred Funding, LLC (WMPF), which was an indirect subsidiary of Washington Mutual Bank.

•The preferred securities had a conditional exchange clause if WMB became undercapitalized or was placed into receivership or the OTS anticipated future undercapitalization of WMB. WMI was to receive the preferred securities in exchange for newly issued preferred securities in WMI. The exchange became effective at 8:00 am on September 26, 2008 following the seizure of WMB.

•WMI allegedly assigned its ownership of the trust preferred securities to WMB on September 25, 2008. WMI is making fraudulent transfer and voidable preference arguments and disputing the validity of the transfer [WMIvFDIC].

-----------------------------------------------
Tax Refunds and Judgements

•The consolidated tax group was governed prior to the seizure by a 1999 tax sharing agreement [TSA].

•Trading restrictions were established on WMI securities in fall 2008 to protect the tax assets of the estate [BK 315].

•WMI originally estimated refunds of 2.6 - 3.0 billion, but this estimate has been increased to the range of 5.2 - 5.6 billion based on the Worker, Homeownership, and Business Assistance Act of 2009. [MOR]

•A percentage of the original estimated refund is being claimed by JPM as owed to WMB due to the tax sharing agreement; however, WMI is claiming ownership of the tax refunds to offset tax payments paid on behalf of WMB [WMIvFDIC].

•The 2.6 billon attributable to the WHBA Act of 2009 is expected in mid-February.

•As a recipient of TARP, JPM is ineligible to receive the 2.6 billion arising from the WHBA Act.

-----------------------------------------------
Intellectual Property

•WMI has asserted ownership of various trademarks, including WAMU.

•The bankruptcy court appears to support the ownership of the trademarks by WMI by stating "...WMI’s own president executed the Agreement that purported to bind WMI to the use of intellectual property of WMI." in reference to the use of the WAMU brand name in the naming agreement with Madison Square Garden [BK 1999].
VISA Shares

•WMI is claiming 5.4 million Class B Visa shares

•Class B shares are held by financial institutions that are members of VISA U.S.A. They can be transferred to another holder of Class B shares or converted to Class A shares on transfer subject to certain restrictions. [VISA]

Other [WMIvFDIC]

•WMI is making a claim for intercompany loans owed to WMI or a WMI subsidiary by WMB for approximately 177 million.

•Expenses incurred by WMI on behalf of WMB in the amount of approximately 22.5 million.

•WMI is claiming preferential transfers on behalf of WMB for approximately 152 million.

•WMI is claiming ownership of bank- and corporation-owned life insurance policies.
Basis for fraudulent conveyance and preferential transfer under the bankruptcy code

•Found in 11 USC 544, 547, and 548

----------------------------------------------
Fraudulent conveyance

•Two types of fraudulent conveyance exist, actual fraud and constructive fraud.

•Constructive fraud is based on the transfer of assets in exchange for “less than a reasonably equivalent value...” when the transferor was or became insolvent due to the transfer or retained “unreasonably small capital” following the transfer for its business transactions [11USC548]. The transfer can be involuntary and could have occurred within two years prior to the bankruptcy.

----------------------------------------------
Preferential transfer

•Allows property transferred to an insider up to one year prior to the filing to be recovered if the transferor was insolvent at the time of the transfer, the transfer was on behalf of a debt, and the transfer allowed the insider to receive more than would be received under a chapter 7 liquidation [11USC547].
Mechanisms do exist to protect the FDIC from situations involving fraudulent conveyances and preferential transfers.

•Contained within 12 U.S.C. § 1828(u), which was specifically crafted to prevent fraudulent conveyance and preferential transfer claims by bankruptcy trustees against the FDIC. [12USC1828,Imperial v FDIC]

•However, 12 USC 1828(u)(A) requires that the depository institution be subject to an order to increase capital. WMI was not directed to increase its capital. WMI was subject to a Memorandum of Understanding, which did not require WMI to raise funds, and the OTS has stated that WMI was well-capitalized up to the seizure [OTS Fact Sheet].

With the filing of WMI's Twenty-Second Omnibus (Non-Substantive) Objection to Claims, claims against the Debtors will decrease by ~$50 billion. This is due to the 22nd covering two of "The Eight" big claims because the those claims are amended or superseded and so will be expunged. See attached image for "The Eight".

See pdf 18:
http://www.kccllc.net/documents/0812229/0812229100202000000000033.pdf

The two claims are:
- #3515 for $39 billion
- #3744 for $9.8 billion (IRS, one of three sub-claims)

There will still remain one $39 billion claim (#3812) and an IRS claim for $4.7 billion (#3813), as well as four other much smaller (<$55M each) IRS claims, in "The Eight", which now become "The Six".

I find it very interesting that WMI has filed this 22nd Objection decreasing the known (liquidated) claims from about $105 billion to about $55 billion just five days after the hearing to disband the equity committee. I guess Rosen's argument was supposed to be more pursuasive when he could cite the "over $100 billion" figure in dissing equity's possibility for any recovery.

http://www.ghostofwamu.com/documents/09-01656/09-01656-0013.pdf

"The undersigned counsel further affirms that he anticipates such discussions to continue in the foreseeable future and that the outcome of such discussions could substantially further the goal of “just, speedy, and inexpensive determination” of the issues presented in the complaint."

This pushes it out to 03/19.

Quedate mejor con este parrafo...

"Finally, while Deutsche Bank alleges that the FDIC-Receiver is liable for a multi-billion dollar damages award as a result of the pre-failure breaches by Washington Mutual Bank,Deutsche Bank further alleges that another financial institution, not currently a party to the litigation, “has assumed the liabilities related to the Governing Agreements and the Trusts.”
Comp. ¶ 23. Thus, based on Deutsche Bank’s allegations, another entity which is not currently a party to this litigation ultimately will be liable if the complaint’s allegations are deemed to have merit"

Tiene toda la lógica puesto que hasta el 26 de marzo no se tiene que presentar el Plan de Reorganización.

Esto está a la vuelta de la esquina señores !!!!

http://www.portfolio.com/industry-news/banking-finance/2010/02/04/king-of-wall-street-jamie-dimon-leads-jp-morgan-to-new-heights/index.html