Wamu WKN 893906 News !

I intercepted the big press release before David Fabor could get   it. So, here it is.

A decision has been made regarding litigation between   Washington Mutual, JP Morgan, and the FDIC. This litigation had been the result   of the seizure of the largest banking institution in America back in September,   2008. The FDIC has made the following determination based upon further review of   the events that led to and followed this seizure.

"Washington Mutual Bank   was seized due to the concern of liquidity issues as cash was continuing to be   drawn from the institution at an alarming rate. It was determined at that time,   the bank could become insolvent placing additional stress on an already weakened   financial system. Upon initial review of the financial condition of Washington   Mutual, it was determined that another bank would need to take control of its   operations so that it could continue to do business. In light of additional   information obtained over the last several months, we still stand by our   decision. However, at the time of seizure, the bank in question had some value   above what was originally estimated. Thus, we have decided to place a value on   the bank at 36 billion which is a discounted value to its net worth at time of   seizure. This amount was calculated looking at risk scenarios related to toxic   assets and economic conditions at the time."

The FDIC has reached   agreement with JP Morgan to pay, in cash, a total of $40 billion to Washington   Mutual, Inc. This includes both the $36 billion and the $4 in cash, including   interest, held in a cash account at JPM. Washington Mutual, Inc. agrees to use   these funds to pay all debtors, creditors, and both preferred and common   shareholders and will not seek further litigation. The FDIC will submit the $36   billion in advance and will receive return of payment by JPM upon the sale of 1   billion in common stock at $36.75 per share which will also cover related   expenses related to the sale of stock. JP Morgan will keep all tax carryforwards   originally held by Washington Mutual as part of the agreement.

Based upon   the above cash received by Washington Mutual, it is now believed that the common   shareholders will receive somewhere in the neighborhood of $17 per   share.

OK - this is not the real press release, but could it be   similar???