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WASHINGTON MUTUAL INC Bankruptcy News, Issue No. 56

http://www.thefirstreporter.com/press-releases/...-bankruptcy-news-9/

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Mary Plan to Get J.P. Morgan to Pay More for WaMu

During the depths of the financial crisis in 2008, J.P. Morgan Chase snapped up the banking assets of failed Seattle thrift Washington Mutual for a bargain $1.88 billion.

Now one Washington Mutual shareholder says he has discovered a way the New York bank could pay more if regulators were to ask.

The Federal Deposit Insurance Corp. and J.P. Morgan, as it turns out, never completed a “final settlement” of the sale, even though the $1.88 billion was delivered to the FDIC after Washington Mutual’s Sept. 25, 2008, seizure. Legally, this means the deal isn’t yet done.

The most recent extension of a final settlement expires Aug. 30, 2010, according to a document obtained by shareholder Farokh Karani Lam via a Freedom of Information request. The original purchase and assumption agreement gave FDIC the right to extend the settlement “in its discretion.” The document obtained by Lam is an amendment to that original agreement.

Lam, among the shareholders who saw their shares plunge into the low single digits in the months before the seizure and had their remaining holdings virtually wiped out, said Washington Mutual’s assets could be revalued upward and FDIC could go back to J.P. Morgan to ask for a higher price. The FDIC, he said, kept the settlement option open “to protect themselves.” Lam said his Washington Mutual shares now trade in the pennies.

But an FDIC spokesman said extensions of purchase settlements are “quite common” and “have been the rule rather than the exception” on bank seizures and sales since 2007. Such extensions, he said, are often needed as regulators and the acquiring institution work out “administrative issues” such as options on leases, contracts or branch offices. The spokesman declined comment on the possibility of going back to J.P Morgan for a higher price.

J.P. Morgan declined comment.

A lawyer representing bank bondholders said she doesn’t expect the settlement extension to result in a request for a higher price for Washington Mutual’s banking assets, as much as her clients might want that to happen. Bondholders have been fighting with the FDIC, J.P. Morgan and Washington Mutual’s bankrupt parent company over the remaining assets that belonged to the parent when the thrift was seized. A potential settlement of those claims has not yet been approved by the court.

Washington Mutual was “sold too cheap,” said Renee Dailey, a partner with Bracewell & Giuliani LLP. But “I’m not sure an extension of the settlement date means FDIC is going after a larger purchase price. I don’t think they are planning to do that at all.”

“Our clients,” she added, “think that is unfortunate.”

http://blogs.wsj.com/deals/2010/08/18/...morgan-to-pay-more-for-wamu/

geht das nächste gezänke los...tragt eure streitereien bitte per bm aus...dieser ganze off-topic-kram heute geht mir allmählich auf den senkel...also reißt euch bitte am riemen oder bekriegt euch per bm...