Articulo en Wall Street Journal
A lawyer for Washington Mutual Inc. told a federal judge that negotiations to settle a dispute over who owns about $4 billion claimed by both J.P. Morgan Chase & Co. and the parent company of the failed thrift have "accelerated over the past few days."
The comments came Thursday in U.S. Bankruptcy Court in Wilmington, Del., where the judge postponed a scheduled hearing on the dispute while the settlement talks continue.
"There seems to be some momentum," said Brian Rosen, a partner at law firm Weil, Gotshal & Manges LLP in New York, who represents Washington Mutual.
The Seattle holding company tumbled into bankruptcy in September 2008 when federal regulators seized Washington Mutual's banking operations and sold them to J.P. Morgan. Lawyers for Washington Mutual have said the $4 billion represented deposits made by the parent and should be used to repay creditors.
J.P. Morgan has argued that it owns the disputed $4 billion, which it views as a capital contribution to Washington Mutual's banking operations from its holding company. Federal Deposit Insurance Corp. officials have said the sale process worked properly. Lawyers for the FDIC and J.P. Morgan didn't speak in court Thursday.
Spokesmen for the agency and bank declined to comment.
The holding company's tumble into bankruptcy marked the first time during the credit crisis when bondholders were left unprotected by government regulators. Washington Mutual investors have been hoping that a settlement would bring payment soon on billions in debt left in the wake of the failure.
Washington Mutual and J.P. Morgan also are fighting for ownership of trust-preferred securities valued at $4 billion, federal tax refunds valued at $5.6 billion, a pension fund for thousands of employees and rights to the Washington Mutual name.
U.S. Bankruptcy Court Judge Mary Walrath is considering a separate request from Washington Mutual for a court order requiring J.P. Morgan to surrender the contents of Washington Mutual's bank accounts to the former parent company.
"There isn't any way out of this case without a global settlement," said Kevin Starke, an analyst with CRT Capital Group LLC who has been following the case.
—Dan Fitzpatrick contributed to this article.
PD: Para los que sepan entender. Yo tengo acciones Pre y Post Seizure y nunca vendi. Cambie mi posición de comunes a preferentes cuando estaban a $3.50 y siempre he acumulado. Actualmente estoy 70% P y 30% comunes por si suena la flauta llevar un poco de todo.
No creo y es mi opinión y siempre mi opinión que las acciones Pre vayan a valer más por mucho que le pese a quien le pese. El precio final de todas Pre o Post será el mismo, lo marcará la oferta el día que la haga JPM y la FDIC (si es que la hacen)
El EC defiende a los accionistas y NO HAY DISTINCION SI SON PRE O POST !!!!
Fdo: El comité de crecepelos :)
