WaMu's Chapter 11 One For The Record Books

Law360, New York (September 29, 2008, 12:00 AM EDT) -- A day after JPMorgan Chase & Co. paid $1.9 billion for Washington Mutual Bank in a government auction Thursday, Washington Mutual Inc., the former holding company of what had been the nation’s largest savings-and-loan, and its affiliate WMI Investment Corp. filed for voluntary Chapter 11 bankruptcy protection.

The petition filed Friday in the U.S. Bankruptcy Court for the District of Delaware cites approximately $33 billion in total assets and $8.2 billion in debts, including $5.2 billion in unsecured debt.

That would make the bankruptcy one of...
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