Creditors Fret As WaMu Evaluates Its Total Assets

Law360, New York (October 2, 2008, 12:00 AM EDT) -- To the chagrin of Washington Mutual Inc.’s creditors, uncertainty surrounds the actual value of the debtors’ assets, which a regulatory report revealed may be considerably less than the $33 billion cited in the Chapter 11 filing.

Between the undisclosed amount Washington Mutual has tied up in company stock that is all but worthless and the fate of some $5 billion deposited in accounts now in the possession of JPMorgan Chase & Co., the debtors assets, and the creditors’ recoveries, may be significantly less than previously reported,...
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