Washington Mutual/glossary

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Glossary

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0-9 A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

0-9

3.1a
Sometimes erroneously used as a generic term for "asset list", referring to a missing provision in the FDIC Washington Mutual Purchase and Assumption Agreement surrounding the bank's seizure in 2008. The document was generated from a standard boilerplate template file, which had in it a placeholder for an asset list of items to be purchased when a bank is seized. In the case of Washington Mutual, the "whole bank" was to be sold, thus eliminating the need for a section 3.1a of the FDIC P&A document. In the FDIC's haste to complete the document quickly, the internal references to section 3.1a were not properly omitted, thus creating confusion where some internal references to an "asset list" were still present, even though no asset list was required due to the inclusion of text indicating the seizure and sale of the "whole bank" along with all assets and liabilities. Not to be confused with an asset list of a bankruptcy proceeding.

A

Appaloosa
Appaloosa Management LP. A hedge fund invested in certain debt instruments, and a primary player in the 2008 bankruptcy proceedings. [[1]]
Ard, Seth
Seth Ard is an attorney employed at Susman Godfrey LLP. Seth Ard represents the Official Committee of Equity Security Holders. [[2]]
asset list
In bankruptcy proceedings, the debtor (or trustee) is required to provide a full and complete accounting of assets to the court. Not to be confused with the FDIC's omitted "3.1a" in the P&A of the Washington Mutual bankruptcy case of 2008.
Aurelius
Aurelius Capital. A hedge fund invested in certain debt instruments, and a primary player in the 2008 bankruptcy proceedings. [[3]]

B

C

Califano, Tom
Tom Califano is an attorney with DLA Piper which represents the FDIC in it case against Washington Mutual Inc. Tom Califano has a broad ranging practice in all aspects of insolvency matters, including out-of-court workouts and Chapter 11 reorganizations and liquidations.. [[4]]
Centerbridge
Centerbridge Partners LP. A hedge fund invested in certain debt instruments, and a primary player in the 2008 bankruptcy proceedings. [[5]]

D

DLA Piper
Law firm representing the Federal Deposit Insurance Corporation.

E

F

FDIC
Federal Deposit Insurance Corporation. [[6]] The government agency responsible for insuring deposits and ensuring liquidity and solvency of U.S. Banks and deposit institutions. Comprised of two parts, FDIC-C and FDIC-R.
FDIC-C
When acting in its corporate capacity, FDIC is commonly referred to as FDIC-C to distinguish its actions from actions taken as FDIC-R during a bank seizure and sale. FDIC-C is responsible for collecting premiums from insured institutions and for paying insurance claims against deposits held in an insured institution that cannot return deposits ("failing" banks.)
FDIC-R
Refers to the FDIC when acting in its regulatory authority for seizing and auctioning the assets and liabilities of a failing bank. FDIC-R is responsible for seizures and sales of failing institutions.
Folse, Parker C. III
Parker C. Folse III is a partner with Susman Godfrey, L.L.P. in the firm's Seattle, Washington office, which he founded in 1995. He represents both plaintiffs and defendants in a wide variety of complex commercial litigation matters, including contract disputes, antitrust litigation, patent infringement cases, and audit malpractice suits. Mr. Folse has extensive trial experience in difficult, complex commercial cases. He is also regularly retained by clients for the purpose of negotiating settlement of substantial commercial disputes prior to the commencement of litigation.. Parker C. Folse III represents the Official Committee of Equity Security Holders. [[7]] On October 6, 2011, Parker C. Folse III was named as Best Lawyers' 2012 Lawyers of the Year. [[8]]

G

Global Settlement Agreement
On March 12, 2010, the debtors announced a Global Settlement Agreement (GSA) with JP Morgan Chase and the FDIC that ultimately left equity with nothing.[[9]] Judge Mary F. Walrath continues to opine that the GSA remains fair and reasonable in her September 13, 2011 opinion [10] and her January 7, 2011 opinion [11].

H

hedge funds
Specifically in relation to the bankruptcy proceedings of 2008, there are 4 major hedge funds commonly referred to as "settlement note holders". They are Owl Creek Asset Management LP, Appaloosa Management LP, Centerbridge Partners LP, and Aurelius
horsies / horsemen
Tongue-in-cheek reference to the 4 Horseman of the Apocalypse in the Book of Revelation in the Bible. Refers to the 4 hedge funds in the 2008 bankruptcy proceedings. See hedge funds
Hochberg, Joshua
Joshua Hochberg is a former top official in the Department of Justice criminal fraud unit. Hochberg was appointed to examine the bankruptcy of Washington Mutual. Hochberg was given discovery and subpoena powers to examine JPMC and the FDIC. However, Hochberg failed to use his discovery and subpoena powers. His report was ruled to be nothing but hearsay.

I

J

JMW
Acronym for "Judge Mary Walrath". See: Walrath, Judge Mary

K

L

M

March 12, 2010
March 12, 2010 is the infamous date when the debtors blindsided its equity holders by announcing a GSA with JP Morgan Chase and the FDIC. The GSA ultimately left equity with nothing. [[12]]
Mediation
On October 11, 2011, Judge Mary F. Walrath ordered an appointment of a mediator. Judge Mary F. Walrath appointed Judge Raymond T. Lyons to head the mediation process. [[13]]

N

O

Owl Creek
Owl Creek Asset Management LP. A hedge fund invested in certain debt instruments, and a primary player in the 2008 bankruptcy proceedings. (No public website, although the domain owlcreeklp.com is regsitered by a corporate brand management company which usually holds domains for clients. [[14]])

P

P&A
Purchase and Assumption Agreement. The FDIC document laying out the legal authority to seize and sell the assets and liabilities of Washington Mutual Bank. Full text available here: [[15]].
Project Fillmore
Washington Mutual Inc. sought to move $20 billion cash to WMB starting on September 30, 2008. Unfortunately, WMB and WMBfsb were seized on September 25, 2008. Project Fillmore is noted in a memo starting on page #45 [16]
Project West
Project West was a covert operation that was conceptualized, planned and then executed by JPMChase in order to systematically weaken and finally take over Washington Mutual Bank at a fire sale price. The plan was implemented and although it took a number of years, JPMChase was finally successful when Washington Mutual Bank and its subsidiary WMB FSB were ultimately seized on September 25, 2008 and then sold to JPMC overnight on September 26, 2008 for $1.88 Billion dollars. [17]

Q

R

Rosen, Brian
Brian Rosen is a partner in the Business Finance & Restructuring department of Weil, Gotshal & Manges LLP. Brian Rosen is one of the lead partners representing Washington Mutual Inc. [[18]]

S

Sargent, Edgar
Edgar Sargent represents plaintiffs and defendants in complex commercial cases in courts across the United States. Edgar Sargent has significant experience in antitrust, intellectual property, and accounting malpractice cases, as well as breach of contract and business tort claims.. Edgar Sargent represents the Official Committee of Equity Security Holders. [[19]]
settlement noteholders
Holders of certain debt instruments in the bankruptcy proceedings of 2008. See hedge funds.
Susman Godfrey
Law firm representing The Official Committee of Equity Security Holders.

T

THJMW
Acronym for "The Honorable Judge Mary Walrath". See: Walrath, Judge Mary
Thoma, Nate
Pro se objector who successfully lobbied for consideration of heresay evidence of insider trading against the 4 hedge funds in the 2008 bankruptcy case. [20]

U

V

W

Walrath, Judge Mary
The Honorable Judge Mary Walrath, presiding over Washington Mutual, Inc. bankruptcy case in Delaware, USA.
Weil, Gotshal & Manges
Law firm representing Washington Mutual Inc.

X

Y

Z

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