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Washington Mutual (WMI) - Attachments/Exhibits to the Final Report of the Examiner (Part 1/10)

Washington Mutual (WMI) - Attachments/Exhibits to the Final Report of the Examiner (Part 1/10)

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Published by meischer
In re Washington Mutual, Inc., Case No. 08-12229 (MFW)
United States Bankruptcy Court, District of Delaware
FINAL REPORT OF THE EXAMINER
JOSHUA R. HOCHBERG
http://www.mckennalong.com/news-advisories-2411.html
In re Washington Mutual, Inc., Case No. 08-12229 (MFW)
United States Bankruptcy Court, District of Delaware
FINAL REPORT OF THE EXAMINER
JOSHUA R. HOCHBERG
http://www.mckennalong.com/news-advisories-2411.html

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Published by: meischer on Sep 26, 2011
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IN THE UNITED STATES BANKRUPTCY COURTFOR THE DISTRICT OF DELAWAREIn re: : Chapter 11:WASHINGTON MUTUAL, INC., et al. : Case No. 08-12229 (MFW):Debtors. : Jointly Administered ____________________________________:FINAL REPORT OF THE EXAMINER 
 JOSHUA R. HOCHBERG
Court Appointed Examiner 
HENRY F. SEWELL, JR.GREGORY S. BROWMARK S. LANGEWILLIAM L. FLOYDMcKENNA LONG & ALDRIDGE LLP303 Peachtree Street, NE, Suite 5300Atlanta, GA 30308-3265Telephone: (404) 527-4000Facsimile: (404) 527-4198PHILIP D. BARTZJASON M. SILVERMANKELLIE L. NEWTONMcKENNA LONG & ALDRIDGE LLP1900 K Street NWWashington, DC 20006-1108Telephone: (202) 496-7500Facsimile: (202) 496-7756J. KATE STICKLES (DE 2917)COLE, SCHOTZ, MEISEL,FORMAN & LEONARD, P.A.500 Delaware Avenue,Suite 1410Wilmington, Delaware 19801Telephone: (302) 652-3131Facsimile: (302) 652-3117
Counsel to Examiner 
 
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TABLE OF CONTENTS
 
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 -i-I. INTRODUCTION ............................................................................................................. 1II. APPROACH TO EXAMINATION .................................................................................. 1III. SUMMARY OF FINDINGS ............................................................................................. 4A. Conclusions as to Specific Issues .......................................................................... 41. Disputed Deposit at FSB ............................................................................ 52. Tax Refunds ............................................................................................... 53. Trust Preferred Securities .......................................................................... 64. BOLI/COLI ................................................................................................ 65. Avoidance Actions ..................................................................................... 66. Potential Claims Against JPMC................................................................. 77. Potential Claims Against the FDIC............................................................ 78. Solvency and Liquidity .............................................................................. 8B. Other Findings and Recommendations .................................................................. 8IV. PROCEDURAL HISTORY RELATED TO EXAMINER ............................................... 9A. Appointment of Examiner...................................................................................... 9B. Analysis of Prior Investigation ............................................................................ 12C. Cooperation .......................................................................................................... 14V. THE SETTLEMENT AGREEMENT ............................................................................. 16A. Key Terms of the Settlement Agreement ............................................................. 16B. Effects of Settlement ............................................................................................ 17C. Proposed Releases ................................................................................................ 19VI. EQUITY‟S CONCERNS ................................................................................................. 23A. WMB Should Not Have Been Seized .................................................................. 24B. The Settlement Is Unfair or Unjustified ............................................................... 25C. Inadequate Disclosure and Analysis of Other Assets .......................................... 25D. Challenges in Reaching Equity ............................................................................ 26E. Conclusion ........................................................................................................... 28VII. WASHINGTON MUTUAL‟S FINAL YEAR ................................................................ 30A. December 2007 Through March 2008: Capital Raise and “ProjectStanhope” ............................................................................................................. 30
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TABLE OF CONTENTS
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 -ii-B. March 2008: Efforts to Raise Capital or Find a Buyer ........................................ 321. Engagement of Goldman Sachs ............................................................... 322. Outreach to Potential Investors / Merger Partners ................................... 323. Confidentiality Agreements ..................................................................... 334. Due Diligence .......................................................................................... 345. Communication with Regulators ............................................................. 366. JPMC‟s Indication of Interest .................................................................. 377. Private Equity Offers / Indications of Interest ......................................... 398. Selection of TPG Capital Raise ............................................................... 41C. Summer 2008 ....................................................................................................... 42D. September 2008 ................................................................................................... 471. New Leadership for Washington Mutual ................................................. 472. Continued Regulatory Pressure................................................................ 483. The Liquidity Crisis Hits ......................................................................... 494. Rush to Sell the Bank ............................................................................... 515. Worsening Liquidity, Intense Regulatory Scrutiny ................................. 536. A Last-Ditch “Go-It-Alone” Plan ............................................................ 547. Notice of Seizure...................................................................................... 56VIII. SOLVENCY .................................................................................................................... 57A. Introduction and Summary .................................................................................. 57B. Scope of the Examiner‟s Investigation ................................................................ 58C. Solvency of WMI and WMB in 2008 .................................................................. 591. Introduction .............................................................................................. 592. Tests for Determining Solvency .............................................................. 603. Solvency Into Summer 2008 .................................................................... 614. Solvency After Summer of 2008 ............................................................. 62D. Liquidity ............................................................................................................... 641. Facts Developed in the Examination Regarding WMB‟s LiquidityCrisis ........................................................................................................ 642. Conclusions Regarding WMB‟s Liquidity .............................................. 74
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