Washington Mutual: Tendered contra-Cusip securities can be traded

By Caroline Salls

Pittsburgh, Feb. 22 - Washington Mutual, Inc. said securities that were tendered into contra-Cusip accounts established with the Depository Trust Co. have been released and returned to the target Cusip accounts and are available for trading by holders of the securities.

According to a company news release, these securities were tendered to contra-Cusip accounts for the purpose of identifying and freezing trading of the securities in connection with release and exchange elections made under Washington Mutual's proposed sixth amended joint plan of affiliated debtors.

As previously reported, the holders of the securities will have an opportunity to resubmit release and exchange elections in connection with the modified plan, and all previous elections shall be disregarded.

Holders of preferred shares classified as REIT series shares will not be able to resubmit release elections, so their previous elections remain valid and enforceable.

To the extent the REIT series shareholders grant releases, those shares will remain in the contra-Cusip account established with DTC.

Washington Mutual, a Seattle-based savings and loan holding company, filed for Chapter 11 bankruptcy on Sept. 26, 2008 in the U.S. Bankruptcy Court for the District of Delaware. Its Chapter 11 case number is 08-12229.

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