Washington Mutual looks to claim $68 million of Ahmanson trust assets

By Jennifer Lanning Drey

Portland, Ore., May 15 - Washington Mutual, Inc. requested court approval for its Chapter 11 trustee to return to the company assets, income and proceeds held in nine trusts that were established when the company purchased H.F. Ahmanson & Co. in 1998, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

At Feb. 28, the value of the trusts was approximately $68 million.

The trusts were established by H.F. Ahmanson and related to deferred compensation and retirement plans, according to the filing.

Washington Mutual said under the trust agreements, the trusts were to be terminated when no participant is entitled to benefits under the plans.

Beneficiaries are no longer entitled to benefits when the settler of the trusts is insolvent for purposes of the agreements, which Washington Mutual said has occurred by virtue of its Chapter 11 case.

A hearing is scheduled for June 24.

Washington Mutual, a Seattle-based savings and loan holding company, filed for Chapter 11 bankruptcy on Sept. 26, 2008. Its Chapter 11 case number is 08-12229.

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