Washington Mutual (WAMUQ.PK) shares surged past the 50 cent-mark on Monday for the first time since the failed thrift was seized by regulators in late September 2008.
Washington Mutual Inc. is currently in Chapter 11 bankruptcy. It has around $4 billion in cash which the FDIC did not seem to be aware of when the FDIC seized Washington Mutual’s banking divisions on Spetember 25, 2008. It also has other realized and potential assets, some of them substantial. Washington Mutual Inc. is employing the most experienced corporate bankruptcy firm in the nation, Weil, Gotshal & Manges.
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