I've been staring at this all weekend and I still can't figure out whether it's good news or bad news for WaMu Bank bondholders? When are we getting anything back? And will they completely obliterate subordinate bondholders? That is so premeditated it isn't even funny.
The $1.9 billion seems to be from the sale to JPM.
Remember that legally, there's a difference between Washington Mutual Inc. and Washington Mutual Bank bonds, so be careful about what you buy.
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