Excerpt:
But the real remaining asset is about $5 billion in tax breaks owed to the company. That means the hedge funds that snapped up WaMu debt will be able to buy companies under the corporate guise of WaMu and run them without significant taxes for a long time.
Shareholders agreed to a quick payout in exchange for the deal going through. J.P. Morgan also approved the sale. The only roadblock is the hedge-fund owners themselves: Appaloosa Management LP, Centerbridge Partners LP, Owl Creek Asset Management LP and Aurelius Capital Management LP.
An investigation is under way as to whether they used inside information about WaMu restructuring talks to benefit from debt trades.
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