What will happen to the WaMu Theater at MSG?
Washington Mutual Inc. bondholders are likely to lose most of their money after the thrift was seized in the largest U.S. bank failure in history, according to CreditSights Inc.
WaMu was taken over after customers withdrew $16.7 billion from accounts since Sept. 16, leaving the Seattle-based bank “unsound,” the Office of Thrift Supervision said yesterday. New York-based JPMorgan Chase & Co. then bought WaMu’s branch network for $1.9 billion to become the biggest U.S. bank by deposits. JPMorgan won’t acquire WaMu’s liabilities, including claims by senior and subordinated debt holders, according to the Federal Deposit Insurance Corp. [Bloomberg]
Nick Cave plays the WaMu Theater on October 4th.