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Depositions postponed in Washington Mutual securities case.

With a couple of hedge funds coming up very soon on answering questions regarding their part in alleged insider trading of Washington Mutual securities they were able to once again stall their depositions for a 3rd time. Needless to say this has caused many road blocks in the bankruptcy case that has already gone on for 2 years now. What is up for grabs is $7 billion in funds of Washington Mutual securities, a nice little chunk of change. The following funds, Appaloosa Management, Aurelius Capital Management, Centerbridge Partners and Owl Creek Asset Management, were suppose to have been deposed in March by the attorneys in regards to their trading practices. Bankruptcy Judge Mary Walrath allowed attorneys to look into alleged insider trading back in February when Nate Thoma who was an independent investor and had misgivings about the funds' ventures. But, it has been shown by court records, that there has been numerous holdups which has kept the depositions from proceeding. And one Appaloosa official that had been slated for a deposition won't happen. It has been determined that the deposition had been delayed once again for the third time. It is now slated for May 25 for the deposition. As you may recall the top man of Appaloosa is Dave Tepper, who was admired back in 2009 when his fund brought in $7 billion by allocating troubled stock from Bank of America. It should be noted that Tepper's fund, with a handful of other funds strongly deny they did anything illegal. On another note, Centerbridge deposition was delayed for a 3rd time as well, as is now slated for May 26. As for a head of Aurelius he had a deposition in a New York, while Owl Creek Asset Management is slated for a deposition today. We can only hope that justice is served and the financial community takes note that there is a price to pay if they practice is wrongdoings.

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