By Troy Racki:

After spending 38 months adrift in the turbulent waters of bankruptcy court, the prospect of a new Washington Mutual (WAMUQ.PK) is now rapidly steaming “all ahead”. Confirmation of the company’s third plan of reorganization is set for February 16th and finally has the blessing of the company’s equity committee after months of mediation over insider trading charges against four hedge funds which hold positions in the company’s debt securities. The charges, considered “colorable” by the bankruptcy court, have been agreed to be dropped in exchange for a $75 million cash infusion into the reorganized company. The agreement also includes wide releases of any possible wrongdoing by multiple parties involved in the case, including JP Morgan (JPM) and the FDIC.

While the $75 million is not WaMu’s only asset, it is certainly the most easily valued. The new WaMu will also have at least $6 billion in net operating losses attributable

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