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David Tepper quotes:
[On Washington Mutual after it had filed for bankruptcy in September 2008] We had been following WaMu [Washington Mutual] very closely. We knew there was still about $4 billion in cash from TPG sitting at the holding company ? and it wasn?t going down to the bank. We also knew there would be a potential tax refund. We knew we would be rewarded if we?d just be patient.
After the bankruptcy filing, we became the largest creditor of WaMu ? we understood the capital structure and the details of the corporate structure, so we knew there were assets for a recovery? It was a really long and incredibly painful bankruptcy process.