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February 18, 2012 in Business
In brief: WaMu wins approval for reorganization plan
WILMINGTON, Del. – After a long legal battle and more than three years in bankruptcy, Washington Mutual Inc. has won court approval of a reorganization plan.
A Delaware judge who had twice rejected reorganization plans filed by Washington Mutual approved the company’s latest plan Friday.
As with its earlier proposals, Washington Mutual’s plan is based on WMI, JPMorgan Chase and the Federal Deposit Insurance Corp. settling lawsuits they filed against one another after the collapse of Seattle-based Washington Mutual Bank and the sale of its assets to JPMorgan Chase & Co. for $1.9 billion. It was the largest bank failure in U.S. history.
The plan calls for some $7 billion to be distributed to creditors and includes significant recoveries for shareholders, who often are left with nothing in bankruptcy cases.
Gas, clothing push consumer prices up
WASHINGTON – Consumer prices rose modestly in January on higher costs for food, gas, rent and clothing.
But economists downplayed the increase, saying inflation will likely ease in the coming months as prices for raw materials level off.
Separately, a gauge of future economic activity rose in January for the fourth straight month, adding to evidence that the economy has strengthened in the new year.
The consumer price index increased 0.2 percent last month, after a flat reading in December, the Labor Department said Friday.
Excluding volatile food and energy, so-called “core” prices ticked up 0.2 percent. A big reason for the increase was that clothing prices jumped 0.9 percent.
Cabela’s says 4Q revenue was year’s best
Cabela’s total revenue rose 5 percent in the final quarter of 2011 as the holidays, hunting season and company strategies helped to make it the strongest quarter of the year.
Hot retail items during the quarter included guns, gun-related accessories and optics.
For the fourth quarter, the Sidney, Neb.-based outdoor gear retailer earned a profit of $69.8 million, or 99 cents a share, compared with a profit of $66.3 million, or 95 cents a share, in the same period of 2010.
Retail profitability also increased in the quarter, chief executive Tommy Millner said, the 11th consecutive quarter of such increases.
Cabela’s stock, which trades under the ticker symbol CAB, rose more than 13 percent to close at $32.31 a share.
Dish defends ad-canceling technology 
DickAdams on February 18 at 5:02 p.m.
The Spokesman-Review, as usual, did not cover the antics of Washington Mutual in the Lilac City. Stuff I called to the attention of Doug Floyd former editor, about records that could not be found causing their customer to loose money. It happened to me. I had a small checking account and the money evaporated. I met with a VP and brought with me, the last checking account statement they sent to me. The VP told me they had absolutely no records for checking accounts like mine. I then asked if the statement WM sent (showed him my copy) was just a piece of worthless paper. He said they were sorry, That`s it! Not enough money in my account to do anything about it. I do wonder though how many other customers lost money. And lest we forget, Chase used stimulus money to purchase whatever WM had left.