Bank United Corp. Litigation Contingent Payment Rights Trust Issues Certificates

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Bank United Corp. Litigation Contingent Payment Rights Trust Issues Certificates

    HOUSTON, Feb. 12 /PRNewswire/ -- The Bank United Corp. Litigation
Contingent Payment Rights Trust (Nasdaq: BNKUZ)  ("Litigation Trust")
announced today that it issued 38,919,884 contingent payment rights
certificates in connection with the merger of Bank United Corp.
(formerly Nasdaq: BNKU) with and into Washington Mutual, Inc. (NYSE: WM),
effective Friday, February 9, 2001.  BNKU shareholders are entitled to receive
1.3 WM shares for each BNKU share plus one contingent payment rights ("CPR")
certificate for each BNKU share for a total of 32,742,909 CPRs.  The remaining
CPRs will be held for the benefit BNKU option holders and holders of the Bank
United Corp. premium income equity securities (PIES).  Each CPR represents the
right to receive a portion of the assets of the Litigation Trust.  The
Litigation Trust expects the CPRs to begin trading on the Nasdaq National
Market tomorrow under the symbol "BNKUZ".  The CUSIP for the CPRs is 065416 11
7.
    Immediately prior to the merger, BNKU shareholders approved a corporate
reorganization in which the Litigation Trust was established to receive and
distribute the monetary proceeds of any final judgment or settlement of the
Bank United Corp., Bank United, and Hyperion Partners, L.P. lawsuit against
the federal government in which approximately $560 million in damages are
claimed.  The lawsuit is one of the so-called "Goodwill" lawsuits against the
federal government arising out of the 1989 passage of FIRREA.  The Litigation
Trust is entitled to receive 85% of any litigation proceeds, after adjustments
for expenses, interest, and taxes.
    Also as part of the reorganization and merger, Bank United, the Litigation
Trust, and Messrs. Jonathon K. Heffron (a former BNKU senior executive) and
Salvatore A. Ranieri (a former BNKU director) entered into agreements relating
to the management of the litigation and the Litigation Trust.  Washington
Mutual agreed to provide up to $10 million in funding to the Litigation Trust
and up to $13 million in the event that the litigation is pursued through
additional proceedings or appeals.
    Within ten business days, former BNKU shareholders will receive
transmittal materials from Washington Mutual's exchange agent.  These
materials will provide instructions on how former BNKU shareholders may
surrender old BNKU stock certificates in order to receive the WM securities
from Washington Mutual and the CPRs from the Litigation Trust.  Former BNKU
shareholders should not send their old BNKU stock certificates to WM or the
Litigation Trust and should not send the old certificates to the exchange
agent until they receive the transmittal materials.
    Additional information about the lawsuit, the Litigation Trust, and the
CPRs can be found in the Bank United Corp. Litigation Contingent Payment
Rights Trust prospectus filed with the SEC on January 9, 2001.

SOURCE Bank United Corp. Litigation Contingent Payment Rights
Trust

http://www.bankunited.com
CONTACT:
Johnathan K. Heffron, 713-543-6958, or
Salvatore A. Ranieri, 516-873-0055, both Litigation Trustees of
Bank United Corp. Litigation Contingent Payment Rights Trust