WaMu, SAM, and JPMorganChase
Submitted by Tommer on October 1, 2009
In what seemed a cultural coup, Seattle Art Museum officials opened a glistening glass-and- metal-paneled, $86 million addition in January 2007, just months after completing an acclaimed sculpture park.
The arrangement with Washington Mutual Inc. even offered the museum space for future growth along with income to pay down the cost of the extension.
When Washington Mutual collapsed a year ago, the museum lost $5.8 million in annual rent that was supposed to go toward the $65 million debt it incurred on the project.