Bank United Corp. Litigation Contingent Payment Rights Trust Announces the Termination of the Trust and the Termination of the Registration of the Trust's Certificates With the Securities and Exchange Commission

The Bank United Corp. Litigation Contingent Payment Rights Trust (formerly NASDAQ: BNKUZ) ("Litigation Trust") was formed in connection with the February 9, 2001 merger of Bank United Corp. with and into Washington Mutual, Inc. The Litigation Trust issued contingent payment rights certificates ("Certificates") representing the right to receive a portion of the Litigation Trust's share of any net after-tax monetary proceeds from any final judgment or settlement of certain litigation ("Litigation") brought by Bank United Corp., Bank United, and Hyperion Partners L.P. ("Plaintiffs") against the federal government ("Defendant"). The issuance of the Certificates was registered with the Securities and Exchange Commission ("SEC") (SEC File No. 000-32301) and the Certificates were listed and traded on The NASDAQ Stock Market, Inc. ("NASDAQ") under the symbol "BNKUZ".

The Litigation Trust previously announced the following events: (i) the October 29, 2001 U.S. Court of Federal Claims ("Claims Court") decision in the Litigation awarding Plaintiffs $8,826,783 against the Defendant, (ii) the September 22, 2003 judgment of the U.S. Court of Appeals for the Federal Circuit (the "Appeals Court") reducing the Claims Court award to Plaintiffs from $8,826,783 to $4,884,283, (iii) the March 3, 2004 the Claims Court order taxing costs against the Defendant in favor of Plaintiffs in the amount of $141,847.73, and (iv) the October 4, 2004 order of the U. S. Supreme Court denying the Writ of Certiorari filed by Plaintiffs, seeking review of the Appeals Court decision.

The Litigation Trust also previously announced that (i) the amount of money it owed to Washington Mutual, Inc. for funding the Litigation exceeded the Litigation Trust's 85% share of the $4,884,283 Appeals Court judgment and the $141,847.73 Claims Court taxation 0f costs, (ii) the Supreme Court's order rendered the certificates worthless, and (iii) the Certificates would no longer be available for purchase and sale on the NASDAQ or any other public securities exchange.

On November 11, 2004, and pursuant to the terms of the Amended and Restated Declaration of Trust of the Litigation Trust ("Litigation Trust Declaration"), the Litigation Trustees notified the other Trustee of the Litigation Trust that the Litigation Trust would dissolve on or after December 12, 2004. Similar notice was delivered to the other Trustees of the Amended and Restated Declaration of Trust ("Payment Trust Declaration") of the Bank United Corp. Payment Rights Trust ("Payment Trust").

On December 16, 2004, and pursuant to the terms of the Litigation Trust Declaration and the Payment Trust Declaration, both the Litigation Trust and the Payment Trust filed certificates of cancellation with the State of Delaware.

On December 17, 2004, the Litigation Trust and Payment Trust ceased to exist upon the issuance by the State of Delaware of its certification of the filing of the certificates of cancellation.

Immediately upon termination of the Trusts on December 17, 2004, the Litigation Trust filed a Form 15 with the SEC, terminating the registration and reporting requirements of the Litigation Trust.

As a result of the termination of the Litigation Trust, the Certificates have been cancelled by operation of law. All Certificates, whether physically held or held in a brokerage account, have been cancelled. In addition, the Litigation Trust will no longer file any reports with the SEC nor make any public announcements regarding any matter relating to the Litigation Trust, the Litigation, or the Certificates.

The Litigation Trust will not provide Certificateholders with any further notice of the foregoing or any other events with respect to the termination of the Trusts, the cancellation of the Certificates, or the termination of the SEC registration.

The Litigation Trust (i) is treated as a grantor trust for federal income tax purposes, (ii) is required to file Form 1041, U.S. Income Tax Return for Estates and Trusts, and (iii) must provide the grantors (i.e., Certificateholders) with an information statement reporting their portion of the Litigation Trust's income/loss.

The Litigation Trustees will make arrangements for the filing of a Form 1041 for the period from January 1, 2004 to December 17, 2004. Certificateholders will receive a Grantor Tax Information Statement, which will report their share of the Litigation Trust's income or loss for such period. The Litigation Trust will provide the information on this statement to the Internal Revenue Service. In addition, because the Certificates became worthless by virtue of the Supreme Court's order in 2004, a Certificateholder that is a calendar-year taxpayer may be entitled to deduct as a loss in a 2004 tax return depending on such Certificateholder's adjusted tax basis in its Certificates.

The Litigation Trust urges Certificateholders to consult with their tax advisor if they have any questions concerning their tax situation.

Certificateholders will not receive any further communications from the Litigation Trust other than the Grantor Tax Information Statement referred to above.