Washington Mutual Preferred fka WAMPQ

[marayatano]

Court Decision:

The Equity Committee should continue to
have a role, albeit limited, after
confirmation to protect the interests of
shareholders. (p.107)

There should be some mechanism for
replacement of the Liquidating Trustee by
the beneficiaries of the Liquidating Trust.
(p.108)

Proposed Resolution:

The Plan and Liquidating Trust Agreement
will be amended to provide the Equity
Committee with the ability to designate
one (1) Person to serve on the Trust
Advisory Board (subject to the consent of
the Debtors, the Creditors’ Committee and
the Settlement Note Holders).

Pursuant to Section 8.2 of the form
Liquidating Trust Agreement that was filed
as part of the Plan Supplement on
November 29, 2010 (and as it currently
provides), the Liquidating Trustee may be
removed by a majority vote of the members of the Trust Advisory Board,
including but not limited to, for fraud or
willful misconduct in connection with the
affairs of the Liquidating Trust or for
breach of fiduciary duty.

http://www.kccllc.net/documents/0812229/0812229110117000000000007.pdf

imo