WamuTruth: Washington Mutual Shareholder Voter Alert
Thursday 11/04/2010 2:10 PM ET - Pr Newswire
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Symbol Last %Chg
WAMUQ 0.063 -11.27%
As of 3:59 PM ET 11/4/10
Washington Mutual recently passed its Disclosure Statement and is currently soliciting votes on its plan of reorganization and "Global Settlement Agreement." It is extremely important that holders of the preferred stock (WAMPQ.PK & WAMKQ.PK) and PIERS (WAHUQ.PK) reject this plan as it severely undervalues a large number of the estate assets. Unfortunately, a large number of shareholders have either not received ballots regarding this plan or have received conflicting and confusing instructions on how they can register their vote and what the implications are. Since the majority of retail investors hold their stock with a broker (TD Ameritrade, Scottrade, Etrade, etc), they need to contact their broker immediately by phone regarding this to receive further instructions on how to vote and to receive their ballots to avoid being disenfranchised.
There are two main decisions to make on the voting ballot. One is whether to vote for the plan. It is our recommendation to not vote for the plan as the distributions for the plan are completely inadequate and will result in little to no recovery for the preferred stock. The second issue is whether to choose the opt out election. It is our recommendation that one does not opt out as by doing so you will be locked out of trading any shares you own of the company's stock. You should only choose this option if you are prepared to hire your own attorney to engage in a lawsuit.
Again, it is extremely important that you register your vote with the company to show your disagreement with this plan and the current management that has sat on the board without election for over two years. Voting ends on November 15th but we strongly recommend that you vote by November 10th as your broker may require additional documentation besides a phone call.
SOURCE WamuTruth.com
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