WAMUQ...trade it only...this concerns me:
Are we to take the word of 2 anonymous sources????
This is the first i've see of this
The compromise would give existing shareholders some stock in reorganized WaMu, two people familiar with the proposal said. There would also be $25 million to fund a litigation trust to bring suits for benefit of shareholders.
In return, shareholders will drop claims that the creditors used inside information.
Creditors voted again on WaMu’s modified reorganization plan. Voting ended May 13. Since there is nothing formal about the newest settlement, it’s unclear whether votes must be taken once again.
The judge wrote a 109-page opinion in January explaining why she couldn’t confirm a prior version of the plan. For details on the revised plan, click here for the Feb. 14 Bloomberg bankruptcy report. For details on WaMu’s last-minute changes in the disclosure, click here for the March 21 Bloomberg bankruptcy report. For details on the opinion denying confirmation of the prior plan, click here for the Jan. 10 Bloomberg bankruptcy report.
The WaMu holding company filed under Chapter 11 in September 2008, one day after the bank subsidiary was taken over. The bank, once the sixth-largest depository and credit- card issuer in the U.S., was the largest bank failure in the country’s history. The holding company filed formal lists of assets and debt showing property with a total value of $4.49 billion against liabilities of $7.83 billion.
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