Washington Mutual's official committee of unsecured creditors filed with the U.S. Bankruptcy Court a brief in support of confirmation of the Company's Modified Sixth Amended Plan of Reorganization with respect to insider trading and equitable conduct issues. The brief asserts, "Creditors of the Debtors have waited nearly three years for any recovery on their billions of dollars of claims. The Debtors' Modified Plan addresses each and every concern raised by the opinion denying confirmation of the Debtors' Sixth Amended Plan. Nevertheless, the Equity Committee and certain other parties all of whom are parties or representatives of parties that are, unfortunately, unlikely to receive any recovery under the Modified Plan, are in the final phase of a last-ditch attempt to derail confirmation of the Modified Plan by any means possible. Such attempted means have included using a huge portion of the seven days of hearings on confirmation to attempt to adduce evidence of insider trading or improper conduct by the Settlement Noteholders. This brief is submitted for two purposes. First, to set forth the belief of the Creditors' Committee that the Modified Plan embodies an excellent resolution of this lengthy and difficult case, including the implementation of the Global Settlement Agreement, and should be confirmed and implemented as expeditiously as possible, irrespective of the allegations of the objecting parties. And, second, the Creditors' Committee has seen and heard nothing during seven days of confirmation hearings, reams of exhibits and hours of pre-hearing depositions to support any of the allegations of the objecting parties. To the contrary, the Creditors' Committee believes that the evidence exonerates the Settlement Noteholders and provides overwhelming support for confirmation of the Modified Plan."
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