Betreff: WMI Shareholders’ Meeting Action Fund (WamuEquityRights.org)
Von:
Fellow Washington Mutual Shareholders,
During May and June, we contacted you about the Shareholders' Meeting Action Fund, which is a fund-raising drive to assist Mike Willingham and Esopus Creek with their legal expenses arising from their ongoing lawsuit to compel WMI to hold a shareholders’ meeting.
Update on the case
On June 21st, their lawsuit was transferred from Washington State to Delaware as an adversary proceeding in WMI’s bankruptcy case (Willingham et al. v. Washington Mutual, Inc., et al., Case No. 10-51297). As both this new adversary proceeding and the Equity Committee’s existing adversary proceeding fundamentally address the same issue -- compelling WMI to hold a long-overdue shareholders’ meeting -- the Equity Committee is now attempting to consolidate both adversary proceedings and is continuing to pursue its summary judgment motion in the bankruptcy court. However, these efforts have been delayed by discovery and deposition requests by WMI of Equity Committee members. In addition, the judge has postponed further action until September 7 while the newly-appointed Examiner conducts his investigation.
Update on the fund-raising drive
Although the consolidation and continued pursuit of the Equity Committee’s summary judgment motion might alleviate some of the future financial burden on Mike and Esopus Creek, as the Equity Committee’s expenses are supported by the WMI estate, these shareholders have already expended a substantial amount on legal fees. Unfortunately, the overall participation in our fund-raising drive was somewhat disappointing. We contacted over 3500 shareholders directly by email and an unknown number online, but only 171 shareholders made donations. Consequently, we managed to assist Mike and Esopus Creek with only 24% of the original set of legal bills that we were trying to cover (about $50K), and please note that they have incurred substantial expenses since we received that set of bills. We recently inquired as to the total expenses associated with this legal effort and a rough estimate to date is approximately $175K spent by Mike and Esopus Creek.
Please consider making a donation.
We would like to reiterate that Mike and Esopus Creek have been fighting a cause that could benefit us all, and we therefore encourage all WMI shareholders to assist them with their legal expenses by making a donation.
Please visit the following web page to read more about the the Shareholders’ Meeting Action Fund and to make a donation via PayPal:
Shareholders' Meeting Action Fund
www.wamuequityrights.org/shareholders-meeting-action-fund.htmlSincerely,
Dan Hoffman and Kevin Compton
P.S. - You can keep up to date on the latest developments in WMI's bankruptcy case by visiting our News and Updates page:
www.wamuequityrights.org/news-and-updates.htmlÜber Geld rede ich nicht , ich habe keins :-)