Reuters kann ja doch noch Artikel die PRO-Shareholder sind veröffentlichen!
Besonders gut gefällt mir der letzte Satz:
"Shareholders say they have been sold out twice: first by regulators who
seized WaMu and sold it to J.P. Morgan, then by former parent Washington Mutual,
which agreed to a bankruptcy settlement that leaves shareholders with nothing. "
Endlich wird da auch in der Presse mal ordentlich Druck gemacht.
22:09 27May10 -DJ Washington Mutual, Shareholders Spar Over Chapter 11 Timing
DJ Washington Mutual, Shareholders Spar Over Chapter 11 Timing
By Peg Brickley
Of DOW JONES DAILY BANKRUPTCY REVIEW
Washington Mutual Inc. (WAMUQ) is sparring with shareholders over timing as
the former parent of Washington Mutual Bank, or WaMu, starts a push it hopes will
end with a confirmed Chapter 11 plan.
Shareholders oppose the Chapter 11 plan, which settles legal questions about
WaMu's September 2008 seizure and sale to J.P. Morgan Chase & Co. (JPM) They say
they need time to get answers from the company and from J.P. Morgan.
Washington Mutual says 20 months in bankruptcy is long enough. It's time to
wrap up the final affairs of WaMu, which was the biggest banking collapse in U.S.
history.
This week, shareholder attorneys asked for court orders that would allow them
to probe J.P. Morgan and others connected to the deal as they prepare to
challenge it in court.
Former WaMu parent Washington Mutual called the requests for information
"extremely broad" and complained of delay tactics by shareholders and other foes
of the settlement that forms the core of the Chapter 11 plan.
The proposed settlement is set for preliminary review Thursday in the U.S.
Bankruptcy Court in Wilmington, Del.
Shareholders intend to use the hearing as a platform to get court help to
quiz J.P. Morgan about the acquisition of WaMu, and about the settlement that
gives WaMu's new owner its money back, and then some.
Washington Mutual is ignoring their requests for information, shareholders
attorneys said in a court filing, asking for help to speed answers out of the
company.
J.P. Morgan paid $1.9 billion for the battered thrift, which was stuffed with
toxic mortgages. Under the settlement, J.P. Morgan will collect more than $2
billion in tax refund cash, along with other assets.
Thursday, Washington Mutual offered a compromise that calls for it to name
the witnesses it will be presenting well in advance of an August confirmation
contest.
Washington Mutual also said it would gather relevant documents in a central
place for plan challengers to review.
Shareholders say they don't want raw data. They want the analysis litigators
performed to arrive at the conclusion that $20 billion worth of legal claims
should be settled for around $6 billion.
The settlement divides cash and other assets among Washington Mutual, J.P.
Morgan and the Federal Deposit Insurance Corp., which brokered the sale of WaMu.
It satisfies senior Washington Mutual creditors, but leaves little for creditors
of WaMu, and nothing for shareholders.
Shareholders say they have been sold out twice: first by regulators who
seized WaMu and sold it to J.P. Morgan, then by former parent Washington Mutual,
which agreed to a bankruptcy settlement that leaves shareholders with nothing.
(Dow Jones Daily Bankruptcy Review covers news about distressed companies and
those under bankruptcy protection.)
-By Peg Brickley, Dow Jones Daily Bankruptcy Review; 302-521-2266;
peg.brickley@dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most
important business and market news, analysis and commentary:
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(END) Dow Jones Newswires
Thursday, 27 May 2010 22:09:02DJN [nDJRR02A10] {C}ENDS