Washington Mutual tells bankruptcy judge it’s working to get information to shareholders
By Randall Chase, APThursday, June 17, 2010
WaMu works to resolve issues with shareholders
WILMINGTON, Del. — A judge has delayed key hearings in Washington Mutual Inc.’s bankruptcy as the company tries to satisfy shareholders seeking information about its reorganization plan.
The judge in Delaware had earlier postponed consideration of the disclosure statement describing WaMu’s reorganization plan until Thursday. But attorneys asked her Thursday to postpone arguments until July 8.
The shareholders want information about a proposed settlement of lawsuits pitting WaMu, JPMorgan Chase & Co. and the Federal Deposit Insurance Corp. against each another. The FDIC seized Washington Mutual’s flagship bank in 2008 and sold its assets to JPMorgan for $1.9 billion.
The shareholders say they are negotiating with WaMu, but several serious issues remain unresolved.
