WaMu bankruptcy update
The battlefield over Washington Mutual’s former holding company’s assets is getting hotter.
Shareholders have filed suit to demand an annual meeting in the hopes of ousting that board members so they can get their own on the board and better direct WaMu’s bankruptcy in the hopes of getting something out of it. As it stands, the assets left in WaMu aren’t enough to make WaMu’s creditors complete, so the shareholders would get nothing.
The creditors on the other hand are pushing the bankruptcy court to liquidate the company so they can get their money already.
Meanwhile, the creditors and shareholders are fighting each other over having an independent investigation of WaMu’s collapse.
Update 5/6/10: Shareholders lost their bid for an independent investigation.
WaMu failure | admin May 5, 2010
