WaMu Shareholder Deal Still Up In The Air, Atty Says

Law360, New York (June 8, 2011, 3:05 PM EDT) -- With a settlement with shareholders still in the works, Washington Mutual Inc. may fall back on its previously filed reorganization plan that lacks shareholder support, an attorney for the company said Wednesday at a hearing in Delaware.

Brian S. Rosen of Weil Gotshal & Manges LLP told the court that the company is still hammering out the details of the complex deal, which would give shareholders an ownership stake in the reinsurance business set to emerge from the bankruptcy.

“We think that a little bit longer...
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