WaMu Ch. 11 Plan Lets Nondebtors Off Easy: Ore. Agency

Law360, New York (February 3, 2012, 2:08 PM EST) -- The Oregon Department of Revenue on Thursday filed an objection in Delaware bankruptcy court to the confirmation of a Washington Mutual Inc. Chapter 11 plan, arguing that the plan improperly releases nondebtors.

The DOR, which is in a tax dispute with the debtor and JPMorgan Chase & Co. over its $27.3 million priority claim and $2.1 million unsecured nonpriority claim against WaMu, says the plan's release provisions unfairly let nondebtor WaMu affiliates off the hook and that it improperly allows the debtors to avoid paying interest...
To view the full article, register now.