Plan Revisions Leave WaMu Equity Holders Unsatisfied

Law360, New York (May 19, 2010, 1:03 PM EDT) -- Equity security holders in Washington Mutual Inc. are challenging the collapsed bank's disclosure statement despite recent revisions made in light of an agreement to settle several multibillion-dollar disputes, saying it continues to lack information necessary to understand the proposed “illusory” deal.

The official committee of equity security holders said in a filing Tuesday in the U.S. Bankruptcy Court for the District of Delaware that a “substantial amount of information" remains lacking from a revised disclosure statement filed Monday.

The latest version of the disclosure statement came...
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