The WaMu Lesson: Craft Your Releases Carefully
Law360 ( January 28, 2011, 1:04 PM EST) -- The U.S. Bankruptcy Court recently denied confirmation of a bankruptcy plan even though it found that the plan's global settlement was "fair and reasonable."[1] Why? Because the plan's releases were too broad and "unreasonable" for many of the constituents. The case provides a pointed lesson to creditors and debtors alike — pay attention to the releases; overdoing it may sink the whole ship....
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