WMI Flooded With Objections To Ch. 11 Plan

Law360, New York (May 16, 2011, 3:12 PM EDT) -- A slew of equity and debt holders, class action plaintiffs and a former executive objected to Washington Mutual Inc.'s reorganization plan in a Delaware court Friday, saying it could stymie their own lawsuits or decrease their payouts.

About 20 objections were filed Thursday, Friday and Monday to the proposed Chapter 11 reorganization plan for WMI by two groups of securities class action plaintiffs, institutional investors who hold $600 million in WMI debt, former WMI Chief Operating Officer Stephen J. Rotella and others. WMI filed for bankruptcy...
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