Deconstructing WaMu

Law360, New York (January 13, 2012, 4:11 PM EST) -- The recent — and unexpected — rejection by a U.S. Bankruptcy Court of the modified plan of reorganization of Washington Mutual Inc. (WaMu)[1] on the ground of a “colorable claim” of insider trading has raised questions about the standards of conduct for members of ad hoc creditors committees during corporate reorganizations.[2]

In WaMu, Judge Mary F. Walrath found that a committee of equity holders (the “Equity Committee”) stated a colorable claim that certain hedge fund noteholders participating in an ad hoc committee (the “Noteholders”) had engaged...
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