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Washington Mutual shareholders seek examiner amid global settlement
By Caroline Salls
Pittsburgh, April 26 - Washington Mutual, Inc.'s official committee of equity security holders asked the U.S. Bankruptcy Court for the District of Delaware to order appointment of an examiner, according to a Monday court filing.
The committee said the company identified and asserted a variety of legal claims against JPMorgan Chase, the Federal Deposit Insurance Corp. and others that, if successful, would add billions of dollars of value to Washington Mutual's estate.
The shareholder group said the company has said it needs "an extensive array of additional information" from third parties to fully identify and assess the strength and worth of claims already asserted, as well as other potential claims.
However, the committee said the company has not obtained the information it said it needed, and it has recently proposed a plan of reorganization based on a global settlement, which is still being negotiated and would release known and unknown claims against JPMorgan, the FDIC and others without further investigation.
"While the debtors rush forward in an effort to finish and implement that settlement, additional information highly relevant to the collapse of WMI and the seizure and sale of Washington Mutual Bank continues to become available with each passing week," the committee said in the motion.
As a result, the committee said "now is the time for the kind of independent, disinterested, objective evaluation for which appointment of an examiner was designed."
The committee has requested a May 5 hearing.
Washington Mutual, a Seattle-based savings and loan holding company, filed for Chapter 11 bankruptcy on Sept. 26, 2008. Its Chapter 11 case number is 08-12229.
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