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Washington Mutual May Exit Bankruptcy

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By Douglas A. McIntyre Published
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Washington Mutual may have reached a deal to exit bankruptcy. A fight between creditors and shareholders has held the process up.

Shareholders will drop claims against settlement noteholders.

“The Equity Committee and its advisors are pleased with the result and look forward to and support the swift confirmation of the plan,” said Michael Willingham, chairman of the Equity Committee appointed in the Chapter 11 proceedings.

Reuters reports that

The plan to settle the dispute will allow WaMu to distribute $7 billion to creditors.

“The proposed settlement agreement represents a positive step toward completing the Chapter 11 process,” WaMu said.

The mortgage bank has been in bankruptcy since the government seized its assets in 2008.

It appears that the process to claim assets from the firm, which was accused of mishandling mortgages may be over soon. WaMu is one of the last mortgage companies to finally settle all claims with the US government.

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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