Re: Washington Mutual Senior Bondholders Announce That They Do Not Support the Proposed Settlement
First, Rosen said in court on 3/12 - "This agreement, your honor, is of course subject to many conditions. Of course, it would be, the WMI board of directors would have to approve this transaction, as would the JPM board as well as the FDIC board of directors. We hope, your honor, that this transaction will gain some traction with other parties in interest, specifically the creditors who have been very vocal in this chapter 11 case, and by that I mean the WMB bondholders.
And we hope, your honor, that the WMB bondholders come on board by the time that we file this with the court.
But if they don't, your honor, we are still prepared to go forward with this transaction provided that the claims of the WBM...WMB bondholders are disallowed in their entirety. If not, your honor, this transaction will not go forward."