WaMu Fails to Win Votes Needed From Preferred Shareholders
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Preferred shareholders of Washington Mutual Inc., the former owner of the biggest U.S. bank to fail, voted against the company’s $7 billion reorganization proposal, jeopardizing a plan to pay common shareholders.
Preferred shareholders who hold about 38 percent, or $2.48 billion worth, of the equity voted against the plan, according to court records filed yesterday in Wilmington, Delaware.