WaMu Judge Lets Shareholders Retain Bankruptcy Role (Update1) It is INSANE if DEPOSITORS are given less priority than SHAREHOLDERS

It is INSANE if DEPOSITORS are given less priority than SHAREHOLDERS

See this Bloomberg report:

Jan. 29 (Bloomberg) — Shareholders of Washington Mutual Inc., the former parent of the biggest U.S. bank to fail, deserve their expanded role in the company’s bankruptcy case, a judge ruled.

U.S. Bankruptcy Judge Mary Walrath yesterday rejected a request from Washington Mutual’s lawyers to disband a court- sanctioned committee appointed to represent the interest of shareholders.

Shareholders “have a right to a place at the table,” Walrath said during a hearing in Wilmington, Delaware.

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