Some of you may get this twice....appologies.....Hans
Dear WaMu Equity Group Member.
As many of you are aware, we have begun the process of getting a
recognized Equity Committee
into the bankruptcy proceedings in Delaware, and we would like to
retain counsel.
We have formed an Ad Hoc committee to pursue that goal.
Having competent representation in the bankruptcy proceeding will
significantly affect the outcome for equity,
and without representation that serves equity we will receive
nothing.
Currently the focus is on paying off the creditors. There is no focus
on a recovery for us shareholders,
hence the need for an Equity Committee.
In order to succeed with our goal, we need to retain top legal
talent, since we will receive resistance from top legal talent.
We have been in contact with a well-respected law firm, but they
require a $50K retainer.
At this time, members have pledged $30K for legal representation.
Our group currently has 1,448 members, so a $50 pledge by the
majority of members could allow us to retain this top firm.
Please take a minute and go to WaMuEquity.org and update your pledge
amounts on the Share Registration page.
We are doing this to obtain a better idea of the funds that will be
available.
These funds will be used as a retainer and for the preparation of any
motions or other bankruptcy filings and
associated legal actions that may be required to establish an equity
committee.
If you haven't pledged anything yet, please see if you can pledge at
least something for YOUR cause. And if you
feel you can pledge more, please update your pledge.
Once an EC is formed and approved, the ongoing legal costs are borne
by the estate of WMI, just like the Creditor Committee.
Also, if an Equity Committee is appointed, there is a chance we will
be able to recover the costs of forming it,
i.e. the legal expenses that we incur to form the committee in the
first place. In such an event, your funds will be returned.
Please consider this pledge as a commitment on your part, and do not
pledge more than you are able to pay when called upon.
If you have forgotten your PIN, a link is available on the page to
request a reminder email.
Here is the link to the Shares Registration page:
http://WaMuEquity.org/shares-register-page.html Also, we will shortly be sending another EMail that will explain in
more detail what we are trying to accomplish, and why.
If you have questions, we have opened a topic 'Equity Committee' on
the WaMuEquity.org forum.
You can access this forum by opening an account at WaMuEquity.org, if
you haven't already.
To open an account, go to 'The Group' page. You may have to scroll
down to see the account creation section.
Meanwhile, feel free to Google 'Equity Committee'.
Thank you for your support,
WaMu Equity Ad Hoc Committee