Stockholders in bankrupt Washington Mutual Inc. (WMI) have won a bankruptcy court's approval to seek to require the company to hold a shareholders meeting.
A committee of shareholders last month sought a court order that the company should hold such a meeting, at which they hope to elect a new board of directors and chart a new course in the bankruptcy proceedings.
Parker Folse, an attorney in the Seattle office of Susman Godrey, which represents the shareholder committee, said his colleagues at the Delaware hearing said the bankruptcy judge made an oral ruling Wednesday and asked the dueling parties to agree on the wording of an order she can sign.
"I do anticipate that there will be shareholders that will be filing suit in state court in Washington very soon in an effort to require the company to hold an annual meeting," Folse said.
Folse said he believes such a lawsuit would have to be brought by individual shareholders, not the equity committee that is an official participant in the bankruptcy proceedings. There was "significant interest on the part of shareholders in being heard," he added.
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