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WaMu Fails Again to Win Approval for Reorganization Plan

Bloomberg – Washington Mutual Inc. failed for the second time to win approval for its plan to pay creditors more than $7 billion as a bankruptcy judge sided with opponents, including shareholders.

U.S. Bankruptcy Judge Mary Walrath in Wilmington, Delaware, said in a decision yesterday that she was “concerned that the case will devolve into a litigation morass” and ordered the two sides into mediation.

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