WaMu Shareholders Settle, Agree to Support $7 Billion PlanDecember 14, 2011 – In The News
In this article, Raymond T. Lyons is praised for his mediation efforts during the contentious battle between Washington Mutual Inc. and its shareholders and noteholders. While the full text can be found in the December 14, 2011 issue of Bloomberg News, a synopsis is noted below.
The battle was blocking a bankruptcy-exit plan valued at more than $7 billion. The agreement, mediated by Lyons, called for noteholders to contribute $75 million to the only unit of Washington Mutual that will exit bankruptcy as well as the loan entity $125 million.
“We had a very effective mediator,” said creditor attorney Edgar Sargent. “He helped both sides see the benefit of some creative ideas.”