Shareholders of Washington Mutual Inc will have a voice in the company's bankruptcy after a judge refused on Thursday to disband their committee, which Washington Mutual said would complicate the case.
The U.S. Trustee, who plays an oversight role in bankruptcy, appointed the committee earlier this month after being petitioned by 3,500 shareholders. The company immediately asked the court to disband it.
The committee will be able to speak with a unified voice and hire professionals, who would be paid by the company.
Washington Mutual has said since it filed for bankruptcy in 2008 that it is hopelessly insolvent, and therefore there is no need for an official committees of shareholders.
A sex abuse case against Delaware's Catholic Diocese of Wilmington and a former priest will be delayed after the diocese filed for federal bankruptcy protection on the eve of trial.
The bankruptcy filing late Sunday delays a lawsuit that had been set to start Monday in Kent County Superior Court, the first of eight consecutive abuse trials scheduled in Delaware.
"This is a painful decision, one that I had hoped and prayed I would never have to make," the Rev. W. Francis Malooly, the bishop of the diocese, said in a statement on the diocese's Web site.
Wilmington is the seventh U.S. Catholic diocese to seek Chapter 11 bankruptcy protection since the church abuse scandal erupted seven years ago in the Archdiocese of Boston.
The Wilmington diocese covers Delaware and the Eastern Shore of Maryland and serves about 230,000 Catholics.
Thomas Neuberger, an attorney representing 88 alleged victims, described the bankruptcy filing as a "desperate effort to hide the truth from the public and conceal the thousands of pages of scandalous documents" from being made public in court.
How To Collect Your Chapter 7 Bankruptcy Tax Refund In New York State If you file a Chapter 7 bankruptcy in New York, you might be wondering how it will affect your tax refund. There are several factors that determine whether you can keep your refund, or whether you will lose it under the Chapter 7 filing: 1) If you're a homeowner, and have taken the... Mesa Airlines heads into bankruptcy court
Mesa Airlines filed for Chapter 11 banktrupcy protection Tuesday, hoping to shed planes it no longer needs.
Mesa's filing is part of broader problems the airline has been experiencing with its operations as demand for air travel fell over the last year because of the economic downturn.
Contract carriers such as Mesa have traditionally been able to maneuver through tough economic times because their revenue is guaranteed through deals with major airlines.
Regional jets are smaller than the planes that large airlines use on most of their routes. They are often used to bring travelers to hub airports, where they can connect with other flights.
During the recession, as big airlines cut seats, Mesa struggled. Mesa currently operates flights as Delta Connection, US Airways Express and United Express.
Flying as United Express, Mesa had about 1.5 percent of Denver International Airport's market share in October.