WAHUQ--Trust Preferred Income Equity Redeemable SecuritiesSM
(PIERSSM) Units
Welcome to WAHUQ!
WaMu Central: www.wamu411.com (Complete Info, and Latest Developments)
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Stay Current on the Legal Filings!: www.kccllc.net/wamu
***Look who's buying, selling or holding*** great find airbus300 http://www.mffais.com/wm.html
Great Video on What Happened: revelationsmedia.com/
Investor Relations:
Joele, Frank, Wilkinson Brimmer Katcher: www.joelefrank.com/ 212 355-4449
Our Tax Litigators:
Miller & Chevalier: www.millerchevalier.com/firmprofile/letterfromchair/
Shearman & Sterling: www.shearman.com/
WASHINGTON MUTUAL CAPITAL TRUST 2001
SEC filings: http://edgar.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1143930&owner=include&count=40
Total Outstanding Shares/Units: 10,073,595
WAHUQ - These are Trust preferred shares/units, and are the very first to get paid due to restructuring/liquidation, even before preferred shares.
Original face value $50 with a warrant to purchase 1.2081 shares of common stock of Washington Mutual,inc. There are only 10,073,595 shares/units trading.
WAHUQ shares were not issued directly by WMI, they were issued by WM Capital Trust 2001, as junior unsecured creditors to WMI.
WAHUQ shareholders are subordinate bondholders for WMI.
Holders will get paid after senior unsecured debts, and before other preferred shares of WMI. If WMI doesn't have enough assets to pay off WAHUQ the full $50/share, then the other two preferred stocks will get paid nothing.
Many people don't know WAHUQ is trust preferred stock, that means it is subordinate unsecured debt to WMI.
WaMu Capital Trust 2001 was created in 2001 solely for WMI to generate its capital funds in the tax benifit way. WMI borrowed $503.7M from the company's trust, and the trust issued and sold 10.08M preferred shares at $50/share for that amount. WMI has to pay back this $503.7M debt to the trust, then the trust would distribute to shareholders.
* In the event, WaMu, Inc filed B.K pursuant to its Article SEC filing on page 58 of : http://www.secinfo.com/dRqWm.4fT99.c.htm#l04f WAHUQ, as a unsecured creditor, its unpaid interest during B.K period will be added to its face value of $50 and to be paid on the date of distribution. Interest will be about $2.75 per share yearly.
ARTICLE VIII
DISSOLUTION AND TERMINATION OF THE TRUST
(a) In the event of any voluntary or involuntary dissolution, liquidation, winding-up or termination of the Trust pursuant to Section 8.1(a)(i), 8.1(a)(ii), 8.1(a)(iii) or 8.1(a)(v) (each a "Liquidation"), the Trust shall be liquidated by the Administrative Trustees as expeditiously as the Administrative Trustees determine to be possible by distributing to the Holders, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, Debentures in an aggregate principal amount equal to the aggregate stated liquidation amount of, with an interest rate identical to the Distribution rate of, and accrued and unpaid interest equal to accumulated and unpaid Distributions on, such Securities in exchange for such Securities.
Comprehensive Google Chart/Site (very nice chart here): finance.google.com/finance
Historical Chart:
http://stockcharts.com/c-sc/sc?s=WAHUQ&p=D&yr=0&mn=2&dy=15&i=p28311920672&a=154694150&r=5881
Each unit consists of:
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- a preferred security issued by Washington Mutual Capital Trust 2001 (the "Trust"), having a stated liquidation amount of $50, representing an undivided beneficial interest in the assets of the Trust, which assets consist solely of subordinated debentures issued by Washington Mutual, Inc. each of which has a principal amount at maturity of $50, a stated maturity of July 1, 2041 and, at any time, an accreted value as described in this prospectus; and
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- a warrant to purchase at any time prior to the close of business on May 3, 2041, 1.2081 shares of common stock of Washington Mutual. The exercise price of each warrant on the initial date of issuance was $32.33 and will accrete on a daily basis as described in this prospectus to $50 on the expiration date.
Wish all of you be rich holding WahuQ ! 