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Tuesday, June 27, 2017 9:33:13 AM
I believe that "everyone" does not actually ~ Know What They Own ~ ... nor how valuable their "Released WMI" original holdings actually are'
... So, I have to take a moment to correct a few mis-interpretations' which always appear to lead to mis-representations' ...
The Following is DIRECT FROM the Original WMI Preferred Series Offering' ... Yes' the TPS Lost their case' ... THANKFULLY' ...
If the Office of Thrift Supervision (together with any successor regulator, the “OTS’) so directs following the occurrence of an Exchange Event as described herein, each Trust Security will be automatically exchanged for depositary shares representing a like amount of Washington Mutual, Inc.’ s (“WMI’) Series N Perpetual Non- cumulative Fixed-to-Floating Rate Preferred Stock.
If the OTS so directs following the occurrence of an Exchange Event, each Trust Security will be automatically exchanged (a “Conditional Exchange’) for a like amount of Fixed-to-Floating Rate Depositary Shares (the “Depositary Shares’) each representing 1/ 1000th of a share of WMI’s Series N Perpetual Non- cumulative Fixed-to-Floating Rate Preferred Stock, no par value and liquidation preference $1,000,000 per share (the “Series N WMI Preferred Stock’), as described below in this summary under “—The Offering —Conditional Exchange”. Upon a Conditional Exchange, the Trust I Securities, the Trust II Securities, the Trust Ill Securities and the WaMu Cayman Securities will also be automatically exchanged, but for depositary shares representing different series of WMI’s preferred stock, having substantially equivalent terms (with certain exceptions) as to dividends, liquidation preference and redemption preference as the Outstanding Company Preferred Securities owned by Trust I, Trust II, Trust III or WaMu Cayman, as applicable.
and, a correction to the earlier ... Mis-Understood, - Mis-Representation' ... I hope EVERYONE Released' ...
The Trust Securities will be issued only in book-entry form. Each individual purchaser or group of affiliated purchasers that acquires Trust Securities in the initial offering must acquire at least three Trust Securities having an aggregate liquidation preference of $300,000.
The Trust Securities will not be listed on any securities exchange or automated dealer quotation system.
The securities offered hereby are not insured or guaranteed by the U.S. Federal Deposit Insurance Corporation or any other insurer or government agency or instrumentality.
AZ
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