Wachovia Corp (Charlotte) (fka WAVAP)

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Here is something from Wachovia website:

What are Wachovia Dividend Equalization Preferred Shares, or DEPs?

These are preferred shares issued by Wachovia in connection with the September 1, 2001, merger between First Union and the former Wachovia to shareholders of the former Wachovia who elected to receive the DEPs rather than a one-time cash payment of $0.48 per share. This new class of preferred shares was intended to ensure that a holder received dividends equal to the difference between the last dividend paid by the former Wachovia (equivalent to 30 cents per share) and the common stock dividend declared by the combined company.

Dividend rights of the DEPs ceased following the fourth quarter of 2003 common stock dividend payment, when Wachovia’s total dividends paid to common stockholders for four consecutive quarters equaled at least $1.20 per common share.

Dividend Equalization Preferred Shares (DEPs) are not listed on a stock exchange. The DEPs CUSIP number is 929903 20 1.

Do my DEPs have any value now that the dividend rights have ceased?

After December 31, 2021, at Wachovia’s option and with 30 to 60 days prior notice, the DEPs may be redeemed for an amount equal to 1 cent per DEP, together with any accrued and unpaid dividends.

Additionally, in the event of a corporate liquidation, holders of DEPs would be entitled to receive, before any distribution is made to the holders of common stock or any other junior stock, but after any distribution to any class or series of preferred stock established by Wachovia’s board of directors after September 1, 2001, an amount equal to 1 cent per DEP, together with any accrued and unpaid dividends. The holders of DEPs will have no other right or claim to any of the remaining assets of Wachovia.

The DEPs have little or no economic value. As provided in the terms of the DEPs, following payment of Wachovia’s fourth quarter dividend in December 2003, holders of the DEPs are no longer entitled to receive future dividend payments. This is because Wachovia paid in excess of $1.20 per share in dividends in the aggregate over the preceding four quarters.

Contact your broker regarding the market value of your DEPs. The market value is likely to be affected by liquidity issues since very few, if any, brokers are making a market in the DEPs.