Washington Mutual Preferred fka WAMPQ

[hahawin]

How do you interpret this news:
http://www.istockanalyst.com/article/viewiStockNews+articleid_2653820.html
In connection with the Exchange Event, WMI will effect an exchange (Conditional Exchange) of the Securities into depositary shares representing a like amount of preferred stock in WMI, as contemplated by the applicable documents governing the securities.

These preferred stocks I calculated the liqidation value will be more than $3B. Plus three publicly traded preferred stock liqidation as: Wahuq: 23M shares $1.15B; WampQ: 3M shares $1B; WamkQ:20M shares $500M. total three public preferred stock liquidation $2.65B with other preferred stock $3B. I think liquidation is around $5.65B value. Am I right?