I've known that the preferred stock of WaMPQ was mostly originally sold to and held by institutions. When Wamu banks seized and filed B.K, they dumped them, regardless of how much it will loss and what it was real value remained. You knows, when company said dump, then brokers dumped them for whatever price. That is why WampQ dropped from several hundreds to just a few pennies in just a few days. They don't care. then these institution later will claim for tax benifit for capital loss next year, same to WamU's NOL.
" we gain on their loss".
