I'm new to the preferred stock arena as well, but it is my understanding the WAHUQ would be paid first if liquidation or a buyout occurs. It is the "safest" bet as it is a preferred stock to the Trust of WMI. I think people are laying of WAHUQ because the pps doesn't appear to be going anywhere too fast, thereby reducing the ability to make any "quick money" off of it. I feel WAHUQ is undervalued, as are all of these stocks, as the liquidation value is $50. I think WAMKQ is attractive because the pps is low, volume is high, and with a liquidation value of $25, I think it is well worth the investment. WAMPQ is also undervalued as it is a 7.75% dividend, preferred convertible stock with a liquidation value of $1,000 or convertible to 114 shares of common stock. I don't think that liquidation is going to happen as WMI is in Ch 11 and not CH 7, however, although it is unlikely that preferreds will see full liquidation if a buyout occurs, there is no doubt that preferreds will get treated well, especially considering the current prices. I am a rookie investor, I try to share my thoughts as I believe that open communication is the key to everything. Buyer beware as always, especially with a pinky, but how often do you get the opportunity to pick up preferreds at such a low price with a realistic chance of making HUGE returns on your investment? I don't think opportunities like this come around too often, and given that this whole Washington Mutual situation seems to be so far out of the norm, I'm all in!!!
Best of luck to you no matter which stocks you decide to buy!!
