Nice pick-up!
If it goes down again I will pick up more as well.
It is a great SIGN that financial statements are coming out and let me tell you, it is a good sign for anyone who holds a Depositary Receipt, like WAMKQ, as that is what all of the following have been exchanged for. They weren't exchanged for K Series, but that is because they were not supposed to be. Special K is the "receipt" to be holding right now. It is so much better than the other preferreds.
It represents a portion of a $1,000,000 share, which is very, very sweet.
Washington Mutual is going to continue to operate, and when they do, these are the preferreds to be holding. They have so much more tradeability that WAMPQ, and it is my firm belief that NONE of the preferreds will be paid in full as there is no reason for WM to pay the preferreds anything more than dividends. It would not be to their advantage to simply pay full value to preferreds when they can continue to trade without alteration. WM is not liquidating nor has a change in ownership taken place (yet) so anyone who thinks that any of the assets will be used to pay preferreds is simply WRONG. The terms are the terms and WM doesn't have to and WON'T pay preferred holders anything except for dividends. WAMPQ is going to get converted into common shares, but WAMKQ can't. I FEEL GOOD!!!!!
On September 25, 2008, the Office of Thrift Supervision concluded that an “Exchange Event” had occurred with respect to the following securities (the “Securities”):
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Washington Mutual Preferred (Cayman) I Ltd. 7.25% Perpetual Non-cumulative Preferred Securities, Series A-1 (to be exchanged into depositary shares representing Series J Perpetual Non-Cumulative Fixed Rate Preferred Stock of Washington Mutual, Inc. (“WMI”));
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Washington Mutual Preferred (Cayman) I Ltd. 7.25% Perpetual Non-cumulative Preferred Securities, Series A-2 (to be exchanged into depositary shares representing Series J Perpetual Non-Cumulative Fixed Rate Preferred Stock of WMI);
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Washington Mutual Preferred Funding Trust I Fixed-to-Floating Rate Perpetual Non-cumulative Trust Securities (to be exchanged into depositary shares representing Series I Perpetual Non-Cumulative Fixed-to-Floating Rate Preferred Stock of WMI);
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Washington Mutual Preferred Funding Trust II Fixed-to-Floating Rate Perpetual Non-cumulative Trust Securities (to be exchanged into depositary shares representing Series L Perpetual Non-Cumulative Fixed Rate Preferred Stock of WMI);
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Washington Mutual Preferred Funding Trust III Fixed-to-Floating Rate Perpetual Non-cumulative Trust Securities (to be exchanged into depositary shares representing Series M Perpetual Non-Cumulative Fixed Rate Preferred Stock of WMI); and
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Washington Mutual Preferred Funding Trust IV Fixed-to-Floating Rate Perpetual Non-cumulative Trust Securities (to be exchanged into depositary shares representing Series N Perpetual Non-Cumulative Fixed-to-Floating Rate Preferred Stock of WMI).
