It is GREAT NEWS for INVESTORS!
jstsko is a moron.
By converting those securities into K shares, it helped out WM investors by showing that WM does not leave shareholders out to dry. The holders of those securities that were exchanged for K series preferreds, were compensated for their shares that underwent "an exchange event". When such an exhange happens, the shares that are issued were already registered and accounted for, and since they were issued K series, this indicates that the K series 'level" of securities is good to go.
Also, the following statement has no place in logical discussions.
"This means that whatever scraps are left over, they are divided equally"
No exchange event has taken place with regards to the Ks and the Ps, so
Again, anyone who thinks that any money is going to be split up between preferred shareholders is simply fooling themselves. We are not in ch 7 and no liquidation is taking/will take place. WAMKQ and wAMPQ holders will not be receiving any cash from WM except in the form of dividends when declared. Period.
I am always open for an argument so let's hear it.........
