Washington Mutual Preferred fka WAMPQ

[marayatano]

"Trade K's for P's
I have been watching the disparity in price between K and P shares. Today I finally sold all my K’s and bought P’s. The math makes this a compelling trade. Over time I had accumulated 30,000 K’s. I sold them this AM for between .165 and .175 netting a little over $5000. I turned around and bought 1000 P’s at $4.95. So basically I made an exchange of K’s worth a face value of $750,000 for P’s with a face value of $1,000,000. This is a compelling reason to trade while there is this much disparity. "

http://messages.finance.yahoo.com/Stocks_(A_to_Z)/Stocks_W/threadview?m=te&bn=86316&tid=97685&mid=97761&tof=2&frt=1#97761

Check out the above thread. I am surprised someone came up with this since K's usually always have been trading at a premium in relation to the P's. I guess some are trading their K's for P's as a "Hold for End Game Purchase."