Washington Mutual Preferred fka WAMPQ

[Chiron]

New Article: WaMu Preferreds a Target for Smart Money

http://www.thestreet.com/_yahoo/story/10649700/1/wamu-preferreds-a-target-for-smart-money.html?cm_ven=YAHOO&cm_cat=FREE&cm_ite=NA

Key points:

"Washington Mutual preferred shares are attracting attention from sophisticated investors, who see the potential for significant upside if legal wrangling breaks their way."

"Zachary Prensky, managing director and founder of Little Bear Investments, dialed in to listen to bankruptcy court proceedings regarding Washington Mutual Friday, and says he is eyeing an investment in the preferred shares."

"little Bear's Prensky believes the most widely-traded preferred issue, which trades under the ticker WAMPQ.PK, could be worth over $100 -- more than three times where it was quoted Friday afternoon."

"in order to get there, JPMorgan's got to be liable for something other than just [the disputed $4 billion in deposits] and that's not clear at all to me yet." (cough NOLS cough)

You can bet Little Bear isn't the only firm considering these.