Washington Mutual Preferred fka WAMPQ

[Chiron]

The last street article gave an interesting prediction of $100+ if anything goes beyond the 4.4 Billion SJ. We know that the NOL refund is coming which will easily push A>L. In my opinion that will be one event that really pushes the PQs to much higher territory.

In a nutshell, what will push us over $100 and possibly closer to 20 - 30% FV:

- Formation of the EC.

- SJ for WMI.

- The NOL refund.

These three events could easily happen before that March 2010 deadline, which is why I think the UST is moving now. If WMI gets awarded the 4.4 Billion, the NOLs, and we get an EC - Preferreds are all but gaurunteed to see some recovery. I really think it's just a few more months of this here until we see the bigger move.