Nothing is set in stone that the preferreds must be paid in full-THAT is internal WAMU policy,essentially a contract between WAMU and buyers of preferred shares.In b/k,the judge can rule differently. That being said,I think 40% of face is a reasonable estimate of ultimate payout-forget the dividends,I think we will get screwed out of those. IMHO,the reasonable estimation for the pps is about $10.I may be wrong,and we get face value PLUS accrued dividends..bottom line,don't pull the trigger too early,but take profits on the way up. Cant wait for tomorrows open...
