The 114:1 conversion is an option that the preferred shareholder can exercise (according to the prospectus). Since we are in bankruptcy I don't think that is an option, but our value is defined in the prospectus as $1000 per share plus any divis that have been declared but not paid. There are no divis declared and unpaid so theoretically we would get $1000 per share and the common would split up whatever else gets sent to WMI in a settlement. Chances are better that the settlement will offer us maybe $300 per share and commons $.30 per share or so. All the talk on the common board of penalties and share settlements of $8, $12, $24, and $42 are big dreams, but little more than that inmy opinion. The preferreds are a much safer bet and I believe that based on today's prices will provide a much better return thatn the commons. This is, of course, just my opinion. I'm hoping that we get to see what the settlement offer may be in the next week, but I fully expect that to get delayed a few more times, with something actually getting put on the table just before the 18 month BK clock expires. Of course they could claim extraordinary circumstances that need more time and get the BK clock pushed out a few months. We shall see! I'm voting for us to get a $400+ per share offer next week!!!
BT
