Washington Mutual Preferred fka WAMPQ

[BullNBear52]

I don't see where they have to approve since they were allowed in at the judge's discretion. Now that the parent has settled their suit they don't have much to say unless they file their own suit.

As far as the bond holders are concerned the parent will divy out the cash from the settlement.

They too can bring their own suit.

You need to pay attention to the totem pole. It's bond holders, preferred then common shareholders.

The SEC explains it all here.

http://www.sec.gov/investor/pubs/bankrupt.htm