Washington Mutual Preferred fka WAMPQ

[Lawrence 147]

Except for this The FDIC can not take and give away what does not belong to them. the holding company now belongs to equity, neither can the creditors. They can not give away what rightfully belongs to someone else to collect their debt. They screwed up by not taking a haircut themselves and getting greedy, trying to get some of their preferred shares paid. In doing so they gave up their status.
Actually it could have turned out better for us. But they did not hurt us as much as they could have or needed to, to have prevailed.
By giving equity anything, equity now is back in ownership of the company and will need to be included in any agreement..