Washington Mutual Preferred fka WAMPQ

[Chiron]

Correct, apparently she brought up rule 9019 with Rosen, effectively saying that there are other parties to consider here, namely the UST.

I can't see the UST signing off on this, when he was the guy who put the EC together in the first place. He would look like a complete idiot and hypocrite.

I've spent the past 20 hours reading, analyzing, drinking and some sleeping and I've come to the conclusion this was a ruse that enabled a few things:

1. A delay on SJ, and not dragging JPM/FDIC through the mud on that.

2. A chance for covering and for loading up. I mean the PQs at $8 was ridiculous manipulation. Once you crunch the numbers we are in the 10 - 20% range even with this tripe of a 'settlement'.

3. A chance for WMI, JPM, and FDIC to tell the world 'it's over', and when the real settlement comes out no one will notice.