Washington Mutual Preferred fka WAMPQ

[climberprof]

I take the (a).

There are couple of post from Bopfun I posted here.
He was saying that this was a tactic to prevent the judge rule on SJ and give $4B to WMI directly. And with the tax refunds that would make A>L screwing up JPM/FDIC claims that WMI was solvent.

I do not what to believe in anymore but it looks like if the judge gave the $4B to WMI and all the tax refunds, then even we do not get a penny from FDIC/JPM then A > L.

Some people are really trying to screw the equity (including the prefs as well).

But what I do not understand is that WHY WMI wants to do this?!?!?

I guess WMI wants to go to business again with new commons.
(there were conflicting news though some was saying WMI will liquadate).

I hope that the EC lawyer is really good and that Salamon finance guy is very good.

I guess the pain will last couple more months.

I am still stuck in the commons and I will wait till end.
This could go in opposite direction on Friday if the judge just gave the $4b and tax returns to WMI.

I guess the only way and the only way to prevent the judge to give $4B to WMI was to present a settlement proposal to the court which includes the $4B that what WMI lawyer excatly did.

Before I really believed that how TPG and high share holders of WMI was all pissed off by the illegal take over of WMI and they really wasnt to take revenge from FDIC/JPM.

I guess they were just trying to cover their own but!

Best
Climber