Washington Mutual Preferred fka WAMPQ

[steved_45]

Thanks ND9 for teaching English lessons. Sorry I don't have spell check and there's a software company called symantec. So when I say semantics I mean whether the P's see 950 or 1000 it's the same thing-at least to me.

Here's a math lesson proving my point about the "haircut theory":

For the pref's to give up enough to commons for the commons to see $1/share, the preferreds (P's and K's) would have to give up $1.9B. That's more than half of the value of the P's and K's (assuming that their combined face value is 3.5B).

So lets say there was enough money for P's and K's to get paid full face but not enough for commons to see anything, in order for the preferreds to take a haircut for the commons in a settlement the P's would go from 1000/share to 460/share just so commons could see $1/share.

1.9B/3.5B= 54% (less money for pref's) 1000 * (1-.54)= 460/share

Do people honestly think this would happen?