Washington Mutual Preferred fka WAMPQ

[etzetrade]

That is a good side. However, the bad side likees it happened on Cit. At the time, Cit's A>L, Cit first cancelled all commons. Later, pref. was worthless because pref. did not meet CVR. Cit then issued new stocks to get billion dollars from the markets. That is the whole purpose of reorganization rather than liquidation. Similar case was happened on GM.