Washington Mutual Preferred fka WAMPQ

[steved_45]

People thinking the preferreds are going to take a haircut for the commons to get a couple bucks in case there's not enough for both classes are in denial.

For the K's and P's to get paid in full they need to see 3.5B. In the misleading scenario that has been fictitiously created through thousands of false and wishful thinking posters on the common board, the P's and K's would have to take a 1.8B hit to give the commons $1/share.

In other words, K's would go from 25 to 12 and P's would go from 1000 to 485.

Does anyone think that will happen?