Washington Mutual Preferred fka WAMPQ

[kirby96]

I'm usually the pessimist here, but in my quick perusal of the revised POR, isn't this POSTIVE for P's?

Raising the WMI portion of the second tax refund from 40% to 68.5% ADDS 700 million to the estate (less 150MM from some other crap, but still).

How is this negative for P's? Clearly I'm missing something because for the first time in weeks I think these are once again UNDER valued.