Washington Mutual Preferred fka WAMPQ

[kirby96]

Exactly. You can read absolutely nothing into the use of the word 'negligible' (either high or low). The important thing is that there is now essentially open acknowledgement that P's are in the money. While a donut is still possible, the worst case downside is looking increasingly unlikely. I'm usually a pessimist, but in the past few days feel much better. We are finally to the point where true negotiation must happen. At this price, we look pretty good. While I still think a mid-single digits is my base case, a triple or quadruple from here would not be out of question. That's a pretty decent upside/downside profile.