Washington Mutual Preferred fka WAMPQ

[hestheman]

I've been thinking about something that was said at one of the past hearings. I believe it was Rosen that stated there was 7.5 billion dollars of preferreds to be paid plus interest or back dividends, that statement could be a preview of what is in the works. PQ's were a non cumulative stock and while it would be nice to receive back divis, it is not a neccessity or mandate(I'm positive Rosen knows this). What if Rosen offers up preferreds to be paid in full with back divis, but still offers commons nothing (or very little). When you think about it, it would be just like him to do so....set up preferreds against commons. I'm sure many preferred holders would be chomping at the bit for Susman to take the deal.