Washington Mutual Preferred fka WAMPQ

[kirby96]

All these legal maneuvers will not net equity much. It will only come from a settled negotiations between the parties in which JPMC and the FDIC are somehow convinced to throw in a little bit of money to make this go away. The first sign of that will be a POR that includes just enough for preferred shares to get them to vote for the global deal and commons are toast. Watch how fast the preferred guys turn pro WMI/Weil when a few bucks are thrown their way.

This is right on. At the end of the day, the hope for preferreds is that more of the tax refund ends up in the WMI estate. If that happens, and it looks like Preferreds will see, say, a 20 cent or greater recovery, they will vote to accept so fast it will make your head spin. I count myself amongst those who would do exactly that.