Washington Mutual Preferred fka WAMPQ

[kirby96]

Only the EC will vote on the POR on behalf of all shareholders. Preferreds do not vote.

That is factually incorrect. The plan of record that is ultimately accepted by the court needs only the acceptance of one impaired class.

What's going to happen here is after eons of negotiation, we will see a POR that gives preferreds 'something' (call it 20%). Preferreds will be happy, and the plan will receive the support that it requires: majority in number + support of one impaired class.