Washington Mutual Preferred fka WAMPQ

[Superfly15]

I can...I can also envision a situation where everybody gets nothing but the H's. Do I think it will happen? No, but it is not out of the realm of possibility.

Why own commons in the first place when pref's need full pay first (per law)??? It seems like such an unnecessary risk to me. I have heard the story about E.C. owning only common as well, but the prestige they would gain by being victorious in this case outweighs any payment they would receive with a common payout.