Washington Mutual Preferred fka WAMPQ

[marayatano]

-- "It is anticipated that the reorganized WMI will undertake a rights offering pursuant to which certain creditors will receive a right to purchase newly issued shares of reorganized WMI common stock. The reorganized WMI will retain equity interests in WMI Investment Corp. and WM Mortgage Reinsurance Company."

http://www.marketwatch.com/story/wamu-amends-reorganization-plan-2010-05-22

WMI intends to expand in the reinsurance and/or investment business. They will have profit and have use of carry forwards and be shielded from future taxes.

Schedule B13 of the SOFA shows a list of stocks owned by WMI Investment.

1,000,000 shares of Wachovia
600,000 shares of MetLife
250,000 shares of Georgia Power
4,000,000 shares of Bank of America

They also have Visa shares (I don't remember the amount)

There are other assets, etc.

http://www.kccllc.net/documents/0812229/0812229081219000000000009.pdf

There is a balance sheet to take advantage of NOL/carry forwards.

Carry Forwards are an asset of the Estate can and will yield more than 1% to preferreds. As preferreds equity, we are entitled to its past, current and future benefits.

TARP is not a factor for WMI. If WMI received TARP, they would have been able to use the 5 year NOL carry back.

imo