Washington Mutual Preferred fka WAMPQ

[marayatano]

Steve,

This is were they are similar, I know, because I own GM senior notes.

GM is under BK, but the carry forwards are not included with the original GM. A new entity was formed and the carry forwards were transferred from the operating GM to the NEW(ly formed) GM with no business until the assets and operations from the OLD were transfered to the NEW GM.

This is were GM and WMI is similar:

WMI transfers it carry forwards to Washington Mutual Investments, Wamu Re-insurance, or whatever name they come up with (or use an exsisting shell).

GM and WMI are doing essentially the same thing, transfering the carry forwards for future utilization to off set future taxes for the benefit of the new entity.

I read that post (The GM article) when you originally posted it. IMO, you can't just blatantly substitute "GM" for "WMI" b/c GM was an actual operating entity before, during, and after BK. WMI has nothing during bk (and just before filing BK) b/c the FDIC stripped it all away.

I know I'm in the minority here so take my opinion for what it's worth to you.

imo