Washington Mutual Preferred fka WAMPQ

[NASCOW]

Either way, it was true then, it appears true now: that Preferreds are paid in full first then commons...I hold all classes now just in case Obama comes in and flips the order of sequence..LOL

Zachary Prensky, managing director and founder of Little Bear Investments, says he bought both Washington Mutual trust preferred and preferred securities as a result of the filing, adding to a small position he established earlier this week. Prensky believes the 'WAMPQ' preferred issue, which he owns, is worth from $400-to-$600 per share, or possibly more than ten times where it was trading Thursday. Even under such a scenario, however, WaMu common shares would be worthless, as the 'WAMPQ' would not be paid in full until they reached $1,000.

http://www.thestreet.com/story/10654616/wamu-may-get-26b-tax-boost.html