Washington Mutual Preferred fka WAMPQ

[marayatano]

I couldn't read the whole thing while at work, however, this is the ticket for equity.

This is why I mentioned that Judge Mary did NOT rule on the FJR vs. Contract Rate Interest (which is important to us) and is going to use it as a Trump card if all parties (the four horsemen aka hedgies) could not come to some settlement.

This will be used to punish creditors (mainly the hedgies since they are the ones controlling the BK case) and if used, will automatically put equity (preferreds) in the money and in control.

A ruling in favor of FJR would force a cram down on creditors.

imo

The allegations of insider trading were aimed at a group of hedge funds that
helped negotiate the Chapter 11 plan: Appaloosa Management, Centerbridge
Partners, Owl Creek Asset Management and Aurelius Capital Management. Walrath
said the allegations were that they traded in Washington Mutual's securities
armed with information they received at the negotiating table.

If proven, the allegations could be grounds for revisiting the interest rate
Washington Mutual creditors are receiving, the judge said. That was a matter
she didn't decide Jan. 7, but one that could be revived.

The interest rate was a sore spot for shareholders during the confirmation
fight. Shareholder attorney Justin Nelson of Susman Godfrey contended
Washington Mutual agreed to pay creditors hundreds of millions of dollars more
interest than it was required to pay. That money, Nelson said, came out of the
pockets of shareholders.