Washington Mutual Inc pfd K (fka WAMKQ)

[Prchr]

So, just to make sure I have got this right, from the CD sent in the new ballot packet:

ARTICLE XXIV
PROVISION FOR TREATMENT OF PREFERRED EQUITY INTERESTS (CLASS 20)
24.1 Treatment of Preferred Equity Interests: In the event that all Allowed
Claims and Postpetition Interest Claims in respect of Allowed Claims are paid in full (including
with respect to Allowed Subordinated Claims), the Liquidating Trust Interests shall be
redistributed, and holders of Preferred Equity Interests shall be entitled to receive their Pro Rata Share of Liquidating Trust Interests, to be shared on a pari passu basis with holders of the REIT Series.
24.2 Cancellation of Preferred Equity Interests: Notwithstanding the
provisions of Section 24.1 hereof, on the Effective Date, all Preferred Equity Interests shall be deemed extinguished and the certificates and all other documents representing such Equity Interests shall be deemed cancelled and of no force and effect.

So, Preferreds get paid ??? then cancelled? Haven't seen the second round discussed any thoughts? Of course, if approved.