Washington Mutual Preferred fka WAMPQ

[utvolsfan13]

Posted this on the commons board but figured I might as well post it here too:

Regarding WAMPQ being convertible to commmons:

I believe that was only true before a "default" was triggered with the filing of CH 11 bankruptcy. Please correct me if I'm wrong.

From the WAMPQ prospectus:

In the event of bankruptcy, liquidation or winding up, our assets will be available to pay obligations on the Series R Preferred Stock (WAMPQ) only after all of our liabilities have been paid.

If an Event of Default shall have happened and be continuing, either the trustee thereunder or the holders of not less than 25% in principal amount of the outstanding debt securities of such series may declare the principal of all of the outstanding notes to be immediately due and payable.