Washington Mutual Preferred fka WAMPQ

[HROLLER]

PJ Solomon & Mirant. You'll see they helped broker a deal that maximized the assets of Mirant, all the while staying out of the process until it was necessary. The following is a pdf from PJS.

http://www.pjsolomon.com/news/media/Mirant%20Taps%20Maxwells%20Smarts.pdf

Facts of Mirant:

Mirant listed $20.6 billion in assets and $11.4 billion in debt when it filed for Chapter 11 on July 14, 2003.

An initial valuation was forged by investment bank Blackstone Group LP.

During the course of the bankruptcy, Mirant, as well as its Creditors' Committees, tenaciously argued for a valuation for Mirant that provided no value for the common stockholders of the Company.

PJ Solomon was engaged in September 2003 as financial advisor to the Official Committee of Equity Security Holders to represent shareholders in the bankruptcy of Mirant.

In this capacity PJSC reviewed and analyzed the operations of Mirant to determine a valuation for the company and reviewed any strategic alternatives which might add value for the company.

After remaining virtually silent throughout the proceedings, PJSC offered its valuation in a court-ordered valuation hearing.

Mirant's contentious bankruptcy case was marked by a rare victory for shareholders after Judge Lynn forced Mirant to immediately ramp up its valuation by $450 million.

The valuation revision led to negotiations with shareholders and a second plan, allowing them to carve out a 3.75% recovery. The shareholders were due to be wiped out under the first plan before Lynn made his revision ruling after a record 27 days of valuation hearings.

Unsecured creditors will reap the 96.25% balance while the shareholders also receive half of the proceeds from pending litigation upon Mirant's exit.

In September 2005, a negotiated settlement was reached in which common shareholders retain a stake of about 14% in the reorganized common stock, as well as representation on the reorganized Mirant Board of Directors.

As a result of the settlement, Mirant’s stock price has risen over 250% since the beginning of the case, to an equity market value of approximately $550 million, a gain of over $400 million.

Mirant's bankruptcy exit plan received confirmation on Dec. 1, 2005, nearly 2.5 years after it filed for bankruptcy.