Washington Mutual Preferred fka WAMPQ

[hestheman]

Well, the commons have near 2 billion shares outstanding....I would not like it if preferreds were converted to common (at or near the old conversion ratio, and grouped in with commons). I doubt preferred shareholders on the EC would have agreed to that either. I am thinking It will be easier for them to pay preferred shareholders face value.....and then common shareholders get the new company. Value would be added to the new company as time goes on, lawsuits settled, etc. Whatever settlement they have reached, the EC had to agree with it....so that makes me feel pretty good about this.