Washington Mutual Preferred fka WAMPQ

[mordicai]

I think commons will see a run. I think the easiest way to preserve the nols is for commons to survive. But the preferreds have priority first, and the only assets left for commons would be proceeds from lawsuits, so I am thinking commons may end up with just litigation warrants. I don't think the preferred crowd wants to give up any of their entitlement for a piece of litigation which may take years to resolve. Besides, those litigation warrants will probably be traded, so any preferred holder can pick those up later if he or she believes the litigation will be fruitful. jmho