Washington Mutual Preferred fka WAMPQ

[Chiron]

Probably not. The pps will just adjust to whatever the deal gives to preferreds. Again, I'm not expecting much with the initial term sheet other than our 'survival'. I don't like the conversion to new commons part of this deal at all.

However, I think our full value here will come after BK and the new WMI is bought out for the NOLs, or gains value back through them or acquisitions. I forsee a long road ahead - but an eventual return to much higher levels.