Washington Mutual Preferred fka WAMPQ

[etzetrade]

It's much easy to payout preferrds at FV = $3.5B. Or, WMI2 re-issue new Ps and Ks at the same terms and conditions w/o dividends and LTW for unpaid dividends.

Since EC is the majority of WMI2, the creditors will get 1 billion shares or for total 2.7B shares with LTW. IMHO

If JPM wants to get releases for itself and FDIC, PJS's valuation (Nelson's $30B)is there plus others, such as NOLs, tax refunds, etc. BDO and PJS are there for our protections.

Well Fargo paid $15B for Wacovia. Hm......, $8-10/share is not greedy.