Washington Mutual Preferred fka WAMPQ

[vics picks]

Ok, it appears this deal that was on the table is over with. The fact remains that to a certain extent the Preferred are still in the drivers seat. The reason I say preferred's is that unless JPM, and FDIC put money in the pot then it looks like class 19 will be the last ones in the money. Sure I'm not happy that there will be no deal tomorrow, but the money is there for us as no way will the SN allow themselves to be disposed. They will kick in and with the FJR, and the NOL's class 19 will be in the money. For how much who knows? I think $100 is the least we can get once the smoke clears.
Meanwhile the burn rate goes on and on.