Washington Mutual Preferred fka WAMPQ

[Lawrence 147]

We have to assume that the other members on the EC exercised such simple logic as well by rejecting Willingham's 'rob peter to pay paul' proposal b/c the other side of the deal would give more money to preferreds.

First off who is to say that Willingham’s efforts were to ‘rob Peter to pay Paul’. Could we reasonably assume his intentions were to get the HF guys to at least cough up enough money to get the equities in the money no matter what all the while knowing it would be turned down by the PIERS? This would actually give control of the case to equity and should be enough to cause the FDIC and JPM to add to the pot enough to basically admit and more importantly be perceived as guilty?
I see it as more or less a negotiating tool. I am sure you heard about the guy who offered a woman a dollar to have sex with him and she of course turned him down. Then he offered a million dollars and she jumped on that offer.
Well the first offer was get it as cheep as possible then the second was to make sure she was in the market, when it was established she was in the market thatswhen the negotiations began.
Don’t be getting all piss off at Willingham when you don’t know for a fact why he did what he did, he has established they are in the market.