Washington Mutual Preferred fka WAMPQ

[clawmann]

I was just going to post that the Piers only hope is for a significant recovery is either: 1. a substantial amount of senior claims are disallowed after litigation (and even then, there might be a legal argument that piers still have to live up to their obligation to the seniors outside bankruptcy even though the claims have been disallowed in bankruptcy; however I could see piers arguing that they are not required to pay for the same reasons that were used to disallow the claims); or 2. a settlement agreement is reached wherein the seniors somehow give up their right to pursue the piers for the deficiency payment.

I don't see number 2 happening at all. And the prospects for number 1 are very slim, as I don't see much chance of this going to litigation.