Washington Mutual Preferred fka WAMPQ

[marayatano]

Actually, WAMPQs end up doing better than the commons, based on the current ratio of company ownership.

(Posting here because the other was the H board, and I didnt to post my reply there because it is mainly a P/K issue.)

Thanks for the break down of shares in the other posts, but here is the problem I have.

If you recall, in the older POR/DS (Ver 6.xx), we as P and K were Class 20 and TPS (REITS) were Class 19.

This time around, they (Debtors and Willingham) combined Class 19 and Class 20 and left Class 20 as "intentionally left blank".

On the face it looks like they "kinda" adhered to the absolute priority rule (70/30 % spilt in equity), HOWEVER, I see it deferentially. If they were to have kept the Classes separate, we would have seem 33.33%/33.33%/33.33% split (I am rounding out the %'s for simplicity).

They are using psychology on us with the 70/30% split. It should be a 90%/10% or 85%/15%.

IMO, I believe the TPS will not fall for that and I expect an objection from using their TPS shares and whatever P/K they have. We might be able to get a better slipt from the 70/30 currently in the table.

...however, I am happy (content really) this chapter is over and equity survived and we can move on with our lives, but Willingham did screw the preferreds.


The above is my opinion of course.

So in reality, Willingham did screw us (preferreds).