Washington Mutual Preferred fka WAMPQ

[marayatano]

"[N]egotiable", see quote below:

ARTICLE XXIII
PROVISION FOR TREATMENT OF PREFERRED EQUITY INTEREST (CLASS 19)
23.1 Treatment of Preferred Equity Interests: Commencing on the
Effective Date, and subject to the execution and delivery of a release in accordance with the
provisions of Section 41.6 of the Plan, each holder of a Preferred Equity Interest, including,
without limitation, each holder of a REIT Series, shall be entitled to receive such holder’s Pro
Rata Share of seventy percent (70%) of (a) subject to the right of election provided in Sections
6.2(b), 7.2(b), 16.1(b)(ii), 18.2(b), 19.2(b) and 20.2(b) of the Plan, the Reorganized Common
Stock, and (b) in the event that all Allowed Claims and Postpetition Interest Claims in respect of
Allowed Claims are paid in full (including with respect to Allowed Subordinated Claims), any
Liquidating Trust Interests to be redistributed; provided, however, that, in the event that, at the
Confirmation Hearing and in the Confirmation Order, the Bankruptcy Court determines that a
different percentage should apply, the foregoing percentage shall be adjusted in accordance with
the determination of the Bankruptcy Court and be binding upon each holder of a Preferred
Equity Interest. In addition, and separate and distinct from the distribution to be provided to
holders of the Preferred Equity Interests from the Debtors, pursuant to the Global Settlement
Agreement, and in exchange for the releases set forth in the Global Settlement Agreement and in
Article XLI herein, on the Effective Date, JPMC shall pay, or transfer to the Disbursing Agent,
for payment to each Releasing REIT Trust Holder its pro rata share of Fifty Million Dollars
($50,000,000.00), determined by multiplying (a) Fifty Million Dollars ($50,000,000.00) times
(b) an amount equal to (i) the principal amount of REIT Series held by such Releasing REIT
Trust Holder on the voting record date with respect to the Sixth Amended Plan divided by (ii) the outstanding principal amount of all REIT Series (which is Four Billion Dollars
($4,000,000,000.00)); provided, however, that the release of claims against the “Releasees”
delivered in connection with the solicitation of acceptances and rejections to the Sixth Amended
Plan shall be deemed binding and effective for each Releasing REIT Trust Holder; and,
provided, further, that, at the election of JPMC, the amount payable to Releasing REIT Trust
Holders pursuant to this Section 23.1 and Section 2.24 of the Global Settlement Agreement may
be paid in shares of common stock of JPMC, having an aggregate value equal to the amount of
cash to be paid pursuant to this Section 23.1 and Section 2.24 of the Global Settlement
Agreement, valued at the average trading price during the thirty (30) day period immediately
preceding the Effective Date. While JPMC’s maximum liability pursuant to this Section 23.1
and Section 2.24 of the Global Settlement Agreement is Fifty Million Dollars ($50,000,000.00),
JPMC’s liability shall be reduced to the extent the Releasing REIT Trust Holders comprise less
than all of the outstanding REIT Series holders.
23.2 Cancellation of REIT Series: Notwithstanding the provisions of Section
23.1 hereof, on the Effective Date, all REIT Series shall be deemed extinguished and the
certificates and all other documents representing such Equity Interests shall be deemed cancelled
and of no force and effect. For the avoidance of doubt, this Section 23.2 shall have no effect on,
and shall not result in the extinguishment or cancellation of, the Trust Preferred Securities and, in
accordance with the Global Settlement Agreement, JPMC or its designee is the sole legal,
equitable and beneficial owner of the Trust Preferred Securities for all purposes.
23.3 Cancellation of Preferred Equity Interests: Notwithstanding the
provisions of Section 23.1 hereof, on the Effective Date, all non-REIT Series Preferred Equity
Interests shall be deemed extinguished and the certificates and all other documents representing
such Equity Interests shall be deemed cancelled and of no force and effect.

25.1 Treatment of Common Equity Interests: Commencing on the Effective
Date, and subject to the execution and delivery of a release in accordance with the provisions of
Section 41.6 of the Plan, each holder of Common Equity Interests shall be entitled to receive
such holder’s Pro Rata Share of thirty percent (30%) of (a) subject to the right of election
provided in Sections 6.2(b), 7.2(b), 16.1(b)(ii), 18.2(b), 19.2(b) and 20.2(b) of the Plan, the
Reorganized Common Stock and (b) in the event that all Allowed Claims and Postpetition
Interest Claims in respect of Allowed Claims are paid in full (including with respect to Allowed
Subordinated Claims), any Liquidating Trust Interests to be redistributed, each to be shared on a
pari passu basis with holders of the Dime Warrants to the extent that Dime Warrants are
determined pursuant to a Final Order, to constitute Equity Interests or subordinated to the level
of Common Equity Interests in accordance with section 510 of the Bankruptcy Code; provided,
however, that, in the event at the Confirmation Hearing and in the Confirmation Order, the
Bankruptcy Court determines that a different percentage should apply, the foregoing percentage
shall be adjusted in accordance with the determination of the Bankruptcy Court and be binding
upon each holder of a Common Equity Interest.

In my opinion, preferreds can only get better from here since we have a floor put in and Brian Rosen included this clause because he anticipates the the percentage will lean towards preffereds because TPS, P/K, etc. will file objections.

In order to get this DS/POR to be confirmed as soon as possible, I am sure the Judge will make the proper adjustment, as it is "just and fair".

Commons made out like bandits, however, whatever percentage that is concluded at the end, this is actually a VERY GOOD investment long'er term as a "ground floor opportunity" that people receive ONCE in their life time.

P's, after all this time, still represents the best bank for the buck, short and long term.

Do not trade/invest based on my post. It is only an opinion.

imo