Washington Mutual Preferred fka WAMPQ

[gophilipgo]

I'm not suggesting otherwise from equity's perspective, but can we trust the SHNs? My main point is that the terms of the loan suck. And there's no guarantee we'll find a company to acquire or merge with. I would wager that it's likely, but it's not a guarantee. If it was guaranteed, why wouldn't the SHNs just agree to a cash only payment on interest? When have the SHNs ever shown any trustworthiness with respect to equity?

Their effects remain to be seen, but the loan terms suck. I don't see how anyone can argue that.

ADDENDUM: I'm not suggesting anyone sell their shares. As of now, I still intend on voting "yes" on the plan, for what it's worth.