Washington Mutual Preferred fka WAMPQ

[gophilipgo]

The split should be 77/23, in my opinion. Here's why:

Assuming that both WAMUQs and WAMPQs both satisfy the "old and cold" rule needed to maximize the $17 billion in NOLs, these are what the numbers look like to get a 51% ownership while giving WAMUQs the smallest percentage possible to do so:

Under the 77% preffered / 23% common split

WAMPQ
40.5% x 77% (the total amount that should be owned by preferreds, imo) = 31.1%
31.1% x 95% (the total amount owned by all of equity) = 29.6% ownership of NewCo

WAMUQ
23% (the total amount that should be owned by commons, imo) x 95% = 21.8% ownership of NewCo

29.6% WAMPQ + 21.8% WAMUQ = 51.4% "old and cold" requirement satisfied

ADDENDUM: If TPS qualifies as "old and cold" then commons could be dropped altogether.