Washington Mutual Preferred fka WAMPQ

[marayatano]

Willingham been accused of being "bought" and the shifting of what rightfully belongs to Preferreds shareholders has been redirected for the benefit of commons, which happens to be what the "chairman" solely owns. Preferreds got the shaft.

The TPS Consortium believes any incremental support for this repackaged proposal was obtained, not through meaningful modifications to the Plan or concessions from parties with potentially significant liability to the estates, but through: (a) promises of lucrative post-confirmation employment for representatives and professionals of former Plan opponents; and (b) the diversion of value away from preferred equity and to common equity (which, upon information and belief, is the only security owned by the chairman of the Equity Committee).

http://www.kccllc.net/documents/0812229/0812229111223000000000014.pdf