Washington Mutual Preferred fka WAMPQ

[Chiron]

**Problem with any of the Wamu stocks is there is no incentive or reason to buy them. Way too much confusion about the DS, POR and what exactly the newco delivers to us. In the past few months, the incentive to buy has been a possible/imminent settlement investors thought would provide a much higher value to the stocks.

Settlement came and went, and on the surface it's a joke. SNH's faced up to 3 Billion in disgorgement that would have gone to equity, and all EC got was 75 mil? Ridiculous.

The preferreds also got shafted by Willingham imo. The settlement, that has been the underlying driving force for people to buy and hold these stocks is not worth it anymore.

Now, unless the EC/Susman can justify WHY people should even hold these stocks (much less BUY them), they will continue to sink. I realized this last week, and sold out of all of it. So far I've saved myself 3 grand in losses.

This being said...I still think a surprise could come out and run all the stocks pretty hard before confirmation. Who knows? Right now though it looks pretty damn bleak.