Washington Mutual Preferred fka WAMPQ

[marayatano]

sic, haven't you an ounce of justice left?

Lets think about this... "I can understand why pre-holders would argue for this, but post holders really have no moral ground at all to stand on...."


You should know that justice protects deep pockets... that is the American way.

As for commons getting a good deal... they did...

Step back and think about it... If EC went forward with litigation, the amount to disgorge, is approx. $2.5 Billion. HUQ is approx. $700 million. Dimeq is $337 million. Prefferds are $7.5 Billion. You have a HIGH burn rate currently diminishing the HUQs. Once HUQs are done, then it is the senior subordinates, and then so on and so on... (less any amount disgorged)

Let say EC litigates and prevails and disgorges the $2.5 Billion from SNH. Guess who gets that $2.5 Billion.... NOT COMMONS!!!! It goes back into the water fall and HEALS the burn rate going to HUQs approx. $700 million (almost 1 Billion) up to the allow claim amount, then subordinates, up to the allowed claim amount. Guess who gets the next $337 Million, DIMEQ (depending on if they are Class 12 or 18). Then it is preffferds, which is $7.5 BILLION, and the balance is still not paid in full.

Guess who gets WMI2? Prefferds gets 100% of WMI2 withOUT sharing with commons, because EC went to litigation and APR applies and strictly enforced.

Have you heard the phrase: "Time is money" (Think burn rate of Estate)

Willingham is a business man. He KNOWS his COMMONS are worth ZERO if he litigates. Susman did the calculation on money, time spent, disgorgement, litigation, recovery, possible outcomes, etc.

I do believe that Willingham could have gotten a better settlement, but ... [I rather not say ... however, a lot of people feel the same way...]

Now I ask you, did commons get a good deal?

It is only under a settlement scenario where commons will see a recovery (on the backs of prefferds) so long as the GSA is intact.

Just wait until TPS files their Objection to the DS/POR.

It is time to take off the "rose colored glasses" and face reality.

Thanks Clawmann. But can't there anymore.

imo