Washington Mutual Preferred fka WAMPQ

[marayatano]

This also includes the 70/30% split in the liquidating trust, which is also valuable because there are worthy pockets being targeted and the fact that prefferds are not far off from being next in line fore liq trust distributions since they are not many creditors that didn't get paid in full up to the allowed claim already.

imo

".take 70% or chance getting zero"

I think there is zero chance of the prefs getting "zero" because they vote no. No chance at all.

Certainly looks to me like the prefs will get at least 70% regardless of how they vote on the plan. But if they vote "no" there is a good chance that the judge will determine that the prefs have not consented to giving commons 30% and she may find that the law requires her to increase the prefs percentage to something more than 70%.