Washington Mutual Preferred fka WAMPQ

[Chiron]

The killer is uncertainty.

1. Shares will be locked after voting. For how long? Does someone really want to invest money in this for no garuntee about when they will have access to their funds again?

2. Lack of information about the newco value. The value is unknown. Sure we know the cash, but no real analysis on the NOL value, litigation recovery, unknown assets. It's a big mystery and The Street hates mysteries.

3. Lack of interest. Again, there are a ton of other plays out there. Why choose this one? For no guarantee of any return?

This has become more risky. Simple as that. People who didn't want to be part of the newco or take the risk sold out over $18. People selling now are doing so because they need the cash or for better plays.

The reality is this is now a long term play, with no guarantees.