Washington Mutual Preferred fka WAMPQ

[unevilfavouredness]

That calculator thing is saying NEWCO-preferreds will convert to about $564.00 a share....how can that be if we are trading at $12.00 and dropping faster than Katy Perry's pants at a Snoop Dog strip tease party....really, can anyone explain why if this is supposed to be in the money with NEWCO at $564.00 a share why it is trading for less than a 2 for $20 at Applebease (great American food in a family atmosphere, by the way)? Frankly, I would like to know just what the hoot-nanny-huckle-buck is going on here. It doesn't seem like anyone has a clue.