why not par values for P and K? why it had to be 75/25? 75/25 is the conversion ratio and it has nothing to do with Wamu.. Have you ever though why MW is holding only common? I am owning both common and preferred. I think preferred will get its par value and common will get the remain.Let's say there are 6 bils recovery then prefer will get the first 4 bils and the spare of the last 2 bils will be common but if there is 100 bils , prefer will get its first 4 the rest will go to common..Wow that will make MW the happiest man on earth. All depends on how much recovery amount WMI is going to get. I think MW will try to get as much as money for his common escrow.