Because TPS and preferred were owned by hedge funds and people in the know who know what they are doing. I call this hiding in plain sight, i.e. disclose everything so that people cannot sue but yet they are able to take most of everything because most people don't bother to read the fine print, or if they read it, they will twist everything to fit the scenario that they desire while ignoring the reality.
I really feel sorry for some innocent people though, the retirees who don't read the Internet and stock boards. The only way to find out about signing release is by reading it on the Internet. There was no phone call to people house or letter from the broker to urge people to sign release. And then they devised this crooked 75/25 til the end plan so that the HF can steal in plain sight. I say this while owning preferred. I am just saying that it is unfair for most people while I am doing fine because I did read POR 7 and the DS.
I have a friend who is very educated. He is a professor at a well known University and so he is no dummy. But he refuses to read the Internet beyond checking his e-mails. I can see that he would miss signing release if he owned WAMU stock which he didn't but I am just using him as an example.
1.MOM and POPS oft time do not even vote a proxy( I personally have thrown hundreds in the trash over the years
2. Claims as YOU CALL THEM that are being put forth now are based on information garnered LONG AFTER and sorry but MOST of few even know what a message board is and never come to them
SO PLEASEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE
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