I read the WMCT Prospectus and what I saw was $1.15B (23M shares X $50/sh) raised for the Piers offering and that's it. What other BILLIONS are you referring to, that's supported by an actual document.
Also what supporting assets, this is what the prospectus states.....the only assets are the debentures issued to and owned by Wells Fargo. There are no supporting Trusts according to the document.
Quote: "Each unit being offered consists of: a preferred security issued by Washington Mutual Capital Trust 2001 (the "Trust"), having a stated liquidation amount of $50, representing an undivided beneficial interest in the assets of the Trust, which assets consist solely of subordinated debentures issued by Washington Mutual, Inc. each of which has a principal amount at maturity of $50, a stated maturity of July 1, 2041"
DO YOU GUYS EVEN CONSULT ANY PROFESSIONALS BEFORE POSTING THIS INFO???
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