NOP....Preferred is still MORTGAGE of a company to RAISE Funds then payback to their investment interests out of the company's earnings....I am not aware that WAMU's P K have been Converted or Even COVERTABLE TO EQUITY....Sorry I don't adjust my POSTS according to popular beliefs nor after people's THREAT ...I had to pass series seven and 63 in my line of work to use the units....So, I only go with the States Laws....Thank you pm...Best