Replies to post #49 on Washington Mutual WAHUQ Trust Prf (fka WAHUQ)

[sidedraft]

My layman's view of ch. 11 is to stop whatever is happening with the company checkbook, and assess assets and debt, and then pay off the debtors by a list of who gets paid, in what order. My only concern is that the commons get paid last, the preferred next, and then the trust. Therefore, to me, this is the safest purchase of any of the four Washington Mutual stock/units.

This may be a dumb question but isn't the reason you file for ch. 11 for debt protection and possible non payment?