If this continues trading as is, it is possible because of the excellent dividend payments coupled with the fact that such dividends could extend indefinitely due to the verbage in the prospectus that indicates these could be called on or after January 2011 but WASHINGTON MUTAL does not have to call them until they want to.
It all depends on if they would rather just pay the $25/share + dividends acrrued and be done with this LOT of K-series preferreds, or if they would rather simply continue to pay out the dividends so that they do not have to pay FULL LIQUIDATION VALUE + DIVIDENDS for all shares all at once.
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