ThePenny Guy
Normally your opinion here would hold some water. But in our particulr situation with WMI there are many extenuating circumstances that come into play, namely:
1. The NOLs are important to some folks and are tied to common and probably will survive.
2. The big player TPG(holder of some 225 mil shares of common) has substantial influence here, probably more than we can imagine and taken together with the Chinese connection is a force in the negotiations.
3. This is not by any way, shape or form remotely close to any bankruptcy of its type in the history of the United Staes Of America.This will be a precedent setting case in many respects by the time we are through.
4. The potential recovery in this case will dwarf any in the history of our great country.
The aabove are only a few of the reasons that prefs and commons will be made whole in the next 120days.
Take Care
david
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