Shareholders are always the owners. The only grain of truth in your statement JW is that right now (on the books anyway) L>A and yes, the 4B is already listed on the books. So, right now they are worth ~.20 on the market.
However, Shareholders are still the owners, and TPG still has the largest vote and a controlling vote. The board and officers are calling the shots, via Weil and Co.
All of us who hold shares are also owners, albiet minority shareholders, who don't hold any real or direct power. In the accounting world, we do minority discounts when valuing a privately held company, since the controling owners get to make the decisions. On publically traded stocks, the market place gets to value the price based on supply and demand. However, each shareholder still gets a vote.
I'm not an expert in bankrupt stock and companies, but it is my understanding the court is making the decisions regarding officers and such, but it still being done with input from those in control, aka TPG. TPG is not only influential in the larger investment community, but is working hand-in-hand with the decision makers at WMI. I believe they previously had a representative on the board, who resigned prior to TPG's involvment in the Texas law suite, because that move actually gives them more power, and you know that they still have the ears of those making decisions for WMI.
Of course it is always a possibility that as part of the re-org the shares can get cancelled, but unless and until this happens, we are owners, who will receive the benefit (because we took the risk) of any future income (read settlement or award) that WMI earns.
I'm Long and Strong - and an owner of WAMUQ (also WAMPQ)
Judgement day is approaching.
Go WAMU!!!
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