It is still a good trade and will have some pops, but you should listen to WMI's lawyer from Friday's hearing. Some people are claiming a lot of things about what it means, but it is very very clear to me.
There will certainly be another pop if an EC is formed and granted, but a reorg plan is due on or before January 19, 2010 , so expect the plan to include the issuance of new securities .
Here is a link to the audio and a quote from Friday's hearing. Just start at the beginning and listen to the first 5 minutes or so.
"the equity holders are not going to be in the money here, either the preferred or the common equity holders.”
By the way, many people accuse me of "working" for certain parties and blah blah blah, but nothing could be further from the truth.
The manipulators and the ones with an agenda are the ones that are holding the stock imo, and hand is a perfect example of that. He claims he is long and strong on the message board, yet he told me via email that he dumped at .17 . I guess long and strong means different things to different people.
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