Not if Weil and Bonderman settle for less than will pay commons. It may require a class action suit by the shareholders. Then you have the problem of whether this is a lawsuit for the preseizure holders or a lawsuit over the way a settlement here and now is handled that leaves shareholders dry (if in fact it does). That's why I now see the EC as very important even though it will slow the process down.
Bonds went from .20 to $90. Come on. People in the know at the time knew to buy up those bonds. They knew that's where the money was. Experienced investors knew that's where the money was. That's why they put their money in bonds rather than preferreds. Weil doesn't give a damn about equity. An EC is imparative or they will screw us. Pay off the creditors/bondholders. Bonderman probably waited for the bonds to hit .20 to buy them up. He's saavy. He's in the know. Wamu's reputation is destroyed. No one is interested in keeping it going. It has some loyal fans, but that's not enough.
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