"Zachary Prensky, managing director and founder of Little Bear Investments, says he bought both Washington Mutual trust preferred and preferred securities as a result of the filing, adding to a small position he established earlier this week. Prensky believes the 'WAMPQ' preferred issue, which he owns, is worth from $400-to-$600 per share, or possibly more than ten times where it was trading Thursday. Even under such a scenario, however, WaMu common shares would be worthless, as the 'WAMPQ' would not be paid in full until they reached $1,000. "
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