Replies to post #19853 on Washington Mutual Preferred fka WAMPQ

[YourPlanet]

Explain rule 9019 bk code

[GoPhins]

So all the preferred classes aren't treated the same. I thought that if one class gets 10% all classes of equity gets 10%. What am I missing here Johnny?

[Chiron]

lol, you don't know how to read. The preferreds are not canceled yet, their fate is contigent upon the distribution of funds after creditors are paid. Which many have calculated will be 10 - 20% of face.

If preferreds were canceled they wouldn't have even put in section 23.1 In 23.2: Notwithstanding the
provisions of Section 23.1 hereof

Meaning that there will most likely be a distribution to preferreds, and then they will be canceled after that.

Bash the commons, you are right about those being cancled in this POR.

Which by the way, will probably be rejected by Walrath, and face objections from the EC as well...who are court approved with a motion to intervene in the case.