Replies to post #19856 on Washington Mutual Preferred fka WAMPQ

[JohnnyWinter]

10-20% of face is a pipedream just like almost everything else that has been spewed lately, and the preferreds are definitely getting cancelled.

23.2 Cancellation of Preferred Equity Interests: Notwithstanding the
provisions of Section 23.1 hereof, on the Effective Date, all Preferred Equity Interests shall be
deemed extinguished and the certificates and all other documents representing such Equity
Interests shall be deemed cancelled and of no force and effect.


Do you really think all claims senior to the preferreds are going to get paid at 100 cents on the dollar?????


PROVISION FOR TREATMENT OF PREFERRED EQUITY INTERESTS (CLASS 19)
23.1 Treatment of Preferred Equity Interests: In the event that all Allowed
Claims and Postpetition Interest Claims in respect of Allowed Claims are paid in full (including
with respect to Allowed Subordinated Claims), the Liquidating Trust Interests shall be
redistributed, and holders of Preferred Equity Interests shall be entitled to receive their Pro Rata
Share of Liquidating Trust Interests, to be shared on a pari passu basis with holders of the REIT