Replies to post #20724 on Washington Mutual Preferred fka WAMPQ

[Chiron]

The debtors still want to wipe out Preferreds, but the POR states they will be paid and then wiped out. So basically what happens is that if the liquidiation value comes in at 20% of FV, your shares will get a cash payment in your brokerage account of $200 per share, and then the stock will be taken off the market.

So yes, the plan is to 'wipe out' preferreds, but to pay them some percentage of Face Value before doing so.