Replies to post #20727 on Washington Mutual Preferred fka WAMPQ

[steved_45]

I understand that a "wipe out" doesn't mean that prefs won't see a dime. I just don't see why DR says prefs are in the money when this was just a proposal. Basically it's a misleading statement.

Now it does make me feel good about my P's and K's knowing that when the debtors claim WaMu is insolvent they feel there's still money for the prefs when generally that isn't the case w/other BK's.

Do you know Jerle, or anyone else, how much these liquidated trust interests are worth or valued at? Or really do you know what they are?

First thing that came to mind was that the initial capital received from the Caymen's would be liquidated and be distributed back to P's and K's effectively canceling the Cayman's and making them worthless. I'm probably wrong but spreading a few billion back to the P's and K's would make me happy.