Replies to post #25554 on Washington Mutual Preferred fka WAMPQ

[newbie65]

So..for the Ks they must pay 25 dollars an year from now if we dont reach a settlement? Why dont people load them up?

[gold-nugget]

STEVE Pls read again ---

Section 10. Mandatory Conversion at the Company’s Option.
(a) On or after December 18, 2012, the Company shall have the right, at its option, at any time or from time to time to cause some or all of the Series R Preferred Stock to be converted into shares of Common Stock at the then Applicable Conversion Rate if, for 20 Trading Days within any period of 30 consecutive Trading Days (including the last Trading Day of such period), ending on the Trading Day preceding the date the Company delivers a Notice of Mandatory Conversion, the Closing Price of the Common Stock exceeds 130% of the then Applicable Conversion Price of the Series R Preferred Stock.
(b) If the Company elects to cause less than all of the Series R Preferred Stock to be converted under clause (a) above, the Conversion Agent shall select the Series R Preferred Stock to be converted by lot, on a pro rata basis or by another method the Conversion Agent considers fair and appropriate, including any method required by DTC or any successor Depositary (so long as such method is not prohibited by the rules of any stock exchange or quotation association on which the Series R Preferred Stock is then traded or quoted). If the Conversion Agent selects a portion of a Holder’s Series R Preferred Stock for partial mandatory conversion and such Holder converts a portion of its shares of Series R Preferred Stock, the converted portion will be deemed to be from the portion selected for mandatory conversion under this Section 10.
(c) In order to exercise the mandatory conversion right described in this Section 10, the Company shall provide notice of such conversion to each Holder (such notice a “Notice of Mandatory Conversion”) or issue a press release for publication and make this information available on its website. The Conversion Date shall be a date selected by the Company (the “Mandatory Conversion Date”) and shall be no more than 20 days after the date on which the Company provides such Notice of Mandatory Conversion or issues such press release. In addition to any information required by applicable law or regulation, the Notice of Mandatory Conversion and press release shall state, as appropriate:
(i) the Mandatory Conversion Date;
(ii) the number of shares of Common Stock to be issued upon conversion of each share of Series R Preferred Stock; and
(iii) the number of shares of Series R Preferred Stock to be converted.

[HROLLER]

Look again;

http://www.quantumonline.com/search.cfm