proposed plan of reorganization for wamu says the preferred can only get 0~4%? of the face value. Face value of the K is 25..so..0 to 1 dollar is the most we might get based on POR..but lots ppl here disagree because of lots reasons.
If I recall, rosen had said something a while back about there might be 1% left for the preferreds, but not if this drags on much longer. He was trying to get it all rushed through. Now we have an examiner and I bet they find more than that. I could be totally wrong because it's all mixed up in my head but it was in the audio a few months back. Though he may have been talking about something else I really don't know. Sorry about the confusion. :-)
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