Replies to post #27376 on Washington Mutual Preferred fka WAMPQ

[steved_45]

Rock,

Based on everything that's going on, I'll be the happiest man on earth if I can get 20% face value on the prefs. If you honestly feel that the U's will get more than what JPM initially offered (factoring in a double in the share count after the offer), then U's are the better bet. IMO, I don't see commons getting a dime and I just feel that this report will be good but not the grand slam that the commons are betting on.

Even if you're right about commons getting $5, I feel that the pref's will move faster than the commons, so it would probably be better to let the pref's rise then roll them into the commons because I think this case is going to last a long time. These are my opinions.

Steve

[fixedops]

you could do better with U's than K's

Answer is security.(hedge) What if the waterfall does not reach to commons?
I bougth a boat load of K's way back when they were just a couple cents higher than U's. Got a bunch between .09 and .12 after i loaded up on U's

P's and K's are pretty equal depending on the daily PPS.