I follow this board closely and only post on rare occasions. However, in order to help people make a reasoned decision on what to elect (or not elect), I wanted to give my view on the proper way to analyze the situation.
I own a few more than 100,000 LTWs and my friend who turned me onto these LTWs about a year ago is the investment advisor for one of the so-called "hedge funds" that are often mentioned on this board. I believe his fund owns several million LTWs. He and I have had long discussions on what to do regarding the election. He has also spoken to Mr. Steinberg several times and has gotten advice from him regarding what election to make (which presumably is the election that the named plaintiffs will make).
In short, we are not going to return the election, thereby not giving any releases and not locking up our shares, which will allow us to trade the LTWs in the future if things change. I know there has been a lot of discussion on this board about following the hedge fund $ and taking advantage of the NOLs, but from my information, the hedge fund $ in the LTWs (probably a different result for the hedge funds who have bought up the debt and are already in the unsecured creditor class) are not going to make the election to take stock. My own personal analysis of this situation is that this is a VERY fluid situation, and I believe that to lock my shares up would be riskier than hoping for an additional bump on WAMU's ability to make use of the NOLs.
Anyway, everyone needs to make their own decision, but I thought I would shed a little light on what I understand the BIG players intend to do.
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