Replies to post #33325 on Washington Mutual Preferred fka WAMPQ

[sometimes_right]

Hosen purposefully hazy on preferreds treatment in the settlement in order to help certain parties acquire them cheaply from any befuddled shareholders... I'm not falling for the scumbag's trick & I have a sizable hedge of commons in addition to my PREFERRED WAMPQ's ... remember, they are called "preferred" for a reason - IMO

[mordicai]

I am not worried about it. TPS will be looking out after their self interest and thereby ours. As of right now Walrath says they are preferred shareholders and TPS has appealed. But if they do not overturn her ruling on appeal, in the meantime they have to protect their interests as though they are owners of the preferred shares. If I recall they even purchased P's as a hedge before the decision. So they are going to make sure the priority rules are adhered to so they are not further screwed of value by a gifting of their priority to common. My prediction is that preferred get the super majority of the new reorganized company, common gets a minority interest, and each get a kicker represented by litigation warrants. Possibly, preferred if not paid in whole with common of the new reorganized company, may get preferential treatment in the litigation warrants...say the first 2 or 3 billion of judgments or settlement dollars/ or hidden assets go to preferred and thats it for them, than any excess (bonanza) goes to the original common to preserve the preferential scheme down the road. JMHO. As to value I think conservatively these p shares still have to be worth $200 a piece. again jmho.