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michael laurino

05/26/11 5:14 AM

#296426 RE: adar7 #296424

Wrong.....commons belong to both pre-seizure holders and post seizure holders.

I bought AFTER the declaration of bankruptcy,but many here on this board were shareholders before the take-down.Those are the people who have suffered the most from this fiasco.

A share is a share is a share,regardless of when it was purchased,either pre or post seizure.

islandcat

05/26/11 7:59 AM

#296442 RE: adar7 #296424

Commons = WAMUQ Washington Mutual Common Stock

bond-007

05/26/11 7:59 AM

#296443 RE: adar7 #296424

Ok A share is a share is a share!

WithCatz

05/26/11 8:23 AM

#296454 RE: adar7 #296424


The running joke, sometimes, is that all of my holdings are pre-seizure. I bought them from someone who had them then, who didn't want them any more.

Yes, this is NOT a class action in civil court -- where at the beginning of the case, they state what the class covered is -- like "All buyers prior to xx" -- this is a bankruptcy case. Apples/oranges.

And, as an example, each time a vote is held, the "holders of record" are those who hold shares a few days/weeks before the vote -- not those who held those same shares pre-seizure. If I'm the current holder, I vote my shares, based on how I feel it benefits me, as the current holder. Not somebody who held them eons ago.

And, lastly, the SEC (if you want the links, we can hunt them up) also explains that in Bankruptcy the shares continue - that's why they're trading with the Q -- WAMUQ -- but they are the same shares, and current holders - like musical chairs - are the ones who benefit from a bankruptcy case.

Pre-seizure holders had the option to sell, hold, increase, etc.

...Catz

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