Not sure where you got that "opinion" from, but just so you know, WMI preferreds pay divies, not interest, and they are perpetual, and do not not expire. So the 3 years stuff and back interest does not make sense, because as stated above, WMI preferreds pay divies and are perpetual. Under BK, divies are not declared nor do they accumulate like debentures.
... and for the "numb nuts" who keep on saying K's have to be paid cash while P's can only get converted, are uniformed. Members of the same class will have the same disposition, regardless of what the prospectus states. While in BK, the prospectus is merely a guideline that does not have to be adhered to. The the PORs and press release recently issued by WMI is enough evidence to support what I have been saying all along, but people can't see it.
I would take the information from the common board with a gain of salt, however, there are only a hand full that understand what is going on other there.
Another thing I have noticed, I see some people think that K's will get 50% distribution and P's will get 50% distribution. I guess they don't understand that K's have a 500 Million value and P's have a 3 billion value and will receive a pro rated share, not 50% - 50% distribution.
BTW, this post is not directed at you.
imo
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