Replies to post #34504 on Washington Mutual Preferred fka WAMPQ

[Chiron]

We are worse off. We had a deal on the table that would have probably put some serious cash in our pockets, and now it's toast. POR 6.xx moves forward and unless the EC has some pretty compelling evidence, Walrath will approve it and that's all she wrote. You guys need to take off the rose colored glasses here.

[marayatano]

Hard to say, too many variables. IMO, we will get something because we, as preferreds are in the middle. If POR v 6.x, we (TPS/P/k) either get the entire WMI2, share with H, etc. This is based on what SG can prove during the confirmation/valuation hearings.

POR v7, we are guaranteed in the money, however, we did not know the ratio of the conversion.

So, either way, we preferreds will get something.

Commons are a different story. IMO, they will either:

1. best case scenario, get a tiny portion of WMI providing SG can get FJR, NOLs, disallownace, prefferds with a haircut, etc.

2. Warrants

3. Wiped out. My money is on commons being wiped out based on POR v 6.x. Commons be $7.5 billion plus H deficit is too far out of the money.

The only other thing about depos going forward, it might be the "nudge" needed to finish POR v7 and have one of the parties give in, etc.

Sorry, cannot give any better answer. All we can do is speculate since none of us are privy to negotiations.

So answer your question: I dont know, but for common is almost a death sentence. BTW, you can thanks to posters who said not to vote on POR v 6.x.

imo do not trade on my opinions.