Replies to post #34505 on Washington Mutual Preferred fka WAMPQ

[rockie101]

rose color glasses...that's my line...lol

[sometimes_right]

spoken like COMMONS BAG-HOLDER begging for PREFERRED

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=63997978

[NASCOW]

In my opinion Rosen knew this would happen…In politics, politicians occasionally put in kill switches designed to eventually kill a bill…Rosen deliberately kept TPS out of negotiations as long as he could, allowing for time to progress, knowing full well they wanted FV and that they would be a hindrance…Look at it this way, first TPS is deprived what they feel is true value with the backing of Mortgage securities, then they are told that you have to take a haircut too? Their logic is that if I have to accept being lumped into preferred, you know damn well I want FV…Rosen knew this would occur, if not, he has to be the dumbest attorney in the field, to exclude TPS from the negotiation table, and why did EC go along? How could they think they would get it through and not have to struggle against TPS getting it confirmed…Alarms went off for me when I heard TPS at the hearings, as we all should have? Back to the point of FV, Absolute Priority played a big role, just not the way we all expected it…

A little history for those who need to know
investorshub.advfn.com/boards/read_msg.aspx?message_id=64242348

As I recall TPS had purchased $1B of Wamu Bank securities that were secured by thousands of 2nd mortgages held by Wamu Bank. Under the terms of their deal with the bank, if something ‘bad’ happened, like bankruptcy, then Wamu Bank could replace the superior security that all those thousands of 2nd mortgages represented, with inferior, preferred stock, which in such an instance would have far less value. But Wamu Bank could only make that switch IF it adhered to the criteria set forth in the deal under which the TPS securities were offered and purchased. TPS was/is simply now saying that the criteria was not properly followed, so the switch never took place, and therefore all those valuable 2nd mortgages (that were given over to JPM) should still be securing the TPS securities, not the value inferior preferred shares [opinion] of a bankrupt holding company (WMI). If you agree with the TPS assertions, then you would be immediately free to remove $1B of liabilities from WMI’s balance sheet and send them kicking & screaming over to JPM’s balance sheet.

Since they were lawyer-ing up, one should have assumed they were prepping themselves based on knowledge of WHAT was about to occur with settlement after-all, that they were told / asked to accept the haircut......IMO …the lawyer-up was a signal we had an uphill battle to settlement ; and that they would eventually pull the rug right out from under us…For those that thought the EC turned the deal down as strategy – get off the LSD – EC, debtors AND HEDGE FUNDS attempted to push through deal without TPS on board, BAD MOVE, and finally accepted they were wasting their time without TPS on board….still it indicates the absolute priority rule is in play and while my commons are in search of hope, hoping to receive something, my P look better with FV on the horizon with respect to the AP Rule….

COME ON FELLOW COMMONS TAKE A HAIRCUT, LET P GET FV WHILE COMMON KEEP RIGHTS TO FUTURE LITIGATION TRUST CONQUESTS OR PROSECUTION …OK, IN ADDITION COMMON CAN HAVE A 100:1 OLD TO NEW SHARE CONVERSION INTO NEW CO, WRITE OR CALL YOUR EC REPRESENTATIVE , LET THEM KNOW THAT’S FAIR & REASONABLE, BECAUSE THAT IS THE ONLY WAY COMMONS WILL RECEIVE ANYTHING… I CAN LIVE WITH THAT…LOL

Seriously, the only way a deal is going to consummate is if WAMPQ gets FV, someone has to pony up …you can’t rely on prayers and hope that EC finds something strong enough on hedge to defeat POR 6.5 …Since common are at bottom of priority, well you know…pony up or giddy-up

Disclaimer: I have considerable holdings in pre-seizure WAMUQ; post seizure WAMPQ; DIMEQ; WAHUQ …as of today NO WAMKQ

Back to my Napolean…yummy