Replies to post #38936 on Washington Mutual Preferred fka WAMPQ

[WithCatz]

marayatano, yea I think I'm seeing it the same way you are.

The only consideration for TPS/P/K's is a 'nod' towards their priority in as much as the 70/30% split.

Once converted, then they are NewCo commons with the dual:

1) No longer have a cap
2) But no longer a mandate to pay to full first before other classes

Since, at that conversion, there are no other equity classes - everything lumped into one NewCo commons class.

Litigation/Liquidation Monies, once H's are full (not re-re-full, and not to $34) just go to NewCo -- and the 70/30% split of distribution of those shares continues the 'priority'.

I suspect TPS will be pitching a fit about this 'nod' towards priority.

...Catz