Replies to post #42093 on Washington Mutual Preferred fka WAMPQ

[DPincus]

Marayatano: just to clarify:

The current monitary deal being negotiated -- 619k for unsecured claims, up to 18 million from JPM settlement funds, and legal fee reimbursement up to 15 million -- in exchange for Yes votes on the Plan ( tipping it toward approval for confirmation ), is solely for TPS holders of Class 19, not any part of which is to be distributed to ALL holders of Class 19, correct?

Dion

[NASCOW]

SO APPARENTLY COMMONS SHOULD BE KISSING TPS ARSE* FOR THEIR CHANGE OF HEART WHILE WE PREFERRED SHOULD BE KICKIN THEIR ARSE*

Earlier in the week, court papers showed that about 62 percent of preferred shareholders voted to approve the company's reorganization plan. Without the required 2/3 majority, no lower priority claim could be paid until the preferred shareholders were paid in full.

That meant common shareholders might get nothing, despite agreeing in December to settle their hard-fought objections in return for a stake in the reorganized company.