well, I can't speak for others...
but for me, I chose Preferreds for two reasons: first, the DIMEs were such a moving target I honestly didn't care to keep re-running the numbers; I had projected cash to equity which would provide the same 100% (or more) return, but was off by about $300MM because I forgot to update some baseline numbers in my spreadsheet (live and learn, I guess)... and second, I was focused on the conversion ratio which ended up giving me a pretty good bang-for-buck ratio in WMIH - but that was going under the assumption that we would not trade before some business strategy could be digested by the market, and that the price of what would become WMIH would stay near $1 in the meantime even if it did begin trading.
So, I'm content to just sit on my shares and wait - which I had planned on doing for a long time anyway. :) For me, WMIH wasn't going to be about cash (even though I did project cash right out of the gate), it was always about long-term growth potential. If we never get cash out of the LTs, then I made the wrong call, and should have instead just sold when I was up on preferreds to possibly re-buy at these levels we're at now. If we do get cash out of the LTs, then I guess I'll have to see how much and how it's taxed to know if I did OK :)
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