It seems that you have to make an assumption that losses are not going to wipe out the equity and the preferred, unless you are 100% hedging the preferred with common. How do you get
Kevin,
Have some questions:
1. Since these are trust preferreds, are there any senior debt ahead of these in the capital structure?
2. If WaMu does have notes o/s, what are they trading at?
Thanks,
David
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