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<<Particularly, preferred shareholders need to be treated at least a little differently. It is playing out right now. Why buy common or preferred stock if they are both subject to wipeout? Buy the debt yielding 18% for 50 cents on the dollar. Even if there is BK, you will get something. (I did this with Calpine).

Only a dope doesn't realize that preferred stock can go to zero too. If you are a Washington Mutual Preferred stock holder, I'm sure you will get dividends before common stock holders are paid.

That's your guarantee, and I'm sure it will be respected.

If you want to buy bonds, help yourself.

Seattle Pioneer
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