Hi, I made a post about a month ago and I
Essentially, I asked about WAMUQ stocks and what the future held for them. I bought 7500+ shares of WAMUQ for $0.03 per share. JoeyV stated that my shares would survive after the bankruptcy process was completed and they re-emerged as a new company. This does not seem to be the case. In my Scottrade Account, it still says I have the shares of WAMUQ and it says the market value is $0.00.
I have checked around and it seems that Washington Mutual is now trading as WMIH. Does this mean I am out of luck and my 7500 shares go in the toilet? Will my shares be converted eventually, or am I just stuck with them?
You will get something for your shares which I believe is new shares. The WAMUQ stock is old stock and it is cancelled. But you should still get something which is some number of shares in the newly reorganized company. How much that will be worth is anyone's guess.
Frankly, I thought you would get something by now as the reorg plan became effective on 3/19.
Edit: I guess you had a ballot which you were supposed to send in to receive the settlement. I can't tell what happens if you did nothing on that as you received a settlement if you sent back the ballot unmarked. It's possible that if you did nothing you "opted out" of the settlement. You need to call your broker and see what's what.
This is a problem with buying bankrupt stock - even if you win you may lose because you got this arcane ballot in the mail and you ignored it. Ouch.