Wow, gibson,I believe you are very very close to the truth why Bonderman (BD) quickly wrapped up and left after wamu filed BK.
If BD had used the similar method in the wamu deal, that could mean wamu could have paid back TPG BEFORE BK its investment in preferred stocks, using similar prospectus that can be described as "more deeply subordinated shareholder loans", which is exactly common shares.
In other words, that could mean that the time BD converted his preferred stocks to common stocks, was the time BD got back his $1.4B investement.
This scenario could perfectly explain a hearsay about how TPG treats the wamu common stocks on its book -- I heard they are treated as phantom stocks.
Gibson you are my hero, you explained a mystery that has bothered me for more than 3 years!!