So what happens to Washington Mutual (WM) common stockholders?

If a company goes bankrupt, common stockholders are last in line for repayment, but that isn't what happened here. WaMu was taken over by FDIC and sold to another bank. Will we be offered shares of JP Morgan Chase, or will we experience a 100% loss?
Update: Heathen - that's what I believe, as well. I was hoping that the bailout would go through before the bank failed. Actually, I'm watching CNBC right now which is describing the stock as "wiped" (out). I guess I'm getting a writeoff on my taxes in a few months...
Update 2: Gamigirl, I hope your friend is right, but I believe that only applies to preferred stock holders.
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