DISTRESSED DAILY: Washington Prime Shares ‘Less Burned’ Than CBL

After losing a fight to boost recoveries for preferred shareholders in the bankruptcy case of CBL & Associates Properties Inc., mall investor Al Kroemer didn’t have the heart to get involved in Washington Prime’s Chapter 11.

He doesn’t own enough shares, Kroemer said in an interview, to make it worthwhile to join the fray over Washington Prime, which like CBL is a distressed mall owner that is reorganizing under court protection.

He may have saved himself a lot of grief.

Preferred shareholders are on track to get more from Washington Prime than they did from CBL, which won ...