What part of the LTI can't close out CLASS 16 until it is paid in full!
What part of that do you not understand?
No money will flow down to CLASS 19/22 until CLASS 16 is PAID IN FULL PLUS ACCRUED INTEREST .
Your statement of closing off the PIERS before they are paid in full is nonsense and you know it.
Does not matter when the California Tax issue is heard, if money is collected it will flow to the PIERS until they are PAID IN FULL!
EDIT: PS I hope you are correct about billions flowing to equity but the PIERS WILL BE PAID IN FULL FIRST before that will ever happen. I own P's & U's and I hope the waterfall reaches them too.