You have that mostly correct; but LT is not affiliated with the notes at all. Any redemption will be directly from WMIH.
WMIH will redeem the remaining notes as WMMRC generates the cash to do so. The notes are secured against WMMRC only (a sub of WMIH). WMMRC is in runoff mode and can be reviewed quarterly when WMIH issues its quarterly statement.
And yes, you will continue to accrue Jr notes interest at 13% paid in kind. You will not receive cash for interest payments on your Jr notes until the Sr notes are paid in full.
This post is my own opinion, and should not be relied on for your investment decisions.
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