AZ, I am not going to answer that point by point, but let's just say that I absolutely disagree. There was no cramdown. Absolute priority was varied because the classes negatively affected by the variance agreed to it. And that is a permisible outcome under the code.
Edited to add: it never ceases to amaze me how many folks embrace your analysis for no other reason than it supports the viewpoint that the variance was agreed to because there is a large payout coming.
I can hear you typing furiously all the way over here......
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