I hope, I didn't confuse you too much with my percentages ! I'm not sure how to interpret the 2,5 % for WMIH : Is it 2.5 % of Commons 25 % => 0.625 % ? Is it 2.5 % of 100 % => 2.5 % ? I don't remember the exact language .... Anyhow, as I see it, Preferreds get UNCAPPED 75 % in BK# 2 and Face Value in BK# 1 !! Commons get 22.5 % or 24.375 % in BK# 2 and "the Remainder" in BK# 1 !! WMIH gets 2.5 % or 0.625 % in BK# 2 !!