Friday, January 27, 2017 5:48:56 PM
I beg to differ, that's plain and simply WRONG !
Under APR a senior class must be paid in full then the waterfall trickles down to the next junior class.
In our case the APR - scenario would have been:
Class 19-(Preferred Equity Interests, TPS, WAMPQ, WAMKQ) would have to be paid in full at "FACE Value (FV)" ->
TPS #shares ???.........released.....3,729,658......."FV" $1000 = $3,729,658,000
WAMPQ -"-...3,000,000.......-"-........2,906,421.......-"-.. $1000 = $2,906,421,000
WAMKQ -"-..20,000,000.......-"-.......18,166,565......-"-.. $25 = $ 454,164,125
Under Absolute Priority Rule (APR) Class 19 in total would have had to be paid $7,090,243,125 !!
Every cent more than $7,090,243,125 would have come to Class 22-Commons !!!
For example redistribution is $100B, Cl.22 to be paid $92,909,756,875 !!!
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And now the actual situation -> 7th amended wamu_settlement:
APR is revoked, Class 19 and Class 22 sitting together in tranche 6 -> Cl.19 receives Pro Rata Share of 75% and Cl.22 receives simultaneously Pro Rata Share of 25% of possible redistributions - means Cl.19 gets UNCAPPED cash only !!
Example -> optimistic $100,000,000,000 will be redistributed:/you can change the amount as you hope it ...
Class 19 -> $75,000,000,000 - in relation to $7,090,243,125 under APR
Class 22 -> $25,000,000,000
See the difference ?
And for a last: APR was revoked (1 out of 1,000,000 cases !) by mutual agreement during negotiations for the reasons of saving great economy of time for Cl.22 to participate in the waterfall and for efficiency ..... Don't shoot me for the long time (almost 4 years and 10 months till now) of waiting, I'm just the messenger !
As a next I didn't do the brake down for the TPS/WAMPQ/WAMKQ, everybody can do it easily !
And I didn't include INTEREST !
just sayin'
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