Thank you for that post. It is largely consistent with my thinking.
However, I would like your thoughts on this: If there are agreements that are within the scope of the safe harbor, they are beyond the automatic stay and the trustee's avoidance powers.
However, if - as a consequence of the WMI's or WMIIC's residual interests in those agreements - funds are eventually paid to WMI or WMIIC, then I would think that those funds become part of the debtors' estates and would be governed by POR7. I.e. they go into the LT and are to be distributed as required by POR7 and the agreement governing the LT: 75/25 to the holders of equity escrow markers after all creditors - including Piers - are paid.