As I understand it when Piers gets paid basically the flood gates start to open.
And, most likely, first of will be the aforementioned "Washington Mutual Capital Trust 2001". which benefits the "shareholders" not the Bond (escrow marker) holders. (COOP is the tell)
The escrows markers will benefit from the trusts that are/were related to the preferred's. These trusts will also come through the flood gate at some point in terms of their value to escrow holders. Timing aside