wowalters, there is nothing "owed" to prefs/commons beyond the WMIH shares that have been distributed (and the small number of WMIH shares still to be distributed) and the money that the LT will have available after it pays class 18. Right now it looks as if nearly all of the funds that are still with the LT will go to class 18.
So we have to hope that there are additional funds that the LT will receive from the LIBOR litigation, possibly some tax refunds, and anything that might come from safe harbor (but I doubt the existence of the last category).