Friday, April 19, 2019 12:48:23 AM
In POR 6, the waterfall was strictly followed and therefore TPS has to be paid first, then preferred and what is left will go to common. And if TPS does not get 4B and preferred does not get face then commons get nothing, not even WMIH shares.
So in POR 7, a compromise was made. A 75/25 split til the end scheme was devised so that common can have something at the same time with TPS and common.
Something that zeron insists that it is not true when it is so obvious.
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