The judge did not CAP THE PIERS it was written into their prospect that if the SENIOR DEBT did not receive their CONTRACT INTEREST due to a BK that the JUNIOR SUBORDINATED (PIERS) would be required to make up the lost INTEREST PAYMENTS.
The judge had nothing to do with it other than to follow the prospect contract language.
So the PIERS $50 FACE VALUE was dropped to the final $10.72 we (YES I HELD THEM) SO I received the bonds (FIRST & SECOND) which were called in by WMIH as well as the final dollars we/I received to close the PIERS.