WHy would any company pay reorg'ed WMI $12pps to get $20B NOLs?
This is like paying $12x1.7=$11.76B to get $20B, it does not make sense. Does it? May be $10B but definetely not $20B.
Another point is that in Cph 11 , in reorganization, I do not think that the prefs have to be paid in FV before commons see anything. If it was Chp 7, liquadation, then it is true but not in Chp 11.
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