Washington Mutual Preferred fka WAMPQ

[argc]

Section 1129(a) of the Bankruptcy Code lists the requirements for confirmation, including:

the plan must be lawful and proposed in good faith;
impaired claims and interests who have rejected the plan must receive at least as much as they would have gotten under a Chapter 7 liquidation;

It's not about chapter 11 or 7, Preferred had to agree to take the haircut.