Washington Mutual Preferred fka WAMPQ

[vodkadejour]

Informed P investors, your input please, and tell me where I'm off:

My understanding is that there is a $7B total cap of monies to be distributed amongst the debtors etc., currently with shareholders getting nothing. The victory here is that MW has encouraged sharing ("or you all may get nothing"-paraphrased). Even if Sus can get each HF to chuck us $250M, making $1B total for shareholders, doesn't that mean: 1- commons get nothing, and 2- P's get less than half face value? I don't see the HFs giving up more than 15% each without more litigation...Thoughts?...