I'm trying to digest your points. If anything is wrong, please correct me. TIA.
First, I want to make sure my understanding is right. 35% PIERS will recoup whatever the loss from FJR-Contract rate for the 35% of SNHs. The other 65% of Settlement SNHs (i.e. 4 HFs) get nothing including principal and interest.
It seems noway that PIERS trustee has enough to pay for it. My questions are:
1) Could "H" request to money back from P & K as they are in low ranks of H?
2) Who will be responsible for 30 million expenses per month? Like Starkes said that is H's responsibility. Is the expenses should be allocated and paid as senior notes? If so, it seems the bottom of the waterfall will be damaged, possibly commons.
3) Does disallowance cover all senior bond, subordinated bond, and PIERS from those "Settlement Bondholders"?
TIA
